Is there a rental insurance landlord can buy in case the tenant not pay rent? I'm in Ma?

Question

My property has let live for free last two years to a friend and now he is going to leaving for a new job. So I consider to rent it out. Read so many bad tenants stories, I'm scared. For home owner insurance, if I rent the townhouse out, do they cover the damage that tenant may make? Does the premium will go up? Thanks.

Answer 1

The tenent should cover the damage they cause, by putting down a security deposit. If the deposit does not cover the damages, then send them an invoice. If they don't pay, sue them in a small claims court. Just be sure to include in the lease that they are responsible for any damage to the property caused by themselves, pets, or guests.

Answer 2

No policy will cover failure to pay rent when due.  Collect first, last and a damage deposit before you rent it out, then if they miss a month it's covered, and so is damage up to the dollar amount you have collected.

Always suggest to the tenants that they get renters insurance to cover themselves.

Outline the basics in the rental agreement, amount of rent, when it's due, that it can increase on 30 days notice, etc.