Property Management-Winnetka

 WINNETKA PROPERTY MANAGEMENT

CHATSWORTH PROPERTY MANAGEMENT

VAN NUS PROPERTY MANAGEMENT

GRANADA HILLS PROPERTY MANAGEMENT 

 When Tenants Cancel Required Renter’s Insurance

Lots of landlords and property management companies require tenants to hold renter’s insurance. It’s a good idea for these reasons:

• Fewer hassles for landlords if disaster strikes
• Provides a layer of protection for the rental property owner
• Peace of mind that tenants are protected in case of fire or other accidental loss
• Often, only renter’s insurance covers a tenant’s dog

But what if a tenant’s policy is cancelled or allowed to lapse through non-payment of premiums. What about tenants who drop policies to save money—unbeknownst to you, the landlord?

Landlord Protection Begins with the Lease
When your lease is written properly, the tenant knows exactly what is required. Make certain that all tenants’ rental insurance policies name the property owner as an additional insured. Then, if the policy is cancelled by either the tenant or the insurance company, you should receive an alert.

Your lease should state the details for what is required of tenants and the consequences (including eviction) if they allow renter’s insurance policies to be cancelled or lapse. Certainly, you should expect gaps in tenant coverage when payments are late or forgotten. But as a landlord, you must be prepared to enforce the terms of the lease. What action does your lease require?

Be Consistent with Lease Requirements
When enforcing leases, it is most important that landlords and property managers are consistent. Allowing some tenants to slide on rental insurance coverage while evicting others for the same offense could lead to charges of discrimination. You don’t want to encourage any such accusations by uneven enforcement of your rules.

When requiring renter’s insurance in your rental property, treat it like any other lease requirement. When tenants break the lease, take your usual enforcement steps. Luckily, renter’s insurance is often available for low monthly payments—and after all, if a tenant can’t afford it, they might not be the ideal tenant for your rental property!

Posted by Teresa

Legal disclaimer:
The contents of this article are intended for general information purposes only, and should not be relied upon as a substitute for obtaining legal advice applicable to your situation.

The reason for our success is helping owners like you when they need it. Below is a partial list of property management services we provide to help you protect your real estate investment.

• Tenant placement
• Tenant screening (including: credit check, landlord and employment verification, social security trace report, California eviction check and criminal check)
• Regular property inspections
• Accounting and landlord bill payment
• Monthly financial reporting
• Maintenance service and supervision (we use only proven independent vendors)
• Collections
• Evictions
• We supply all the necessary forms to meet California’s Landlord/Tenant laws
• 24 hour emergency phone service
• Advertising to the broadest tenant base possible

Call or e-mail us today for more information. We’re ready to get started!

Carnahan Property Management services Woodland Hills,West Hills, Calabasas, Canoga Park, Tarzana, Reseda, Topanga, Encino, Northridge, Van Nuys,North Hills,Chatsworth, Sherman Oaks, Studio City, North Hollywood, West Hollywood, San Fernando Valley, Granada Hills, Mission Hills, Simi Valley, West Lake Village, Agoura,Toluca Lake, Valley Village, Burbank. Call us at (818) 884-1500 and check if we can service your area.