When you think insurance, you think of the following: auto insurance, health insurance, homeowners insurance, pet insurance, life insurance, farm insurance and even cell phone insurance. Most people hear the word insurance and the last thing they think of is renters insurance. But little does that faction of people know that renters insurance in some areas is not only required to rent a unit majority of the time, but also a very smart bill to add every month.
Coverage of your belongings is very important. Things that mean a lot to you, and things that have cost you a lot. Its hard to get every single thing insured. You may be thinking: well I live in a condo, my landlord already has insurance. This is true, but not on your things—only on the structure it self in most cases.
Protecting yourself is important! Renters insurance protects you from 17 different kinds of peril: fire or lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, vandalism, theft, damage by glass, volcanic eruption, falling objects, weight of ice, snow or sleet, water-related damage, electrical sure damage.
You may notice that although this covers almost every kind of disaster that can occur, it missed out on floods and earthquakes. If you live in an area prone to these things, you will need to get a separate policy.
If you find yourself victim to one or many of these disasters, you will need to pay for your items first to replace them and then will be able to be reimbursed (a certain amount) after submitting receipts. When you are selecting insurance, it Is important to be as accurate as possible regarding the value of your belongings.
Like any insurance, your quote will depend on a number of factors. However, in most median cases you will pay between $150 to $300 a year This will get you anywhere from $30,000-$35,000 worth of coverage for personal possessions and between $100,000 to $300,000 of liability.
At times understanding the mumbo jumbo in a lease can leave you scratching your head and feeling like you need a lawyer just to sign it. Take these glossary terms and terminology will most definitely help you in your journey through moving.
Co-tenant– A person who agrees to a lease or rental agreement together with one or more other persons who will also occupy the premises.
Domicile- The state in which one maintains a permanent home to which he or she intends to return (even though residing in another state).
Forfeiture- Loss of the tenant’s continued rights under a lease.
Guaranty- An agreement as it pertains to a lease, whereby a person who will not occupy the premises guarantees that the tenant will perform his or her obligations under a lease or rental agreement.
Joint tenancy– A means of owning property by two or more owners. If one of the owners dies, the other owner or owners automatically take over that person’s portion of the ownership.
Periodic tenancy– A rental agreement that runs from week-to-week, month-to-month, or year-to-year.
Rent– The compensation paid by the tenant to the landlord for use of the premises.
Rent control law– A law (usually enacted by a city, but sometimes by a county or state) that limits the amount by which a landlord may raise rents.
Security deposit– An amount of money given to the landlord by the tenant at the outset of the tenancy, to secure the tenant’s performance of certain legal obligations specified in the lease or rental agreement – such as payment of rent and cleaning the premises at termination of the tenancy.
Sub lessee– A person who subleases a tenancy from a sub lessor
sub lessor– A tenant who subleases his or her tenancy to someone else.
Tenancy in common– A form of owning property by more than one person, in which each person owns an undivided interest in the whole property. Unlike joint tenancy, the interests do not have to be equal, and upon the death of a tenant in common, his or her interest does not pass automatically to the co-tenants, but is disposed of in the same way as all other property.
Tenant– Some who enters into occupation of property with the permission of the owner.
Tenant association– Another name for a tenant union.
Tenant at will– A person who occupies property with the landlord’s permission with no clear agreement as to how long the tenant may stay. The law will usually allow either party to terminate a tenancy at will on 30 days written notice.
Tenant union– A group of tenants who organize in order to further their common interests as tenants.