Checking the references of potential renters is vital when determining if you will open your home to strangers. If you are considering renting out your home, take the following considerations to heart before doing so.

Renting To Do’s

  • Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities and occupancy guidelines.
  • Ask for references from potential renters, especially those that will stay for a while.
  • Request a security deposit to be refunded if there is no damage to your home.
  • Contact EHD about your plan to rent out your home and ask about how this may affect your current coverage.
  • If you are renting for a long period of time, consider hiring a “property manager” to look out for your house while you are away.

Protecting Your Personal Property

  • Set aside a locked place in your home to store personal items such as clothing and valuables.
  • Take valuable items to a locked storage facility, a family member’s home or a bank vault.
  • Change alarm codes after you are done renting.
  • Provide keys to only one door of your residence so that you have to change only one lock after the renters leave.
  • Photograph and videotape all areas of your home before the rental takes place in case damage occurs while you are away.
  • Tell your neighbors that you are renting and ask that they watch over your home.
  • Have your mail forwarded or held until you return.
  • Provide your contact information for both the renters and your neighbors in case of an emergency.
  • Provide the renters with a list of service providers, such as plumbers and electricians, in case of a water leak or furnace failure.

Have a question? Get an answer. Learn more at ehd-ins.com or call us toll-free 1-800-544-7292. Our experienced insurance and risk management professionals would be happy to answer your questions, help you explore your options and develop a customized strategy for you and your organization.

About EHD

Established in 1896, Engle-Hambright & Davies, Inc. — now EHD — is one of the most respected insurance brokers and advisors in Pennsylvania and one of the largest and most reputable full-service insurance brokers in the United States. We have offices in Exton, Lancaster, Pittsburgh and Reading and offer commercial insurance, employee benefits, personal insurance and risk management services to businesses, non-profit organizations, public agencies and individuals throughout Pennsylvania, New Jersey, Delaware, Maryland and Ohio.

EHD has access to all regional, national and international markets, holding preferred status contracts among many insurers, which provide the leverage to negotiate the most favorable coverage and financial terms for our clients. We are absolutely committed to client service, and our staff of over 100 insurance professionals is among the most experienced and knowledgeable that you will find anywhere. It is no wonder why we are the partner-of-choice for over 5,000 organizations, with a client retention rate that approaches 100%.

Learn more at EHD-Ins.com or call 1-800-544-7292.

Note: not intended to be exhaustive, nor construed as legal advice. Readers should contact legal counsel and/or an EHD insurance professional for appropriate advice. Original content source: © Zywave, Inc. All rights reserved.