With housing prices in Toronto at record highs, more people are looking to lease – and the increased demand is driving rental prices higher. While this can be a great way to earn additional income, it can pose liabilities. Take the following considerations to heart in order to protect your home.
Renting Your Home – what should you consider?
- Ask for references from potential renters, especially those that will stay for a while.
- Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities and occupancy guidelines.
- Request a security deposit that is to be refunded if there is no damage to your home.
- Advise Cornerstone-BrokerLink that you plan to rent out your home and ask about how this may affect your current coverage.
- Consider hiring a property manager to look out for your home if you are renting for a long period of time.
- Set aside a secure place in your home to store personal items, such as clothing and valuables.
- Take pictures of all areas of your home before the rental takes place in case damage occurs while you are away.
- Have you mail forwarded or held until you return.
- Provide your contact information to both the renters and your neighbours in case of an emergency.
Checking the references of potential renters is vital when determining if you will open your home to strangers. If you uncover any red flags while checking references, do not agree to rent your home, even if you are afraid of hurting someone’s feelings. Your first priority should be to protect yourself and your property.
If you are considering renting your home, contact Cornerstone to ensure your home is adequately covered in the event of a claim.
You may be interested: 3 Renter Insurance Myths Debunked
Cornerstone Insurance Brokers is a full line insurance brokerage with offices in Woodbridge (Vaughan), Aurora, Markham, and Barrie. Cornerstone provides car insurance, home insurance, motorcycle insurance, farm insurance, equine insurance, rural insurance, business insurance, life insurance, disability insurance, critical illness insurance and health insurance, as well as employee group benefits all over Ontario.