Tenants - how to cope with the bad ones ?
- Thread starter simbal
- Start date
G'day Jakk The Slum Lord,
I have to agree with you, allowing people into your properties,
having no idea who they are,out of your kind heart, giving them
shelter etc for a few miserable dollars.
You spend hundreds of thousands of dollars to buy the properties
then in come these people and live there. What a heart you have Jakk.A man after my own heart.
Bruce G.
I have to agree with you, allowing people into your properties,
having no idea who they are,out of your kind heart, giving them
shelter etc for a few miserable dollars.
You spend hundreds of thousands of dollars to buy the properties
then in come these people and live there. What a heart you have Jakk.A man after my own heart.
Bruce G.
Dear Lissy,
I am always sceptical about insurance companies, as they have a vested interest in not making payments.
Nonetheless with your two claims I would be interested to know:
1) What type of timeframe were the claims processed in?
2) What type of hoops did the insurance company put up before making the payment?
Thanks.
Cheers,
Sunstone.
I am always sceptical about insurance companies, as they have a vested interest in not making payments.
Nonetheless with your two claims I would be interested to know:
1) What type of timeframe were the claims processed in?
2) What type of hoops did the insurance company put up before making the payment?
Thanks.
Cheers,
Sunstone.
Hi Sunstone
I have to say that I've been fairly happy with insurance companies when it comes to making claims on landlord's insurance.
The main stumbling block is that the claim can't be made until the "incident" is completed. So as all 3 of my claims have been people breaking leases/not paying rent, until that person has left, the unit has been cleaned and a new tenant installed, the incident is not complete. So that means it can be a few months of mortgage payments with no income before the insurance payment comes through. I believe that with a longer term claim (such as malicious damage where it may take months to get the property back to rentable condition) some companies will give you progress payments, but don't quote me on that!
Anyway, once my incidents are completed, it's usually taken 2-4 weeks for the insurance payment to come through.
I've never made the claims myself, the property managers have done them for me, and as far as I'm aware they've all been very straightforward. As long as all the required information is there, it's gone through very easily. And being good property managers, they know the process well and put all the right paperwork with the claim.
Hope that helps!
I have to say that I've been fairly happy with insurance companies when it comes to making claims on landlord's insurance.
The main stumbling block is that the claim can't be made until the "incident" is completed. So as all 3 of my claims have been people breaking leases/not paying rent, until that person has left, the unit has been cleaned and a new tenant installed, the incident is not complete. So that means it can be a few months of mortgage payments with no income before the insurance payment comes through. I believe that with a longer term claim (such as malicious damage where it may take months to get the property back to rentable condition) some companies will give you progress payments, but don't quote me on that!
Anyway, once my incidents are completed, it's usually taken 2-4 weeks for the insurance payment to come through.
I've never made the claims myself, the property managers have done them for me, and as far as I'm aware they've all been very straightforward. As long as all the required information is there, it's gone through very easily. And being good property managers, they know the process well and put all the right paperwork with the claim.
Hope that helps!
I disagree with the idea that tenants don't treat the property as though it's 'their own'. I have had tenant put in extensive gardens, ask me if they could paint the place and so on. It's all a matter of whether you have a 'house proud' person or not.
One book I read recommended doing the tenant interview yourself, and have a partner in crime around. When the prospective tenants rock up to the interview, you get your partner to check out their car. The idea is that house-proud people will have a neat and shiny car, and you can rent them your property safely.
Jas
One book I read recommended doing the tenant interview yourself, and have a partner in crime around. When the prospective tenants rock up to the interview, you get your partner to check out their car. The idea is that house-proud people will have a neat and shiny car, and you can rent them your property safely.
Jas
And the corollary to the neat car theory is the car fanatic who goes so far as to clean his car parts in your living room!
