Help and Support > Renters Insurance 101 > Tips For New Renters
Tips for New Renters
Tips for New Renters
Are you a first-time renter looking to take on a new apartment in the near future?
If so, you’re facing a big responsibility and if you get it wrong, it might prove to be an unnecessarily expensive and traumatic one.
So, below are a few new renter tips from Protect Your Bubble that might help smooth the process.
New renter checklist
- Don’t rush. Many people panic when renting, and jump at the first apartment they come across because an agent has told them the market’s flying. Take your time in finding somewhere that’s right for you – nothing’s worse than regretting your decision once you move in.
- Organize your rent payments. This doesn’t have to be a chore - put a note in your diary relating to rent payment dates and don’t miss them due to oversight. Or take advantage of your smartphone - “Young people like mobile banking,” says Marcie Geffner, Bankrate.com, so using it to set up and manage your new apartment renters payments makes it easy.
- Make sure you also have at least some financial contingency in place to cope with unforeseen expenses.
- Know your overall financial position. Some new renters take on leases that are just too expensive due to not really understanding the totality of their other financial commitments and bills like food and services etc.
- Make a copy or two of your apartment’s keys to give to close family and friends. It’s a really good idea that you’ll appreciate if you manage to lock yourself out. Check your lease agreement first though – as you may need your landlord’s permission.
- Take out apartment renters’ insurance cover. True, you might perhaps think it’s not the most exciting of subjects but you’ll regret not doing so if your possessions are stolen, destroyed in a fire, or something else. Remember that having such cover might be a condition of your lease. Note that any insurance your landlord has may be unlikely to cover you against these types of risks.
- Be aware of your risks and the value of your possessions. They might both be larger than you think. Protect Your Bubble’s Renter’s Insurance plans typically protect policyholders against a wide range of risks including:
- Wind and hail
- Smoke and water damage liability (where applicable)
- Earthquakes and power surges in most states
Our content limits start at $10,000, with personal liability limits under $100,000. We can provide fast quotes typically upon demand.
- Check out your neighbors before signing-up. This involves listening and observing. You won’t want to discover that people around you are noisy or disruptive only after moving in.
- Make sure everything’s fine in the apartment before you take it on. That leaking pipe or dripping faucet should be fixed by your landlord but your negotiating position is never going to be stronger than it is before you sign the bottom line.
- Research your landlord. That’s not usually difficult through official bodies, the internet and maybe even credit reference agencies. Some landlords are great, others less so. Knowing which yours is might be something you’d be better off learning in advance rather than after the event.
Above all, have fun!
We hope you have enjoyed our tips for new renters. Renting your own property for the first time is a great experience for most. Do it sensibly and you should have no regrets.