Renters Insurance Facts vs. Myths

MYTH – If the landlord is at fault then they will cover the cost of my belongings.

FACT – Although some landlords may help as an act of customer service, they are not required by law to do so.

MYTH – If my neighbor starts a fire, they’ll have to pay for all of my belongings.

FACT – If your neighbor has renters insurance, then you may be able to sue their insurance for restitution. This is not a very viable option, however, especially considering that maintaining your own renters policy will ensure that your losses will be taken care of.

MYTH – Renters insurance is really expensive.

FACT – Most renters insurance policies can be obtained for less than $125 for an entire year, and most insurance companies will offer a multiple policy discount if you obtain your car and renters insurance through them.

MYTH – My roommate’s rental insurance will cover my belongings.

FACT – Each roommate must obtain their own renters insurance policy. If only one roommate has coverage, then only their items will be covered under the policy.

What to Consider before Purchasing a Policy

• Actual Value vs. Replacement Cost – Basic policies generally cover actual value, which allows for depreciation. If you have expensive electronic equipment you may wish to consider upgrading to replacement cost, which will allow you to replace the items at today’s market prices.
• Deductible – Renters insurance deductibles work exactly the same way as car insurance deductibles; the higher the deductible, the lower your monthly bill will be. Be careful not to select a deductible that is so high that you wouldn’t be able to cover your losses.
• Endorsements – If you live in an area which is well known for flooding or power outages then you should consider adding on endorsements to cover these instances. Some companies even allow you to add on an endorsement to cover food spoilage in the event of a power outage.
• Loss of Use Coverage – Make sure that the policy covers the cost of lodging elsewhere if your apartment becomes uninhabitable for a while.
• Floaters for Special Items – Big ticket items usually require their own coverage, and your insurance company should be able to add this onto your renter’s policy. Be sure to have an appraisal done first for any valuable items with a variable value.

Regardless of whether or not you get a basic or an expanded policy, renters insurance will provide you with piece of mind and will become invaluable in the case of an emergency. Make sure that you sign up for a policy before it becomes too late.

So let me guess: you’ve been searching for an apartment in Florida that will take your beautiful Black Lab, or perhaps you have a gentle German Shepherd.  But you’re not having any luck!  Maybe you live with a lovable Rottweiler, or even a Pit Bull.  But you keep running into the same roadblocks.  You need to move but your gentle giant is coming with you – no matter what.  He’s part of the family now, right?

Yet every time you call or stop by an apartment community, you get the same “sorry story,” as in: “Sorry, we have a pet weight limit and we can’t help you.” Or, “Sorry, your dog is on our “aggressive breeds list” and we can’t accept her!”  Sometimes the answer is “yes!” …. but there’s a catch:  they want to charge you pet deposits and extra fees that are worse than three of your car payments! Some of them even add monthly pet rent! What is that?

We know it can be tough to find an apartment, condo or rental home in the Tampa Bay area if you have a large pet or multiple pets.  Large pets over 40 pounds are frequently subject to very large deposits or not allowed at all.  It can get even worse if you have what’s known in the industry as an “Aggressive Breed.”  Some of the most common breeds that fall into the “Aggressive Breed” category include:  Pit Bulls, German Shepherds, Dobermans, Chows, Rottweilers, Boxers, Great Danes, Dalmatians, Presa Canarios, Alaskan Malamutes and Huskies.  And it doesn’t matter how sweet and gentle your dog may really be; the apartment communities will want to follow their policy based on breed alone.   In some cases, you could luck out if they offer a “pet interview” prior to making an application to the community.

If your pet has any mixture of any of the above breeds, many properties will not accept you at all.  Often, with mixed breeds, they will go by what your dog looks like.   In other words, if your Lab/Rotty mix more closely resembles a Lab, you could be in luck.  If not, you’re probably out of luck.  It’s also important that you do not try to “sneak” it past the manager or explain that “it isn’t a Pit Bull; it’s only a “Staffordshire Terrier!”  It could be a violation of your lease and result in your eviction if found out.

Yes, your choices are pretty slim and those pet fees and deposits can be a budget breaker.  You’ve probably thought about renting a vacant house from the owner, but that’s a big risk in today’s foreclosure market, to say nothing of the HOA pet policies.   So, you keep calling around, hoping that you’ll get lucky. Well, if you want to get lucky now, just contact Apartment Hunters.

We know you don’t need this doggie drama. You just want to find a nice pet-friendly place to rent, for you AND your perky pooch. Apartment Hunters is also a FREE apartment finding service that is always personalized for WHATEVER your pet needs might be. We already work closely with hundreds of Tampa Bay and Orlando Area rental communities, so we can narrow down your dog’s apartment search quickly, easily — and best of all, for FREE!  Got a big dog? –or even 2 of them- let our licensed Rental Specialists help you find the right place, at the right price, for when you need it.   And, we promise to put an end to your doggie drama.

So how do you know whether your landlord is keeping current? Well, you could certainly ask, and then hope that you receive an honest reply. If you’ve known your landlord to be reliable in the past, then it’s unlikely that you’ll have a problem. Typically, your first clue about any delinquency with HOA fees will arrive in the form of a letter requesting payment. “If you receive one of these letters demanding you pay your landlord’s fees – don’t, I repeat, don’t put the letter in your drawer and expect it to go away. The homeowners association has the ability to evict you for non-payment.” said the WTSP report, and “Your first call should be to your landlord to demand that he/she/it pay the fees within 48 hours.” If you are unsuccessful after contacting your landlord, you do have the right under Florida law to pay the delinquent HOA fees directly yourself, and then deduct that amount from your next rent payment to your landlord.

Unfortunately, if your landlord is delinquent in paying the HOA fees, then it is also possible that your landlord is similarly behind in making the mortgage payments! Thus, even if you pay the overdue HOA fees, you may still find yourself facing eviction by the bank, compounding your problems yet further. The bottom line, according to the WTSP report: “a landlord who fails to pay their homeowner’s fees after repeated warnings from the homeowners association is probably a landlord you want to cut ties with when you can.” Sounds like a good idea to me. For the full WTSP story: http://www.wtsp.com/news/columnist/story.aspx?storyid=140520&catid=79.

RB

The best advice that can be offered on how to handle this dillema is to act quickly when you find a complex offering semester leases.  Yes, another complex may start offering semester leases later, but at least you are settled and are no longer stressing to find an apartment.

http://www2.tbo.com/content/2008/feb/14/bz-apartment-rents-are-on-the-rise/?news-money

The quote from the CEO of a large apartment builder and management company may seem ominous but on closer inspection he is talking about “in three to five years”.

What we are seeing right now and expect for the next year are terrific deals for the renter.

While some apartments are raising the rents slightly they are also offering some incredible incentives to lure immediate renters. We have many communities that are offering one, two and sometimes three months FREE.

Oftentimes they will prorate part or all of the special over the lease term, effectively lowering the monthly rent. The decrease can be dramatic!

For example a $1,000 apartment that is offering 2 months free prorated over a 12 month lease will cost $833 per month. That is a tremendous discount!

So, I’m not sure what will happen in three to five years, but I know right now is a GREAT time to be looking for an apartment.

For the renter, they represent a large source of quality housing, usually at a much lower rent. They can’t afford to sit on a vacant unit so they have to do whatever it takes to get them rented.

But even more importantly, they also tend to be more lenient on the qualifications to rent.

Large apartment communities are usually bound by rigid standards that they have to apply across the board. If you have a credit glitch or infraction with the law from errors made years ago you may find it hard to qualify with the big boys.

A private owner may be a great option to use while trying to repair that credit to be able to rent elsewhere or even buy later on.

On the flip side, they don’t always have the expertise or resources to deal with problems that may come up with the apartment (i.e. repairs). Be sure you discuss who will be responsible if something goes wrong in the property and make sure it is spelled out in the lease.

It is also risky for the renter because they could be required to the pay Condo association and HOA fees for which their landlord is delinquent.

Luckily, there is a way to avoid most of these problems.  Apartment Hunters can narrow your search for you and only show you the options that work for you.  All you have to do is contact us.  You can call us, email us, or just stop in the office.  Any way you choose you will have a personalized search tailored to your needs.

Most people don’t have the time or patience for that and the best properties and the best deals usually can’t be found that way.

The internet has become a huge resource for people looking for a new home. But too often it has become a glorified ad, only telling you what the property wants you to know.

This is where an apartment locator can be a tremendous help. A true locator service differs from the sites that simply offer a searchable database. Again, these really are just ads from the apartment community. There is no one to talk to or ask questions about the property except the property personnel. Nothing against them, but their job is to sell you on their property not necessarily the best property for you.

A true apartment locator with personalized help should be able to offer both the database that you can search, but more importantly, an experienced local expert that you can talk to (or email). You can tell them exactly what your needs or wants are, what is important to you and what is not. They can often times make suggestions or properties or even areas that you may not have ever considered before.

Especially with the proliferation of the condo conversion and reversions back to rentals it can be difficult to know if a particular property is renting or not. Many private owners can offer significant deals but are difficult to find on your own.

It does not end up costing the renter any more to use a locator. They are paid by the apartment community out of their advertising budget and are under agreement to offer the same rates as to anyone just walking in.

Many times a good locator can save you a substantial amount of money by looking for specials that properties will offer at various times to try to quickly rent a particular unit.