Be it whether you’ve decided to finally be independent (yes you can move out of your parents’ place before you turn 35 or get married), or you aren’t looking to purchase your own place just yet, congrats on taking the leap and renting your own place!
It’s a huge step and there are many factors you will need to consider when you decide to rent (you can refer to our rental listings here)
During the whole searching (only via SRX of course) and viewing process, you will meet several landlords, who can be either heaven sent or from hell.
So just as a precautionary measure, you may want to take note of possible scenarios that may arise with your landlord over the course of your lease:
Lies, lies and more lies
This will be the biggest problem I believe you will face. There have been several instances where once a tenant’s rental lease is expiring, the landlord that still has hold of the security deposit may claim there were damages done to the room or unit. They will then not return your deposit on the account that it will be used to fix the “damages”. So be sure to scrutinise every nook and cranny of the apartment you’re moving into and take note of any damages or issues in the apartment so you can ensure your landlord doesn’t try anything funny.
One breakdown after another
When searching for a place to rent, cost will always be a huge consideration. However, going for a cheaper unit may not necessarily be the best choice as the place might not be in the best condition. While it might look all proper with no damages to the naked eye, there have been instances where there are breakdowns over the course of the tenure such as faulty air conditioners or water leakages.
Be sure to look through your lease agreement and come to a consensus with your landlord on repairs to your rental unit. Also be sure that your landlord is easily contactable as you won’t want your landlord to go AWOL should you have any issues in your apartment.
Hopefully we haven’t scared you too badly that you decide to not go ahead with renting your own place. Instead of being afraid and overthinking the million and one scenarios that can happen, why not get yourself protected with insurance! AIG Landlord Insurance is a hassle-free plan that provides you with the protection and assurance you’ll need to get started on your rental journey.
One of the best things about taking up the AIG Landlord Insurance is that you won’t need to fork out a security deposit, where the sum is typically two months’ worth of rental fee. Instead, the cost of the AIG Landlord Insurance plan will only be a fraction of your one months’ rental! What’s more, if there are no claims made at the end of your policy term, you can enjoy a 20% rebate on the premium paid.
But the biggest upside is that both you as a tenant and your landlord will enjoy extensive protection on the apartment.
As part of the coverage benefits of AIG Landlord Insurance, your landlord will be covered for:
- Protected for damage with coverage of up to $50,000 for loss on renovations and up to $50,000 loss on contents
- Protected against loss of rental income with up to $50,000 coverage for lost rent
For more information, please visit Landlord Insurance.