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What Standard Renter's Insurance Policies Cover
Most standard renter’s insurance policies cover your personal property for the following scenarios:
fire or lightning
windstorm or hail
explosion, riots or civil commotion,
aircraft or vehicles damage
smoke
vandalism or malicious mischief
theft
damage by glass or safety-glazing
volcanic, falling objects, weight of ice and snow
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.
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Rentals.com Tip: Why Renting Makes Sense
Not everyone wants to be—or should be—a homeowner, so when it comes to a home rental or apartment rentals, there are a number of reasons why renting makes sense. Real estate rentals allow you to have a more flexible lifestyle rather than feel tied down by a 15- or 30-year mortgage. Another benefit of a home rental is that someone else has to do the repairs and handle most of the maintenance on the property.
When you compare the cost of apartments for rent against purchasing an apartment, condo, or townhouse, it can be considerably more expensive to own a home. On the other hand, a home or apartment rental does not have fees, such as homeowner association dues, property takes, and homeowners insurance. Most real estate rentals also include some utilities, such as trash and water, and maintenance, including pool or garden service. The bottom line is that if homeownership does not work for you, renting may be a better fit for your lifestyle.
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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.
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Rentals.com Tip: Common Questions about Leases and Agreements for Rentals
There are a number of common questions about leases on rentals for both tenants and tenants landlords. For tenants, one of the most important questions about rentals concerns the ramifications of breaking a lease, including fees or legal actions by the landlord. A tenant may also want to understand the key differences between lease agreements and rental agreements. Tenants may also have questions about how they can determine if the lease terms within rental agreements are fair and legal.
For landlords, their questions about rental leases may focus on what they can and cannot include in rental agreements, what can be changed in rental leases, and how rental agreements can enable a smooth process for rentals and help maintain long and mutually beneficial relationships with tenants.
Answers to these common questions about rentals can be found on various websites and in numerous books about rental leases and rental agreements. Taking the time to get answers to these questions will help educate tenants and tenants landlords for a better experience with rentals.
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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
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Rentals.com Tip: Landlord Rights for Rental Home Businesses
Before becoming a landlord of a rental home, it is important to understand the differences between landlord rights and tenant responsibilities. Even more confusing is the fact that California landlord rights may be very different than those in New York or Georgia. Within these varied sets of rights are a number of categories of landlord rights and tenant responsibilities—from collecting rent and managing the property to running background checks and eviction rights—that all must be addressed when operating a rental home business.
Sites like Landlord.com can help homeowners understand their rights and responsibilities as well as similarly explain those of the tenant. Each state has a number of state government websites that also provide listings and explanations on various laws that govern landlord rights and detail tenant responsibilities. Other methods to learn more about landlord rights include a number of helpful handbooks, such as Property Management for Dummies, Landlording, and Landlord’s Legal Guide, all found in bookstores and online book retailers.
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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.
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Rentals.com Tip: Key Rental House Questions
Those searching for rental homes can get frustrated or feel panicked and end up taking the first one they see, leading to further problems. When renting a house, it is important to clarify rental terms and get specific answers about the house and the owner. Before you accept a rental house and sign a lease, there are a number of questions to ask to ensure that this is the right decision to make. This is especially true with so many scams now affecting the rental house market.
One question to be sure to ask the owner is if they are current on their mortgage since many houses for rent are now going into foreclosure, leaving the tenant without a place to live. If the ad does not state anything about pets, ask about their pet policy before arranging an appointment to avoid disappointment. During the walk-through, ask about recent improvements to ensure that the rental house is not a "lemon” and inquire about the maintenance policy. Ask the landlord if they can provide a checklist that verifies everything is in working order. Be sure to also get answers about neighborhood safety and how to reach the landlord.
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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.
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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.
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