Whether you rent out long-term or Airbnb your property, you have a great opportunity to earn an extra income as a rental property owner. But with those perks come security concerns — you may not be able monitor your rental property as often as you would like, for instance. With the help of technology and a few other necessities, though, you can protect your home, prevent unauthorised property access, and feel more confident as a rental owner.
Before you take on new tenants, make sure you have these six necessities in place.
1. Landlord and Rental Insurance
Most home insurance policies cover only the policyholder and his or her family — not renters — meaning that you could be liable if an accident were to occur on your property. So, instead of relying on homeowners insurance to cover long-term renters, consider investing in landlord insurance, which will cover your property and items on the premises. For extra protection, you can also require long-term renters to provide proof of renters insurance.
If you rent out a portion of your property for short stays, such as through Airbnb, notify your insurer. Although Airbnb provides Host Protection Insurance, it may not be enough coverage. Ask your insurance provider if you can increase the coverage on a short-term basis whenever you have tenants.
2. Smart Locks & Intruder Alarms
By choosing to rent out your property, you’re be giving lot of different people access to the leased space, which could put your property at risk. Smart locks can help you reduce these security risks in the long-term, while also helping tenants avoid locking themselves out.
With a smart lock, you can control property access remotely. Instead of physical keys, many smart locks use codes. Each user has a unique code, and you can easily tr