Liabilities of Renting Your Home | Landlord Insurance
If you are considering renting out your home and being a first time landlord, take the following considerations to heart before doing so.
Renting To Do’s
- Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities and occupancy guidelines.
- Ask for references from potential renters, especially those that will stay for a while.
- Request a security deposit to be refunded if there is no damage to your home.
- Contact ARCW Insurance about your plan to rent out your home and ask about how this may affect your current coverage.
- If you are renting for a long period of time, consider hiring a “property manager” to look out for your house while you are away.
Protecting Your Personal Property
- Set aside a locked place in your home to store personal items such as clothing and valuables.
- Take valuable items to a locked storage facility, a family member’s home or a bank vault.
- Change alarm codes after you are done renting.
- Provide keys to only one door of your residence so that you have to change only one lock after the renters leave.
- Photograph and videotape all areas of your home before the rental takes place in case damage occurs while you are away.
- Tell your neighbors that you are renting and ask that they watch over your home.
- Have your mail forwarded or held until you return.
- Provide your contact information for both the renters and your neighbors in case of an emergency.
- Provide the renters with a list of service providers, such as plumbers and electricians, in case of a water leak or furnace failure.
Contact ARCW Insurance at (727) 544-8841 today to learn more about the risks of renting your home.
This information is not intended to be exhaustive nor should any discussion or opinions be construed as professional advice. Should you have any questions or would like to discuss your risk exposure with your landlord insurance, please contact the insurance pros at ARCW Insurance. We are here to help.