Renting & The Right MA Insurance
Times are tough nowadays and people are always looking for ways to save or make money. Have you considered renting a room in your home? This isn’t just being a landlord for a building; this is sharing your home you are thinking about and there are some important things to know if you are considering renting .
First of all, make sure you decide what space you are renting and really consider how much space you will have to share with a renter. If you have an area like an over the garage apartment, or a basement complete with kitchen and a bathroom then it shouldn’t be a problem. If you are looking to rent just a bedroom, it is important to think about what it will be like sharing a kitchen and bathroom with a stranger. This makes the next two things even more important.
Consider running a background check on your renter. You can get a criminal one done for around $50, and with their permission you can also run a credit check. It might also be a good idea to ask for references and contact those people. Often times, people that rent try to find their renters through friends or other people they trust, this is definitely the best way to find someone, especially if you have children in your home.
After you have decided to rent a room and have chosen your tenant, look into coming up with some rules or a contract for you and your tenant. They can be as detailed or relaxed as you want, but having guidelines before they move in allows for both of you to know what you’re getting into. Some examples of things you may include: whether or not they can have pets, or whether smoking is allowed in the space.
Lastly, you may want to require them to have renters insurance for personal property and to cover liability. And remember to check what your MA homeowners insurance covers in the new situation. Your Encharter Insurance agent can help make sure you have the coverage you need, or help you obtain extra coverage that may be required with your new renter.
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