Are you a landlord? Having a rental home or apartment can be a great thing - it can also cause a lot of headaches. Here are 6 tips for you to help you safely manage risk as you bring in new renters to your property;
- Conduct credit and criminal background checks and request two references before leasing to a new renter. The renter’s current landlord may not be the best reference, as they may have unknown motives, so make sure to dig deeper.
- Don’t rely on a potential renter’s pay stub. Call the employer directly to confirm they work there.
- Include renters insurance in the lease and request a copy of the tenant’s insurance.
- Regular and thorough inspections inside and out should be conducted at least every six months.
- When you are preparing your home for your next renter, make sure all doors and windows are locked to prevent vandalism.
- Do your homework and take the time to select responsible and highly recommended tenants. Completing this step will save time and money.
For any questions on your landlord policy or commercial habitational or apartment insurance, please call Lakeside Insurance Brokers at (952) 854-0109 today. We are happy to help and have insurance solutions for these types of risks from multiple insurance companies.