A deposit doesn't even cover the legal fees to evict a tenant (which can be north of $10,000 between lawyer, filing fees, and so on).
Add to that loss of rents for multiple months (while the landlord has to pay mortgage, insurance, taxes) and damages to property, and now you're asking a landlord to pay tens of thousands of dollars of their money.
I researched this. And there are no insurance companies in WA that offer these kinds of products for landlords.
Renters insurance primarily covers damage to _their_ property and only some narrow cases of damage to the unit (e.g. fires, flooding, etc.). A deadbeat tenant also will likely not be paying for insurance past the first month.
To give you some perspective, the eviction process costs around $20000 right now in legal fees. And you'll need to pay them, because the commie "housing justice" redistributionists know all the procedural tricks to delay and derail the process. Even in the best case, you're looking at a year of delay, and it can be more than 2 years for people with children. So that can be $100k+ of loss.
No insurance company is going to assume these kinds of risks without sky-high premiums.
Keep their deposit
A deposit doesn't even cover the legal fees to evict a tenant (which can be north of $10,000 between lawyer, filing fees, and so on).
Add to that loss of rents for multiple months (while the landlord has to pay mortgage, insurance, taxes) and damages to property, and now you're asking a landlord to pay tens of thousands of dollars of their money.
$600,000 asset vs a $3000 deposit
It’s not like they don’t have insurance (they do) to cover the cost of damages.
No. There is no insurance in the world that covers the cost of eviction, loss of rents, or intentional damage/vandalism.
Throwing around general statements like these when you don't actually know about the topic doesn't help the conversation.
I researched this. And there are no insurance companies in WA that offer these kinds of products for landlords.
Renters insurance primarily covers damage to _their_ property and only some narrow cases of damage to the unit (e.g. fires, flooding, etc.). A deadbeat tenant also will likely not be paying for insurance past the first month.
To give you some perspective, the eviction process costs around $20000 right now in legal fees. And you'll need to pay them, because the commie "housing justice" redistributionists know all the procedural tricks to delay and derail the process. Even in the best case, you're looking at a year of delay, and it can be more than 2 years for people with children. So that can be $100k+ of loss.
No insurance company is going to assume these kinds of risks without sky-high premiums.