Types of Rental Property Damage

If you own property, you should purchase property damage insurance in case of damage or loss to your home or rental property or other structures on your property. Most property insurance covers basic perils such as fire, lightning, windstorms, explosion, riot, theft, housing vandalism, smoke, and volcanic eruption.   Earthquake, flood protection, war and nuclear accident are typically excluded.  You will have to purchase additional coverage for these items as well as riders for jewelry and collectibles. You may also want Rental insurance coverage that covers you for loss of rental income in the event of a natural disaster, such as a fire. If your tenants must move out, the insurance company pays you for rental loss. However, this also increases your premium.

Property Damage - Graffiti and Vandalism

Property destruction resulting from housing vandalism caused by tenant vandalism, a third party destroying property or property graffiti is a criminal act and can cost thousands of dollars in losses to property owners and insurance companies every year. You should report vandalism to your local police department as your insurance may require a police report to reimburse you.

Vacant or Abandoned Property Vandalism

Vacant property or abandoned property is often targets of housing vandalism and property graffiti. Rental properties are targets for tenant vandalism from tenants that have been evicted or who have grudges against landlords because they feel they have been treated unfairly. Bad tenants are more prone to destroying property. You should screen your tenants carefully to avoid tenant/landlord dispute including tenant vandalism.

Rental Property Damage Legal Help

Property damage issues are complex. You should seek the advice of a rental property attorney that specializes in property damage and insurance laws to help you figure out the best way to protect your property and yourself against loss or damage.