We purchased a home on a rent-to-own and the pipe that goes to the kitchen tap came loose and flooded the kitchen. It was literally running out the front of the house! The neighbour ran over to help the tenant figure out how to turn the water off but by that time the damage was done.
What seemed to be something awful turned into something great. Since the cabinets in the kitchen were ruined, as was the floor, we ended up getting a new kitchen and new flooring. While we were doing the renovation, we added some extra kitchen cabinets and made it much more attractive for resale down the line. This is why we have insurance!
Important side note: make sure you have “loss of use” insurance which covers your tenant in case they have to live somewhere else while repairs are being made. Not all policies include that so you will have to specifically ask your insurance agent to include it. It is a small amount with a very good payout if you do have to use it.
#TeamKander
#GoodInsurance
#SilverLining
No comments:
Post a Comment