Renters Insurance. An absolute must have. For the new or existing landlord!

In the early 90's, I purchased and restored an early Colonial built home, in a wonderful neighborhood. The purchase was one of "As Is'. This included a fantastic collection of original antiques, left by the original builder and owner. I was totally ecstatic, to say the least! The remodel was done to make the second story, totally original. From the Crown moldings, to the absolutely beautiful hardwood floors! The first floor was kept authentic, but was separated into two, one bedroom apartments. Total cost, $44,000. and change.

The first year was absolutely wonderful! I had four separate tenants that year, with zero problems. To be perfectly honest, having Renters Insurance never even crossed my mind! In retrospect, possibly one of the worse decision's, I ever made! The second year started just like the first. Wonderful, responsible, respectable Tenants. I couldn't have been happier with the decision I had made to split the bottom into apartments, and the income was just a bonus!

But, at the end of that year was when my nightmare began! I had rented to a new Tenant in October of that year, and on the surface everything was just fine. But by December, I had a feeling something was wrong. He was somewhat late on the rent, and I noticed a change in his attitude and appearance. I myself was single at the time and worked a full-time job. So I really didn't give the situation the attention it actually deserved. A huge mistake on my part!

January appears. No rent from this particular tenant. No big deal I thought. I'll just catch him later. After a week I was very concerned. I hadn't seen his vehicle outside for a few days which wasn't unusual at the time, but something just didn't feel right. Of course I tried knocking on the door several times. No response. I had a master key of course, but was somewhat hesitant to use it. The next day, I did. The lock had been changed on both the front, and rear door! Thats when I knew I had a problem, so I called my locksmith Immediately!

He arrived in short order, and began to open the lock for me, and thats when my nightmare was in fact, happening! The apartment was totally empty! Except for the beer cans and whisky bottles! There were burned spots on the carpet's. Holes in the walls, and to top it all off, all the antique fixtures in the bathroom were just, gone! That even included the claw-footed bathtub! I was totally dumb-founded, and in a state of shock!

So of course I filed a police report. Tried to contact this individual at work, and I think you know what happened from there. He had just disappeared! I was devastated, and to be honest, totally hacked off! I had always tried to be the best of Landlords, and see where it had gotten me!.I felt totally taken advantage of!

So, The moral of this, true story? Just like the title of this article. The foolish Landlord who never even considered, the necessity of Renters Insurance!

Learn more about this author, Jonathan Clayton.
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