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Loss Prevention Corner


"Loss Prevention Corner" is a compilation of hundreds of practical tips to help you reduce your chances of having a loss, or to minimize your damage if you do. The tips are divided into categories such as Fire, Water Damage, Burglary, Identity Theft, and many more!

 
Renting Out Your Home
 
1.

Consider drawing up a rental contract. The agreement defines the terms of the rental, including the number of occupants, whether pets are allowed, the rental time period, and liabilities for each party.


2.

Require references. You gain valuable background information on potential renters.


3.

Ask for a security deposit, which will be refunded if no damage occurs during the rental period.


4.

Advise your insurance agent you are renting your home, and discuss any implications that this may have on your insurance program. Be aware that many insurance companies do not provide coverage for vehicles that are left at your home and accessible to your renters.


5.

Consider utilizing or consulting a property manager.


6.

Create a secure area where personal belongings, clothing and fragile items can be kept. Also, consider removing all valuable items, such as antiques or valued art, to a qualified storage facility or bank vault. Ensure proper crating and travel arrangements with professionals who specialize in transporting valuable items.


7.

If you have central burglar or fire alarms, change the alarm codes after the rental period.


8.

Provide renters the keys to only one exterior door. This helps minimize the number of locks you might wish to change after the rental period. Videotape or photograph your home to document its pre-rental condition. This could be a valuable precaution should any damage occur during the rental period.


9.

Tell your neighbors that you are renting your home.


10.

Ask your local telephone company to block any long distance calls to and from your phone. Your tenants will still be able to make local calls, as well as toll free, and long distance calls with their personal calling cards.


11.

Contact your local US Postal Service and complete the form to have your mail temporarily forwarded.


12.

Tell your renters and your neighbors how you may be reached in the event of an emergency. Also, leave emergency numbers (your plumber, electrician, heating contractor, and 911, if appropriate) close to the telephone. Remember, your renters may not be familiar with emergency procedures in your area.


13.

Have the property checked during your absence. You or your rental agent should arrange for someone to periodically check your home to assure it is in proper order.



    





DISCLAIMER

During my 27 years as a Property and Casualty Insurance Agent in the Greater Boston area, I have been collecting, from many sources, lists of dos and don'ts related to various areas of Loss Prevention (also known as "Risk Management"). "Loss Prevention Corner' is a compilation of those Risk Management tips that we offer as POSSIBLE SUGGESTIONS. Each of these tips may or may not be appropriate at all times, since every situation is different. The tips are here for your consideration. You must decide which of them is right for you.

Michael A. Norman
Our Video Legacy / Owner
 

9

Fire

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Burglary

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Storm

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Explosion


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