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10 FAQs About Renting, Lease Agreements And Insurance

Looking for a new apartment is both fun and stressful. You need to find a place that fits in your budget, is located in a good neighborhood and has a highly reviewed management office. Finding an apartment that fits into all of these three categories is tricky, but if you know what you need to look for, it’ll be much easier to find. Here are 10 FAQs about apartment hunting, contracts and comparing renters insurance that will help you find exactly what you’re looking for.

Questions About the Apartment Complex

Q: What is the complex’s crime rate?

A: This depends on where the apartment complex is situated. Research your complex to see if it experiences a high or low level of crime.

Q: What’s included in the rent?

A: Some apartment complexes include parking, water and trash fees in the rent, others do not. Ask what is included. If water, parking and trash is not included but charged for in a separate bill, make sure it still works in your budget.

Q: Is tenant parking available?

A: You don’t want to have to park a block away or on an unlit street. Ask about parking in the complex and area.

Questions About the Contract

Q: The landlord said rent would be $800 a month, but the contract says $1,000. Which has more power, the verbal or written statement?

A: Everything you and the landlord have discussed about the rental property, including rent and other charges, should be put down in writing. If the lease states something other than what was originally agreed upon between both parties, it needs to be rewritten to reflect the verbal agreement. If the landlord refuses, do not sign the lease. A written agreement holds more weight than a verbal agreement. If you sign a legal document saying you will pay $1,000 for rent, that is what you will legally have to pay.

Q: Is there a renters insurance requirement after signing a lease?

A: This depends on the apartment complex. There will be a clause written into the lease that states whether or not you are required to obtain a renters insurance policy. Some leasing agents may require you to show proof of insurance at the time you sign your lease.

Q: Is there a way I can get out of a lease I have signed?

A: The lease is a contractually binding form that stipulates you are responsible for rent for a certain amount of time. As long as you pay out the rent or find another tenant to take over, you can usually get out of your lease.

Questions About Renters Insurance

Q: What does renters insurance cover?

A: Renters insurance covers the replacement costs of your personal belongings should they get lost, damaged or stolen.

Q: Is renters insurance expensive?

A: No! Renters insurance on average costs $188 a year, or $16 a month. When you compare renters insurance with CoverHound, you’ll find even lower rates.

Q: Won’t my landlord’s insurance cover my apartment in the event of a fire or burglary?

A: No. Your landlord’s insurance only covers the structure of the apartment. It does not cover the costs of your lost, damaged or stolen personal items.

Q: Is renters insurance required by law?

A: Renters insurance is not required by law, but some apartment complexes require their prospective tenants to have a policy.

Finding a place to rent doesn’t have to be a hectic experience. By asking yourself the above questions and getting answers, you’ll be ready to sign the contract. For a quality renters insurance package, compare renters insurance with CoverHound today.


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