If you own a rental property, you will want to readdress your risk management checklist before giving your new tenants a set of keys.
• REQUIRE they Purchase tenants Insurance & show you a copy of the policy!This policy is super cheap for the coverage. ( covers their personal property & their personal liability – make sure the minimum they purchase is $500,000) For the landlord, it puts a layer of liability between you and the tenants friends, Post office, other visitors, etc. to your property.
• “ The Broken Window” theory says, that in a neighborhood where a broken window shows up, and is not fixed, it attracts other windows to be broken and so on; it speaks to blight /maintenance. Before re-renting have a painter go in to do touch up. It will help your new tenants to feel like they live in a nice clean apartment and to help maintain their abode. Bang for the buck.
• If it has been a while, have a building inspection completed. An inspector will know exactly what to look for and will advise you how to fix any problems that may arise. He’ll provide a checklist to make sure your place is up to code. He can also be a great resource for other professionals in the area that may help resolve any issues your rental property has.
• If you do not have an inspector come in, do your own inspection. Check the plumbing to make sure nothing is leaky or broken. Test all the electrical outlets to make sure they are working properly. Walk the perimeter of the property to see if any trees need pruning or sidewalks need repairing. Clean the gutters to ensure proper drainage. Look for where ice dams will form and remediate before they happen.
• Once all the big problems are fixed in your rental, move on to the smaller things. Mow the lawn – service. Clean the gutters (see the Downeyinsurance.com partners page). Sweep the floors. Replace any broken blinds or shades. (again the Broken Window Theory)
• Review your rental property insurance: make sure you have loss of rents, replacement cost coverage, tenant relocation and that all your credits are up to date. ( smoke detectors, central station, etc.)
• Your lease agreement should require that your tenants Hold you Harmless. Even if it’s a tenant at will, have an agreement signed. They have to have/maintain insurance and hold you harmless.
• When you have questions or concerns about your insurance give us a call at Downey Insurance Group. We are very well versed in these matters throughout New England. We can certainly help get you the right insurance, of course, for the right price.
• Download our new mobile app to stay apprised of Insurance matters, File claims, reminder services, weather alerts, etc. available from android Google apps and the Apple apps store
Downey Insurance Mobile app QR Code!
http://c9a65608-9223-4e0f-802a-50be982ff391.mobapp.at/landing/Desktop mobile app page link.
Charles I. Downey, President
Downey Insurance Group
Downey Financial Group
Corporate Ma. Address:
190 East Main St. / Po Box 570
Marlborough, MA 01752
P 508-485-0130 | F 508-485-6463
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