What You Need To Know About Renters Property Insurance

Article by Bo A Miller

Renters Property Insurance has a vast range of coverage which includes policy for properties like Residential (houses, flats, apartments, Condominium, Lofts), Commercial (shops, workshops, offices), HMO (multiple occupation dwellings), Holiday rentals & Holiday rental businesses, Student renters, Unoccupied Property and Public Liability.

The associated risks with those who are renting a property is huge and quite different from that of individuals or policyholders who owns and occupies the property. Landlords and tenants alike are caught up taking unnecessary risks when they don’t even consider the idea of purchasing the right insurance coverage or there are instances when they are not informed or unaware that renters property insurance is available for their specific needs.

Getting the right information and keeping yourself updated with Renters Property Insurance is the first step to protecting you and your family from any trouble, loss or damages that you might come across with. Whether you are a landlord or a tenant, you have to be educated when it comes to getting the best Renters Property Insurance. For Landlords, you must be aware that other than your property, you also have to think of third-party liability and also your employees (gardeners, caretaker, maintenance personnel). The Property Owner’s Liability or Third-Party is usually taken for granted which should not be the case as third party liabilities pose a great danger or risk to you. So when you review your policy, make sure that your Renters Property Insurance includes Third Party coverage. The Employer’s liability (even for those who operate small or part-time) should look at this coverage. It is mainly responsible for claims of your employees who sustain a injury or dies while at work in your property.

Your property coverage is really a standard policy that the landlords purchase under the renters property insurance. It covers for damages or loss of invested properties that have been leased or for rented by landlords or owners. Under this coverage, you can choose from actual cash value or replacement cost of the damaged building or structure.

Meanwhile, the tenants also have obligations or should need to bear in mind that their landlord’s insurance does not protect their personal belongings. They have to purchase a renters insurance policy that will cover protection of the contents of the house being rented. The coverage for tenants includes protection from damage of the personal belongings such as gadgets, clothing, equipment, furniture and more. There is also what they call the Personal Liability Coverage which is more for the tenant’s financial security protection. When a person or a non-family member gets hurt or wounded while on the vicinity of your house, you will be liable for expenses that will pay for the medical bills, salary lost due to hospitalization or recuperation. If your apologies are not enough, they may even file a legal suit against you. The legal fees will be provided for your insurance and it is something that you would not want to worry about. Just so it is clear, tenants are responsible for insuring their personal belongings while landlords are responsible for insuring the house or the structure which are totally different insurance policies.

For cases such as business or commercial property rentals, the usual practice is that the landlord insures the building and is also responsible for collecting from tenants the insurance premiums. Just like insurance for residential purposes, the tenant who operates a business and rents a commercial space shall be responsible for getting his own renters property insurance that will cover for the contents of the building as well as the risks associated with the business.

About the Author

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Learn about the various types of insurance business owners should consider when operating in the District of Columbia. To watch the entire Insurance for Small Business (7/18/07) seminar please visit www.wdcep.com.
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