Owning rental property offers an excellent opportunity to earn steady cash flow, but it comes with many responsibilities and insurance requirements you must be aware of. Several laws exist to regulate the landlord-tenant relationship and ensure all parties involved in a lease agreement are treated fairly. While regulations may vary from state to state, there are some essential obligations every landlord has to their tenants. Here are a few of the rules you’ll need to follow when renting out a property.

What Duties Do You Have as a Landlord?

1. Provide Proper Notice of Entry 

In Wisconsin, landlords are required to provide notice of intent to enter a tenant’s rental at least 12 hours in advance. The only exception is if they need to gain access immediately to protect the property, such as in the case of fire or flooding. Failure to give proper notice is a violation of the tenant’s rights and can be considered trespassing. 

2. Maintain Safe & Habitable Living Conditions 

Under the law, landlords must uphold a warranty of habitability, which means they need to make sure tenants have a safe and clean place to live. This includes working electricity, running water, and adequate heating. Landlords also have to perform preventative maintenance on the premises and respond to repair requests promptly. 

3. Acquire Proper Insurance

Landlords should invest in sufficient insurance protection that will cover damages to the structure and liability claims. If a tenant is injured on the property because of defective conditions, the landlord’s liability coverage will help minimize their financial burden and pay for the losses they incur. As such, it’s essential to select a policy with enough coverage to include the full value of the property and assets.

If you need reliable insurance for your rental property, turn to Barron Mutual Insurance Company. For more than a century, they’ve served as the go-to source for high quality and affordable dwelling coverage in Northwestern Wisconsin. They’ll help explore your options and make the shopping the process as easy to understand as possible. Call (715) 537-5141 to schedule an appointment, or visit them online to learn more about their services.