5 Landlord Insurance Horror Stories

Written By Charlotte Insurance on October 10, 2019. It has 0 comments.

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Insurance on a rental property can seem like just one more expense in a long list of things that cost too much money. But it’s there for a reason — to protect you and your investment when something goes horribly wrong.

Not convinced? Check out these real-life horror story experiences from landlords just like you.

Evicted Tenant “Accidentally” Sets Fire

He’d been a decent renter, until he wasn’t. Eventually the landlord had to evict him for non-payment of rent. The tenant began to move his belongings out of the property. At about the same time as he’d moved his “good” stuff out (but not everything), a mysterious fire ignited in the rental — a box was left on a burner that was turned on. The damages cost the landlord $61,000 — thankfully he had landlord insurance to cover it. 

Three Floods in Six Months

A disgruntled and troubled tenant began to become more than your typical nuisance. While the landlord attempted to have her evicted, local laws made it difficult. Even when she turned on the water, blocked all the drains, and flooded units below her rental, the landlord still couldn’t evict. As the unit owner, he was, however, responsible for dealing with the damage to his rental unit and the other units impacted by the flood — which occurred three times in six months.

Exotic Pet Store Gone Wrong

For many landlords, tenants bringing in a single pet would have been a violation of the lease. But in this case, the tenants set up “shop” in the basement as an exotic pet store. They had cages and tanks for rats, turtles, and snakes. During the eviction process, the tenants left early but not before a hoard of rats escaped into the property, causing plenty of damage and lingering for far too long. 

Vandals and the Damage They Cause

While one rental home sat vacant, vandals broke in. Not to squat or take shelter from the cold. These lawbreakers purposely flooded the property. They turned on the water in every bathroom and plugged all the drains. To make it worse, this was a multi-story home with bathrooms on every floor. Thank goodness for landlord insurance that protects against vandalism and the damage caused.

Small Problems Can Become Major Disasters

When the tenants in a condo unit called their landlord about their tankless hot water heater not working correctly, he had it serviced as soon as possible. Thinking that was that, he didn’t give the hot water heater another thought. Until he got a call from a condo owner in the same building — whose unit was being flooded by the hot water heater and who expected the landlord to take care of the problem. 

As a landlord, you’ll quickly learn (if you haven’t already) that almost anything can happen. These horrifying stories aren’t the exception to the rule — scary and wild things happen all the time. When it does, make sure you have the right kind of insurance for your rental property. Landlord insurance offers coverage that standard homeowners insurance doesn’t, including loss of rental income. Need a new policy or to update an existing one? Contact Charlotte Insurance today!

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