If I am considering renting my home, what needs to be done as far as homeowners insurance, etc?

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If I am considering renting my home, what needs to be done as far as homeowners insurance, etc?

I want to get an idea of what I may need to do to my home before I rent it as far as any legalities. I would also like to know how I can check out the background of the person I may rent to?

Asked on January 30, 2011 under Real Estate Law, North Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

1) Insurance: speak with an insurance agent who specializes in rentals. You need a different kind of insurance when you're renting than when you are the primary occupant, and if you don't disclose the rental properly or get the right kind of insurance, you may forfeit coverage. Also require renters to get renter's insurance and name you as an insured.

2) Checking out renters: do several different web searches, using different engines and different versions of their names. Get their permission to do a credit check on them (they need to sign a form letting you do this). Have them provide references, especially former landlords if possible. Make sure they have driver's license or the equivalent ID and major credit cards. Get your security deposit via bank or cashier's check or money order.


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