If you’re a first-time renter, the process may seem a little daunting at first. Maintaining a home isn’t easy, but even first-timers can do it.
Nonetheless, rental maintenance requires many financial and legal responsibilities. As you prepare to rent, take a look at your financial and liability needs in the home. This analysis may help you better secure your assets and risks.
1. Know What Costs You Owe
First-time renters may think they only need to pay a rent check once per month. Renting isn’t often that simple. You may owe a rental check, but this may not include all of the costs required to maintain your property. For example, most renters pay their electric, water and other utility bills separate from the rent.
You may also face insurance and maintenance costs. When determining the property you want to rent, take a close look at your budget. Make sure you have the assets to pay your rent and any additional costs associated with the property. This can help you better determine the home you need.
2. Review Your Lease
Renting a property often involves signing a lease with the property owner. A lease is usually considered a legally binding contract for all parties in the deal. Leases often stipulate occupancy, payment and maintenance tasks required of the renter. They also usually state how renters and owners must communicate issues like upkeep.
Carefully review your lease before you sign. This can help you become better aware of your responsibilities as a renter. You may even consider having a trusted lawyer or realtor review your lease. They may be able to help you pinpoint any conflicting or unfair clauses in the lease.
3. Get Renters Insurance
Once you take possession of a rental, you assume risks associated with that property. Therefore, you should consider getting renters insurance. Many property owners require their renters carry renters insurance before moving in.
At minimum, renters insurance usually includes personal property coverage and liability coverage. Personal property coverage can help you repair or replace your own belongings in the rented space. Liability coverage may help you in case a guest receives injuries on your property. This coverage may also help you if you cause property damage to a third party.
Talk to the property owner before you move in. Renters insurance may work alongside a property owner’s own insurance. Find out what their policy covers and see if you can adjust your own coverage accordingly. Nevertheless, don't forego certain coverage elements just because the owner may have that coverage also. Your renters insurance applies specifically to you, and can help when you need it.
Need renters insurance? Look no further. Call All About Insurance at Mid-Cities 817-589-0006, Fort Worth 817-626-3339 or Masfield/Arlington Ofc at 817-453-5524 today! We can help you get a fast, free policy quote.
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