How to Protect Yourself As a Renter
What are your rights as a renter? Here are some tips on how to protect yourself: screening your prospective tenant, security deposit and renters insurance. Getting renter’s insurance is important because it covers you when you are not living in the premises. It also covers you even if you leave the premises. If your rental property is damaged, you’re covered for damages to your belongings. You’ll have peace of mind knowing that you’re covered.
Tenant screening
In some states, landlords may be required to conduct tenant screening to ensure that potential renters are not a danger to the neighborhood or to themselves. For example, in Seattle, Fair Chance Housing laws make it illegal for landlords to include information about an applicant’s criminal history in a tenant screening report. The laws may also differ based on the state, so you’ll need to educate yourself about the local rules.
There are many ways to conduct tenant screening. You can do it yourself for a relatively low fee. Most services will cost between $19 and $25 per applicant. There are discounts for bulk screening and the service is completely paperless. The cost for a background check will depend on the state and city in which you live. For example, in New York City, landlords are required to post a sign on their property stating whether or not they conduct tenant screening reports, and they may be fined if they don’t.
Renters’ insurance
Many benefits of renters’ insurance include protection for your personal possessions and liability. You can purchase renters insurance for your apartment or home to safeguard your investments. Renters insurance covers personal belongings that you own as well as items borrowed from other people. It also covers additional living expenses in case of a fire or theft. Here are three reasons you should consider getting renters insurance. Read on to learn more about this type of coverage.
First of all, renters’ insurance protects you from legal expenses if someone sues you for damage to their property. This insurance coverage pays for any damages you cause to others and also covers the legal fees associated with a lawsuit. In the rare case that you accidentally hurt someone, this coverage will pay for the medical bills. For example, you could be sued by a guest for dog bites. In the U.S., a dog bite lawsuit costs an average of $35,000!
Security deposit
Generally, landlords will request a security deposit if they want to ensure the property is rented by responsible tenants. While security deposits aren’t required in all states, many landlords require one. If the property is vacant, the landlord can collect a security deposit if you don’t return the property in good condition. Typically, the landlord will request a security deposit along with your first month’s rent.
It is important to note that the landlord may keep the security deposit if the tenant has damaged or neglected to pay rent. To make sure that your deposit is returned, you should keep pictures of any damage after the tenant has vacated the property. Keep all receipts for repairs. Make sure that the landlord provides you with a detailed list of damages. Otherwise, you’ll end up spending more than you’d originally budgeted for.
Umbrella insurance
If you own rental properties, you should look into renter umbrella insurance. This type of insurance increases your liability limits to help you cover expenses that may arise from the safety and health of your tenants and guests. The cost of an umbrella policy depends on your personal risk level, your assets, and your existing liability insurance limits. Buying renter umbrella insurance may be beneficial in many situations, and you can even complement it with your LLC protection. The premium for such a policy is typically between $150 and $300 per year and varies based on the number of properties and the amount of your deductible.
An umbrella policy for rental property can cover any legal fees if your other policies have exhausted their limits. It can also protect you in multiple states if you have multiple rental properties. The umbrella policy will protect you if a tenant gets injured in your rental property because of a faulty electrical system. Another common scenario is when a former tenant breaks in and steals your property. This can happen when you have not changed the locks between tenants.
Understanding rental laws
Despite the various protections provided by the law, there is one area of renter’s rights you should be familiar with. The Right to Privacy protects you from unreasonable hours of access. You may have to give your landlord advance notice for repairs, but you can still conduct reasonable background checks on potential tenants. The right to privacy does not protect you against eviction, but it does ensure that you have adequate notice.
The right to a Habitable Home and the Right to Quick and Timely Repairs protects renters from unfair landlord practices. If you’re having problems, read your lease carefully. Some landlords have strict timeframes for responding to maintenance requests, which is why it’s critical to understand these laws. Ultimately, your best bet is to seek the advice of an experienced landlord-tenant attorney.
