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In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4.
Even though she had trained to handle insurance claims, Klamm found the process of re-acquiring possessions, communicating with the insurance company, and rebuilding her life grueling — and that ...
Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.
For example, if you have a $500 deductible and you filed a claim for damage from a fire, you would pay $500 towards the repair and the insurance company would pay the remaining cost.
Renters insurance is getting harder to come by and more expensive in California as insurers pull back from the state's troubled homeowners market, which has been hard hit by wildfires.
For example, a landlord in a commercial building will often require that a tenant have the landlord named as an additional insured on the tenant's insurance policies. [5] In this manner, if there is an accident or loss on the tenant's premises (such as a fall or a fire), then the landlord will enjoy the benefits of the tenant's insurance coverage.