Tips for Renting Your House as an Owner
This lease should cover all the legalities needed to protect and safeguard both the tenant and owners rights and obligations. Ensure to get insurance for your property before you rent it out.
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As the owner, your landlord will be responsible for the maintenance of the building, so its down to them to ensure their property is protected with buildings insurance. But youre responsible for any contents inside that you own. If anything were to happen to your possessions, you would liable yourself for the cost of replacing them.
Typically, your coverage begins after you have made your first payment. Before that, your insurer assesses the value of the property and the risks. You can apply for homeowner's insurance before you take possession of the home. In that case, coverage begins on your closing date.