Liabilities of Renting Your Home
If you are considering renting out your home, take the following considerations to heart before doing so.
Renting To Do’s
- Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities and occupancy guidelines.
- Ask for references from potential renters, especially those that will stay for a while.
- Request a security deposit to be refunded if there is no damage to your home.
- Contact B+H Insurance, LLC about your plan to rent out your home and ask about how this may affect your current coverage.
- If you are renting for a long period of time, consider hiring a “property manager” to look out for your house while you are away.
Protecting Your Personal Property
- Set aside a locked place in your home to store personal items such as clothing and valuables.
- Take valuable items to a locked storage facility, a family member’s home or a bank vault.
- Change alarm codes after you are done renting.
- Provide keys to only one door of your residence so that you have to change only one lock after the renters leave.
- Photograph and videotape all areas of your home before the rental takes place in case damage occurs while you are away.
- Tell your neighbors that you are renting and ask that they watch over your home.
- Have your mail forwarded or held until you return.
- Provide your contact information for both the renters and your neighbors in case of an emergency.
- Provide the renters with a list of service providers, such as plumbers and electricians, in case of a water leak or furnace failure.
Contact B+H Insurance, LLC at 302-995-2247 today to learn more about the risks of renting your home.