Landlords and Renters Insurance

33 %
67 %
Information about Landlords and Renters Insurance
Finance

Published on March 5, 2009

Author: fpcksc

Source: slideshare.net

Description

Student Created Presentation

Landlords and Renters Insurance

Landlords Must be Honest Contracts Everything agreed upon should be on it Ask question about any discrepancies Should be organized Take pictures of apartment Ask tenants about landlord Their insurance policy doesn’t cover your property

Must be Honest

Contracts

Everything agreed upon should be on it

Ask question about any discrepancies

Should be organized

Take pictures of apartment

Ask tenants about landlord

Their insurance policy doesn’t cover your property

Standard Renters Insurance Renters insurance is a must for all renters Relatively inexpensive compared to other insurance policies Fire or lightning Windstorm or hail Explosion Riots Damage caused by aircraft/vehicles Smoke Vandalism Theft Volcanic eruption Falling Objects Weight of ice, snow, or sleet

Renters insurance is a must for all renters

Relatively inexpensive compared to other insurance policies

Fire or lightning

Windstorm or hail

Explosion

Riots

Damage caused by aircraft/vehicles

Smoke

Vandalism

Theft

Volcanic eruption

Falling Objects

Weight of ice, snow, or sleet

Standard Renters Insurance Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance. Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system. Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance. Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component) Floods and earthquakes aren't on the list. If you live in an area prone to either, you'll need to buy a separate policy or a rider. In some coastal regions, where hurricanes might pose a threat, you might also need to buy a separate rider to cover wind damage.

Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance.

Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system.

Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance.

Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component)

Floods and earthquakes aren't on the list. If you live in an area prone to either, you'll need to buy a separate policy or a rider. In some coastal regions, where hurricanes might pose a threat, you might also need to buy a separate rider to cover wind damage.

How does renters insurance work when you need to replace your property? There are two kinds of payouts: actual cash value and replacement cost coverage Actual Cash Value : This type of coverage pays an amount equal to the current cost to replace your items minus the depreciated value. Replacement Cost Coverage : This type of coverage pays you the amount it would cost to replace your lost or damaged property. You only get the money if you replace the items. There is also usually a limit on how much money you receive, and the premiums tend to be higher. Deductibles: This is the amount you pay for the lost or damaged goods, before the insurance company would begin paying. Typically, the higher the deductible, the cheaper your policy will cost.

There are two kinds of payouts: actual cash value and replacement cost coverage

Actual Cash Value : This type of coverage pays an amount equal to the current cost to replace your items minus the depreciated value. Replacement Cost Coverage : This type of coverage pays you the amount it would cost to replace your lost or damaged property. You only get the money if you replace the items. There is also usually a limit on how much money you receive, and the premiums tend to be higher. Deductibles: This is the amount you pay for the lost or damaged goods, before the insurance company would begin paying. Typically, the higher the deductible, the cheaper your policy will cost.

What other protection can I get from renters insurance? Liability protection: Some renters insurance protects you against a lawsuit if someone or their property is damaged on your apartment’s premises. Medical payments to guests: Some policies cover the medical bills, up to a limit, of anyone, except you or anyone else who lives in the apartment, who is injured in your apartment. Increase in living expenses: If your living expenses increase, because you must live elsewhere due to a loss, some policies cover, up to a limit, that increase. Lost property while traveling: Some renters insurance policies cover your property even when you’re traveling, should the airline lose your luggage. Premium policy add-ons: If you’re willing to pay a higher premium, you can buy additional protection. The add-ons differ from company to company, so be sure to ask for details. Typical add-ons include: Property damage due to floods or earthquakes Damaged wedding or engagement presents

Liability protection: Some renters insurance protects you against a lawsuit if someone or their property is damaged on your apartment’s premises. Medical payments to guests: Some policies cover the medical bills, up to a limit, of anyone, except you or anyone else who lives in the apartment, who is injured in your apartment. Increase in living expenses: If your living expenses increase, because you must live elsewhere due to a loss, some policies cover, up to a limit, that increase. Lost property while traveling: Some renters insurance policies cover your property even when you’re traveling, should the airline lose your luggage. Premium policy add-ons: If you’re willing to pay a higher premium, you can buy additional protection. The add-ons differ from company to company, so be sure to ask for details.

Typical add-ons include:

Property damage due to floods or earthquakes

Damaged wedding or engagement presents

Questions to Ask Your Insurance Carrier   Will your insurance cover any property shared by your roommates? Which items should you take photographs or videotapes of? What are the limits on specific categories of personal possessions? What optional coverage is available, including for satellite dish and portable cellular communication systems? What is the price and protection difference between "replacement cost coverage" and "depreciated cost coverage"? How should you value fine-art objects? What circumstances are covered in your personal liability? What circumstances are covered in the medical coverage for others? Will you be notified before any rate increases because of policy changes or inflation? If your building were damaged or destroyed, would you be compensated for interim housing? How much protection would you have if your home were damaged or destroyed because of an action by yourself or a guest? Will your personal liability include defense costs in the case of a lawsuit filed against you? What will your off-premises coverage include, for both personal property and medical liability? If you're planning to be married, is protection provided or available to cover the value of gifts?

 

Will your insurance cover any property shared by your roommates?

Which items should you take photographs or videotapes of?

What are the limits on specific categories of personal possessions?

What optional coverage is available, including for satellite dish and portable cellular communication systems?

What is the price and protection difference between "replacement cost coverage" and "depreciated cost coverage"?

How should you value fine-art objects?

What circumstances are covered in your personal liability?

What circumstances are covered in the medical coverage for others?

Will you be notified before any rate increases because of policy changes or inflation?

If your building were damaged or destroyed, would you be compensated for interim housing?

How much protection would you have if your home were damaged or destroyed because of an action by yourself or a guest?

Will your personal liability include defense costs in the case of a lawsuit filed against you?

What will your off-premises coverage include, for both personal property and medical liability?

If you're planning to be married, is protection provided or available to cover the value of gifts?

Work Cited http://apartments.about.com/od/rentersinsurance/Renters_Insurance.htm www.insure.com/home/ renters .html

http://apartments.about.com/od/rentersinsurance/Renters_Insurance.htm

www.insure.com/home/ renters .html

Add a comment

Related presentations

Related pages

Renters Insurance – State Farm®

Cover property in your rental house or apartment with renters insurance form State Farm®. For just pennies a day, see how little peace of mind can cost.
Read more

Comparing Homeowners and Landlord Insurance - Allstate

Do I Need Homeowners or Landlord Insurance? ... Renters insurance may help protect your ... Sample Rental Agreements and Helpful Templates for Landlords.
Read more

Landlord Insurance and Renters Insurance | Erie Insurance Blog

Landlord Insurance and Renters Insurance. By: ... What insurance policies are landlords required to carry? CL: If they have a loan on their property, ...
Read more

Landlords Insurance - Compare The Market

Landlords Insurance is vitally important when renting your property, let Compare the Market remove the guess work and find your best deal.
Read more

Landlords Push Renters Insurance - WSJ

Renters are increasingly being asked to carry their own liability insurance by apartment owners and managers, partly in response to the rising ...
Read more

Compare Cheap Landlord Insurance at Gocompare.com™

Compare landlord insurance quotes in minutes to get the right cover for your properties. Protect against accidental damage, loss of rent & more ...
Read more

Landlord Insurance | Allstate Insurance For Landlords

An Allstate landlord insurance policy can help you protect your property, your investment and yourself. Talk to a knowledgeable agent to learn more.
Read more

Landlords Insurance | Renters Insurance

If you are looking for Renters Insurance, Home Insurance, Auto Insurance and Landlords Insurance, HDA insurance is the place to find it all.
Read more

Landlord Insurance | Specialist Insurance for Landlords ...

Looking for landlords insurance to cover your property? Whether its commercial or residential, Endsleigh have you covered with a variety of policies.
Read more

Renters Insurance Quotes Online | GEICO

See how much you could save with a free renters insurance quote. Let GEICO help you get renters insurance for as little as $12 a month.
Read more