A real job
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- There is PLENTY of risks that landlords have. The tenant might stop paying and it's damned near impossible to get them out. Tort law if someone trips on the property. Roof starts leaking they have to fix it lest there be further damage to the house. If they have a mortgage on the property mortgage rates might go up maybe even doubling their mortgage payment which forces them to raise rent and not be able to rent it out easily. The tenant might damage the property extensively and even if they win in court later many people are uncollectable - you can't get blood from a rock.
Insurance
- He means you are paying insurance to absorb risk for you. You buy a $100k car, and there is a risk you will crash it. You are speculating that there may be a situation where you damage the car and you are paying insurance speculatively to absord that risk for you.
Regarding landlords maintaining or not maintaining things - this really comes down to the country/state and the landlord. If I were to rent out a property I would maintain it, because i'd want the property value to stay up. WIth that said, tenants do tend to ruin properties and furniture.