Great info Jesse. I have a question that was not covered in the video. I am a contractor. My client rented their condo out for the 1st time. It has been about 2 years or so now. The rental terms specifically said no pets. Long story short, the lease was up and time for the renter to move out. When the property manager entered the unit, he was in for the shock of his life. The unit had been trashed by the renter and her pets. There was urine and feces all over the bedding, couch, furniture, solid wood floors, walls, doors etc. All contractors who have entered the unit thus far have said it is the worst smell they have ever encountered. The majority of the assets in the unit which was rented furnished had to be disposed of. The wood floors have to be removed and replaced. In 1 room where animals were confined, the drywall has to be abated along with the floor in attempt to seal the odors. If the odors do not go away, there could be a big problem. The unit is attached to 7 other units making it an 8 plex. The stink is gassing out and up into the crawl space. A $70,000 problem to restore the unit could turn into a $7,000,000 problem. The renter broke the terms of the lease, destroyed personal property, caused major damage to the structure and is 100% responsible for creating the lingering stink that is offensive to everyone in the complex. What would you do is this was your property? In all my years of experience, I have never seen anything like this. Thanks in advance if you answer my question. Any of your viewers as well. Regards.
One important point I believe needs to be added. Parents buying a home that they will not occupy but their kids will, even if not charging rent, is a rental dwelling not homeowners. This also applies if they previously lived in home and let kids stay and bought a condo in old people's Mecca.
Thanks for the video Jesse. So in our rentals, that we never live in, should landlord insurance completely replace our homeowners insurance? I think we have separate policies, one of each, for one of our properties, which is probably excessive.
I noticed you didn't receive an answer to this excellent question, don't know why someone would bother making this video without paying attention to the questions. Maybe just to collect the ad revenue from the insurance sponsor. Insurance is a scam in my opinion. They deny the majority of claims and routinely underpay claims.
6:29 Awesome content! 🎉 I have a unique scenario for you: the homeowner & landlord are the same person and reside in the furnished basement of their 2-story, two-family house. Their tenant in the unit on the 2nd story went on vacation and left the water on in their apartment, which flooded the tenant’s unit on the first floor, as well as the owners unit in the furnished basement. All of their belongings were destroyed. That night, the temperature dropped below zero. Because the driveway was flooded with the aforementioned water, it froze and the tenant of the first floor unit slipped & fell on their back. Which insurance covers what and who’s held liable for what? Thank you so much! ❤
I have Homeowners insurance on all my rentals and it covers everything you stated that Landlord insurance does, so not sure what's the difference. I've also had claims on my rentals and all claims have been paid.
Does landlord insurance cover if renter has no insurance and damages other person property? I rented a dumpster to person, they caught it on fire. Renter doesn’t have insurance, does landlord insurance cover the cost to replace dumpster?
my mortgage requires me to have homeowners insurance, if I move out, rent and purchase landlord insurance, is this a substitute for homeowners or I still need the homeowners?
You get renters insurance to cover your property inside the home. It's really cheap and whoever you have car insurance through probably offers renters insurance. The landlords insurance covers the actual structure and liability if someone is hurt on the property. Hope this helped.
Which should you have if you're house hacking?
Great info Jesse. I have a question that was not covered in the video. I am a contractor. My client rented their condo out for the 1st time. It has been about 2 years or so now. The rental terms specifically said no pets. Long story short, the lease was up and time for the renter to move out. When the property manager entered the unit, he was in for the shock of his life. The unit had been trashed by the renter and her pets. There was urine and feces all over the bedding, couch, furniture, solid wood floors, walls, doors etc. All contractors who have entered the unit thus far have said it is the worst smell they have ever encountered. The majority of the assets in the unit which was rented furnished had to be disposed of. The wood floors have to be removed and replaced. In 1 room where animals were confined, the drywall has to be abated along with the floor in attempt to seal the odors. If the odors do not go away, there could be a big problem. The unit is attached to 7 other units making it an 8 plex. The stink is gassing out and up into the crawl space. A $70,000 problem to restore the unit could turn into a $7,000,000 problem. The renter broke the terms of the lease, destroyed personal property, caused major damage to the structure and is 100% responsible for creating the lingering stink that is offensive to everyone in the complex. What would you do is this was your property? In all my years of experience, I have never seen anything like this. Thanks in advance if you answer my question. Any of your viewers as well.
Regards.
One important point I believe needs to be added.
Parents buying a home that they will not occupy but their kids will, even if not charging rent, is a rental dwelling not homeowners. This also applies if they previously lived in home and let kids stay and bought a condo in old people's Mecca.
Thanks for the video Jesse. So in our rentals, that we never live in, should landlord insurance completely replace our homeowners insurance? I think we have separate policies, one of each, for one of our properties, which is probably excessive.
I noticed you didn't receive an answer to this excellent question, don't know why someone would bother making this video without paying attention to the questions. Maybe just to collect the ad revenue from the insurance sponsor. Insurance is a scam in my opinion. They deny the majority of claims and routinely underpay claims.
6:29
Awesome content! 🎉
I have a unique scenario for you: the homeowner & landlord are the same person and reside in the furnished basement of their 2-story, two-family house.
Their tenant in the unit on the 2nd story went on vacation and left the water on in their apartment, which flooded the tenant’s unit on the first floor, as well as the owners unit in the furnished basement. All of their belongings were destroyed.
That night, the temperature dropped below zero. Because the driveway was flooded with the aforementioned water, it froze and the tenant of the first floor unit slipped & fell on their back.
Which insurance covers what and who’s held liable for what?
Thank you so much! ❤
I have Homeowners insurance on all my rentals and it covers everything you stated that Landlord insurance does, so not sure what's the difference. I've also had claims on my rentals and all claims have been paid.
Same here. Separate home owner insurance on rental and primary. Curious to know the difference!
It is a paid promotion. He just forgets to mention it
@@tonytucker8651 forgot huh?
Millers Outpost 😂
Great content! Keep it coming! I learn so much thank you!
😂
Great content as always Jesse!, thanks
Thank you @Jessie
Ok, so I don't need homeowners insurance if I'm renting my property out? Is this correct? Just focus on getting my landlord insurance?
Thank you for this great information
Thank you for this video 🙏
Does landlord insurance cover if renter has no insurance and damages other person property? I rented a dumpster to person, they caught it on fire. Renter doesn’t have insurance, does landlord insurance cover the cost to replace dumpster?
Very informative!! Thanks 💯
Do I need both home owner and landlord insurance together when renting the property ?
my mortgage requires me to have homeowners insurance, if I move out, rent and purchase landlord insurance, is this a substitute for homeowners or I still need the homeowners?
Wow thanks for using TWO MINUTES of this whole video for a paid ad for Steadily.... totally not off-putting!
The only people talking about steadily's insurance are paid people I can't find any information on them or real reviews
Awesome content
Thank you❤
What about falling coconut insurance?
Sounds like a joke, but I’m sure it’s a real problem in tropical places! 😂
@@fwfeo yeah it’s an insurance lol but as far as I know only 3 ppl die a yr from coconuts. Ppl still buy it tho
Just had a tree fall on my rental property last Thursday. Completely destroyed the garage.
Sorry to hear that!
Did the insurance cover it?
Oh nooo 🙈
If you a renter are under Land contract are you obligated to get homeowners insurance or can you even get home on insurance.
You get renters insurance to cover your property inside the home. It's really cheap and whoever you have car insurance through probably offers renters insurance.
The landlords insurance covers the actual structure and liability if someone is hurt on the property.
Hope this helped.
Wouldn’t an Umbrella policy cover your liability if a tree fell and hit someone on your property?