MinneapolisCondoGuide.com

Many Minneapolis real estate categories are available for a rental such as, condos, lofts, townhomes, single-family homes, apartments and commercial property. Recently there has been a surge in luxury more expensive long-term rentals of condos and hotel rooms.

Rental Tips

The best way to win over a prospective landlord is to be prepared. Bringing the following information when you meet prospective landlords will give you a competitive edge over other applicants: a completed rental application; written references from landlords and employers; friends and colleagues, and a current copy of your credit report. See Tenant Selection and Housing Discrimination for more on the application process.

Carefully review all the important conditions of the tenancy before you sign on the dotted line. Your lease or rental agreement may contain a provision that you find unacceptable--for example, restrictions on guests or pets, design alterations or running a home business.

To avoid disputes or misunderstandings with your landlord, get it in writing. Keep copies of any correspondence and follow up an oral agreement with a letter, setting out your understanding. For example, if you ask your landlord to make repairs, put your request in writing and keep a copy for yourself. If he agrees orally, send a letter confirming this fact.

Protect your privacy rights. Next to disputes over rent or security deposits, one of the most common and emotion-filled misunderstandings arises over a landlord's right to enter a rental unit and a tenant's right to be left alone, If you understand your privacy rights, for example, the amount of notice your landlord must provide before entering--it will be easier to protect them.

Know your rights to live in a habitable rental unit--and don't give them up. Landlords are required to offer their tenants livable premises including adequate weatherproofing; heat, water and electricity; and clean, sanitary and structurally safe premises. If your rental unit is not kept in good repair, you have a number of options ranging from withholding a portion of the rent to pay for repairs to calling the building inspector (who can usually order the landlord to make repairs) to moving out without liability for your future rent. See Repairs and Privacy Issues and Landlord Liability for Tenant Injuries for more on tenant rights in this area.

Keep communication open with your landlord. If there's a problem--for example, if the landlord is slow to make repairs--talk with the landlord to see if the issue can be resolved short of a nasty legal battle. Landlord-Tenant Dispute Resolution provides some advice.

Purchase renters' insurance to cover your valuables. Your landlord's insurance policy will not cover your losses. Renters' insurance typically costs a year for a ,000 policy that covers loss due to theft or damage caused by other people or natural disasters.

Make sure the security deposit refund procedures are spelled out in your lease or rental agreement. To protect yourself and avoid any misunderstandings, make sure your lease or rental agreement is clear on the use and refund of security deposits, including allowable deductions.

Learn whether your building and neighborhood are safe, and what you can expect your landlord to do about it if they aren't. Get copies of any state or local laws that require safety devices such as deadbolts and window locks, check out the property's vulnerability to intrusion by a criminal, and learn whether criminal incidents have already occurred. If a crime is highly likely, your landlord may be obligated to take some steps to protect you. See Landlord Liability for Criminal Acts and Activities FAQ for more on this subject.

Know when to fight an eviction notice--and when to move. Unless you have the law and provable facts on your side, fighting an eviction notice is usually short-sighted. If you lose an eviction lawsuit, you may end up hundreds (even thousands) of dollars in debt and face a negative credit rating.

Rental Checklist

This checklist was intended to aid the prospective renter in their search for a future rental home or apartment.  It includes the most common factors used to narrow one’s search for housing.

How much is the rent and can you afford it?

What is the rental or lease period?

What utilities (if any) are covered by the rent? Who pays association dues?

• Electricity
• Gas
• Water sewer
• Oil for Heating
• Cable
• Trash Hauling

What services and facilities are included?

• Stove
• Refrigerator
• Parking
• Storage area
• Recreation area
• Air conditioning
• Dishwasher
• Washer/Dryer
• Swimming pool
• Other luxuries

Are all appliances in good working order?

How many rooms and bedrooms do you need?

Is the dwelling furnished or unfurnished? 

Do you have or can you afford furniture?

Are draperies or blinds provided?

Are there any restrictions or special conditions?

• No children
• No pets
• No subleases
• Mandatory rug coverage on a certain percentage of the floor

Is the location convenient?

• For grocery store, shopping centers, drugstore, and Laundromat
• For work and school
• For access to public transportation

How are the security precautions?

• Sturdy doors well equipped with locks
• Locked mailboxes
• Lighted hallways
• Grilled windows
• Well-lit streets and nearby parking facilities
• Access of hallways and laundry room to outsiders

Is the dwelling in good physical condition?

• Sturdy walls, porches, fire escapes
• Leaks in the roof or basement
• Adequate water pressure in sink, shower, and toilet
• Adequate ventilation, lighting fixtures, and electrical outlets
• Signs of insects or rodents in corners or cupboards

Are the living areas and common areas (stairways, hallways, laundry room, grounds) generally clean, well kept, and free from odors?

Is the dwelling on an upper floor making it difficult to move furniture and inaccessible to the elderly and handicapped?

Renters Insurance

What if you came home from work only to find your apartment had been totally trashed by a burglar? Or what if you walked into your living room and found yourself standing in a 3 inch flood of water? Well, if you think it's not a major problem because your landlord will foot the bill, YOU'RE WRONG.

Your landlord's insurance does NOT cover your personal property. Things like your clothes, stereo, furniture, television, bicycle, jewelry, personal computer, artwork and other items are not covered by your landlord's insurance against destruction or loss. As sorry as your landlord may be about the 3 inches of water in your living room or your stolen stereo, you're the one who'll have to buy a new couch and stereo system not him.

But renters insurance covers your stuff and:
protects you against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing. 
covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and includes legal defense costs if you are taken to court.

COMMON QUESTIONS

Q. Does renters insurance cover all my stuff?
A. It depends. Some things like - jewelry and computers often have a per-category limit (for example, some policies have a $5,000 limit for computers). For these things you may want to buy a floater, this provides additional coverage for specific items not included in your basic policy.

Q. If I file a claim, will my policy be canceled?
A. If you didn't cause the loss or damage, your insurance shouldn't be affected. If you were at fault -- if you caused a fire by smoking in bed for example -- the insurance company might consider this when setting the price for your next policy.

Q. Is my stuff covered away from home?
A. Yes, but coverage amounts vary from 10% of your personal property coverage to the full value.

Q. As a student, am I covered by my parents' policy?
A. If you're in college, are under 26, and your parents have a homeowners or renters insurance policy, their insurance might give you limited coverage in the dorm, but not if you live in an apartment.

Q. Can I purchase a renters policy with my roommates?
A. Yes, but the regulations might be different from state to state, and the policies might also be different from company to company. Find out what regulations apply in your state and then shop around to find an insurance company that can help your situation. Each roommate's name should be included on the policy.

Q. What about unmarried couples?
A. Some insurance companies now allow unmarried couples who have been living together to obtain joint coverage, rather than two separate policies. Each person's name should appear on the policy.

Q. What happens if my rented or borrowed items are stolen?
A. Items that are "in your possession" are covered under a standard renter's policy.

Q. What if my insurance company doesn't respond to a claim?
A. Your state insurance policy or local consumer protection office can answer questions on filing and also take complaints.

Q. Is my bike or car covered by renters insurance?
A. Your bike is covered, but vehicles aren't. You need to get a separate auto insurance policy to protect your car, van or motorcycle.

HOW DO YOU BUY RENTERS INSURANCE?

1) Take An Inventory:
Make a list of everything in your apartment. Record model numbers, serials numbers, date of purchase and price of item. Take photographs or make a video of these items. Give one inventory to your insurance agent, and keep another for your self. Keep your inventory and visual record of your things outside of the apartment maybe in a safety deposit box or at the office.

2) Ask About:
Theft Limits - For example, most renters policies have a $1,000 total limit on jewelry that is stolen, a $3,000 - $10,000 limit for computers. Ask for a list of standard coverage limits so you know whether you'll need to get additional coverage for some of your stuff.

Cash Or Replacement Value - Your policy can insure your stuff in one of two ways--either for the cash value or the replacement cost.
Cash value coverage takes into account the age and condition of items at the time of damage or loss. You would be reimbursed for the value of the item minus depreciation. Replacement value pays today's cost for an item of similar kind or quality.

Deductible Options - Find out about the deductible or your out-of-pocket cost. Keep in mind that raising your deductible will usually lower your premium

3) Discounts:
Insurance companies frequently offer discounts to their auto policyholders interested in buying a renters policy from them. You can also get discounts if your apartment or home has a security system, smoke detectors, or deadbolt locks. More discounts might be available depending on your age or whether you're a non-smoker.

4) Shop Around:
Look on the Internet, ask friends or relatives or flip through the yellow pages to find the agent that is right for you. Call a variety of insurance companies and agents and ask a lot of questions. Keep your inventory handy, so you can find the amount of coverage that is most appropriate for you. $16,000 is usually the smallest amount of coverage you can get.

5) Review Your Policy:
Review your policy with your insurance professional so that you understand what's covered. For example, flooding is not a covered peril in a renters insurance policy. However, if you live in a flood prone area, you may want to consider purchasing a flood insurance policy.