Many renters don't consider the fact that they need their own insurance to cover all the items in their apartment. As a landlord or property management company in Fair Oaks and surrounding areas, you want to explain to renters that landlord's insurance only covers a certain amount of the damage. There are many assumptions out there about insurance covering the renter's belongings, and it's important that renters understand the process. While you may feel like it's not your responsibility to tutor tenants on renters insurance, in the long run, it could save you a lot of grief.
What is Renters Insurance?
Property managers in Fair Oaks want tenants to understand the ins and outs of renters insurance. Whether it's a fire that ruins all your clothing or
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When choosing a policy, the tenant should be thinking about all the scenarios that could happen. Insurance coverage is meant to save time and money as well as replace items lost due to disasters and theft.
Provide a Roof Over the Tenant's Head
A big plus for renters insurance is the fact that the tenant might need to be relocated after a disaster, and the insurance policy can provide money to cover the costs. Whether it's smoke damage, water damage or fumigation that requires the tenant to move temporarily, the insurance policy will help pay for a hotel and food costs.
The coverage will depend on the type of policy as well as the type of disaster, but there's a good chance that the tenant won't be left out on the street in the event of a disaster. The landlord policy might not cover those expenses.
Renters wondering "what is renters insurance?" will be able to make an informed decision about buying a policy to cover their belongings. Some landlords and property managers are starting to make renters insurance a requirement for tenants since it protects
In 1982 the company began offering homeowner's insurance and this venture also proved to be financially successful for the company. The vast majority of the homes insured by 20th Century are located in the Valley cites and at one time the homeowner's insurance made up about 10% of the company's business, however, to date it onl...
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
Although the recent tech boom in San Francisco has been blamed for the increased housing demand and the lack of affordable rental housing in the City, the reality is that the shortage of affordable rental housing been steadily climbing for the last 35 years. Rent control is oftenat the center of the controversy regarding the affordable housing shortage. In response to high inflation, and escalating rents, San Francisco’s Residential Rent Stabilization and Arbitration Ordinance was passed in 1979 (Forbes, Sheridan, 1999). Rent control imposes restrictions on landlords in regards to rent increases and evictions. It is estimated that seventy percent of San Francisco’s rental units are under rent control (Marti, Shortt, 2013). Because of the limited rent increases allowed, tenants living in these rent controlled apartments seldom move out, which severely impacts the vacancy rates in the City. Although the vacancy rate among rent-controlled units is extremely low, there are occasions when a tenant may vacate a rent control unit (a job out of the area, the decision to purchase a home, etc.). When a rent-controlled unit is voluntarily vacated, the landlord is allowed to raise the rent to market rates (this is called vacancy de-control); then the rent control annual increase takes effect on the new rent. A landlord will often raise the new rent to the highest possible price the market will allow, in an attempt to recoup the financial loss he is incurring on the units still under rent control. Because of the new higher rent, the previously affordable unit is no longer considered affordable; which then impacts the inventory of affordable housing in San Francisco.
Those who own trucks normally pay a higher insurance rate, yet again this varies with age and gender. Insurance companies normally have these higher rates for trucks, due to them being able to cause more damage in a crash. Trucks can also cost more to replace if in an accident and the insurance company wants to make sure the assets are completely covered in the policy.
To understand what is being discussed, one has to understand the underlying problem: rent control, as a result of a shortage of affordable housing. Rent control is defined as “a law placing a maximum price, or a “rent ceiling,” on what landlords may charge tenants” (Block, W. n.d) and is the “stated goal of preserving affordable housing for low- and middle-income families” (Blackwell, L. n.d). Rent control changes depending on the country. In this essay the effects of rent control will be discussed.
Insurance companies exist to make money. They are not concerned with your needs which include great coverage at an affordable price. Their agenda consists of offering superfluous offers, causing you as a customer to lose money on frivolous items that won’t ever benefit you.
...s not insured and I saw him struggle with not being insured and how he had wished he had made it a priority to stay insured throughout the years.
People purchase insurance policies to help protect themselves and their property in the event of a catastrophe of loss. If a catastrophe or loss occurs, the person who owns the insurance policy will submit a claim. The person submitting the claim is called a claimant and a claim is basically requesting for the insurance company to reimburse them for their loss. A claims adjuster works with the claims that people file in those situations (Bureau of Labor Statistics 1).
Throwing the baseball bat against the wall and damaging the drywall and immobilizing an electrical socket is an act of self-willed damage to the property. The tenant is required to keep the property in the same condition he has found it under the law and must assume liability for all actions that cause actual damage to the property. Furthermore, the landlord is not precisely responsible for damages caused by the actions of the tenant, but he is straightly accountable for the damages of the leak on the roof that caused damage to the tenant’s furniture and valuable items. Since the law supports that the landlord has an obligation to make sure that the property is permanently in a habitable condition and has the obligation to make the necessary repairs on
From that point, we also cover ways to protect your home from these scavengers, especially for those who live in apartments or duplexes as these types of buildings often suffer from multiple colonies and sources.
Property24. (2014). Pros and cons of buying and renting. Retrieved March 29, 2014, from http://www.property24.com/property101/rent-vs-buy-guide/pros-and-cons-of-buying-and-renting/17510
Melville, Sandra Real Estate Costs and Responsibilities Retrieved April 20, 2008 from Downtownsandiegoproperties.com (2006) Web site: http://www.downtownsandiegoproperties.com/real_estate_costs.htm
Conclusion Overall, the consequences of not having a Disaster Recovery and Business Continuity Plan can become costly in the event of a disaster. Most companies will find themselves in financial disarray when having to rebuild and/or replace any portions of the IT infrastructure that were destroyed during a disaster event. Hence, companies invest in insurance to cover such costs; however, there must be a balance because even with insurance an organization may still incur high expenses. Having a good disaster recovery and business continuity plan will keep your company up and running through any kind of interruptions such as power failures, IT system crashes, natural or man-made disasters, supply chain/vendor problems and more.
As I started my Health Insurance class my belief was that this class will be pretty easy as I am familiar with much of the medical field. Personally having multiple illness’s and having three special needs children, personally I have learned so much within the medical field. However, as I began reading Chapters 1-3 in my Understanding Health Insurance book, the realization hit that I was not as knowledgeable as I thought I was. Therefore, I am eager and excited to learn new things in the medical field.