As we’re first starting out, we sometimes still need a little bit of help from our family. Even after nailing our job interview (dream job here we come!) and finally finding the perfect apartment, we’re still not quite out of the woods.
As we get ready to take that next step and sign our lease, the landlord demands that we get a co-signer. Because we haven’t started our new job yet and don’t have a solid credit history, the landlord wants to take some precautions should we not be able to make our payments. The thing is, we’ve promised our family we can take care of all of this by ourselves.
What do we do?
Renters insurance seems the best way to make the co-signing argument. Renters insurance will prove we’re responsible and can take care of business. Start a new chapter in your life by taking a look at renters insurance quotes with CoverHound and learn more about the co-sign process below.
The Lease and the Co-Signer
Signing a lease is signing a contract with your landlord and the complex. It is a promise that you will make all of your rent payments on time and take pride in your rental unit. Landlords partly judge your responsibility by examining your credit history and current pay stubs. As a young adult getting your first place, your credit history still has not been firmly established, and if your annual salary does not meet the complex’s requirements, the landlord will require that you get a co-sign.
A co-signer shares the same financial responsibilities as the renter if (and only if) the renter cannot make their monthly payments. This includes paying for any damages to the interior of the rental unit found to be at the fault of the renter. The idea of co-signing a lease puts many people ill at ease, as full financial responsibility is on the shoulders of the co-signer if the renter cannot make their payments.
You know that you are a responsible adult and that you will be able to make your payments. To help seal the deal and prove to your potential co-signers that you are ready for the responsibility of renting an apartment, you’ve decided to show them. To help your potential co-signers see that you are reliable, Apartment Guide suggests that you share your bill statements. Your bill statements will show that you make all of your payments on time and have never been fined a late fee.
To further illustrate your point, show that you are willing to invest in a renters insurance policy. Renters insurance covers a tenant’s damaged or stolen personal effects in instances of theft, vandalism or fire. It also protects a renter’s liability if a guest in the apartment should fall or get hurt somehow. With all financial loss scenarios (in regards to theft or fire) covered under renters insurance, your co-signer will not have to answer to the landlord for repayment fees.
Renters insurance shows that you take care of your things and that you’ll take care of your rent payments. Find your renters insurance quotes today with CoverHound.