Who’s Responsible for Rental Repairs—the Landlord or Tenant?

Plumber Fixing Pipes Under SinkIf you’re renting a place to live rather than buying the home, you may be enjoying the benefit of not having to perform the maintenance and repairs since it’s not your property. Sure, if a lightbulb’s burnt out or the smoke detector needs new batteries, you can and will handle it. But when it comes to larger projects and more serious issues, who’s physically and financially responsible for the rental repairs—you or your landlord? Well, it depends on the issue and who or what caused it. Let’s take a closer look at key distinctions.

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Rent or Buy a Home

rent or buy a homeOwning a home is part of the American dream, but today’s housing market is much different than it was years ago when it was easier to buy. The rent or buy a home debate has been a hot topic. It’s impossible to decide whether renting or buying is better because certain factors come into play depending on your situation.

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Renting and Homeowners Insurance

For Rent sign outside of house.Renting out part of one’s home is a popular way for homeowners to make extra money during mega events in their local area, or over an extended period of time. While the home sharing market is quickly growing due to companies like AirBnB, one thing that homeowners must consider is their insurance – specifically, their homeowner’s insurance. Homeowner’s insurance protects the structure of the home, personal possessions, the cost of living elsewhere during repairs, and liability to others in case of damage to one’s property or others. But, homeowner’s insurance does not cover the costs of renting out part of one’s home to paying guests. Learn how renting and homeowners insurance interact.  [Read more…]

Is Renters Insurance Worth It?

Is renters insurance worth it, TJ Woods Insurance, Worcester, MANo one wants to need insurance. The only time you need your insurance is in a disaster, but when disaster strikes insurance prevents further anarchy. This is especially true for renters, who account for 35 percent of households according to the National Multifamily Housing Council. Many renters assume that their landlord’s insurance will cover them during a disaster, and this assumption is usually incorrect. If you read that and panicked, you should be asking yourself if renters’ insurance is worth it for you. [Read more…]

Becoming a Landlord: What About Insurance?

Becoming and Landlord, TJ Woods Insurance Agency, Worcester, MAAs the housing market continues to fluctuate, renting is at an all-time high, and rental properties can be profitable. However, they need to be set up properly. A wise move when planning your rental properties is protecting your investment with excellent insurance. If you are becoming a landlord soon, you will need to determine what plan works best for you and your budget. [Read more…]