LPA Newsletter Mid January 2010

In this issue:

• Landlord Mini Quiz:
  
• 4 Myths About Renter's Insurance By Sally Anderson
• More Winterization Tipsfrom LPA member, Jack Klein
• Landlord Form FREEBIE
• Ask the Attorney Q&A with Eviction Attorney, John Reno
• Sticking Together By Albert Schweitzer
• Where's the Rent?! Tenant Excuses
  
  

Please e-mail us if you have any questions or would like to add or share any material / information.
John Nuzzolese
John@theLPA.com

4 Myths About Renter's Insurance

Common Misconceptions

It's cool -- my landlord's covered. In most cases, a landlord's insurance covers only structural damage to the building itself—and many landlord policies don't even go that far if the damage is caused by a tenant. If you leave the tub running and it turns your floor into cardboard and dribbles downstairs, damaging your neighbor's couch, you may be liable for the whole drippy mess. If your building went up in flames, your landlord's coverage would include repairs, but only to the building, not to the possessions of tenants.

It's out of my price range. Is $10 to $20 per month too much? In March of 2002, unofficial online quotes from two major carriers produced annual rates of $147 ($12.25 per month) and $203 (under $17 monthly) respectively. Both quotes were for a fictional five-room house in Boulder, Colorado, covering the basics for "standard" personal property valued at $35,700 (the automated figure produced by one company). Both quotes had a deductible of $500 per incident, and included medical coverage for others, on-premise or off-premise. Assumptions were that the house contained a smoke alarm and fire extinguishers. For lower rates, you can raise the deductible; for more protection, you can pay more for replacement cost coverage, in which reimbursement is based on today's replacement cost rather than original value.

I'm in a great building, and I'm not worried about security. Renter's insurance extends beyond on-premise theft and hazards....

click for the full article...

• A tenant is always entitled to a "First right of refusal" to purchase the premises as long as his lease term has not expired.
  True or False
  
  
• A prospect is more valuable if he is interested in an "option to buy".
  True or False
  
  
• A Move-in Move-out report signed by the tenant will help the landlord enforce deductions for damages from the tenant's security deposit.
  True or False
  
  
• It is not unusual for tenants to pay for their own screening and credit report.
  True or False
  
  
• Plumbing stoppages are the tenant's responsibility under the LPA lease.
  True or False
  
  
• The LPA's Deadbeat Database/ National Tenant Reporting Bureau is designed to protect landlords from a hazardous tenant situation.
  True or False
  
  

FREE DOWNLOAD Move Out Instructions Reminder Letter This is one of my favorite forms because it saves me time and money when tenants move out according to our instructions. It is one of the LPA Forms that is often overlooked, probably because it is not listed on the LPA Essential Landlord Forms page. It is one of our Free Forms, but I consider it an "essential form" just the same. We send this form to the tenants about a week or two before they vacate. It reminds them specifically of certain tasks and cleaning they should perform in order to get a full security refund. This letter instructs the tenants how to lock up and secure the rental until it can be inspected by the landlord/ management, and also where and how the tenants should return all keys. We have found this form to be very effective in helping tenants to be more cooperative when they are moving out.

More Winterization Tips

• Avoid frozen and burst pipes by disconnecting any garden hoses. Be sure to turn off and drain water from the pipes connecting to exterior hose faucets.
• Insulate water pipes that are in outer walls of your home to avoid freezing.
• In unoccupied rental properties, turn off main water supply and turn thermostat down to 55 degrees F. It is best to check on vacant properties regularly.

Loyalty and true friendship...

Sticking Together

A flock of wild geese had settled to rest on a pond. One of the flock had been captured by a gardener, who had clipped its wings before releasing it. When the geese started to resume their flight, this one tried frantically, but vainly, to lift itself into the air. The others, observing his struggles, flew about in obvious efforts to encourage him; but it was no use.
Thereupon, the entire flock settled back on the pond and waited, even though the urge to go on was strong within them. For several days they waited until the damaged feathers had grown sufficiently to permit the goose to fly.

Meanwhile, the unethical gardener, having been converted by the ethical geese, gladly watched them as they finally rose together and all resumed their long flight.

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