Got Renters’ Insurance?

Disasters can sneak up on you.

Perhaps you played a friendly game of cards with the Big Bad Wolf one Saturday night. He was a nice guy until he started losing, then he threatened to huff, puff and blow your apartment building down.

Lo and behold he tried. But he doesn't have the lung power he used to, and only a few shingles came off. Still, it rained on your stuff, and the smell of his breath got into your towels, carpets and bedsheets.

Your landlord's insurance policy will patch up the roof, but it won't pay to replace your collection of vintage Barbie dolls. Unless you have renters insurance, you're out of luck.

So get it. Today. And if you already have it, make sure your policy is current. Renters' insurance is offered by all major insurance companies, and it's usually quite affordable.

Enjoy the peace of mind, and good luck with the card game.

Your Property Manager Wants to Tell You…

SCENE: A street. It's a lovely evening. YOU are walking back to your apartment with an ice cream cone.
Suddenly YOUR PROPERTY MANAGER appears from the shadows.
YOU:    Uuh …
MANAGER: I said, psst!
YOU:    Is something wrong?
MANAGER:    Listen…want to make some money?
YOU:  Um…you're my property manager. I'm supposed to pay you.
MANAGER:    True. But I've got a tip for you. Easiest money you'll ever make.
YOU:    I'm not sure I follow –
MANAGER:    You know your toilet?
       YOU blink in polite incomprehension.
MANAGER:    Your toilet! You know, where you –
YOU:    Yes, yes, I know!
MANAGER:    Well don't flush anything down it except toilet paper.
And your garbage disposal — I'm not sure if you have one — but if you do, make sure the food scraps are tiny. No chicken bones or whole cucumbers.
YOU:    Thanks for the reminder. But what's the poi –
MANAGER:    Your security deposit, silly! When things don't break you get to keep it. Now be honest — did you ever think toilet paper would make you twelve hundred bucks?
YOU:    I can't say I did.
MANAGER:    Precisely. Now if you'll excuse me, I have to attend an open house.
    The MANAGER disappears in a puff of smoke.
    The end.

Renter Tip: Get Your Security Deposit Back

Over the years, you’ve likely heard a story or two about security deposits being withheld for strange or unknown reasons. Though it’s not that common, it’s also important to protect yourself — and your money – to the best of your ability. Read through the tips below that will help to ensure that you get your security deposit back at the end of your lease.

Do Your Research. Google the apartment community, the property manager, and/or the landlord, and see if there are an inordinate amount of complaints. The best defense is a good offense, and knowing this information ahead of time can help you choose the right place to rent.

Take Pictures. On move-in day, take pictures of any noticeable marks, stains, or anything else that you think you could be held responsible for when you move out. This will ensure that you won't get blamed for them once you move out!

Read The Fine Print. Be aware of what your lease says, so that you don’t violate it. Too many renters fail to read the "fine print", and then lose out on their security deposit in the end because they overlooked what they would be held responsible for. Read your lease cover-to-cover, and ask any questions that you have prior to signing.

Keep It Clean. Your rental is your home, so treat it well. Just because you don’t own it, doesn’t mean you shouldn’t take some responsibility for its maintenance. Clean up scuffs and spills quickly, and take extra care if you have a pet.

Schedule A Walk-Through. When it’s time to move out, clean your apartment well, and schedule a walk-through with your property manager or landlord. After the walk through, request that they sign an agreement stating that you left the unit in fair condition.

Follow-up. If you still have not received your security deposit back 30 days after moving out, follow-up with your landlord. If they continue to withhold it without reason or cause, you can always seek legal assistance. The reality is that landlords are required by law to return security deposits in a certain number of days, with interest, so check to see what your state law says.

Hopefully you’ll never have your deposit withheld from you without cause, but it’s best to remain vigilant to ensure that you don’t set yourself up for a problem. In general, scrupulous landlords know the law and will do their best to get it back to you.