Detroit Jewish News

46 August 25 • 2016 Top Things Every Renter Should Know StatePoint A s young adults get ready to move back to college, some will be moving into new digs, either renting an apartment for the first time or a home they share with others. Renters may be free of some of the concerns and responsibilities of home- ownership, but there are a few consid- erations they should make for financial security and greater peace of mind. READ YOUR LEASE Whether you're moving into a new place or have been occupying your unit for some time, knowing the ins and outs of your lease is crucial. Be sure there will be no curveballs or sur- prises that you have not accounted for in your budget. Is your rent subject to an increase? By how much and how often? Cross- check local regulations to ensure rent increases are in accordance with the law. Read your lease to get a handle on what your responsibilities and rights are as a tenant. GET RENTERS' INSURANCE Many apartment communities require renters to carry personal liability insur- ance to cover the property and sur- rounding structures as a result of dam- age caused by the renter. This coverage does not extend to your personal prop- erty, however. To cover your personal property, a standard renters' insurance policy is recommended. Otherwise, unexpected events such as fire, theft, vandalism or other perils could mean a substantial financial loss to you. However, the small monthly investment of renters' insurance could save you thousands of dollars down the line. Do your research to determine what policy makes sense for you. Many insurance providers, such as Assurant, offer free online calculators to help you take inventory and determine the level of coverage you need. The company also offers its more than 1 million cus- tomers nationwide the ability to buy insurance, pay bills, change coverage and file claims online by computer or a mobile device, as well as the option of automatic payments or even setting the billing date. These convenient options are designed with young people in mind, including some 100,000 policyholders living in student housing. For more information or a quote, visit assurantrenters.com. PERFORM A CAREFUL INSPECTION Before moving into your new rental unit or signing a lease, do a care- ful inspection, noting any existing damage or necessary maintenance. Communicate concerns to the man- agement company or landlord in writing. Free online checklists can guide you on what to look for and record. For example, buckling floors and water stains could indicate water damage — a condition that could lead to property damage. It's also helpful to take photographs with a timestamp. Do these inspections periodically as well as when you renew your lease. And remember to also photograph your belongings — or keep your receipts — because any insurance pro- vider will ask for proof of ownership in the event you have to file a claim. You may not own the property, but it is still your home. Staying on top of the space in which you live can offer you greater comfort and greater peace of mind. * real estate » (c) SolisImages - Fotolia.com Need a Lender You Can Trust? We're Making a Complicated Process SIMPLE Again! Loan Products Available: ÛiÌ>ÊUÊÊUÊ6ÊUÊ,ÕÀ>ÊiÛi«iÌÊ ÕLÊUÊÓäÎÊUÊ ÛiÌ>Ê,i>LÊ>ÃÊ "i/iÊ ÃiÊ ÃÌÀÕVÌÊ>à 33200 Woodward Avenue | Birmingham -ÊÊnnäÈÓx Ilene Lubin: 248-556-6275 -ÊÊ£ÎnxÎ{Î ÕLJëiÀÌ}>}i°VV ÜÜÜ°ÕL°Ã«iÀÌ}>}i°VV FREE Home Buyers Seminar Every Wednesday, 6-7:30pm 2117430 MEL DRYMAN Raised in Detroit, Experienced in Arizona Your Professional & Dedicated ARIZONA REALTOR Mobile: (480) 239-8686 mel.dryman@azmoves.com Each Office Independently Owned and Operated 2119310 Very private, 3,200 sq. feet 2-story that backs to a nature preserve. Bloomfield Hills Schools. 3 bedrooms 2 full and 2 half baths, finished basement with a dry heat sauna in workout area. 3 car garage. New furnace, windows, new pool equipment. Very large master suite with deck overlooking pool and wooded preserve. $565,000 For Sale – Long Lake Estates!! For more information or to make an appointment call 248-851-1933 h M`j`kk_\A

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