People tell me that the tenants frtequently sue the owners of the rental houses. Anyone can fall in the house and sue the owner.
Are these only myth or have you experienced lot of tenants suing the owner of the house? How frequently does it happen and what are the common reasons for suing?
Wow...we own rental property and have yet to encounter this. We will be suing previous tenants for damages in the near future, though.
I'll be curious to see what kind of responses you get.
For sure you need insurance to make sure if they sue you are covered. I have seen it over the security deposit whan there is damage
Put properties in LLCs also make sure you have a large umbrella policy just in case. You know, anyone can sue any one else, any day. Scary world out there. We have rental property, but have not encountered this.
It's a good idea to require, and require documentation that the tenant secure a renter's insurance policy that includes liability coverage. Most pros, property management companies, would know to include this requirement of tenants, but many home owners and agents might not.
Nadeem, I haven't heard of it as a particular problem around here. Our leases mandate that renters carry pretty high liability limits. You bring up a good point though...many agents don't verify whether the renter actually got the insurance.
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