Wrongful Eviction Insurance & Vacant Property Insurance
You may be thinking, “Wrongful Eviction Insurance?… I didn’t, nor do I intend to do anything wrong.” We live in a litigious society, and the consequences for landlords often result in costly drawn-out legal battles, especially in San Francisco where tenant laws are stringent and ever-changing. The risks are real, and lawsuits are time-consuming, not to mention costly.
Wrongful lawsuits brought against well-intentioned landlords by tenants deciding to stir up a hornet’s nest are on the rise. Before you even think about discussing the sale of a rental, or your tenant’s intentions moving forward, speak with a landlord attorney first, and make sure a wrongful eviction rider is attached to your homeowner’s policy.
Securing wrongful eviction insurance is not an admission of guilt, but rather a proactive measure to protect yourself from potential legal entanglements. In the event of a dispute with a tenant, having this insurance in place can provide financial support for legal fees and potential damages.
Furthermore, given the complexities of tenant-landlord relationships and the intricacies of local rental laws, having legal guidance from the outset can help prevent misunderstandings and mitigate risks. Consulting with a knowledgeable attorney specializing in landlord-tenant law can provide valuable insights and help navigate potential pitfalls. I work with many landlord attorneys and would be happy to refer you to three landlord attorneys that best match your needs.
In conclusion, while you may have no intention of wrongfully evicting a tenant, it’s essential to be prepared for the unexpected. Investing in wrongful eviction insurance and seeking legal counsel can safeguard your interests and provide peace of mind in an uncertain rental market, and it’s not expensive.
by Pat Rock, Probate Realtor