Update August 27- 2010 All About "Tenant Rental Insurance" Information By Insurance Experts

Rental Insurance also known as rental insurance, it is types of additional insurance purchased to protect against third party claim due to at fault in car accident, personal property contained in a rental unit from loss due to fire, theft, water damage and other circumstances. Specific terms of coverage are determined by the policy purchased from the insurer.

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics Used
To Devalue Claims For Insurance Company Profit

Insurance For a Rental Property - What You Must Know
By Eric Madrid


Insurance for a rental property is different then your typical homeowner's policy. A standard homeowner's insurance policy will not cover a rental property, as there are special considerations that you will need covered. Some landlords lie to insurance companies and tell them the property is owner occupied. Don't do this! This is very risky, and could put you in very hot water.
How is Rental Property Insurance Different from Homeowner's Insurance?
Homeowner's insurance covers your house and the contents within. Rental property insurance covers the structure but it does NOT cover the tenants contents unless there are items that you will be providing for the tenant's use (such as furniture.) Also, rental property insurance focuses more on liability and protecting you from lawsuits. Finally, there are clauses in most rental insurance that will protect you from the loss of rental income.
Why Your Tenants Need to Have Renter's Insurance
It is a very good idea to require your tenants to purchase renter's insurance. Your homeowner's insurance does not cover your tenant or any of his or her possessions, so it's really in their best interest. This insurance will also protect you from being liable for any health or property damages that your tenant may try to blame on you, as those items are covered. They will be compensated, and the tenant will not need to seek legal action against you.
Deductibles
If this level of insurance seems a little expensive for you or your tenant, then you can always try to obtain a policy that has a high deductible but a low premium. This works very well if you're trying to protect a large number of relatively cheap items. On the other hand, if you or your tenant has some very expensive items, you will want a policy with a low deductible. Assess your needs and purchase a plan that's right for you.
Final Thoughts
If both you and your tenant have the proper insurance for a rental property, then there is very little that won't be covered in case something gets destroyed or stolen. You'll also be covered from liability in the case of injuries or defects in your property. It's always better to be safe than sorry, so know what you're getting into if you decide to skimp on insurance. I highly recommend adding an umbrella policy to your regular home owners policy. This will give you even more protection from tenant lawsuits.
Eric Madrid is the founder of working-landlord.com
Do You Have Landlord Questions, Problems, or Needs? Don't stress., working-landlord.com is a place where it is easy to find exactly what you need. Whether you're a new landlord or a small landlord with one to ten properties, I have the solutions that will meet your needs. And don't worry. You will find a lot of free information and advice based on my experience as a working-landlord. So sit back and let your index finger click the way to your success.
Click The Link Below To Visit My Websitehttp://www.working-landlord.com

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics Used
To Devalue Claims For Insurance Company Profit

Back To General Contents ( Home )
Back To The Top

Article Source: http://EzineArticles.com/?expert=Eric_Madrid

Update August 11- 2010 All About "Tenant Rental Insurance" Information By Insurance Experts

Rental Insurance also known as rental insurance, it is types of additional insurance purchased to protect against third party claim due to at fault in car accident, personal property contained in a rental unit from loss due to fire, theft, water damage and other circumstances. Specific terms of coverage are determined by the policy purchased from the insurer.

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics Used
To Devalue Claims For Insurance Company Profit


Should I Have Renters Insurance?
By Julie A Rogers

The majority of people have rented an apartment or home at least once during their lives. Renting is often an alternative to a home mortgage payment or a passing point between residences. The advantages of renting often include a lesser payment, lack of homeowner's insurance, and property taxes. While choosing to rent an apartment or home, maintaining adequate renter's insurance is a necessity for an abundance of reasons.

Misconceptions of Renter's Insurance

Many individuals believe that their personal belongings are covered by the landlord or apartment's insurance policy. This however, is generally not how it works. Typically the landlord's policy only covers the structure, but not the renter's property. For instance....if the property was to be destroyed by a fire, the landlord's policy will pay for the cost of replacing the structure. The landlord's will not pay for the tenant's property that was inside the apartment or home such as clothing, televisions, furniture, cooking utensils, electronics, etc.

Another common misconception is that the landlord is responsible for housing the tenant in the event the apartment or the home is inhospitable due to fire or water damage. For example, if the apartment is under repair due to fire damage, the tenant must find their own housing at their own expense while the unit is being repaired.

A third misconception is that the landlord's policy will cover theft and vandalism to the tenant's personal property. If you are renting an apartment or home and it is burglarized, the landlord's policy is not responsible for replacing your personal belongings.

What Renter's Insurance Does!

Having an adequate renter's insurance policy will provide protection for your personal property and belongings. The coverage is based upon the value of your belongings and typically clients are surprised by the amount of coverage needed once they do quick cash analysis of the property. It is often very important to check with your insurance agent and see if there are any limitations on listed coverage. Typically policies will put limitations on coverage for jewelry, guns, computers, money, and furs. If you have items valued higher than the limitations is important to let your insurance agent know so that additional coverage can be added via an endorsement or an additional Personal Articles Policy. Base coverage begins at around $10,000 and can be increased to well over $200,000. Renter's coverage also includes liability insurance (typically $100,000) to protect the insured in the event someone is injured inside the rental property. Renter's insurance can also provide medical payments insurance to give the insured some protection against injuries to others while inside their rental unit as well. It is a good idea to ask your insurance agent what other options/endorsements are available.

The Cost of Knoxville Renter's Insurance

Renter's Insurance is very reasonably priced and well worth the cost! Depending on the area, a typical $10,000 property coverage policy with $100,000 in liability coverage cost less than $10.00 a month. One of the great features with renter's insurance is that it typically provides a Multi-Line Discount on the insured's auto insurance, which can often offset the additional cost of the renter's insurance!

You should check with your insurance agent for details or get a free Knoxville Renters Insurance quote online.

Shop TN Insurance is a Knoxville Insurance Company that offers great rates on home insurance, auto insurance, renters insurance, life insurance, health insurance & more. They have 3 convenient locations in Knoxville, TN to better serve their customers.

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics Used
To Devalue Claims For Insurance Company Profit

Back To General Contents ( Home )
Back To The Top

Article Source: http://EzineArticles.com/?expert=Julie_A_Rogers

Update July 24- 2010 All About "Tenant Rental Insurance" Information By Insurance Experts

Rental Insurance also known as rental insurance, it is types of additional insurance purchased to protect against third party claim due to at fault in car accident, personal property contained in a rental unit from loss due to fire, theft, water damage and other circumstances. Specific terms of coverage are determined by the policy purchased from the insurer.

Recommended Program
An Insurance Insider Exposes The Shady Practices And Underhanded Tactics Used To Devalue Claims For Insurance Company Profit


Contents Insurance For Tenants - The Benefits That Renters Should Consider
By Jackson Golde

Contents insurance for tenants has become necessary for tenants because of the increase in robberies in the past few years. Contents insurance for tenants covers the personal belonging or possessions which are inside your home. It is very different from homeowners insurance which covers just the building itself.

Most people have the impression that the homeowners insurance will also cover their belongings in case of a disaster. But this is not how coverage for insurance works. So if you happen to be in a rented apartment, it will depend wholly on you and not to the land lord for insuring your personnel belongings. Basically it includes those possessions which you could take with you when you move out of the house, for example carpets, fridges, music systems, computers, etc. It also includes personnel belongings like jewellery and clothes.

There are many insurance company which gives insurance for tenants that seeks to include accidental damage which covers damages made to the building. Most tenants are subjected to a variety of possible financial loses, like burglary, fire, accidents, etc. Most of these losses might be as a result of a misfortune or by the way of our careless manners. This is where contents insurance for tenants plays a very important and vital role. They not only give a sense of security but also protect a tenant by helping them to compensate for these accidents or blunders. Contents insurance for tenants generally covers any kinds of loss to a tenant's property caused by any incidents like break-in or fire outbreaks. Under these circumstances the insurance company compensates them by replacing them with new ones.

Before you decide on a contents insurance for tenants policy, you should log on to the internet and take a look at the different rates and coverages that are being offered. This will help you to analyze and compare the various available choices more effectively. Also make sure that the plan you are considering to buy covers all your properties including the expensive ones.

Want to learn more about the importance of getting contents insurance for tenants?

Visit my Contents Insurance For Tenants site to get more info on how to find an affordable policy.

Recommended Program
An Insurance Insider Exposes The Shady Practices And Underhanded Tactics Used To Devalue Claims For Insurance Company Profit

Back To General Contents ( Home )
Back To The Top

Update July 07- 2010 All About "Tenant Rental Insurance" Information By Insurance Experts

Rental Insurance also known as rental insurance, it is types of additional insurance purchased to protect against third party claim due to at fault in car accident, personal property contained in a rental unit from loss due to fire, theft, water damage and other circumstances. Specific terms of coverage are determined by the policy purchased from the insurer.

Recommended Program
An Insurance Insider Exposes The Shady Practices And Underhanded Tactics Used To Devalue Claims For Insurance Company Profit


Lease Purchase Clauses - Tenant Insurance & Property Condition at Move In
By W. Lewis Burger


I've been a real estate investor for over thirty years and I love selling a house on a lease purchase.
Tenant Insurance: Tenant insurance is very important and I never waive from this for several reasons.
Most Landlords own several houses. If there is a claim, your property insurance premium will sky rocket on all your properties. You as Landlord are responsible for everything that goes on at the property. If someone falls and hurts themselves, you are responsible; even if that person is a tenant, guest of tenant, whatever.
The Landlord must be added as an Additional Insured on the Liability portion the Renter's Policy. If someone is hurt on the property, this Renter's Policy will pay before the Landlord's policy. Most Renter's Policy have a $300,000 Liability clause but, will not cover the Landlord unless added as an Additional Insured. I insist the coverage is increase to $500,000, because I want it and I think $500,000 will cover a lot more than $300,000. The increase from $300,000 to $500,000 costs the Tenant very little.
You must have this before the Tenant moves in. Most accidents happen when moving furniture in and out of a house.
Also, most insurance agents are not aware the Landlord can be named as an Additional Insured and some Insures don't. Most do and you have to educate the agent. You may have to talk to the Tenant's insurance agent directly to get this done. I usually do.
Get it done before the Tenant moves in. I do not give them the keys until the insurance binder is faxed to me.
Also, point out to the tenants that you, as landlord, has property insurance but, this only covers the structure and does not protect the tenant's personal belongs. Tenant insurance will and it's not expensive.
Condition: Again, remember, this is Net Net Net Lease. Whatever 'repairs' you are going to do, do before the Tenant moves in and then the maintenance is the Tenant's responsibility.
In fact in Georgia, there must be a "Move In Inspection"; that list the condition of the property at move in. This must be signed by the tenant and landlord. This form is included in my lease available on my web site
Bottom Line: Tenant Insurance: Insist on it and do not let the tenant move in until you have the binder. Condition: Do the repairs before tenants moves in and agree (in writing) the property is in good condition at move in and no repairs at needed. There after, the tenant is responsible for all maintenance.
Below are the complete clauses from my lease and the complete lease is available at my web site.
Tenant Insurance: Before occupying the Property, the Lessee/Tenant must obtain a tenant insurance policy with liability coverage of at least $500,000.00. The Landlord/Lessor is to be named as an addition interest with notices mailed to the Landlord/Lessor at the address herein provided.
Lessee/Tenant's Initial: ____________ _____________
I get the Tenants to initial after this paragraph - make sure they understand
CONDITION: Landlord/Lessor as offered and Lessee/Tenant have accepted to take Property in its "as is" condition. Lessee/Tenant acknowledges receipt of the Move-In Inspection Form and accepts the Property in the condition listed. If the Lessee/Tenant shall find the conditions not as listed or listed incorrectly, Lessee/Tenant shall deliver to Landlord/Lessor a written statement of the discrepancies within one day from the signing for this Agreement. Otherwise, it will conclusively presume that the inventory and conditions are correct and the Lessee/Tenant will responsible for all loss, breakage, burns and other damage not designated.
W. Lewis Burger CCIM, has written many articles on real estate investing and self directed IRA's and has been an investor for thirty years. Mr. Burger is a CCIM (Certified Commercial Investment Member) designee. The forms and agreements on http://RealEstateFormsForInvestors.com were developed using this experience and hundreds of transactions. These forms and agreements are very detailed and strongly favor the landlord. If you are looking for a simple and cheap one or two page documents that are not written by an experience investor, do not visit my site. However, if you are serious real estate investor, don't want to get screwed by your tenants and willing to pay for my mistakes and experience, then my site is for you. Go to http://RealEstateFormsForInvestors.com now and get the tools you need to make more money in spend less time. All forms offer a money back guarantee

Recommended Program
An Insurance Insider Exposes The Shady Practices And Underhanded Tactics Used To Devalue Claims For Insurance Company Profit

Back To General Contents ( Home )
Back To The Top

Update June 17 - 2010 All About "Tenant Rental Insurance" Information By Insurance Experts

Rental Insurance also known as rental insurance, it is types of additional insurance purchased to protect against third party claim due to at fault in car accident, personal property contained in a rental unit from loss due to fire, theft, water damage and other circumstances. Specific terms of coverage are determined by the policy purchased from the insurer.

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics
Used To Devalue Claims For Insurance Company Profit

Tips on Rental Car Insurance

By Steve Benedict

Rental car insurance is a gamble. You may get away without it, but the odds are not in your favor unless you have some form of additional insurance. Your regular car insurance policy probably covers any vehicle you are driving, but the gaps in your personal coverage may spoil your trip and cost you a lot of money.

DON'T WAIT until you're at the car rental counter! Make a couple of phone calls to your insurance company and the major credit card company you'll be using for rental. Ask what is covered and what isn't. My guess is the list of rental car insurance questions is longer than you think. Don't feel alone in your confusion. Most people wouldn't even think to ask about some of the possible gaps in coverage.

Here are some coverage items you need to ask questions about:

1) Am I covered if I have an accident that results in the "loss of use" of the vehicle to the rental car company, while the car is being repaired?

2) Am I covered for theft or vandalism to the car or my property?

3) How much coverage do I have on my current automobile, in terms of comprehensive and collision. If you've dropped either to save money, your rental car insurance is not going to have either coverage.

4) Who pays for administrative fees, towing fees, diminished value of the rental car due to an accident, medical and ambulance fees or damages to private property.

5) Am I covered if this is a business trip, rather than a recreational trip?

Fortunately, most of these questions are easy to answer. Between your credit card company, auto insurance firm and your homeowners insurance policy, most of these areas are probably covered. If you still have some doubts about an accident, ask the rental car company about a loss damage waiver (LDW).

An LDW is technically not a rental car insurance product. It may cost you a few bucks a day, but it will protect you if the rental car is damaged or stolen.

After you've done some planning, you may find that no additional insurance is necessary. Between your credit card firm and your regular auto insurance policy, you may have all the bases covered and you can just have some fun on your vacation. When in doubt though, ask your regular insurance company for a temporary insurance rider. It's a lot cheaper than shelling out the big bucks if you do have an accident.

My name is Steve Benedict and I help people save money on auto insurance. I want you to benefit from the mistakes I've watched others make, and learn insider secrets that it took years to perfect. Whether you're "just curious or really serious", visit my website right now, while you're thinking about it: http://www.carinsurance-journal.com/

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics
Used To Devalue Claims For Insurance Company Profit

Back To General Contents ( Home )

Back To The Top

Update May 27 - 2010 All About "Tenant Rental Insurance" Information By Insurance Experts

Rental Insurance also known as rental insurance, it is types of additional insurance purchased to protect against third party claim due to at fault in car accident, personal property contained in a rental unit from loss due to fire, theft, water damage and other circumstances. Specific terms of coverage are determined by the policy purchased from the insurer.

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics
Used To Devalue Claims For Insurance Company Profit

Understanding Renters Responsibility

By R Quade

The world of renting is often seen as one-sided. Renters expect the landlord to live up to his or her responsibilities, but renters responsibility is often given little thought. What sorts of responsibilities might renters have? Actually, there are quite a few legal responsibilities for those who choose to rent, rather than own, and understanding what is required of you can make your renting experience a simpler, more enjoyable thing.

The best place to learn more about the responsibilities that apply to your specific situation is your rental/lease agreement. This document spells out the responsibilities and requirements for both parties - you, the renter, and the landlord. However, there are some common areas that are often overlooked by renters in the process of day-to-day living.

Rent Payment - One of the most important renters responsibilities is to make certain that the rent is paid on time, every time. Not paying your rent on time (or at all) can obviously lead to some serious problems. In addition, even if you will be out of town for an extended period of time, you are still responsible for making certain that your rent is paid on time.

Maintenance - While the landlord is responsible for maintaining the grounds and structural elements within your apartment or home, you are responsible for some maintenance, as well. For instance, replacing the batteries in your smoke detector is your responsibility. Making certain that the fire extinguisher provided by the landlord remains in place is also one of your responsibilities. Finally, making certain that you do not damage the rental unit outside of "normal wear and tear" is also one of your responsibilities.

Renters Insurance - It is not the landlord's responsibility to provide you with insurance or to protect your belongings in the case of fire, flood, theft or other form of disaster. While the landlord's insurance will protect the unit, your belongings must be insured by you. One of the most important of all renters responsibilities is to obtain renter's insurance. This will help make certain that your items and possessions are protected against burglary, fire and other threats.

As you can see, there are numerous renters responsibilities. However, they are not terribly onerous and should be simple to uphold. Following these simple guidelines can help make certain that you are able to have the best renting experience possible and that you do not put undue pressure on your landlord.

RentersInsurance.net provides US consumers with the opportunity to shop online for student rental insurance. Visit RentersInsurance.net to find the best insurance quotes.

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics
Used To Devalue Claims For Insurance Company Profit

Back To General Contents ( Home )

Back To The Top

Update May 07 - 2010 All About "Tenant Rental Insurance" Information By Insurance Experts

Rental Insurance also known as rental insurance, it is types of additional insurance purchased to protect against third party claim due to at fault in car accident, personal property contained in a rental unit from loss due to fire, theft, water damage and other circumstances. Specific terms of coverage are determined by the policy purchased from the insurer.

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics
Used To Devalue Claims For Insurance Company Profit

What Your Tenant Rental Insurance Should Cover

By R Quade

As with any other insurance policy, when you're buying tenant rental insurance, it's important to make sure that your policy actually meets your needs. Sure, you might want to get the best possible deal, which is important, but if you're paying next to nothing for next to no coverage, you're still paying too much. Here are a few things that your renter's insurance should cover.

Obviously, this type of insurance, which is primarily a form of property insurance, should cover your property. If you have to, take an inventory of everything that you own, and then total up how much it would cost you to replace it all in its current condition. That's at least as much liability insurance as you need. You may, though, actually need more insurance than this if you want to leave a little leeway in case you need to replace your property with new things, which is the most likely course of action.

You also need to know what situations your tenant rental insurance covers. For instance, are you covered in the event of a fire that wasn't cause by you? Are you covered in the event that a fire was accidentally caused by you? Are you covered for floods? Are you covered for thefts? Looking over your policy or speaking with an agent should tell you all of this. Really, you should be covered in any worst case scenario you can think of.

Besides this, though, your renter's insurance should cover other people's property if you damage it. In an apartment or condominium, you're going to be packed into one building with multiple people. If your three-year-old leaves the bathtub running so long that it spills over and causes a leak through your floor - which is your neighbor's roof - you need to be able to pay for any damages that the problem creates. Even if you live in a house away from other tenants, you need to be able to pay for any issues you cause for your landlord's property.

Also, you'll need liability insurance that will cover legal and medical fees for people who are hurt on your property. The chances for someone suing you for tripping over your entryway rug are slim, but it could happen. Luckily, tenant rental insurance is pretty cheap, even with hefty liability coverage, which means that you can afford to have the coverage you need without too much trouble.

RentersInsurance.net provides US consumers with the opportunity to shop online for tenant rental insurance. Visit RentersInsurance.net to find the best insurance quotes.

Recommended Program
An Insurance Insider Exposes
The Shady Practices And Underhanded Tactics
Used To Devalue Claims For Insurance Company Profit

Back To General Contents ( Home )

Back To The Top