Category Archives: Renters Insurance

Renting Out Your Property? Get These Landlord Rental Insurance Tips First

rental insurance floridaIf you are looking to rent out your home, you need Landlord coverage which is different than your regular home insurance and offers you the coverage you need.

Here are some of the requirements to consider:

Cover loss for reconstruction limits.

Make sure you insure your home for the total cost to rebuild. If there were a hurricane, fire or other devastation to your property you want to be sure your policy will pay for it and not out of your pocket. The same is true for separate structures that may be on your property such as a detached garage. Be sure to ask about the inclusion of Flood or Earthquake coverage for your policy.

Condition:

This is one of the top priorities to consider when renting. One if the home is in great condition, it is more attractive to rent out. Two, keeping your home up to date and safe can help you to avoid a lawsuit from your tenant or a guest in case something should occur.

Follow that Building Code!

In case of a loss to your property and repairs are needed, have an inspection to be sure your building code is up to date. Your policy will not cover your costs unless specifically stated that way in the policy, these are considered mandatory upgrades.

Loss of Rent

If something should happen to your home that makes it uninhabitable and will take time for repairs, you will lose your tenets and rent check for that time. Getting this on your coverage will protect you and keep you going until the home can be rented out safely.

Coverage of landlord’s items on or in the property.

While tenets should get Renters Insurance to cover their personal belongings, a landlord should also have coverage for whatever belongs to landlord, such as the refrigerator, stove etc. Ask about this coverage since it is separate from the structure coverage. As a landlord you are not responsible for your tenants’ personal items.

Legalities and Lawsuits

Your landlord insurance policy is designed to cover legal issues between you and your tenants, property and fees for judgments for lawsuits over libel, slander, discrimination, unlawful eviction, invasion of privacy and more.

If you are considering renting out your property, make sure you have the right coverage.

Contact us today at 863-453-3903

 

Photo Courtesy of Stuart Miles FreeDigitalPhotos.net

How To Protect Your Personal Property with Renters Insurance

There are affordable benefits to renting a house, apartment, condo, or mobile home; you are not responsible for repairs, you can move on after the lease is up and you do not have the added expenses for taxes and home insurance.

Renters Insurance can be affordable, and help is available to find a plan that you can afford. Do not count on your landlord’s home insurance to have coverage for your personal belongings or liabilities in the case of a hurricane, fire, etc.

Renters Insurance covers typically furniture, your TV, stereo, appliances, clothing, personal valuables and liability for injuries. If most of a renter’s belongings were stolen, consider what the cost would be to replace those items. Renters Insurance also covers you in case someone gets injured in your rental. You won’t have to pay their medical bills, nor would you have to pay legal fees if you are sued depending on the policy you choose.

If you cannot live in your rental due to a fire or other damage, you may purchase Additional Living Expense Insurance that can cover your out of pocket living expenses, including hotel charges and meals.

Types Of Personal Property Coverage

Deciding on the amount of your coverage is a very important way to save money. Consider what you can afford though if you do in fact lose everything in a disaster. Would you be better off with a higher deductible and a lower cost policy?

Take Inventory

Once you purchase Renters Insurance, take inventory of your belongings, furniture and everything in your dwelling. Use photographs or a video. Show serial numbers when available, open closets, drawers, your garage and storage areas. Be as detailed as possible. Make copies and save them online, in a safety deposit box or give to a family member or friend to save for you.

When you have Renters Insurance, you’ll feel much more at ease because there’s less worry about the what ifs. You’ve taken the proper steps to cover the contents of your rental. When there’s a lightning storm, remember Florida is the lightning capital of the US, you know your microwave, washer, TV, etc. are covered. When a hurricane or tropical storm is headed your way, you can take the proper precautions for you and your family and not worry about your furniture or computers.

Paying a small amount of money now can save you lots in the end with Renters Insurance. Call us today at 863-453-3903 with any questions, glad to help.

 

 

 

Photo Courtesy of ErikaWittlieb at Pixabay.com

Renting House or Apartment Tips – What you should know

If you are considering renting an apartment or home, it can be more affordable then making an investment that well, could take a lot longer to fulfill. When purchasing versus renting there are thousands of dollars for closing, inspections, an appraisal and more. When renting you only have to come up with firsts months’ rent, last month’s rent and a security deposit and in some cases just first month’s rent and security deposit.

Be prepared for a credit and background check. Your credit more than likely be checked depending on the landlord and a call to your job. Of course the owner of the rental is looking for dependable renters that will fulfill a contract.

You also should consider doing a background check on your landlord or rental company. Here is a link with some helpful tips and how to go about that.

If you are looking to rent, check over your lease and the property you are considering carefully. Get everything in writing, from repairs that may need to be done, to how long your lease is for and other restrictions you will be complying to.

Once you have decided on the place and signed the contract, take photos of the home before you get all your stuff in and are settled. Look for any holes, water marks in the walls, the grounds outside, things that need repair, a broken screen, window and anything that you may be held liable for it not notated from the beginning. Put every repair in writing (email) and keep those pictures on a separate stick or disk in case you need them later. You may want to ask the landlord if they want copies. As you are settling in for the first month you may see things that you missed when you first moved in. Put that in writing or take photos.

Check the lease if there is a cost for pets. Do they allow a relative or friend to visit for more than a week? If you have someone stay with you, some contracts have stipulations on how long they can stay before being considered a renter themselves on your property and could cost you more money. For pets, a separate deposit is usually required and cost extra a month for little fido or kitty.

There are many benefits to renting when it comes to repairs. The air conditioner goes out, need a new fridge or the roof needs repair. It is your landlord’s responsibility and while you may be inconvenienced for a short time, you are not putting out the money for these repairs.

In today’s economy, renting is a popular option but as convenient as it is you should know your rights and make sure your personal belongings are covered. It is not the landlord’s responsibility if something happens to your personal possessions. Hurricane, theft, fire etc. the responsibility is yours for replacement or cash value. Click Here for more information on the importance of Rental Insurance.

Call us today to get your questions answered. 863-453-3903 or visit our website BudgetBiRite.com fill out the form and we will have an agent contact you within 24 hours.

We find insurance that meets every budget!

 

 

 

Photo courtesy of ErikaWittlieb at Pixabay.com

Rental Insurance Tip – Actual Cash Value vs Replacement

id-100262368 Actual Cash Value vs Replacement – How it Works.

Your Deductible is the amount you can expect to pay for a loss before your rental insurance policy takes over any cost for you. When you are choosing your deductible, which can be from $100.00 and up, take into consideration the dollar amount you figure for your possessions.

Once you have that figure calculated add a bit more for extra’s. A good way to start this, is to plan out a well detailed inventory list, and while you are doing this list be sure to add to it any receipts, id numbers etc and a little more for things you’ve forgotten or underpriced

Your Actual Cash Vale or Replacement cost is also considered when choosing your policy. Some insurance companies will reimburse you either way but considering that somethings depreciate in value you will be in a better position to go with replacement verses actual cash.

If your total dwelling is destroyed, you may want to look into Total Cash Coverage. This is also where your inventory list you have kept in a safe place will come very handy to you. This will cover you for the total amount of renter’s insurance.

Some renter’s insurance Premiums are paid annually, while other companies allow you to pay quarterly or even monthly.

Have Questions? Contact Us Today at 863-453-3903

 

 

Photo Courtesy of FreedigitalPhotos.net

How To Protect Your Self From Rental Scams

id-10064688Renting a home, condo or apartment for a large family get away or just for two is a nice way to spend a vacation. Love a home on the water, or hiking from a cabin in the woods, beware of scammers who want to build up your hopes and take your money.

Scammers are using fake photos and descriptions they have stolen from real estate websites to promote their fake listings on places like Craigslist. They put up a lovely photo, bring you in with a winning description and better yet a low price you may not be able to resist. Remember the saying” If it sounds too good to be true it probably isn’t”.

Once communication starts with a place you are inquiring to rent, keep an eye on the reply’s you receive and how they want to be paid.

Example: An email with misspelled words, or does it address you as sir or madam, is it redirected to another person. Do they provide a phone number that is local for you to talk with someone?

Want you to pay with a money order or wire money to them. Are they out of the country and want you to send the money to say Europe or Nigeria? This is big for wired money scams and guess what, you just gave your money away.

Are they supposedly from an organization or charity? Using this they hope to make you feel more comfortable and trusting of them.

You cannot see the property you want to rent unless you give them a deposit. They may tell you that they do not want anyone to know that the house is empty, and it is for their protection. You should be able to see what you are going to pay for let alone live in for a vacation. Nobody should ask you for a deposit on a rental property before you see it. If you are out of the state you want to rent from it may not be easy for you to take a trip to see the property, hire a real estate agent from a well know company.

Let’s say you do send a deposit; in return some scammers may even go as far as to send you the keys or tell you where the keys are to get access to the property. Either you will receive a set of fake keys, or the place where they said the keys would be, shows up no keys. Be smart, research any deal you come across. Make sure you get a lease agreement and deposit receipt when paying. There are legitimate companies out there, but better to be safe and check with the real estate office in the area you are looking to rent out a vacation spot from.

 

 

Photo Courtesy of freedooom at FreeDigitalPhotos.net