How to write a contract for renting property to house animals?

My husband and I are trying to bring in some extra income. We have property that we're thinking of renting to someone to house dogs.
What do I need to put into the rental agreement? We can't afford to add more home owner's insurance... is there any way to make the person liable in case the dogs do any dammage to our or our neighbor's pets, animals, property, or bites someone. (not that I think it'll happen, but just to be safe.)

Not a problem, just make sure you include the correct legal language for your state. You may also consider a pet addendum, in addition to the language included in the lease.
Here's a site that offers custom rental agreements for each state, and pet addendum forms:

http://www.ezlandlordforms.com/

Good luck!

How can I get financing to buy a larger home and keep my current as a rental?

I'm having a hard time ignoring the free fall in housing prices and mortgage rates. Ideally, I would like to purchase a new home and keep my current home as a rental. Am I crazy? Could I never get financing for this? Here's the situation:

You did not state your balance on your second home, but you basically need to qualify for about 520k in mortgage debt. I do not think your income will cover that. You can not count income you do not have, but even with the additional 18,600 in yearly income the rental I do not think you are going to qualify, your income is simply not high enough for that much debt.

Contents home insurance protection is an important insurance product needed by both home buyers and property renters. Home buyers typically acquire contents protection as part of the standard home insurance obtained when buying a home. Building coverage, or replacement cost, is protection to cover damage or destruction to the actual physical building. Home buyers need this coverage to protect against loss of property. Contents coverage provides home owners protection against loss of personal property lost or damaged during an insured event.

While home buyers must incorporate contents coverage in their home owner's insurance plan, renters must look to obtain contents home insurance on its own. Renters usually are not obligated to insure the building they live in as the landlord or owner protects the physical building. Renters do want to protect the personal items they maintain in the rented property. Insurance coverage for these personal items helps renters start fresh in the event their rental property is lost in a fire or flood, or similar event, and their personal property is destroyed. Contents coverage can provide for replacement or payout for furniture, jewelry, or other items of personal property.

Contents home insurance does not only protect against loss from a natural event or damage, it also covers items lost or stolen. This means that if a robber breaks into the home or rental property and steals items, the insured can get replacement coverage for the items.

Insurance premiums to cover contents vary based on a number of factors. One of the most important contributors to coverage costs is the value of items covered. It is often difficult for people to know the exact value of items they maintain. Many insurers will suggest an estimate based on the number of rooms and room types in the home. This helps determine a reasonable estimate for content value.

Along with the value of the covered items, risk of loss or damage affects insurers' willingness to offer discounted or affordable rates. Brokers can be a great resource to insurance customers by helping them find the best coverage solutions at great rates. A previous record of claims often turns off insurers or suggests a great risk of future claims, which leads to higher premium quotes.

Property location is another important premium criterion. Insurers are more leery about providing protection for property owners or renters in areas with higher crime rates. High crime areas pose a greater threat for stolen property claims. The greater the risk of a claim request, the greater the cost for a customer to obtain contents coverage.

Insurers also want to know if a contents home insurance customer wants to include accidental coverage. Accidental coverage means that the customer is protected in situations where he or she accidentally breaks or damages an item under coverage. Obviously, this is a greater risk for the insurer and adds to the cost for protection. Great contents coverage requires careful selection of the right product benefits at the right cost. A contents specialist is a great resource in finding this right combination.

David Thomson is Chief Executive of BestDealInsurance an independent specialist broker dedicated to providing their clients with the best insurance deal on their home insurance, car and life insurance.