Understanding Renters Insurance worksheet is a great place to start your research on this topic. The First, Second, and Third Point could be used as guideposts in understanding this topic. You will find out that all those points are covered in simple language and concepts, easily understandable by anybody. Now the Fourth Point could be detailed.
The Fourth Point about the Benefits of Renters Insurance is very good and a must read for everyone. Before reading it you must have a basic knowledge about this topic.
The Fourth Point of this Insurance Worksheet is, ‘Apt Losses of property can be covered under this Insurance as long as the damages are caused due to negligence of the Tenant and not due to any other factors such as a lightning strike or fire’. The landlord is insured for his own property if the tenant has any or damage on the property caused by negligence of the tenant.
Apt Losses of property means the expenses incurred due to damage of the tenant’s property such as roof or ceiling, smoke, or fire and other accidental injuries. It is necessary to be informed that the insurance coverage that will cover the rents for time periods up to six months is not an “Apt Loss” but will be a sole Occupancy Coverage. The coverage and exclusions could be different for each insurance company.
The next point of understanding Renters Insurance is, ‘In addition, landlords insurance also covers repair of the property after the damage takes place’. This covers the repair cost after the damage. The coverage range is different for every policy provider, some might cover only from the first date of damage till the end of the lease period while others might offer additional coverage for the period of extension of the lease.
The Third Point, the Twenty-Five point Worksheet on Understanding Renters Insurance is, ‘If the tenant is living in rented accommodation and he does not notify any major break in to the property or flood damage, he will not be liable for the damages’. The coverage may be extended further up to twenty-five years for most of the insurers.
The Coverage and exclusions for landlord’s insurance is very vast. Some of the limitations will vary from insurer to insurer. Apt loss is excluded and the liability amount for personal property is limited to the value of the property in excess of a certain value.
The coverage and exclusions of the landlord’s insurance could be different according to different insurance companies. To avoid further complication, it is wise to consult a professional landlord’s insurance broker who can assist you in coming to a decision about the best policy that suits your requirements.