Yes, the summer season is approaching quicker than a new Kim Kardashian nude selfie. But while I’m getting ready by practicing defensive driving techniques others are busy lining up their rentals for the Memorial Day to Labor Day pilgrimage to the east end. Oh, yeah and I’m helping them rent those houses…. I’m the number one rental agent in the Hamptons*…. didn’t I tell you that?! (*based upon stats that I won’t disclose and that are collected by me). But before you can say grab the rose wine and beach blanket, there are a few things you might need to know. Here once again with my perennial video about the obligations of renting a house in the Hamptons is my friend Rob Disario.
One thing Rob didn’t mention in the video is renters are also required to get their own insurance when residing in their temporary home. Recently, I had the chance to ask John Wallace of Amaden Gay Insurance about some of the more important points of why this is necessary…..
Protect yourself when the burglar comes to town!
1) Is it really necessary to get renter’s insurance?
I would always tell summer renters to get their own policy. The average cost is about $300-$500.00 /year. It would cover them for the personal contents and liability for at least $500,000 or more depending on the coverage they select. It would also cover them for loss of use and personal contents they brought to the home. This would cover them if for some reason due to a loss they could not stay in the home they rented they could rent another place and the insurance company would pay for it. This cover them for most everything for a fraction of the rental cost. What is the big deal if they spend $30,000 for a rental or $30,400 to be totally protected? They can always cancel the policy afterward and get probably half their money back.
2) What else can be covered with renter’s insurance?
All renters should check with their current homeowner or renters to see what they are covered for. They can also extend liability to the address they are renting for about $50-$100.00 and would be covered by their primary homeowner’s liability. Some companies give you coverage up to 10% of your contents away from home but you have to check with your carrier. This is the minimum they should do and is subject to their primary homeowners deductible.
3) Any advice for landlords?
Landlords who are renting their home should check with their carrier about renting as well. Most companies are ok with a one or 2 month rental but not much more than that. They will not cover multiple tenants with weekly rentals. Also theft will not be covered if you rent your home in the summer. Most allow up to two different tenants maybe three but that is about it. Otherwise you are looking at a situation where you may void the contract.
If you have additional questions, you can try reaching John at Amaden Gay Agencies in East Hampton 631-324-0041 or go online www.amadengay.com
While I don’t consider Memorial Day Weekend the true D-day for summer rentals. That day is of course the first Friday of August. It does sometimes get a bit hairy for everybody. So how do I know? Well as we all know brokers and agents love to tell war stories. So, I’ve been collecting some tales while buying martinis or Malbacs. Believe me it’s worth it and the stories are quite entertaining.
In vino or vodka veritas! Although I’ve personally had nothing but smooth sailing with all of my landlords and tenants (Is my nose bigger?) this year, I’ll be happy to share with you some of my favorite anecdotes … so far… from the summer of 2013!
Now, this doesn’t seem very comfy does it?
Yes,the traditional “tenant goes to the wrong house” I heard happened again this year. Although unlike previous tales where there was a key indeed hidden in the fake rock by the side door, nobody actually moved into the wrong location! Somebody ate my porridge .. slept in my bed and ordered something on my pay per view account!!!
Ah, that’s nothing compared to what one agent told me. Let’s call this agent “Ted.” Well being the good agent he is Ted went to meet his tenants with a bottle of champagne (darn, there is a lot of drinking in the Hamptons) as they moved into their new summer rental. Well when hewent to check on the house, not only did Goldilocks sleep in the bed she liked it so much she took it with her! Yes, that’s right. Ted had bedlam because of not one but two missing beds. Apparently the landlord had decided to throw out some saggy mattresses but forgot to replace them! OOOPS! Luckily tragedy was avoided since there are like 20 Sleepy’s from Southampton to Amagansett.
Finally, this is an oldie but a goodie. Nobody decided to clean up after the bears left the cottage! The house keeper didn’t show??!? shocking! OOOOPS AGAIN! Luckily in this case the agent was a good sport and ran home to their house to get a vacuum cleaner and some clean sheets. The crisis was averted and everyone lived happily ever after …or at least until they got stuck in traffic on 27 Monday afternoon (I heard 4 hours E. Hampton to the city!).
Well last year, I did a little video for Elliman about what to expenses to anticipate for summer rentals. It’s on You Tube but didn’t get posted anywhere for people to find it. So, I am once again posting (with a little Hamptons Chatter Intro) this video reminder of what tenants should expect when they rent in the Hamptons. Feel free to use this video my fellow agents but next time you’re buying the drinks!
They say perception is often more important than reality. I have to say in the Hamptons this is truer than you know. I mean I work in real estate for crying out loud! But truth be told, even the keenest eye (I’m including myself in that one) can be fooled. Take a look at the video below. It’s a classic example of something called the McGuirk Effect. Really it’s cool, trust me and watch this video. Since it’s named after a street in East Hampton village, I feel it’s totally appropriate for this blog.
Meanwhile, something appears to be brewing in Southampton. The Hamptons Brewing Company is expanding their empire to a new location (the old Mini Cooper showroom) next to Southampton BMW. The upside, a new location with great coffee and sinful scones. Yes, the scones are really that good! Now, I’ve been told that it’s going to be more of a “coffee experience” location. Hmmmmm a coffee experience… a java journey… a jaunt with Joe! I know I’ll stop it now!
The way my source described the new location, gave me visions of The Central Perk coming to the
Hamptons!! Wow, I can’t wait to hang out with Rachel and Chandler!!! The only downside.. there won’t be a full kitchen like they have in Water Mill. I have to admit, it’s a recent discovery for me to go to the Hampton Coffee Company for lunch but I had a great experience and a fantastic breakfast burrito there. But hey, you can’t have everything, right?!