What to Know Before Signing a New Lease

Insurance Tips

Looking to rent a new place? Here are some things to consider before you go ahead and sign a new lease.

1. Go Visit the Space Before Renting It

This may seem like an obvious step, but some people are so eager to find a new place that they will just fall in love with a place by just looking at the pictures online. The thing is that pictures don’t always tell the full story. It is important to go and view the space in person. Maybe you won’t like the view, or the street is too noisy, or the most obvious realization; that the place looks nothing like the pictures. It’s important that you like everything about the space before you consider signing a lease.

2. Get to Know the Landlord

It may be a good idea to get to know the landlord before you rent a space. Maybe the landlord is very meticulous and likes to check up on the unit often, which may be an annoyance for some people. Or, maybe the landlord is considering selling the house or condo sometime in the near future, which may present as a problem if you are trying to find a place in which you can rent for a few years. You can even talk to other renters who have the same landlord, if any, to hear their firsthand experiences with the landlord.

3. Review the Lease and Read the Fine Print

It is important to review the whole lease and read all of the terms, conditions, and fine print to ensure that you agree with everything written in it. If you don’t agree with something or something is left out of the lease, you want to get that changed before you legally bind yourself to it. It is also important to ensure that everything stated by the landlord is in writing in the lease as well. Make sure to review the contract in detail before signing it, especially when renting a new place.

4. Get Tenant Insurance

Tenant insurance is crucial to have for any renter. Sometimes it may even be required by the landlord according to the lease. Whether or not it is required in the lease, every renter should buy tenant insurance. Some may think that a landlord’s insurance policy may cover everything, but that is simply not the case. A landlord’s policy may only cover the actual space and the major appliances that came with the unit, but that’s about it. Your items, as the renter, will not be covered by the landlord’s insurance policy in the case of a fire, a burglary, or another insured event. That is why tenant insurance is highly recommended. Tenant insurance will protect your belongings from covered events such as fire, theft, water damage, etc. It will also give you liability coverage and additional living expenses coverage. Liability coverage will cover you if you get sued as a result of an accident that happens in which someone gets hurt or someone else’s property gets damaged because of you. Additional living expenses will cover you if you have to stay someplace else while your landlord has to fix damages to your unit as a result of a covered event. Overall, tenant insurance goes beyond just covering your rented dwelling. And the best part is that tenant insurance is really affordable! It can cost as low as $30 per month, which is very reasonable considering the coverage that it will give you.

Finding a new place to rent can be overwhelming, but by following these few steps, you may be able to avoid some major headaches in the future. If you want to learn more about the benefits of having tenant insurance, you can always contact one of our licensed brokers. You can also get a free online quote on our website to get an estimate of how much tenant insurance could cost you.

Best of luck finding your new place!

By Laura Parkes