What Is Tenants Insurance?

What Is Tenants Insurance?

What Is Tenants Insurance?

What Is Tenants Insurance?

The smart homeowner has purchased insurance on his property. What about the renter? While he has no need to insure the fixtures or fittings on a building, he has many possessions and facilities that he is responsible for. Furnishings, windows, personal possessions, even oil/gas and metered waterand possibly some of the landlord's possessions that he makes continuous use of. This is why more and more people are taking advantage of tenants insurance.Best Financial Advice - Financial Planning | www.IXGW.com http://www.ixgw.com/

What is Tenant Insurance?

Also referred to as tenants contents insurance, this insurance is designed to cover all the contents of the space you are renting. Think of the furniture, the home entertainment equipment, mirrors, glass, even your personal possessions like money an jewelry. Especially if you are a shared tenant (there is another person sharing the property with you) it is very important to have your contents insured against. The tenant insurance quote should not include things covered by landlords insurance, however. You also should consider excluding items like a computer; it may increase your premium more than necessary. Sometimes insuring such items separately is more cost effective.

It is important to inspect every potential policy. Does it cover items even when they are not on the rented accommodation? How far can they leave the property? For what period of time? Things like leaving windows open might invalidate tenant contents insurance. Be aware of all these details when signing up for a policy. Check for exclusions. The coverage should be complete and sensible.

There are many insurance brokers who highly advise that all tenants home insurance also cover landlords contents that the renter uses, tenant liability insurance, stolen cash, and personal injury. Ask about such additional coverage, and how much it will alter the premium you pay. Other fine print in your policy will relate to how quickly items are replaced, if the replacement is "new for old," etc.

A tenant of commercial space will have to inspect his lease agreement to determine precisely what insurance he needs to purchase for that space. Usually commercial tenant insurance will include categories such as mechanical breakdown, liability, tenants legal liability, and tenants content insurance, similar to what was discussed above.

Every renter should make sure to scour his lease before signing. The landlord may insert some paragraphs about obligations to insure. Some of it may be negotiable. But you do want to know what the implications are before agreeing to sign the contract.http://www.ixgw.com/2010/07/what-is-tenants-insurance/

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