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 awhile.
  • Request a security deposit to be refunded if there is no damage to your home.
  • Advise GDI Insurancethat you plan to rent out your home and ask about how this may affect your current coverage.
  • If are renting for a long period of time, consider hiring a “property manager” to look out for your house while you are away.
Protecting Your Personal Property
  • Set aside a locked place in your home to house 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.
  • Ask your telephone company to block long distance phone calls from your landline.
  • 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 plumbers and electricians, in case of a water leak or furnace failure.

Contact GDI Insurance at (888)991-2929 today to learn more about the risks of renting your home.