What is Landlord Insurance?

Tenant insurance is an insurance that protects the interests of your property from loss.

Tenant insurance

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Tenant insurance is an insurance that protects the interests of your property from loss.

When renting a house in the United States, the tenant also needs to purchase a "tenant insurance" to protect the interests of their property from loss. There are different types of US tenant insurance, and there is a big difference between the replacement cost and real value covered by insurance. In addition to tenant insurance, tenants can smoothly replace furniture items after a fire or theft, and more importantly, this type of insurance comes with liability insurance. ^[1]

2.1 First, renter's personal belongings

The landlord's insurance is to protect the house. It does not protect the tenant's personal belongings, so if a fire or theft occurs, all tenants' losses will be covered under the tenant's insurance. Tenant insurance not only covers the things in your house, the things you bring with you are also covered. For example, if a student takes a laptop to school and the computer is stolen, he can declare an insurance claim.

2.2 Second, tenant insurance includes a third party liability insurance

For example, a guest is injured in your house and then decides that it is not yours, and decides to sue you. If he sues successfully, all indemnities will be covered by tenant insurance. Tenant insurance will also cover some medical expenses for third parties.

2.3 Third, tenant insurance provides additional living expenses

If your rented house is accidentally unavailable, you need to stay in a hotel or rent a more expensive house, eat in a restaurant, etc. All the extra costs are covered by the tenant insurance.

The insurance premium of the tenant insurance is not too high. Basic insurance for 15,000 yuan of personal property and 100,000 accidental liability insurance. The annual premium is only about 150 yuan. If the accident liability insurance is increased to 300,000, the annual premium is only about 170 yuan. Usually tenants who are willing to buy tenant insurance are better tenants. In order to encourage tenants to buy tenant insurance, the owner can use skills in the rent. For example, if you originally want to rent a house of 18,000, if the tenant does not buy a tenant Insurance, the rent will be increased to 1,850. Tenants purchase tenant insurance, which can save money and protect their personal belongings. Naturally, they will readily accept the purchase of tenant insurance.

1. The homeowner must declare within 60 days after the loss of the house, and fill in the loss certificate and submit it to the insurance company. The loss items (items) should be listed in this form and their value should be noted. Each item in the table is listed as an item, but the prices are separated. It would be better to report the losses separately for each room for review by the insurance company.

2. All property losses must be discounted (except for purchase replacement cost insurance). The depreciation rate of each item is different. The annual depreciation rate of electrical appliances is 10%, the depreciation rate of hard households is 5%, the depreciation of soft furniture is 10%, the depreciation of tools is 5%, the depreciation of clothes is 5%, and the depreciation of curtains is 20%. Depreciation is 5% per year, and antiques, silverware, and jewelry are not depreciated. The insured should try to provide the original receipt or photocopy of the receipt as the basis for verifying the loss.

3. If the insurance company has a bad business style and does not settle claims in accordance with the regulations and contracts, the insurer should write down the reason for the entire incident and keep a copy of the letter communicated with the insurance company in order to find a lawyer to sue the insurance company.

(1) Submit a "Certificate of Loss" to the insurance company within 60 days of the incident;

(2) Select an appraiser within 20 days after the insurance company issues a valuation notice;

(3) If there is an objection to the claims of the insurance company, the lawsuit must be filed within 12 months after the loss;

(4) If the vacant building has not been insured for less than 60 days at the time of the loss, the insurance company will not accept claims.