Landlord Loss Prevention

Loss Prevention Guidelines

Being a landlord isn’t always easy. Problems with tenants can result in loss of time and money as well as unnecessary hassles. If you don’t want to deal with rent collection, maintenance and tenant screening, consider using a Property Management Company to manage your rental properties. However, if you do handle things on your own, the following guidelines may help ensure a good relationship with your tenants, maintain your rental home and make your life as a landlord much easier.

Tenant Screening

• Check references. Request at least three references (preferably previous landlords) and take the time to follow up on them.
• Keep records. To protect your interests and the interests of your tenants, document everything in writing and keep the paperwork throughout the entire rental agreement.
• Run a credit check. It’s always wise to check an applicant’s income, employment and credit history to verify they can afford to pay rent each month. However, make sure you obtain your prospective tenant’s written consent before doing so.
• Prepare a clearly-defined lease. Develop an appropriate set of rules and have them reviewed by a real estate attorney. Provide all prospective tenants with a copy of the rules and have them initial each page and sign an acknowledgement.

Important information to consider in a lease agreement

Be sure your lease agreement outlines the specific obligations of each party and is written clearly enough for the tenant to understand what they must or must not do. Standard items to consider include:

• Rent. Be specific about when the rent is due and when it’s considered late.
• Deposit information. Outline the amount of deposit required and what circumstances may result in a loss of deposit money.
• Prohibited activities. Create a concise list of the types of activities you will not allow, such as grilling on porches or decks, use of portable space heaters, renovations or remodeling without landlord consent.
• Maintenance and repairs. Document who is responsible for routine maintenance and repairs and provide the amount of time you will be allowed to respond to requests.
• Responsibility for utilities and waste removal. Clearly define who is responsible for each utility and service.
• Your right of entry to the premises. It’s a good idea to include circumstances in which you have the right to enter.
• Pet restrictions and policies. Specifically list any pets or breeds you will not allow in addition to any regulations that need to be followed.
• What stays and what goes when the tenant vacates. If your home provides any removable items, be sure to note that they need to stay in the home when the tenant leaves.
• Length of notice to vacate. Provide how many days notice you will need when a tenant decides to move out.
• Renter’s insurance policy. Require that your tenant have an insurance policy in the event of a fire, theft or liability issue.

Source: Fremont Insurance Company

9004690 1/11

Allstate Drops Homeowners Who Insure Autos Elsewhere

Some North Carolina residents who insure their residences through Allstate are finding themselves dropped by the company for refusing to bundle their home and auto coverage.

Allstate Insurance Co. has informed 45,000 homeowners that it will non-renew their homeowner’s policy unless they also purchase a commercial or private automobile insurance from the insurer by Dec. 15, 2011.

Allstate spokesperson Tracy Owens, speaking from the insurer’s Southeast Regional Office in Atlanta, said the decision came about after an intensive review of the insurer’s North Carolina book of business.

“We wanted to be sure that we could manage our risk both now and in the future and protect the other 400,000 households we insure,” Owens said.

According to documents filed with the North Carolina Department of Insurance, Allstate indicated that it would non-renew 30,400 standard homeowners policies, 10,500 landlord packaged policies, and 4,900 mobile homes policies.

Owens said that although Allstate has decided it must drop the policies, it is providing another coverage option from the Universal North America Insurance Co.

Allstate has reached an agreement with Universal whereby it will provide a quote for 26,150 of the affected homeowners. The Denver, Colo.-based Universal also is slated to submit a quote to 9,300 of the 10,500 landlords losing their Allstate coverage.

In a separate deal, the mobile home owners will have an opportunity to find coverage through the American Modern Insurance Group.

North Carolina Department of Insurance spokesperson Kerry Hall said that as a matter of professional courtesy Allstate informed the department of its decision to non-renew the policies, although the insurer had no legal requirement to do so.

“From our perspective, what Allstate is doing is legal as long as it gives consumers a 30-day notice before cancelling the policy,” said Hall.

Source: Insurance Journal

Thanksgiving Day is Top Day For Cooking Accidents

Serafino Alfe was deep-frying turkeys for an annual fundraiser dinner recently and ended up at the Loyola Burn unit with third-degree burns – the worst – on his leg.

“I tripped and fell right into the deep fryer,” said the Mount Prospect (Illinois) resident. “Thirty quarts of hot oil poured over my leg and I basically fried myself.”

In the United States, more than 141 serious fires and hot-oil burns have been reported from the use of turkey fryers over the last decade, according to the U.S. Consumer Product Safety Commission.

Alfe said he has used a deep fryer for many years and is always careful. “We put the deep fryers on cardboard and I caught my shoe on the edge and just lost my balance,” said Alfe, who will undergo surgery on his injured leg on the day before Thanksgiving. “We were using the older fryers that do not have a secure lid and the gallons of hot oil just splattered out everywhere.”

Taking care to not become a victim of a fire and serious burns applies equally inside the home on Thanksgiving Day, the leading day for cooking fires, with three times as many as on an average day, according to the National Fire Protection Association.

“Cooking remain a major mechanism of injuries for adults, and for children who are underfoot,” said Richard L. Gamelli, MD, director, Burn & Shock Trauma Institute, and Provost of Health Sciences, Stritch School of Medicine, Loyola University Hospital.

Loyola’s Burn Center is one of the busiest in the Midwest, treating nearly 600 patients annually in the hospital and another 3,500 patients each year in its clinic. More than 40 percent of the burn cases are children.

“If a turkey fryer is used the way it’s supposed to be used by people who are not impaired by alcohol or drugs, I think they’re fine,” said Dr. Thomas Esposito, chief of the Division of Trauma, Surgical Critical Care and Burns in the Department of Surgery, Loyola University Chicago Stritch School of Medicine. “Injuries from turkey fryers are rare, but when they happen to you or a family member, that doesn’t matter – they are very devastating.”

He said $15 million in annual U.S. property damage is caused by deep fryer fires.

“It doesn’t matter if it is a turkey fryer or a conventional oven, you should always take great care when using appliances, vehicles and any other device that has the potential to cause great harm to yourself and others if used in a careless, irresponsible manner,” Esposito said.

Esposito offered safety tips for those planning to sue a fryer:

• Look for the newer fryers with sealed lids to prevent oil spills.
• Keep the fryer in full view while the burner is on.
• Keep children and pets away from the cooking area.
• Place the fryer in an open area away from all walls, fences or other structures.
• Never use the fryer in, on, or under a garage, breezeway, carport, porch, deck or any other structure that can catch fire.
• Slowly raise and lower the turkey to reduce hot-oil splatter and to avoid burns.
• Never cook in short sleeves, shorts or bare feet. Cover all bare skin when dunking or removing bird.
• Protect your eyes with goggles or glasses.
• Immediately turn off the fryer if the oil begins to smoke.
• Make sure the turkey is completely thawed and be careful with marinades. Oil and water don’t mix and water can cause oil to spill over, creating a fire or even an explosion.
• Don’t overfill fryer with oil. Turkey fryers can ignite in seconds after oil hits the burner.
• Keep a fire extinguisher appropriate for oil fires close at hand and be familiar with how to operate it.
• Do not use a hose in an attempt to douse a turkey fryer fire.
• If you do burn yourself, or someone else is burned, seek immediate medical attention.

 Source: Loyola University Health System

Halloween Safety Checklist

Getting ready for trick-or-treating in Traverse City tonight (which officially runs from 5pm-8pm)? Consider reviewing the following safety checklist with your little ghosts and goblins:

• Consider visiting houses during late afternoon when it’s light out — but first ask neighbors if they’ll be home and ready for little guests.
• Give your child a flashlight with new batteries.
• If your child is 12 or under, accompany her and label her clothing with your name, address, and phone number in case you become separated.
• If your child is older than 12, make sure he knows his phone number and either has a cell phone (with your contact numbers clearly labeled on it) or enough change to call you from a pay phone.
• Establish an agreed-upon route and curfew for children over age 12.
• Teach your child to trick-or-treat only at homes with outside lights that are turned on and to never enter anyone’s home unless accompanied by an adult.
• Remind your child to walk — never run — while trick-or-treating and to stop at street corners and driveways before proceeding.
• Instruct your child to look left, right, and left again before crossing the street and to continue looking both ways as he crosses.
• Teach your child to stay on sidewalks at all times and to avoid cutting through people’s yards, where clotheslines and other hazards are hard to spot.
• Remind your child to wait until you’ve inspected her treats before eating them. Discard anything that’s not completely wrapped.
• If your child is allergic to nuts, check all treats carefully before allowing him to eat any.
• Remember to not allow children under 4 to eat popcorn or hard candy, both of which are choking hazards.