Tenant Rental Insurance also known as rental insurance, it is types of additional insurance purchased by the tenant to protect personal property contained in a rental unit from loss due to fire, theft, water damage and other circumstances. Specific terms of coverage are determined by the policy purchased from the insurer.
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Do you need coverage for items inside our rented property
Do you need coverage for items inside our rented property. A renter's property insurance can cover up property losses for those who are tenants, since home insurance possessed by landlords doesn't tend to cover renters' personal property. However, rental property insurance is nothing but a landlord's buy to let property insurance.
Be it rental property or renter's property, the only difference in the coverage is that, renters covers those items which are owned by the renter and landlord's rented property covers only those items owned by the landlord and is in use for the tenant. In other words, if a landlord has taken an insurance for his rented out property, it only means that a tenant will not have coverage for the valuables he has in a rental unit.
If you as a tenant or renter need protection for items owned by you, you should seek for a separate insurance. It is also known as apartment insurance. So far, one has read articles written to protect landlord's owned content, but little does one realise that a tenant also has valuable items in his house. Protect your personal belongings, even tenants have a right to protect their belongings in a rental unit. In addition to this, it also covers financial protection to those injured at your rental property. A tenant living in that house will not be liable to pay for any injury inflicted on a guest, relative or friend who has visited his house, instead this amount will be covered by the renter's insurance.
Television
Furnitures
Jewellery
Garden accessories
Computers, laptops
Other electrical appliances such as stereos, DVDs, VCR's, CD players, freezer, dishwasher, refrigerator, oven, stove, dry vacuum, vacuum cleaner, microwave.
In case of any disaster or untoward incident such as theft, earthquake, explosion, fire or flood, smoke, subsidence etc, your belongings will be protected by your insurance cover. Building insurance covers the external part of the building and content insurance covers items in side the house, but there are some exceptions such as garden equipments and those items which are kept outside the building or carried outside. Understand your insurance policy properly and then avail them.
Kirthy Shetty, Platinum author, Free advice on Rental Property Insurance Rent Guarantee Agreement: |
How Much is Home Renters Insurance?
By Ricky Lim 
This is the question frequently asked of people who are looking for insuring their homes, whether they own the unit or they rent it. Just because they are renting the unit, it does not mean that they won't file for insurance.
It is not the responsibility of their landlords to get insurance for their tenants. The building is insured, yes. But the properties in the building are not. Therefore if something happens to the properties of the tenant, the landlord is not held liable for these.
Even renters are homeowners. This is why they often ask, "how much is home renters insurance?" to each other. They like to compare notes on which insurance companies provide the best insurance rates and give them their money's worth.
After all, that is their hard-earned cash that they use to invest in their properties.
The answer to the question varies from one client to the next. It all depends on the area they are living in to the properties they own.
If they live in an area that has been known for burglaries and break in, the insurance are higher compared to an environment that is "safe." If the properties of the tenant are more valuable than the average, then the insurance is more expensive than the norm as well.
Home renters insurance is for everyone. He could be renting a home, residing or renting in a condo. It is only practical to ask "How much is home renters insurance?" to the people who could answer your questions.
The best answers are from insurance agents who are well-trained on the information you need regarding home renters insurance, the cost, the benefits, and the policies that you are getting yourself into.
Home renters insurance does not only provide coverage for everyday needs such as clothes and furniture. It also protects your property when it gets stolen. Properties that are often stolen are bikes and laptops.
If this is inside your home and then these are stolen, if you have home renters insurance, then you wouldn't have to shell as much in order to have them replaced.
In case of natural disasters such as fire and flood, a home can be uninhabitable. It can cover the cost of the place you live in as your home is being repaired.
"How much is home renters insurance" is a concern most insurance companies prioritize because they know that the clients are interested in replacement value and not depreciated value.
Wondering how much is renters insurance, visit my site for more details. Discover where to find cheap insurance for renters online.
Article Source: http://EzineArticles.com/?expert=Ricky_Lim
Tips on How to Avoid Conflict With Your Landlord Or Tenant
By Dan Weil
Dual Agency-Representing Both Parties
The law permits a broker to work with both the Landlord and Tenant upon their mutual written consent. This arrangement requires the broker to act in good faith with honesty and loyalty to both parties. Working as a "Dual Agent" has its advantages with the easier transactions and problematic in instances where there are "sticky issues" to work out or when the Landlord and Tenant have different negotiation styles.
Physical Inspections
Prior to occupying the building have licensed experts inspect the property to make sure there are no issues with environmental contamination, zoning limitations, structural components, roof repairs, building size, un-permitted improvements, mechanical systems, or other physical aspects of the property. The inspection fees are minimal compared to discovering a problem after the fact.
The Fire Department
The Fire Department can be a tremendous help in determining the physical requirements needed to occupy the property, which includes whether or not the existing fire sprinkler system is suitable for the Tenant to fully utilize the building as intended. For the larger projects, a fire consultant is recommended. They will rate your inventory according to class and advise you on how to retrofit the building in order to meet code.
Working with Lawyer's
Most Lawyer's are brought into the transaction after the fact. Use a Lawyer effectively by bringing them in on the front end of the deal and by clearly defining their role in the transaction. This will save time and minimize the risk of a lawsuit with unnecessary legal fees. A good Lawyer can add value to your team of professionals.
Securing the Lease.
Typically stronger Tenant's can secure a lease with a security deposit equivalent to one (1) month of base rent. In cases of weak credit history or start-ups companies, Landlords may ask for either the deposit to be as much as six (6) months of monthly base rent and or an equivalent irrevocable letter of credit. Also it is common practice to achieve credit enhancements with a personal guarantee from the principals of the company.
Tenant's Vacancy of the Property
It is highly recommended the Landlord and Tenant conduct an inspection of the property about sixty (60) days prior to the expiration of the Lease. This will provide plenty of time to obtain accurate estimates of the repairs needed to be done and to work out an equitable cost sharing plan between the parties based upon the requirements of the Lease.
Gross Versus Net Lease
A Net Lease means the Tenant pays for the property taxes, property (fire) insurance for the building, and maintenance of the roof exterior walls and foundation. In addition to the base rent, a Tenant can figure to pay between .10 to 20 cents per square foot for these items. A Gross Lease means the Landlord is responsible for the property taxes, property insurance, and roof replacement. On the other hand, the Tenant maintains the roof, and pays property tax and insurance increases. In both leases the Tenant maintains the interior of the building, including doors, windows, air conditioning, and plumbing, plus is responsible for exterior maintenance.
On the multi-tenant projects, Landlord's prefer to maintain the exterior of the property themselves and charge the Tenant's a pro rata monthly common area maintenance (CAM) fee. Some Landlord's will include the HVAC and parking lot expense as part of the CAM charge. Despite the type of Lease, the Tenant will be required to carry a General Liability Policy. The aggregate amount for this insurance is usually 1 to 2 million dollars. Negotiate the contract to meet your needs.
Notices to the Landlord or Tenant
Important Notices to the Landlord or Tenant should always be in writing, and sent registered mail. Following this simply principle may reduce the risk of a costly lawsuit or unnecessary conflict. Make sure you create a file with the lease, letters, notes, conversation log, and any other documents, assuring a good "trail of paper work" for later reference.
Since 1981 Dan Weil worked as an industrial real estate broker in the greater Los Angeles area at 2 major commercial real estate firms and in 2002 started his own firm Weil Commercial Properties, Inc. Dan offers 27 years of experience with many long term client relationships. For assistance with your commercial industrial need, please contact Dan at 310 792-9400 or visit the web site at: http://www.weilcommercial.com/resources.html
Article Source: http://EzineArticles.com/?expert=Dan_Weil
Upstairs Tenant Will Not Fix Ceiling Leak
By Kay Senay
"I have been living in my condominium since 1987. Every time the tenant in the unit above me takes a shower, I get a leak in the ceiling above my bath tub. About a month ago, the tenant invited me to see that there are only vinyl floor tiles where ceramic wall tiles should be. The business manager of our condominium set up a meeting between me, the owner of the upstairs unit, the tenant, and the business manager. The business manager told the owner of the upstairs unit that he must fix the shower wall. After a couple more leaks, I told the business manager and he said that management would fix the leak. It still is not fixed. What can I do to fix this problem?"
Unfortunately, problems and conflicts in condominium associations are common. Some condominiums run very smoothly with few problems. Others seem to have some kind of conflict that revolves around fixing maintenance issues. It seems like you have followed the correct chain of command. You notified the tenant, the business manager, and the owner of the upstairs unit about your leak.
It might be helpful to contact your insurance company. They may get involved with the insurance company of the owner of the upstairs unit. Even though the upstairs resident is a tenant, it is up to the owner to fix the leak. The two insurance agencies may be able to fight it out to determine the cost to fix the leak, who pays for it, and whose responsibility it is to fix it.
There are two main keys to solving conflicts in condominium associations before legal action is necessary. Education is one and mediation is the other. Parties in conflict will usually be willing to work towards resolution if they feel their side has been heard and understood. If this is not accomplished through education, calm discussion in an environment that is not threatening, and the willingness of each party to make some concessions, mediation is an excellent tool.
Mediation is defined as impartial third-party-assisted negotiation. It is a process in which a mediator guides the parties through a settlement of their own case. Mediation can go a long way to fix maintenance issues. It can also help fix damaged relationships among neighbors.
If owners or a condominium board is in need of conflict management or mediation, a helpful place to start is Creative Conflict Resolutions, Inc. in Florida. This company is dedicated to conflict prevention and management education. Many other states have mediation experts available. Just do a web search on condo mediation for your state.
If mediation does not fix your ceiling leak, another suggestion would be to hire your own attorney. He or she should be able communicate with the attorney for the condominium, the condominium management company, and the unit owner. Hopefully, this will result in the fix of your leak.
Unfortunately, problems and conflicts in condominium associations are common. Some condominiums run very smoothly with few problems. Others seem to have some kind of conflict that revolves around fixing maintenance issues. It seems like you have followed the correct chain of command. You notified the tenant, the business manager, and the owner of the upstairs unit about your leak.
Copright Kay Senay 2009
Kay Senay is the author of CONDO BUYING & OWNERSHIP MADE SIMPLE: TIPS TO SAVE TIME AND MONEY. This book is full of Kay's secrets for solving condominium problems. Visit her website at the link above for FREE TIP SHEETS, books, and more valuable articles.
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