Property Damage Claims
As a landlord, property damage claims are a fact of life. Tenants are never perfect and even in the best possible situation, there will inevitably come a time where, as a landlord, you will deal with a property damage claim.
Being a great landlord doesn’t mean that incidents never happen. You can do everything possible to be the best landlord you can be. You can screen the tenants properly. You can incentivize your tenants with great perks, such as the ability to add rent to credit reports. Property damage claims still happen.
Most Common Property Damage Claims
- Property Damage Due to Fire
Fire can be a real hazard. The damage done to a rental property can be very substantial and it can happen in an extremely short time if a fire gets out of control. Needing to rebuild after a fire should be completely covered if you have the proper property damage insurance. If tenants add their rental history to their credit reports and pay their rent on time, they will likely have a good credit score, helping them either find a new place or buy new things when they remodel their house (even though the initial damage is covered by insurance, many tenants use this opportunity to spruce up their place after its fixed.)
- Accidental Damage Caused by Tenant
This can be anything, and the price of repairs can range from less than $100 to a few thousand dollars. Sometimes damage is caused by the tenants’ guests as well. Not everyone respects and cares for their home as much as your tenants do. Maybe their landlords don’t offer the option to add rent to their credit reports. By adding rental history to credit reports, you offer our tenants an added benefit that should add an extra sense of loyalty to making sure your property stays well maintained.
Vandalism is an unfortunate reality for anyone that owns property. However, vandalism should be covered under your property damage insurance, though the premiums and range of coverage will vary depending on your plan. Tenants who have a good relationship with their landlords, such as those that can add rent to their credit report to boost their credit scores, will hopefully make it a point to refrain from vandalizing and protect your property investment instead.
Property damage due to theft is less common than the other types of property damage. This can include broken windows or other damage that happens in the event of a theft from the home.
No matter the type of property, it is worth protecting with the proper insurance and other methods of protection. Using CreditRentBoost.com won’t directly affect property damage but by offering the opportunity for tenants to boost their credit score by adding rent to their credit report, they may go the extra mile to protect your property. Check out CreditRentBoost.com to see how you can offer the option to add rent to credit reports, helping boost the loyalty of your tenants today.