Tenant faces damages for unreported leak, flood
Contact your favorite insurance agent or broker and ask them to give you a quote for a renters insurance policy. The most common is referred to as an HO-4 policy and covers you for more than a dozen calamities that can besiege your rental property that you call "home."
As with any insurance policy, be sure that you contact a professional and be prepared to ask questions to ensure that you have enough coverage to meet your needs. You want to make sure you understand important aspects of the policy, such as the exact type of coverage ("actual cash value" or "replacement cost coverage").
An insurance professional will help you understand that the owner's insurance policy will not offer you much, if any, protection and that you are the only one who can and will look out for your best interests.
This column on issues confronting tenants and landlords is written by property manager Robert Griswold, author of "Property Management for Dummies" and "Property Management Kit for Dummies" and co-author of "Real Estate Investing for Dummies."
E-mail your questions to Rental Q&A at firstname.lastname@example.org. Questions should be brief and cannot be answered individually.
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