AllRisk Auto Insurance, LLC Blog
Real estate prices continue to rise up, and more people now result in renting homes instead of buying them. We usually think that being a tenant would mean lesser expenses and responsibility when unexpected and unfortunate events happen. But, did you know that even renters can be protected should natural disasters strike? Renters insurance can help safeguard many people, but the lack of knowledge and a lot of misconceptions hinder them from obtaining a policy.
Based on ATTOM Data Solutions' survey, to rent a three-bedroom home is more affordable than a median-priced house in most countries in the United States. This includes 59% or 445 out of 755 total US countries.
Accordingly, the cause of this event is the Great Recession in the US. The citizens change lifestyle preference; prefer homes and apartments for lease due to its increasing affordability. Apart from saving renters maintenance and other fees, they also save up a portion of their monthly income for food, hospitalization, and education.
At an average, the home price increases at 6.7% annually, while rental prices only appreciate at 3.5%. In this case, renting a home or apartment is getting more appealing in the housing market. This is also another sign that we are becoming a renter nation nowadays.
One of the most important things that you should master as a real estate investor is how to find good, qualified tenants for your properties. If you do not choose your tenants carefully, you will certainly get frustrated by the cash flow from a renter who is always late when it comes to paying the bills or perhaps one who does not pay anything at all and who even vandalizes the place. Here are five tips that can help you protect yourself from the worst renters.
The best way you can attract quality tenants is not to charge high on a high-quality rental property that is standing on a perfect location. If you are a property manager, you may not be able to control the factors of price and location, but there is still a lot you can do to make your property attractive to quality tenants. You can provide them with clear information in order to highlight the best features of your property, and you can do a lot more. Here are some things that you can do to attract good tenants.
Whether it is your first rental experience or 10th, finding the best place that suits your budget and way of life has never been an easy task. From visiting a location that is nothing like the ads to having someone obtain it before you, the entire process can be intimidating and grueling.
Nonetheless, to help you and hopefully make the entire process much easier, here are the 4 important things that you need to consider when looking for a place to rent.
Renters insurance is essential because it covers the cost of your possessions that are not covered by the landlord's insurance policy. Landlord insurance typically covers building damage but no damage to your possessions. Another reason for getting renters insurance is for protection against claims for liability by a person who got injured while visiting your home. Typically, renters insurance covers fire, vandalism, theft, injury, and some others. However, you should know which things your renter's insurance does not cover.
In the 21st century, many people prefer to rent due to convenience from university or workplace, aim to be more independent, save more money, etc. Many tenants and landlords secure renter’s insurance to help them along the way.