Landlords require tenants to carry renters insurance

Buying a policy to cover your possessions is always a good idea and more property owners are making the decision a lease requirement. An owner’s insurance policy never covers the tenant and or their belongings.

As the local rental market continues to tighten, many property managers are requiring each tenant or rental unit be covered by renters insurance and be a part of the lease agreement also to provide verification and its value to the landlord or property manager.

Renters who balk at paying renters insurance premium should take look at its advantages. First, renters insurance is cheap! Do some shopping; agencies can give quotes over the phone or on-line. Paying over $120 per year may be excessive unless your personal property is of high quality and volume.

Renter’s insurance policies can save big money in replacement costs if you are robbed, the rental floods damaging furniture, a fire and smoke or other damages. The policy should cover personal items replacement value, storage and hotel or other rental costs if you are required to vacate. Also the policy should cover damages finding you as the tenant at fault and is your responsibility for payment. This alone can save thousands in a legal battle.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com/


Your Boise Property Management Rental Resource

View us on Merchant Circle @ http://www.merchantcircle.com/business/Mountain.Ridge.Property.Management.208-322-4228?utm_medium=phone&utm_source=code

Welcome Packets

Provide your tenant with information of what you expect from them is the best way to eliminate future problems. A tenant welcome packet establishes this relationship in writing making your rules clear and concise.

Include the Welcome Packet with the Lease Agreement:

1. A welcome letter establishing a professional, positive working relationship.
2. Copy of the lease agreement including all addendums and inspection forms.
3. A short concise list of rules. Develop a list of your rules that you can and will enforce.
4. An up-to-date list of area phone numbers for utility companies, phone, mail, hospitals, fire departments, and local police department.
5. Be sure to include a copy of the required Lead Paint Pamphlet with every lease on properties built on or before 1978. Be sure this item is included in your lease agreement and the tenant signs in acceptance.
6. Provide basic information about renters insurance; this item should be stated in the lease agreement and tenants should be required to acknowledge such notification.

Allow sufficient time for signing the lease and review of all paperwork including the welcome packet. Answer any questions in a pleasant yet professional manner. Following these steps will establish a stronger relationship with your tenants and a clear understanding of your expectations.

For additional information on this and other renting articles, please visit our web site at http://www.mrpmrentals.com

Mountain Ridge Property Management - Your Rental Home Resource

Get Renters Insurance

Obtaining renters insurance is a must if you are renting any type of a rental home or apartment. A homeowner has an insurance policy to protect their dwelling, the structure and interior, this does not cover your belongings or issues that may occur directly caused or affected by you.
Purchasing average renters insurance coverage is relatively inexpensive at around $300 per year. Be sure to read and understand your policy to ensure adequate rental home insurance coverage of your personal belongings, and renters liability insurance if someone falls or is injured or if there is damage done at the property that is determined to be your responsibility.
Check several companies for quotes on tenant's insurance and be sure to write down and photograph your belongings at the beginning of your policy. The insurance company should provide a list of basic personal items as a reminder so nothing is missed. Also, determine if your policy has current value or replacement value for lost, stolen or damaged items in your rental home.
Actual cash value is the actual cash value or replacement cost at the time. What an item may sale for at the time of loss. Replacement cost minus depreciation.
Replacement Cost is just as it sounds. What is the cost for replacement at the time of loss? What is the cost for replacement at the time of loss? The premiums for replacement cost are a bit higher than actual cash value.
Know and understand the difference and how each one of these policy types could affect you. The cost for each is virtually the same in price. Make sure you obtain the coverage that best suits you. Remember, the homeowner or property manager carry insurance but none have coverage for you or your personal belongings. You must purchase your own rental home insurance coverage.

For additional information on this and other renting articles please visit our web site at http://www.mrpmrentals.com/

Mountain Ridge Property Management

Your Property Management Source