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Insure your Belongings as a Tenant and Other Useful Tips

Author: asingleton  |  Category: Insurance
Published: February 8, 2009

If you are moving into rented property, there are a few things to which you should give serious consideration before parting with the security deposit and at least one month’s advance rent.

Many experts believe that in the current economic conditions, the rented accommodation market is finally tilting in favour of the tenant. Whereas before the downtown rents were as sky-high as some of the apartment building penthouses, now owners are struggling to ensure occupancy for many properties, especially flats. As a result, for many tenants the cost of rent is dropping substantially and it may well be beneficial to negotiate a further reduction in the advertised price.

Once you’ve agreed on a favourable rent, or maybe even before an agreement is reached, it is important that you check exactly what you are getting for your monthly fee; finding out what is included and what’s not can prove very important in ensuring you avoid any possible nasty shocks. What’s more, ensuring that everything works, such as electrical appliances, heating and water services is essential. But you should also check the property, including the garage if one is provided, for any potential deficiencies.

Make sure you do a full inventory in the company of the landlord or their agent and if you find anything that is not satisfactory or damaged, point it out there and then, ensuring that it is noted on the inventory documentation. In fact, by ensuring that any deficiencies are agreed in the presence of the building’s owner or agent, often means that such costs will not be deducted from your security deposit upon moving out.

Also check whether home contents insurance is to be provided by you, or whether it is the responsibility of the landlord as part of their buildings insurance policy. Of course, more likely than not it will be your responsibility to arrange cover for your personal possessions, but it is always worth asking. And if cover is not offered by the landlord then make sure you arrange it before moving in, unless you want to take the risk of leaving all of your possessions without adequate cover.

And finally, before parting with any cash, check that you are signing up to a legally valid tenancy agreement; especially if you are negotiating directly with the landlord as opposed to a letting agent. If there is not one forthcoming then do not part with any cash. Indeed, there is a lot to take into consideration when insuring your belongings as a tenant, but from doing so it can prove beneficial in the long run.

Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.

Author: asingleton

This author has published 128 articles so far.More info about the author is coming soon.

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