Terms
Lease
a contract by which one party conveys land, property, services, etc. to another for a specified time, usually in return for a periodic payment
Examples of converges endorsed by homeowners policy
Earthquake, theft, inflation, sewer, etc
Should cost sway you from buying renters insurance?
No, It’s really cheap. Renter’s insurance can go for about 100 dollars a month. Really cheap and worth it.
T/F: all places allow pets, as long as you pay the fees
False, many places do not allow pets.
Personal Property
Personal property is something that you could pick up or move around.
Ex: automobiles, trucks, bonds, furniture, clothing, etc
Endorsements: define
policy changes to add or increase coverage limits, they may be used to add, delete, exclude or alter coverage.
What does renters insurance cover?
Provides financial reimbursement to cover a tenant’s lost or damaged possessions as a result of fire, theft, or vandalism. Can also cover a tenant’s liability in the even that a visitor is injured on the premises.
Give 3 examples of building amenities you want to look for/ have
Too many to write here :)
Eviction
the action of legally expelling a tenant from a property
example of why you need liability protection
bodily injuries that happened your property or was caused by you
T,F: Most contracts are the same, so reading through should be fairly obvious an not take time
FALSE: all leases/ contracts are different depending on the place
Subletting
when the tenant decides to move out of the property, but their lease has not ended, so they lease the property to another person or subtenant that agrees to pay the lease and live in th property for the remaining amount of time.
benefits of liability protection
It protects your current and future assets...
Provides coverage for lawsuits
Provides coverage for you and the members of your family or household
T/F: In college, you should not negotiate with the landlord.
False, but may not work out.
Umbrella Coverage:
Umbrella Insurance is extra liability insurance whose policy is designed to help protect you from major claims and lawsuits as a result it helps protect your future
4 sections of property protection
dwelling, other structures, personal property, loss of use