Renters Insurance Flashcards
What's included, covered, and recommended. (21 cards)
What is Renters Insurance designed for?
Providing safety to residents
What does a landlord’s insurance policy typically cover?
Physical building
What is NOT included in Renters Insurance?
Belongings
What is the recommended liability for Renters?
$100,000
What is the average monthly payment for Renters Insurance?
$15-$30 a month
What type of insurance policy pays out the depreciated value of your items?
Actual Cash
What type of insurance policy pays the amount it would take to replace the items?
Replacement Cash
What’s the risk of not having Renters Insurance?
Liable for cost and no replacement of property
What is a lease?
A contract of the conditions between a renter, the roommate,(s) and the landlord
What is the premises?
The specific address or location
What is a fixed lease?
More than a one month stay
What is a month-to-month lease?
A monthly payment for a one month stay that can be renewed
What is rent?
The amount of money a person pays each month to inhabit a rented area
What is a late fee?
An amount of month that must be paid after the rent as a late penalty
What is a grace period?
3-5 day notice to pay rent before the monthly due date
Why would you have to file a security deposit?
If you damaged the property in some way after moving in
Why is it best to pay with checks and not cash?
Proof of document
What is severability?
Validates the entire contract despite a minor change
Why can’t you modify a contract verbally?
Proof of documentation and agreement
What is a Bad-Check Service Charge?
A penalty for late payment of $25 and landlord-decided consequences
Why is there pet policies in renters insurances?
Some pets aren’t allowed and must have extra fees and consequences
