If you are a landlord then you would have to be crazy not to use credit checks to vet tenants. You may just want to call up a few of their references, like old landlords or their employer to ask about them, or maybe you would rather pay a company to do this for you.

You do this because it makes sense to find out what kind of financial history they have. By checking you are likely to save yourself a world of hassle later on.

Rental properties require applicants to disclose on their rental application their full name, current address, social security number and date of birth. These are basic information needed to conduct a credit check.

When performing a credit check, the landlord has to inform the prospective tenant that it is going to be done. Usually, it is disclosed on the application with an area where the prospective tenant will sign as indication of consent to the credit check.

If not, then you should get this consent on another form, as it is vital that you have permission. No matter how you get it, make sure you do.

Quite frequently, due to time constraints, most property owners will hire a specialist company to do the check. This can be costly, and often the property owner will pass this cost on to the potential tenant.

The agencies that provide credit check services either charge per report or require a membership fee that covers everything. Aside from the standard credit report, these agencies look into and provide employment history, criminal history, rental payment history, evictions, bankruptcies, and other relevant information.

When a person doesn’t meet the landlord’s requirements, the landlord must notify in writing that they did not meet requirements. It is not required to disclose any details, but it must mention that the decision was made based on the credit check. This must be done in order to meet the terms of the Fair Credit Reporting Act.

This individual has been contributing articles with respect to personal finance for the past seven years. Additionally, this writer enjoys providing knowledge with respect to New York City neighborhoods, including Chinatown rentals along with Lincoln Center apartments.

An important part of a renter’s to do list is to purchase insurance. Even when the property they are renting is already covered by an insurance policy, the policy that their landlord took for the house or apartment will likely cover only the structure of the building and the land where it stands.

Therefore, you need to have insurance as the property owner’s policy will not cover any of your possessions in the place. If the untoward were to occur, you would not only lose everything, but you may be liable for damages incurred as well.

When added up, the value of these items is worth thousands of dollars, not to mention the sentimental value things can hold for the owner. In practical terms, getting an insurance policy will prepare the owner for the possibility of loss and damage on these items and help him replace all these in the event of a catastrophe, both man-made and natural.

You should keep more thorough insurance policies in mind. Examine ones that will offer coverage for nearly all natural events – whether that is fire, earthquake, or flood. These policies usually cover theft as well.

What’s good with renter’s insurance is that even if one will lose everything under the above circumstances, you will be able to have these replaced virtually at once. The amount that will be awarded to you will be based on the replacement value of your stuff and not their depreciated value.

The thing is, you choose what you want to have covered, so that you have protection. You may want things like furniture and clothing covered.

Also, thing such as computers, mobile phones, and ipods can be covered if you choose to do so. All you have to do is write down all the things of value that you own so the insurer has a record. Another good idea is to have photos of everything and to keep the receipts so there is more evidence you own them.

Another bonus is that renter’s insurance will give you cover if something happens to somebody while they are at your house. This will include both medical care and legal assistance if they choose to take you to court for damages.

This author has been publishing commentary about insurance for the previous five years. In addition, the author loves publishing articles regarding New York City neighborhoods, like Upper East Side apartments as well as Upper West Side apartments.