What Renters Need To Know About Insurance

Since most homeowners are also mortgage holders, they are required to have home insurance. However, most renters are not required to purchase renter’s insurance according to the terms of a lease. They face many of the same risks as homeowners. Although renters do not have to pay for the actual structure that is rented, they are responsible for covering their personal belongings that they bring into the structure. Most renters do not purchase insurance because they feel that it is too expensive. Average policies range between $10 and $30 per month. In comparison with the cost of replacing expensive belongings, the monthly premium is a good deal. This is especially true since renters have no control over the actions of 

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Landlords May Be Legally Liable For Tenants’ Injuries

One of the risks from being a landlord is that tenants or visitors to the premises may get injured. Injuries may result from factors out of the landlord’s control. However, in some cases the landlord may be legally liable for accident. Negligence A landlord is legally liable for a tenant’s or visitor’s injury if he is negligent. The law considers a person’s actions to be negligent if: He owed a duty to someone else to be careful He was not careful The other person suffered some kind of actual harm The first person’s failure to be careful caused the harm. In the case of a landlord, this means: The lease or some other agreement made the landlord responsible for maintaining 

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