Renters Insurance / Basics of Renters Insurance
When renting any type of building, whether it be for residential purposes that you are going to live in such as a home or apartment, or for commercial business to use as a business front, there are a variety of different benefits that you can gain by purchasing renter’s insurance. Of course, renter’s insurance does cost money, and may either be insurance that you pay once every period in a lump sum, or insurance that has a recurring fee every month. In order to ensure your own safety when you move out, and protect yourself and your family or employees from incurring any type of fines or fees from damaged property, renter’s insurance is an absolute must. This article will cover the basics of what renter’s insurance is, and how you can purchase renter’s insurance to protect yourself from gaining any addition fines over the course of your rental stay.
What is Renter’s Insurance?
Renter’s insurance is the type of insurance that is purchased by anyone renting or leasing a building for any purpose. Although this insurance does not function as liability insurance if there are any injuries on the property while you own the building or room, renter’s insurance will protect you from having to pay if you damage the building or room in any way. Renter’s insurance is sold by two different types of parties.
The first seller of renter’s insurance is the landlord or owner of the building that is being rented. In many cases, your renter’s insurance will be your safety deposit, meaning the money you pay up front will protect you from incurring any addition fees over the price of the deposit you have made.
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The second type of insurance seller is an outside service or company that offers to cover the bills of any damages that you cause to the building while you are renting it. This type of service usually has a monthly fee, and will require you to sign a contract in order to ensure that you will stay with the service for a set amount of time. In order to make sure that you are covered, it is important to talk to the salesman that you are purchasing the insurance from and have the entire renter’s insurance plan that you are considering purchasing explained to you.
It is important to protect yourself from having any addition fees tossed your way from damages, so renter’s insurance is a great idea for anyone who is renting any type of residential or commercial building.