4.
REQUIRE RENTERS INSURANCE
Renters insurance provides financial protection for a tenant’s personal belongings against unexpected events such as theft, fire, and natural disasters. It can also cover additional living expenses if a tenant is temporarily displaced from the rental unit due to a covered loss. Renters insurance may also provide liability coverage in case a tenant’s guest is injured while in the rental unit, or if a tenant’s dog bites someone on the property. When a tenant is covered by renters insurance, they are less likely to seek compensation from you. The insurance policy will usually make them whole without involving you! It is an affordable way to protect your assets and can give you peace of mind knowing that you and your tenant are financially covered in case of unforeseen circumstances.
CONDUCT REGULAR INSPECTIONS
5.
Regular inspections can help you catch potential problems early on and prevent them from becoming more significant issues. Inspect the property at least once a year to ensure that the tenant is following the terms of the lease agreement and taking care of the property. You can also use this opportunity to address any maintenance issues or repairs that need to be made, such as replacing air filters, cleaning dryer vents, replacing smoke batteries, and fixing leaks. Be sure to follow your local laws regarding notice of entry. You may be required to give 24-hour or more written notice.
WHEN A TENANT IS COVERED BY RENTERS INSURANCE, THEY ARE LESS LIKELY TO SEEK COMPENSATION FROM YOU.
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