What Standard Renter's Insurance Policies Cover

Most standard renter’s insurance policies cover your personal property for the following scenarios:

1. fire or lightning
2. windstorm or hail
3. explosion, riots or civil commotion,
   
4. aircraft or vehicles damage
5. smoke
6. vandalism or malicious mischief
7. theft
8. damage by glass or safety-glazing
9. volcanic, falling objects, weight of ice and snow
10. water related damage from utilities, and electrical surge damage

Flood, earthquake, and hurricane insurance should be added on if you live in an area where this might be of concern.

Completing The Rental Application

You will usually have to fill out a rental application to be considered for the rental home. The rental agreement helps the potential landlord or agency get to know you and collect contact information on you and your references. Make sure you answer the application truthfully and be honest with accurate information.

The application usually includes all the tenant's particulars needed to check credit, income and references. It will ask questions about the names of tenants, number of occupants, pets (if any), address of unit, occupancy date, amount of rent, when rent begins and when rent is due to the landlord. A tenant who violates any of these conditions can be evicted. Be sure you sign the application stating all the information is correct. The rental application is “Subject to Landlord Approval” and is not a legally binding document. It is important to thoroughly fill out the rental application and get it back to the landlord or rental agency promptly to be considered an interested responsible potential.

Keeping It Habitable

Since rental units face yearly turnover, it's the landlord's responsiblity to maintain the rental property and its condition. A landlord should always be accessible to their tenant and must maintain the following:

• Keep the rental property up to all local safety and health codes
• Maintain the roof, walls and structural components of the rental
• Keep common areas reasonably clean and safe to tenants and visitors
• Provide a reasonable program and methods for control of pests
• Provide necessary facilities to supply heat, electricity, and hot and cold water
• Provide reasonable and adequate locks for the rental
• Maintain appliances furnished with the rental unit

Ask All Your Questions

When you meet a potential landlord it is a good time to start asking some questions and find out more of what is involved in the rental home. Prepare a list of questions you would need answered in order to consider renting the home. Some sample questions are:

• What is included in the rental?
• What utilities are you (the renter) responsible for?
• What is th length of the lease?
• Are pets allowed?
• What is the neighborhood and the neighbors like?
• Who will maintain the property?
• Where can you park?
• Is there additional storage included?
• Is there a security system?
• When the current tenant is leaving?

When looking for a rental home a lot of things need to fall in line and be similar to what you want and need, asking questions is the only way to determine if there is a fit.

Covenants, Conditions, And Restrictions (CC&Rs) Of Condo Living

A condominium complex has multiple owners who own separate areas individually, and common areas collectively. Decisions about common areas are made by the homeowner's association (HOA) or it's board of directors. Condos have covenants, conditions and restrictions (CC&Rs), which govern everything from the elections of HOA officers to the allocation of parking spaces. Condominium landlords should give their tenants a copy of the CC&Rs for reference and tenants should take the time to read the CC&Rs and ask for clarification of any rules they don't understand. Condo rental agreements should also have a paragraph stipulating that the tenant has been given the CC&Rs, and agrees to abide by them, and will be financially responsible for any fines levied against the owner as a result of the tenant's actions. If you are renting a condo, make sure you get to read the CC&Rs before signing the lease.

Association Dues And Assessments

One of the greatest areas of concern for condominium tenants arises when the owner/landlord fails to pay the association dues or assessments. Current tenants may not have any idea that the owner is late or has missed payment(s).

In some cases, the Homeowner’s Association (HOA) can be taking action against the owner without the tenant knowing. Depending on the situation, it is possible the condo may be in foreclosure and the tenant may not be aware until a notice is placed on the front door. This can be very confusing and unfair for the rental tenant of the condo unit. It is best to pay your rent when due and have an open relationship with the owner and keep your eyes open for signs of an irresponsible or troubled landlord.