It’s not the news that your tenant is behind in their rent (although that’s never fun either).
It’s a phone call explaining that your tenant has done the dodgy on you by maliciously damaging your investment property. I’ve had it happen to me in the past and I’m sure it will happen again in the future. Sadly, it’s just part and parcel of being a property investor.
Which leads me to my next questions… Do you have landlord’s insurance?
I am a HUGE advocate for having adequate insurance on all of your investments so if you don’t have an up-to-date policy, I’d suggest that you get one – pronto.
These latest figures from landlord insurer Terri Scheer shows just costly it can be to be a landlord, with one claim of $40,000 recorded to repair damages to a property caused by an angry tenant.