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Why Is It Important for Tenants to Get Renter’s Insurance?

For homeowners, it is a standard practice to buy a homeowner’s insurance policy. But you know, renting an apartment is similar to owning a home. The only difference is that you don’t own the property. However, when you rent an apartment, your landlord’s property insurance policy covers losses to the property itself. But what about your personal belongings? They, too, need protection against losses such as a fire breakout or theft. This is where renter’s insurance comes into the picture. It helps tenants cover the cost of repairing or replacing their personal belongings and protects them from any liabilities associated with their rental. 

However, a lot of tenants wonder whether they should get renter’s insurance and if it’s worth it? After all, there are already so many costs associated with house rentals in Kelowna or any other location. Some of the most important ones include the application fees, security deposits, and monthly rents. While you may think that it’s an unnecessary expense, you could regret this decision later. Should you want to know the reasons why renter’s insurance is so important, keep reading the blog till the end.

Reasons Why Renter’s Insurance is Important

Reasons Why Every Tenant Needs to Get Renter’s Insurance

  • The Landlord’s Insurance Won’t Cover Your Belongings

A landlord’s insurance typically covers any damage to the property itself but not your personal belongings. So, while looking for the right rental properties such as Kelowna rental properties, don’t forget to get renter’s insurance. It will protect your personal belongings from common hazards including fire, theft, vandalism, and explosion among other things. Added to that, your renter’s insurance policy will also pay for items such as furniture, luggage, jewelry, clothing, and other electronics that are likely to get damaged by such events.

  • Provides Liability Protection

With liability protection, you will get general liability coverage that will protect you against the legal liability of an accident in your residence. For instance, if a visitor falls or is injured on your property and you are found liable, the liability coverage will pay for any bodily injuries or property damage and cover your legal expenses if someone sues you.

  • Covers Your Belongings When You Travel

Tenants, looking for the best places for rent, often overlook the importance of renter’s insurance simply because they think it’s nothing but an additional expense. But did you know, depending on your specific policy, a renter’s policy can cover your personal belongings, whether they are with you while you travel or they are in your home. This includes the travelers’ cheques, electronics that you may be carrying, and other valuables. Your belongings will be covered from loss due to theft and other covered losses.

  • Additional Living Expenses

There can be certain events that may force you to leave your rental apartment and live somewhere else temporarily. If that happens, your renter’s insurance policy will cover your “additional living expenses” and pay for things like hotel and restaurant costs.

However, it’s important to note that there will be a limit to the maximum amount that you can get. So, check your policy to find out how much and how long it will cover your additional living expenses.

Final Thoughts

Although renter’s insurance is not mandatory, it’s highly recommended. Whether you lease a house or live in an apartment, getting renter’s insurance is crucial if you want to protect yourself and your belongings. Should you be looking for the best house rentals in Kelowna at affordable prices, reach out to Home Finders. Having extensive experience in the field, we provide renters with the largest selection of rental properties to choose from

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Tenant Screening Questions that Every Landlord Should Ask

As a landlord, you want to find the best tenant to occupy your rental. But how do you know which prospective tenants are the right fit? Well, the best way to find that out is by screening the potential tenants. Make a list of questions that you want to ask any prospective tenant who is looking for apartments for rent in Canada or elsewhere and wants to view your property. Tenant screening questions can reveal a lot such as the applicants’ ability to pay rent on time, their track record as a renter, and most importantly, whether they will adhere to the lease agreement. 

Top 4 Tenant Screening Questions

However, some landlords believe strongly in their gut instinct and don’t ask many screening questions apart from the ones related to the applicant’s rental history or finances. But, it’s important to include a wide array of questions as they will help you weed out tenants who aren’t suitable for your property. Here are some of the most important questions that you should ask prospective tenants during the screening process:

Screening Questions that Landlords Should Ask Tenants

  • Why are you moving?

Being a landlord, you would like to know the reason why the prospective tenant is looking for apartments for rent in Canada or any other location. Their response will help you find out if he/she is moving into your property for a good reason. Answers such as a need for a bigger space, family expansion, or a change in jobs are acceptable reasons. On the other hand, if the reason includes disputes with the landlord or eviction from the previous property, it needs to be considered as a red flag.

  • When do you plan on moving?

This is another very important question to ask while screening the tenant. After all, it’s crucial that both your and your tenant’s timelines coincide. For instance, if your property is vacant, you will want a tenant who can move in immediately. But what if the prospective tenant needs at least a few months to move in? In that case, you may want to end the conversation there and look for another tenant whose moving dates aligns with yours.

  • Have you ever been evicted before?

No one wants to rent their property to someone with a history of breaking leases or evictions. Maybe they were evicted due to property damage or they might have experienced a rough patch and struggled to pay rent but are now financially stable.

Did you know, at Home Finders, you can not only list your property for free but also have access to our pre-screened tenant database that displays the tenants’ credit scores and history? This way, you can easily find out if the potential tenant has ever been convicted or not.

  • What is your monthly income?

Should you want to make sure that your tenants to pay rent on time, don’t forget to ask them about their monthly income. And it is not just about the monthly rent. Will they be able to pay the security deposit and other fees as well? You can ask for a credit report to see if they have a strong history of making on-time payments.

The Bottom Line:

Apart from these, there are many other tenant screening questions that you can ask prospective tenants. Some of them include- ‘Do you have pets?’, ‘How many people would be living with you?’, ‘Are you willing to sign a 1-year lease agreement?’, and more. At Home Finders, we provide our clients with the best platforms to advertise and manage their rental properties. Added to that, our pre-screened tenant database offers a wide list of tenants who are looking for apartments for rent in Canada. To get in touch with us, visit our website today.