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1. Your Rental Suite And Renters Insurance

2. These days, people often pay part of their mortgage by
renting a part of their home. Actually, so that they can
have a renter to help pay the mortgage, many people
are buying homes that have independent suites in them
or building suites into their homes.

3. The legality of having a suite built into a single-family
dwelling is the most common problem with suites.
Check out the local bylaws before you build a suite into
your current home, to make sure you're allowed to have
a legal suite in your home. And don't assume that just
because a home has a suite built into it that it's been
legally done; verify the zoning to make sure it is a legal
suite.

4. A suite will require your home to have the right extra
insurance; your insurance provider can tell you if you
have proper coverage. You will probably have to inform
your mortgage lender that you have a rental suite in
your home, too.

5. Renter's Insurance

6. Many renters wrongly assume that you, as the landlord,
are responsible for their belongings in the event of a
catastrophic event. Conversely, only the property itself is
covered, not their personal items, furniture, electronics,
or clothes.

7. Renter's insurance protects tenants' belongings from
these type of events, including theft. They are protected
from all these things with this type of insurance, and
also from any liability if someone is hurt in their suite.

8. In fact, you should insist that your renters purchase
renters insurance. Sometimes this is a condition of the
landlord's rental agreement. You should require your
tenants to have this insurance for two reasons. The
insurance company will provide them with money for
hotel accommodations if your tenants need to step out
while repairs are being made to their home. Finally, the
insurance will cover the medical bills as well if a tenant
is seriously injured while inside his
home/condo/apartment.

9. Start looking for a renter after your suite is in place and
you have adequate insurance. If you don't know anyone
who is looking for a suite to rent, you can advertise for
renters. In this case though, you will need to make sure
that you do background checks; you want to make sure
that a renter is going to fit in with your lifestyle if they're
living in your basement.

10. Find out the legalities of being a landlord, last but not
least. Even if your tenant is a family member, you should
know your legal rights and responsibilities; many times
when there is a problem between a tenant and a
landlord it is due to a misunderstanding about the legal
rules that both parties have to follow. Other than that,
renting a room or a suite in your home can assist you in
making your mortgage payments and possibly even help
a family member who requires an affordable rental.

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