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As a tenant, where could I buy insurance for an apartment rental and what is the cost?
Wiki User
∙ 14y ago
The cost of renter's insurance varies. Cost depends on where the property is, how big it is, and other factors that insurance companies use to determine rates. A place to get quotes from is Progressive.
Wiki User
∙ 14y ago
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Investing in Rental Apartments?
To build long term wealth, one of the best investments has always been to own you own home. While your home will slowly appreciate over time, you mortgage payment will slowly pay down your loan balance. Because of this, you eventually will accumulate a great amount of wealth. While owning a home is a great investment, owning a rental apartment could also be an excellent investment. When searching for a rental apartment, many considerations will need to be made. The first consideration when looking at a rental property is figuring out what a good price will be. This will take a lot of research because you will need to determine what similar apartments sell for in the area as well as what you could rent the apartment for. Prior to purchasing an apartment, you will need to ensure that the rent you receive will at least cover all of your expenses. Your expenses will include the mortgage you take out on the rental apartment, the property taxes, maintenance, and other related expenses. Since you may not always have the property leased year round, you should aim to have some excess cash flow after your mortgage payment. After finding a property to purchase and closing on the rental unit, you will need find a tenant. To find a tenant you will need to market the property. This could be done through newspapers, websites, or through apartment brokers. Brokers should be avoided because they often charge a high fee. When marketing the unit, you will need to be readily available to show up for viewing. Once you have found an interested tenant for your apartment rental, the next step would be to screen the tenant to make sure they will be a good tenant. You will need to confirm the tenant’s employment status, check their credit, and call their previous landlords for a reference. Once you have found a tenant that is qualified, you will need to sign them to an official lease agreement to lease your rental apartment. To give yourself extra security, you should also collect a security deposit upon signing a lease. This will protect you in the event the tenant defaults on rent or causes damage.
What should I pay a rental agent that found a renter for our condo from a flyer my husband left on a wall at the condo?
Pay the rental agent the fee the agent requests. The rental agent indeed found a tenant for you, and potentially screened the tenant, so you could include this tenant in the community that you own.
What types of insurance policy apply for tenants in rental houses?
If you are a tenant who rents out an apartment, house or building for living space it is a great idea to get renter's insurance. Without renter's insurance you could lose all of your personal property and valuables if a fire or burglary ever occured. The homeowner's insurance would cover the dwelling but not your personal belongings. When you're renting, you'll want to buy renters' insurance to cover your stuff. Here's a place that sells policies: http://www.statefarm.com/insurance/renters/renters.asp
What type of insurance should a landlord have on a rental property?
Homeowner's insurance (since the landlord is the homeowner) with a clause that specifically includes the use of the property as rental property.Additional inclusions might need to be added to address things like potential theft of appliances and damage to the property by the tenants (which could easily exceed many times the value of the security deposit).------------------Each piece of property owned must be insured separately. Thus a homeowner's insurance is for the owner's own home occupied by him/her and family. Most rental properties are insured only for liability and replacement value. You cannot mix homeowner's policies with rental policies.Most landlords strongly recommend that tenants have a tenant's insurance policy in place covering only the tenant's belongings. The landlord is never liable for the tenant's belongings.
How do you manage rental apartments?
First, do you own the apartment outright or do you have a mortgage against it? Positive cash flow from rental property usually is seen once the property is paid for. This could be considered a long term investment. Immediate profit could be seen if you sold the property for more that what you have invested it in. The amount you are charging for rent currently should cover any loans against the property plus have some to put back for the maintenance of the apartment that you are responsible for.
Not granted permission to sublet can you sue for back rent?
You cannot sue for back rent to a tenant who has sublet in the apartment, when you the landlord did not give permission for that to happen in the first place. You have the right to evict the tenant or to force the tenant not to sublet the apartment. You could write into the lease that if you tenant does sublet, a fee can be charged for every month the subletting occurs, until the subletting ends.
Is there a statute of limitations on filing a small claims against your landlord not returning your deposit on an apartment rental in ogdenut?
Yes, there will be a limitation. It would typically be a debt case, but could be a civil matter. The time frame will be specified in either the agreement or the local landlord tenant laws.
Can you get insurance on a apartment to protect a co-signer if you die?
If you die, your estate does not need to keep renting the apartment. You could purchase term insurance with your co-signer as a beneficiary so that any expenses you leave behind could be paid. It would not need to be specifically for the apartment.
Why should I get rental car insurance?
You should get rental car insurance just to be on the safe side. You could end up saving a lot of money just by being extra careful and covering yourself with insurance.
How can you get your husband out of your rental home?
Well you could change the lock when he goes out. Legal eviction, just like any other tenant.
Will my car insurance cover a rental car if i sell my car?
Insurance covers the car identified in the insurance policy. You could ask if they could transfer your insurance policy to the rental car. it depends... is that the only car on the policy? if so, then no once u have no more vehicles.. you can no longer have car insurance. you no longer have an insurable interest in the vehicle. But if you have car insurance on a vehicle and you have the right coverage (OPCF 27) then your auto insurance will cover the insurance portion of your rental, assuming u have collision and comprehensive on that policy.
Can a landlord change locks for abandonment even if the tenant hasn't moved out of rental?
No, a landlord cannot change the locks for abandonment if the tenant has not moved out of the rental property. Changing locks without proper legal process could be considered an illegal eviction and may expose the landlord to legal consequences.
