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Renter's Insurance provides coverage for your possessions in the event they are stolen or destroyed, and for injuries sustained by others in instances for which you are liable.  Your landlord's insurance protects against loss of the actual structure but doesn't provide coverage for your property.

Some people believe that the property owner's (landlord's) insurance policy will cover their possessions in the case of fire, flood or theft.  This is not the case.  You are personally responsible to ensure that your belongings are protected. The best way to do this is to purchase a renter's policy (HO4). 

You can purchase coverage from the same insurance company you use for your automobile insurance. You should make an inventory of your personal belongings that you wish to insure and place a value on those belongings. Once you have that information, you should select the best policy that fits your situation.

The best part of renter's insurance is that it is cheap. Most coverage costs pennies a day.  So don't neglect to protect yourself, your to-do list should look like this: sign lease, transfer utilities, get renter's insurance. 

Dear Mr. Landlord, Why are pets not allowed?

If you're looking for a home or apartment to lease, you've probably noticed that many properties are pet restricted.  By some estimates, pet restricted properties make up more than 50% of all rental properties. 

So why do landlords and property owners restrict pets?  It's unlikely that it is because they don't like pets.  many have pets of their own.  The reasons vary, but typically it is due to the damage that a pet can cause to a rental property.  A dog or cat can cause several thousand dollars in damage by soiling carpet, chewing on base boards and digging in the lawn.  Carpet for one room can cost as much as $1,000.  If a pet ruins the carpet, it would likely create more damage than the security deposit being held.

In addition to potentially causing property damage, some pets are noisy and can be a disturbance to neighbors.  A barking dog can be an annoyance for your neighbor that is trying to sleep.

For some people, animals present allergy issues.  pet allergies are a problem for a lot of people.  If, for example, a person with a pet allergy rents a property that was previously occupied by pets, it could cause that person a lot of discomfort and possibly cause them to move.

There are lot of good reasons to have a pet.  They are wonderful companions and can be excellent protectors.  Unfortunately, they also present a potential problem for property owners and neighbors. 

Sorry tenant, we apologize.  We love animals too, but no pets allowed.

Sincerely, the Landlord

Moving into a new place is exciting. Much planning and coordinating are required for it to go smoothly.  Below is a list of items that should be considered before moving into your new place. 

 

Signing the Lease – You will need to take your photo ID to the lease signing.  Most leasing companies require the security deposit and the rent payment be in the form of a cashier’s check or money order. Pesonal checks are not typically accepted for the initial deposit and rent.  You should also set aside about one hour for lease processing and documentation.

 

Switching Utilities - Preferably a week before moving, obtain a list of utility companies from the leasing agent.  Most utility companies require a deposit.  You will need to inquire from each of the utility companies whether a deposit is required.  Some utility companies require a copy of the lease before they will transfer the account into your name. The utilities should be coordinated so that they are transfered on the day that you move. this is also a good time to obtain renter’s insurance.  If you have an agent you should give them a few days to process the insurance.  If you do not have an agent, go to the 'Tenant Resources' page for an agent reference.

 

Moving Your Stuff – It is important to plan ahead for moving day.  Most moving companies require at least a week notice to schedule your move.  If you are going to move yourself, you will need to plan ahead to rent a moving truck.  You are responsible for any damage that is caused to the property.  It is a good idea to have a pre-moving talk with the people helping you, to ensure that they understand that it is important to be careful when moving to prevent causing damage to the property.  You will also need lots of boxes and blankets to protect and store your items. Make moving fun though—take breaks, talk and enjoy making memories.

 

Budgeting – Moving into a new place usually is accompanied with added expenses—utility deposits, moving expenses, etc.  You should develop a budget before you start looking for a place so that you know what you can afford while taking into account the any new expenses that you will incur. If you don't have one already, it is important to start adding to a “rainy day fund”, so that if you incur an unexpected expense or a change in your job, you will still be able to pay your rent on time.

 

There are many more things to consider when moving into a new place, but getting a handle on these four items will make moving into a new place much easier.