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Renters Insurance


Renters insurance is for tenants who rent their living space from a landlord. Some landlords even require their tenants to get this type of coverage. There are also tenants who don’t realize this type of insurance is available. Renters insurance is beneficial to renters because it helps them minimize financial losses following certain events.


Renters insurance is concerned with liability and personal property. The first thing to know about is the liability component. The landlord may be responsible for certain types of damages and accidents on the property, but the tenant may be responsible for damages and accidents that occur in their space. For example, if a visitor in your space trips and breaks his arm, then you may be responsible for medical expenses. With renters insurance, the policy will pay for the related expenses.


The other component is personal property coverage. Your personal belongings may include furnishings, electronics, clothing, lawn equipment and more. These items can be damaged, destroyed or stolen. Renters coverage will reimburse you for some of your items provided you pay the premiums first.


There may also be a clause for living expenses. If there is, then the policy will cover your temporary living expenses if something happens to your living space. It may also cover meals at restaurants while you are getting established in a new home and more. More than likely it will cover living expenses until you sign a new lease or your current space is repaired.


If you’re required to purchase renters insurance, then you should get at least the minimum amount of coverage. These policies are generally affordable, and not a burden to pay. So if you  rent your living space, it’s not too late to get renters insurance.


Landlord Insurance


When you decide to become a landlord, you might have questions about insurance. Is homeowners insurance sufficient? Exactly what type of coverage is necessary? You will have many questions, but one thing is certain, and that is you need landlord insurance.


If you have investment properties, such as apartments, then you need landlord insurance before you accept tenants. The insurance is your protection against liability in case of property damage or injury claims. This includes things such as a tenant slipping and falling on a wet sidewalk. Some policies cover lost rental income in case your property becomes unlivable.


When purchasing landlord insurance, you should be concerned with DP-1, DP-2, and DP-3. These are types of dwelling policies. DP-1 is basic coverage, and it covers disasters like fire, and vandalism. DP-2 is more comprehensive. It includes fire and vandalism, but also covers perils specifically named in the policy. An example would be coverage for hurricane damage in Florida.


The DP-3 policy is like a combination of those mentioned earlier. It is often referred to as an “open peril” or “special form” policy. The DP-3 policy covers what the first two policies cover, but it also pays damages for events not specifically excluded from the policy.

Landlord insurance is a smart investment for any landlord. When dealing with tenants, several things can go wrong. It is a wise decision to protect yourself and your investment by having insurance.


Condo Insurance


People who live in a condo apartment rarely consider having insurance. But condo insurance is the only way to have liability protection and protection for personal assets. The landlord might have insurance on the entire building, but that does not include a tenant’s personal space. In other words, the tenant is responsible for their own belongings and liability inside their personal living space.


Condo insurance is coverage for individual condominium units. It is not for the entire building. It is also not the same as homeowners insurance. That means it does not cover the structure of the building, which is covered by a separate policy. It is specifically for people who live in a condo apartment. If you decide to rent your condo space to another person, then you need to see if they are also covered by any insurance that you have.


Condo insurance is similar to other types of property and casualty insurance. The policy covers you for damages from fire and bad weather events. When an event occurs, you will need to file a claim. An insurance adjuster will decide if your claim is valid. If so, then the insurance company will pay the claim.


Condo insurance for landlords and condo insurance for tenants is not the same. There is a building master policy and then insurance for individual units. The building’s owner or a condo co-op association pays the building master policy. This policy covers the external structure and common areas. On the other hand, a policy for an individual unit covers the internal fixtures and the tenant’s possessions.


Like most insurance, the benefit of condo insurance is that it reimburses you for or replaces stolen or damaged items. Without coverage, you have no recourse should a mishap or incident occur. The landlord is not obligated to replace or repair any of your personal belongings. If you don't have insurance, then you are not covered in the event of a fire or other mishap. You might even find yourself without a home if your condo becomes unlivable.

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