Landlord Gross Negligence Should Bar Coverage

Sometimes a great thing to learn is how not to be. Don't be an ignorant, negligent, slum landlord. You certainly won't be able to obtain good and proper insurance coverage. Any decent insurance carrier will reject you and your property. Any decent insurance broker won't even submit an application to a carrier on your behalf. You could easily be wiped out financially and even end up in jail.

Landlord Gross Negligence Should Bar CoverageThis landlord got three months — with 15 years tacked on if he ever re-enters the rental business — in what prosecutors say may set a state precedent by holding a landlord criminally responsible, in this case for a fire caused by faulty, home-rigged wiring in his unit.

The outcome of that fire? Five people — an entire family — died, including children ages 7, 6 and 4.

via How landlords get away with it - MSN Real Estate.

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