If you are considering letting your home, consider the following before doing so:
- Draw up a rental agreement that defines the terms of the rental, including restrictions, liabilities and occupancy guidelines.
- Ask for references from potential tenants, especially those that will stay for an extended period of time.
- Request a security deposit to be refunded if there is no damage to your home.
- Advise BC Underwriting that you plan to let your home and ask about how this may affect your current cover.
- If you are letting for an extended 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 house 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 letting.
- Provide keys to only one door of your residence so that you have to change only one lock after the tenants leave.
- Photograph and videotape all areas of your home before the rental takes place in case damage occurs while you are away.
- Tell your neighbours that you are letting and ask that they watch over your home.
- Ask your telephone company to block long distance phone calls from your landline.
- Have your post forwarded or held until you return.
- Provide your contact information for both the tenants and your neighbours in case of an emergency.
- Provide the tenants with a list of service providers, such as plumbers and electricians, in case of a water leak or furnace failure.
Contact BC Underwriting at 01444 810 444 today to learn more about the risks of letting your home.