Posted by Jack KY on February 27, 2007 at 04:49:32:
I’ve experienced two fires in rental units that displaced the tenants. My insurance paid the rent. My policy will cover the rent for up to six months.
Check your policy.
Cheers–Jack
Should Tenants Pay Rent? - Posted by Rebecca
Posted by Rebecca on February 26, 2007 at 21:40:22:
I own a rental condo in Wilmington DE. A few weeks back one of the adjacent units caught fire, and everyone living in all the units in that particular building were evacuated and put into a hotel. The condo insurance (which is part of my monthly association fees) is covering the cost of the hotel. My tenants are staying at the hotel, but are not paying any rent. What are my legal rights in this matter? Surely they are not entitled to stay at the hotel for free and not pay any rent? Some of their belongings are still in the unit and they intend to return once given the go ahead. Please advise. Thank you.
Re: Should Tenants Pay Rent? - Posted by Frank Chin
Posted by Frank Chin on February 27, 2007 at 07:22:13:
Rebecca:
Whenever I go for an NOO loan, the lender ALWAYS require “rent interruption” insurance, in my case, up to 12 months or 10% of the insured value of the unit, whichever is smaller. I suggest you check your policy, and file a claim if appropriate.
After you check this out, then MAYBE proceed to speak to your tenants about the rent. If don’t have “rent interruption”, I suggest you get it pronto.
Also, does your tenants have “renter’s insurance”?? Remember, most tenants don’t, and it’s a game two can play. You go after them for rent, and they go after you for the added inconvenience. Can they cook in the hotel?? How about reimbursing for forcing them to eat out every night??
Frank Chin