Should I Rent Out My CT Home?

Should I Rent Out My CT HomeSummer undoubtedly brings tourism all over Connecticut, and what better way to enjoy it than to cash in? Renting out your home for vacation, short term, or long term periods can provide a lucrative and steady income. However, with tenants come added risk exposures to your property and assets. As such, investing in Insurance in CT  with the right policies will prove beneficial during this busy season. However, here are 4 main concerns to consider with renting out your property:

  1. Liability- Not maintaining your property can cause serious responsibility issues. Disputes with the landlord and tenant fraud also contribute to liability problems while renting out your property.
  2. Problematic Tenants- Renting My House states that refusing to pay rent, damaging property, noisy renters, unauthorized pets, and violating rental agreements are a few common issues. To get an ideal tenant, it is recommended you interview all possible renters and get a feel for their lifestyle and behavior. Lastly, obtaining a rental history report will prove their ability to pay in full and on time.
  3. Vacancy- The worst case scenario for rental properties is being vacant for extended periods of time. Unfortunately, if there is no tenant there will be no income. Another aspect to consider involves the upkeep on your property without a tenant. While you might be used to them taking care of the property, the burden will fall on you until you fill the position again. Tips to speed up the process include mowing the lawn and keeping up the curb appeal to interest another renter.
  4. Profitability- Your specific area, market, property size, and upgrades all contribute to your rental profitability. Stay current on your market trends to determine how much you can charge for your rental property.

Renting your home can be a profitable and fun venture. However, ensuring you have CT homeowners insurance coverage from Byrnes Agency is essential to protect your property during the process. For more information on a customized insurance plan, contact one of our specialists today at one of our three locations.

Dayville Office

Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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