Should You Require Renters Insurance At Your Phoenix Rental Property?

Phoenix Rental Property

What is renters insurance?

Unfortunately, most landlords and their tenants still are unaware of the importance that renters insurance offers them.

This insurance policy offers much of the same benefits that a typical homeowner’s insurance policy offers except that it’s specifically designed to offer insurance coverage to the renter and it protects the renter’s personal property from such perils as vandalism, theft and fire.

Renters insurance is important at a Phoenix Rental Property because, the owner is not responsible for ensuring the contents inside their home, condo or townhome, only the structure itself where the tenant is living, so if there is a fire at the rental the tenant may lose all of their personal belongings and have no way to pay for the replacement costs if they are not insured with renters insurance.

What Exactly Does Renters Insurance Cover?

A renter’s insurance policy will cover everything that a tenant owns inside the Phoenix Rental.

What’s really excellent about having a renter’s insurance policy is that the average policy will cover up to $20,000 in personal property and this form of insurance will also provide renters coverage if their personal belongings are stolen from their backpack, suitcase or the trunk of their rental car or hotel room anywhere in the world.

Personal Liability Protection

In addition, one of the most important reasons that GoldenWest demands that Tenants have renter’s insurance is because of the Liability protection it can offer to the property owner.

Let’s say that a tenant has a party at their Phoenix rental property and somebody was hurt during the course of that party. Even though it may have been an accident, the individual who was injured may consider filing a law suit. Having renter’s insurance policy will also provide the tenant with personal liability coverage to handle legal and medical payments for the injured individual up to a certain dollar amount depending upon the type of their renters insurance policy.

This is important because if the Landlord, as the property owner, is named by the injured party in a lawsuit, the Landlord will be in much better position to seek and recover expenses from the Tenant by going after the Tenant’s insurance company.

Property Damage Protection

Another benefit of having a renters insurance policy is that this form of insurance protection will also protect the tenant if they accidentally damage the property (often times including fire and water damage) that they are renting.

Helps after Disasters

One thing that most people never think about is how they will be able to survive financially following a fire, flood, or natural disaster at their rental property. Thankfully, renters insurance also provides renters with financial help when there are additional living expenses due to damages at the rental that have made it impossible for the tenant to live in the Phoenix Rental Property. This loss of use coverage will provide the tenant with the money that they need for additional living expenses and relocation expenses up to a certain dollar amount.

Renters Insurance Q & A

Q – How much does renters insurance cost?

A – Renters insurance can cost as low as $25 per month depending on the company and coverage that the policy offers, there is no upfront cost to get stated, and renters can expect to pay a deductible of $500 to $1000.

Q – Do landlords have to maintain their homeowners insurance if their renter has a renter’s insurance policy?

A – Yes, landlords must maintain their homeowner’s insurance policies and include a “Rental Ryder” or else the policy may be considered to be null and void.

Q – How much coverage should a Tenant usually have in their policy?

A – A landlord’s main concern is replacement coverage of the property as well as personal liability coverage starting at a minimum of $500,000.

Consult your Insurance professional

Phoenix Landlord’s should consult their insurance provider when deciding to rent their home in order to get expert advice on the best type of policy and coverage amounts…both for them and their Tenant.

Contact Goldenwest Management

To learn more about how GoldenWest Management can ensure your Tenant is carrying insurance coverage or for help with managing your Phoenix Rental Property contact Goldenwest Management today by calling us at (602) 765-4750 or click here to connect with us online.

How to Start Your Las Vegas Renter off Right

Las Vegas Renter
Las Vegas Renter

If you’re just getting started with a Las Vegas renter, the key to success with them is starting your relationship with them on the right foot. Sadly, many property owners fail to do this and they make many mistakes along the way, ultimately creating problems with their tenants.

In this post will share with you several tips that you can use as a landlord to start off your relationship with your Las Vegas renter correctly. Our goal here is to help you avoid many of the common problems that plague rental property owners and the property management industry as a whole.

Step one – It all starts with the move in

Before you even decide to rent your condo, townhome, apartment or single-family home in Las Vegas it’s important to have your rental property professionally cleaned, including the carpets. A dirty rental property is the number one complaint from tenants when they move-in and it could be reason for them to leave the property dirty upon the move out as well.

Step Two – Make repairs before your Las Vegas Renter moves in

It’s always the little things that cause trouble. Often time property owners forget to make sure light bulbs or air filters are replaced. They forget to run the dishwasher, sinks and showers to make sure there are no clogs, leaks, etc.… Make the effort to inspect the home before Tenant move-in to include: inspecting doors, windows and locks to make sure they are all in proper working condition; replacing light bulbs and printing out all pertinent information for the home including instructions for operating that air-conditioning and heating system and pool equipment.

Step Three – Check all keys and remotes to make sure they work

Take the time to go to your rental property before you hand over the keys to your new Tenant and make sure that every key works. This includes remotes to the garage door, gate clickers, pool keys and other Homeowners Association (HOA) keys.

Step Four – Confirm parking spaces and mailbox numbers

This is more often than not associated with Townhomes and condos (although not always) but it is important to know mailbox and parking #’s. If you’re renting out a home in a Homeowners Association community, it’s important for you to confirm such items including their locations. This will ensure your renter is well aware of where they should park and also what the parking violations are in case they park in non-assigned spaces.

Step Five – Focus on improving the curb appeal

Many landlords forget to make sure the landscaping is clean and trim prior to move-in. Sure, they took care of all that when they listed the home, but now it’s been two weeks since the lease was signed, and things could have “popped up” during that time. Don’t make this mistake, especially if you have your lease requires the tenant to maintain landscaping. It basically tells the Tenant you don’t care how the exterior yard is maintained.

Step Six – Include a welcome letter

Your welcome letter should include instructions for where and when they should pay their rent and emergency numbers or an online site for them to submit repair requests. Yes all of this is probably in their lease but a reminder, something perhaps they can put on the fridge, helps alleviate issues.

Step Seven – Conduct a pre-inspection of the property before your tenants moving

At least three days before your tenant moves in you should conduct a full pre-inspection of your Las Vegas rental property to make sure that it’s in proper condition.

Don’t make the mistake of gambling on the condition of your property, or taking the word of others (such as the contractor you hired to make repairs) that your rental property is in excellent shape and ready for move in. Take an hour conduct a thorough inspection, taking photos as a record. This will alleviate a lot of he-said she-said issues later on.

Get Las Vegas Property Management

The above steps take some time, and if you aren’t doing this, or worse your current manager isn’t doing this on your behalf, then I strongly suggest rethinking how and who is the best fit for taking care of your investment.

For more information on how to ensure a strong relationship with your Las Vegas Tenant, or Las Vegas property management in general, contact GoldenWest Management, Inc. today. Connect with us online or by calling us at (702) 685-7696.

For Rent San Diego – A Landlords Guide to Dealing with Problem Tenants

For Rent San Diego
For Rent San Diego

Questions about how to deal with Tenants get asked all the time. Usually it happens when meeting with prospect property management clients who want to know our secret for handling “problem Tenants.”

If you’ve had properties For Rent San Diego for any length of time you know that it’s more than likely that you’re going to have at least one tenant who you can classify as a “problem tenant”.

Here is a sample of some “problem” questions I get asked all the time:

Problem #1 – Your Tenant Is Destroying Your Property

I want to avoid having to evict tenants who are destroying my property before I potentially pay thousands of dollars to get my rental back in good shape. How do I negotiate with the Tenants to get them to leave without eviction?

Problem #2 – Tenants Have Disobeyed Your Rental Property Rules

My Tenants never follow posted rules, like a no pets. How can I force them to comply without sending a notice to cure or a notice to pay or quit?

Problem #3 – Your Tenant Is Late With Their Rent

My tenants are chronically late with their rent…how can I create a strict policy that the Tenant will follow, such as when rent is due and how much of a late fee tenants will be charged?

Solutions

For all you self managers…these questions are always the same…But the solution I provide never changes. And it starts with this one question: “What did the Tenant’s Application look like before you turned over your rental to them?”

If they don’t have strong, “seasoned” credit; if they don’t make at least 2.5 times in verifiable income; if they have felony criminal history; if you can’t seem to get a good reference or rental history from their past Landlord…why did you rent to them? what were you expecting?

If your answer is any of the following, then please call me so I can help:

  1. I talked to them and I got a good feel. I am really good at reading people
  2. I looked them up on facebook and they looked fine
  3. They told me they had identify theft and that is why I couldn’t run their credit (feel free to substitute identify theft with any story that takes more than 10 seconds to explain).
  4. They told me they don’t have good credit but that I could call their current landlords and they will tell me they always pay the rent on time…here I have their cell phone number
  5. They were getting a job transfer so I couldn’t verify income, but I got a letter from their new employer and it looks legitimate

I guarantee you if you follow GWM screening guidelines, you will not have these problems. GWM has less than .1% eviction rate each month…to put that in perspective, if we manage 1000 properties, less than 1 Tenant per month is evicted.

It’s a combination of experience, standard operating procedures, but more than anything else, it is due to effective Tenant screening procedures.

Why am I telling you this? Every month another landlord comes to us with the same questions and the same story…often we are too late to help. So after they pay thousands to get rid of their current tenant or simply put their home back together, only then can GWM help them.

I don’t want you to have to have these problems…GWM wants to earn your business and provide you the level of screening and service that sets you and your property up for success.

Got A Property For Rent San Diego? Contact Goldenwest Management

For more tips or to learn more about our property management services for your home For Rent San Diego contact us today by calling (858) 792-3442 or click here to connect with us online.