Your Rental Suite And Renters Insurance

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Your Rental Suite And Renters Insurance

  1. 1. Your Rental Suite And Renters Insurance
  2. 2. These days, people often pay part of their mortgage by renting a part of their home. Actually, so that they can have a renter to help pay the mortgage, many people are buying homes that have independent suites in them or building suites into their homes.
  3. 3. The legality of having a suite built into a single-family dwelling is the most common problem with suites. Check out the local bylaws before you build a suite into your current home, to make sure you're allowed to have a legal suite in your home. And don't assume that just because a home has a suite built into it that it's been legally done; verify the zoning to make sure it is a legal suite.
  4. 4. A suite will require your home to have the right extra insurance; your insurance provider can tell you if you have proper coverage. You will probably have to inform your mortgage lender that you have a rental suite in your home, too.
  5. 5. Renter's Insurance
  6. 6. Many renters wrongly assume that you, as the landlord, are responsible for their belongings in the event of a catastrophic event. Conversely, only the property itself is covered, not their personal items, furniture, electronics, or clothes.
  7. 7. Renter's insurance protects tenants' belongings from these type of events, including theft. They are protected from all these things with this type of insurance, and also from any liability if someone is hurt in their suite.
  8. 8. In fact, you should insist that your renters purchase renters insurance. Sometimes this is a condition of the landlord's rental agreement. You should require your tenants to have this insurance for two reasons. The insurance company will provide them with money for hotel accommodations if your tenants need to step out while repairs are being made to their home. Finally, the insurance will cover the medical bills as well if a tenant is seriously injured while inside his home/condo/apartment.
  9. 9. Start looking for a renter after your suite is in place and you have adequate insurance. If you don't know anyone who is looking for a suite to rent, you can advertise for renters. In this case though, you will need to make sure that you do background checks; you want to make sure that a renter is going to fit in with your lifestyle if they're living in your basement.
  10. 10. Find out the legalities of being a landlord, last but not least. Even if your tenant is a family member, you should know your legal rights and responsibilities; many times when there is a problem between a tenant and a landlord it is due to a misunderstanding about the legal rules that both parties have to follow. Other than that, renting a room or a suite in your home can assist you in making your mortgage payments and possibly even help a family member who requires an affordable rental.
  11. 11. http://digitalprofitvenue.com

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