Are you considering renting out your home rather than selling it at a loss in the current depressed housing market? Becoming a landlord has a number of implications for your Connecticut insurance coverage, so it’s important to talk to your agent or insurer about your plans to let out your home.

Homeowners in your situation often have two main priorities: price and speed. You’ll be keen to ensure that your property attracts the highest rental price, and you’ll want to rent it as soon as possible. You may be prepared to make a few minor improvements that might increase your home’s value in the rental market, but you’ll probably be very wary of spending money unnecessarily.

Paying attention to your home’s external appearance is one way of ensuring that your property appeals to a wide range of potential renters and is tenanted as soon as possible. Look at the things potential renters see first when they pull up outside your home – the fence, the front yard and the front door – and attend to any gardening, mowing and repairs.

Inside the house, make sure that it’s spotless. A property that appears spacious will attract a higher rent, so keep blinds and drapes open to make the most of natural light. Pay attention to security and safety: ensure that door and window locks are robust and smoke alarms are in working order, and you might want to consider purchasing a fire extinguisher for the kitchen.

Preparing your home for potential tenants need not involve a lot of effort or cost, and will help to attract good tenants quickly. Be sure to talk to your Connecticut insurance agent about landlord insurance and other insurance coverage that you may need to protect you from some of the risks involved in becoming a landlord.
 

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