Tenants Insurance and Other Important Tips for Tenants


There are many things to consider when renting property, one of which is tenants insurance. Renters nowadays cannot be as complacent and blasé about renting as they used to be.  For example, tenants now take it upon themselves to research on the background of the landlord and agency.

This information separates the real professionals from the less appealing who tend to cut corners and do “cowboy” deals totally disregarding your general safety specifically, during times of emergencies. Even when you view the property, ask questions about the landlord’s background and portfolio or if working with an agency, ask how long has the company been around and if they can show you any of their past client testimonials. The longer they have been operating the more they have acquired expertise in their field, which will show in the type of deal you will get.

At the onset, be sure that as a tenant you understand all the fees that you are required to pay. Never accept things blindly and then find yourself complaining in the end. It is important to know how much, why you are paying these charges, and get an explanation of the charges so you can research the validity of the charges if need be. If you have doubts, it is best to talk it out with the landlord, the agency or even seek advice from a legal advisor to help answer any questions you may still have.

Most real estate landlords require tenants insurance for the tenant’s belongings so they are not held liable if anything were to happen to their personal property. One of the advantages of getting this kind of insurance is to be able to practice accountability when it comes to your belongings in a rented property. Having this kind of insurance forces you to keep an inventory of all your things even in ordinary circumstances even if its primary purpose is for damage protection during emergencies. It is indeed better to be on the safe side when it comes to being a tenant thus this kind of precaution is necessary.

Aside from having insurance, make sure that the tenancy agreement for renting properties is in order and signed by both parties. This document is a very important piece of paper because it states the period of tenancy, the rights of both landlord and tenant to the property, the rundown of rental fees and charges and of course the tenants insurance and its coverage.

Lastly, when it comes to placing a security deposit which most landlord’s require, make sure you have a copy of the name and address as well as the telephone number of the bank in which your security deposit is being held. This security deposit is a hold that is kept by the landlord in case there are any damages to their property that need to be fixed that were caused by you, the tenant before you leave the residence. If there are no repairs or damages, the security deposit is yours and many times there will have been some interest accrued during the duration of the time that the security deposit sat in the bank, of which you are entitled to that money as well.

Make sure you get a monthly statement from the bank sent to you, ideally, the landlord usually places the account in their name with your name as the secondary account holder and has the statements mailed directly to you. Some landlords handle this process differently, but the main thing to remember is that security deposit is not theirs to keep and if you were an upstanding tenant and do not owe any back rent there should be no reason why you don’t get that money back when your lease term is up and you are not renewing the lease.
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