As a landlord, it’s imperative that your tenants understand their rights. There are certain requirements that must be upheld, with or without a written agreement. As we take a look at these requirements, ensure your investment and assets are protected with a New Jersey Landlord Dwellings Insurance policy
According to an article in Landlordology, your tenants have the right to the following:
Security Deposits – For security deposits, there are a few statutes you must follow. Most states have strict guidelines as to when or how to return security deposits. Expect hefty penalties should these requirements be violated. In New Jersey, landlords may charge the equivalent to one and one-half months’ rent. In addition, annual security deposits may not be greater than 10% of their current security deposit.
State laws typically allow for deposits to cover:
- unpaid rent
- repairing damages
- cleaning your home after your move out
Leases & Notices – Rent is due as stated on the lease. Rent increases are allowed only if you have given your tenant a written notice thirty days before the rate increases.
Notices and entries are also taken into account. No lockouts are allowed. Notification for entry must be given one day before.
Environmental Considerations – Your tenants have the right to reside in a quiet and healthy environment. Any faulty heating, cooling, plumbing or electric systems must be fixed within a reasonable period of time. Locks and smoke detectors are also required and should not be left out.
At Connell Insurance Agency, we understand that this market is a competitive one and finding low rates for your property insurance can be difficult. However, we strive to provide every owner more than one policy quote to fit your budget. We take care of all the work when it comes to reviewing existing plans and customizing a new coverage quote. For more information on our New Jersey Property Insurance policies, call us today at 888.590.0715.