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August 18, 2021

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 Christensen Group Insurance 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 areaway.

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 Christensen Group Insurance at 952.653.1000 today to learn more about the risks of renting your home.

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