Millions of Americans skipping payments as wave of defaults and evictions looms

Re:Millions of Americans skipping payments as wave of defaul... by novok on Wednesday June 03, 2020 @07:10PM (#23410119)

There is a 'blood from a stone' aspect from lower income tenants. If they trash a house and cause six figure damages to your property, your not getting your money back, and typically landlord insurance does not cover intentional damage:

https://webcache.googleusercontent.com/search?q=cache:CoWtuC...

Also people growing up in poverty experience higher stress, so the probability of them doing the 'going mental' thing is higher.

Many mom & pop and breaking even on a mortgage landlords cannot afford that kind of catastrophic loss.

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Re:Millions of Americans skipping payments as wave of defaul... by wolco on Wednesday June 03, 2020 @07:21PM (#23410232)

If a rich person or rich person's kid cause this damage. Expect them not to pay and expect lawsuits.

You have to be careful who you rent to. Sometimes someone down on their luck would make a much less demanding and better tenant overall. Be careful chasing away the poor because they actual need your place and may take better care.

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Re:Millions of Americans skipping payments as wave of defaul... by BeetleB on Wednesday June 03, 2020 @08:06PM (#23410691)

You can get vandalism insurance. I don't know any landlord that does get it, though.

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Re:Millions of Americans skipping payments as wave of defaul... by novok on Wednesday June 03, 2020 @09:41PM (#23411392)

Vandalism insurance doesn't necessarily cover intentional damage by tenants on a property.

As a challenge, I would like you to find an landlord insurance policy that explicitly covers intentional damage by a tenant and a price estimate on the internet, because I'm having a hard time finding it!

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