Copyright (c) 2007 Keith Mallinson
Many people do not fully understand the concept of renters insurance but just consider how many times you actually rent equipment like a car, motor home, house or even a boat. If you dont have renters insurance then you could be liable for the replacement costs and any extra damages.
Now many people believe that when they rent a property that they are automatically covered on the insurance of the landlord. This is not the case and whilst he does have insurance, it is only for damage to the structure of the property.
This insurance does not cover your personal possessions or liability and if you cannot you replace them immediately, out of pocket then you need renters insurance. This can be a bigger problem where any damage to the building is a result of your actions at which point any costs will be the responsibility of the tenants.
Renters insurance has another benefit which you may not have considered. The responsibility for a person being injured whilst they are in the home or apartment you are renting is down to you and not the landlord so if medical costs or attorney fees need to be paid, the rental insurance will cover it. This means you are covered for that persons medical expenses, legal costs if they should decide to sue, and any damages they might be awarded.
Winthrop University Risk Management::
TULIP - Tenant User Liability Insurance. What is TULIP? The TULIP is a Tenant-user Liability Insurance Policy also known as Events Coverage
http://www.winthrop.edu/riskmanagement/tulip.htmHOME |
Creighton & Company: A Toronto Insurance Company: Insurance Quote::
on your policy or simply want to ask an insurance-related question, were here Condominium / Tenants Insurance Quote Form
http://www.creightoninsurance.com/quoteCondo.aspHOME |
It is quite common for people to rent a car believing that their own insurance will cover the costs if there is an accident but this isnt always the case or if they do it has limited conditions but a worthwhile check should be carried out on the credit card you paid for the rental on as this may cover the costs. For the cover it supplies, collision damage waiver is not expensive at anywhere between 7 to 13 dollars per day which you have to admit is a lot less than the cost of a brand new can that may need to be replaced.
List of Sources for Renters Insurance or Tenants Insurance::
Links to the renters insurance or tenants insurance policies in the U.S. or Canada. Safe Living Landlord-Tenant Relations Pest Control Whats Hot
http://apartments.about.com/od/getrentersinsurance/List_of_Source_or_Tenants_Insurance.htmHOME |
Of course there are many more areas where rental insurance can be used even if you are renting sports equipment for a vacation. Dont dismiss the decision to by renters insurance; the peace of mind of knowing youre covered in the event of a mishap is worth the small price of renters insurance. How much you will pay will depend on many factors as with all types of insurance but you can guarantee that certain factors like location, company you decide to use and what your deductible is will all be relevant. Take a look around before you decide on what company to use and try looking on the internet as discounts are often found there and adjust the deductible amount until the insurance premium is within your budget.
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What is Tenant Insurance