I have tenant that is month to month, and I just got a notice from my insurance company that they have a new internal policy, all properties they insure must have a term lease in place. My insurance renewal date is Oct 1. I asked the tenants to sign a lease, they said no thanks. I shopped for new insurance company, next cheapest one is 2X my current premiums, or $125/month increase over current rates.
I can't pass this cost along in rent increase, as I already increased rent this year (by only $100/month, place is way under ,market value, but I didn't realize only 1 increase per 365 days is allowed). I'd liketo evict these tenants, but looking into the Residnetial Tenancy Regulations, its only possible to evict for a few specific reasons. That is crazy, that I am locked into renting at a loss with no recourse.
Any suggestions?
My Karma ran over your Dogma