Property Insurance – For Renters

Most landlords have property insurance on the buildings and land they rent out however, people who are renting can and should have renter’s insurance to protect the property. If a person is renting a house, an apartment or a condominium unit, the renters property insurance will cover the losses sustained on his or her personal property. Property and casualty insurance is a contract in which a company promises to pay for any personal or property damages in exchange for a monthly fee paid by the deed holder.

When a loss that meets the specifics stated in the property insurance contract occurs, the loss is said to be “covered” by that property insurance policy. Your insurance should pay for the cost of repairing or rebuilding the property after a covered loss, and should also allow for additional costs if local ordinances require upgraded materials. In such cases as fire or theft, the insurance company will cover the repair costs and replacements for loss through your property insurance.

Unlike the landlord’s policy, the renters property insurance is inexpensive if you consider the amount of money and property one stands to lose in the event of a fire, theft or a national disaster. “You work hard to build a portfolio of income-producing property, so take the time to make sure it is adequately protected with insurance,” says real estate investment expert Russ Whitney. The availability and affordability of property and casualty insurance is a crucial phase in the security of the basic functioning of the real estate markets. Read more

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