Insurance For A Rental In A Trust
We have a rental house in a realty trust in MA. Its own insurance only provides max 0.5M liability coverage. I was told by my agent that if we want more coverage, we have to purchase umbrella policy.
My question is: who should get the umbrella, the trust or us personally? Only one house in this trust. Several family members are beneficiaries. My mother and I are trustees. My agent said both my mother and I need to get an umbrella separately. This company charges almost $400 for an umbrella. Two will be too costly.
If tenants want to sue, who will they sue? The trust or the trustees or the beneficiaries?
Could anyone in MA recommend an insurance company or agent that is familiar with rental properties? Thanks.
Find out what can legally be done, before you get into even more trouble that just dealing w/ the eviction.
I believe it is illegal to turn off the utilities to evict them. Right now, they really have no recourse. I would suggest not doing that, as you will only give them a reason to get $ from you.
Yeah I waited too long on this one.. told them they had to be caught up by the end of the month and sure enough they are not.
I spoke with them and am offering to not have evictions put on their records if they move out by the 5th. Sounds like that is what they want to do so we shal find out in a few days..
do yourself a favor and hire a good property manager...it will never get this far again. for a 10% fee, the eviction will definitely start before the 15th of the month.
[addsig]
When I paid to get rid of a tenant, the rent was 800 and my partner and I paid her 400 ea.
for 800 we got rid of a judgement proof tenant in 1 week.