Scenarios
A grease fire damages cabinets, walls, and some personal property, which insurance is used?
Both renters and landlords insurance.
What is the lowest cost of landlords insurance mentioned?
60$
What does renters insurance cover?
What does Landlords insurance cover?
Damages to rental property, loss of income, and liability
There is a roof leak that caused damage to the building, which insurance is used?
Landlords
What is the average price range of renters insurance a month?
15$ to 30$
Who uses renters insurance?
Renters with expansive personal property.
Who uses landlord's insurance?
Landlords renting out property
A burglar breaks into a building and steals jewelry from a tenant and causes damage to the building, which insurance(s) must pay?
Both landlords and renters insurance
What is the average cost of landlords insurance per month?
270$
What are the cost factors of renters insurance?
Location, deductibles, property.
If you only rent part time, do you qualify for landlords insurance?
Yes
A flood destroys a unit and forces the tenants to move out, which type of insurance would cover the loss of income?
Landlords insurance
What are the 3 options of landlord's insurance?
DP1, DP2, DP3; or Basic, Broad, and Specialized.
What are the two types of renter insurance coverage?
Comprehensive and broad
How many perils are covered on DP1 insurance?
9
3,000$ of damage is done to a rental property, and the renter’s insurance has a deductible of 1,000$, how much does the renter's insurance have to pay?
Trick question, the landlord's insurance must pay.
What is the most expensive landlord's insurance option?
DP3 or Specialized
What is the difference between cash value value and replacement cost in renters insurance claims.?
Cash value is the current price of the item, replacement cost is the original price.
What is more expensive, landlords or homeowners insurance?
On average, Landlords