Who is most likely to purchase renter's insurance? OA. A tenant B. A seller OC. A purchaser OD. A - brainly.com (2024)

Final answer:

A tenant is most likely to purchase renter's insurance to protect their personal belongings and liability.


Explanation:

A tenant is most likely to purchase renter's insurance. Renter's insurance is a type of insurance policy that provides coverage for a tenant's personal belongings and liability in case of accidents or damages. It is typically a requirement or strongly encouraged by landlords to protect their property from damage or loss.

For example, if a tenant's apartment catches fire and their belongings are destroyed, renter's insurance would help cover the cost of replacing those belongings. Additionally, if a visitor to the apartment slips and falls and sues the tenant for damages, renter's insurance would provide legal and liability coverage.


Learn more about Renter's insurance here:

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Who is most likely to purchase renter's insurance? 
OA. A tenant 
B. A seller 
OC. A purchaser 
OD. A - brainly.com (2024)

FAQs

Who is most likely to purchase renter's insurance? OA. A tenant B. A seller OC. A purchaser OD. A - brainly.com? ›

Explanation: A tenant is most likely to purchase renter's insurance. Renter's insurance is a type of insurance policy that provides coverage for a tenant's personal belongings and liability in case of accidents or damages.

Who is most likely to purchase renter's insurance? ›

75 percent of insured renters are required by their landlords to obtain renter's coverage. The average renter's insurance premium was $211 per year, or about $18 a month. The most popular deductible was $500.

Who should consider purchasing renters insurance? ›

However, if you want to protect your personal belongings, you may want to consider buying a renter's insurance policy. In addition to personal belongings, some policies will also cover living expenses if your apartment or home is uninhabitable due to damage.

What is renters insurance quizlet? ›

Renter's Insurance. insurance that protects tenants of a property owned by someone else against theft, property damage, loss of personal property, and loss of use.

Who is typically responsible for insuring an apartment? ›

If the home is a rental, the landlord would insure the property, while the renter would be responsible for insuring the contents of the home.

Who is most likely to purchase renters insurance brainly? ›

Explanation: A tenant is most likely to purchase renter's insurance. Renter's insurance is a type of insurance policy that provides coverage for a tenant's personal belongings and liability in case of accidents or damages.

Who should consider purchasing renter's insurance quizlet? ›

All renters should purchase​ renter's insurance, if only for the liability protection. An umbrella personal liability​ policy: provides additional liability coverage to auto and​ homeowner's insurance policies.

Who is responsible for purchasing renters insurance? ›

Many landlords want tenants to be insured to help avoid potential disputes if, say, their belongings are damaged while on the property, according to the Insurance Information Institute (III). If you're required to have renters insurance, it would be your responsibility to shop for and purchase coverage.

What is the main reason someone would want to have renters insurance? ›

Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.

Why do people choose not to have renters insurance? ›

Some Renters Feel Their Property is Insured by the Landlord

Your landlord may have property insurance to protect the building structure and common areas, but this insurance offers no protection for your furniture and other belongings inside your rented property.

When purchasing homeowner's or renter's insurance, what is the replacement value? ›

On homeowners, renters, or condo policies, your property and belongings may be insured for either your property's actual cash value (ACV) or replacement cost value (RCV). Replacement cost value is the amount it will take to replace your property or belongings without any deduction for depreciation.

What is true about renters insurance? ›

Renters insurance typically covers fire, windstorms, lightning, explosions, theft, and vandalism. Your personal property, personal liability, additional living expenses, and guest medical expenses are usually covered under your renters insurance.

What are two examples when renters insurance would not cover the event? ›

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy. All three of these events can easily damage your personal property, so you should buy additional coverage if you think you're at risk.

What is a main difference between renters insurance and homeowners insurance? ›

The main and most obvious distinction between renters insurance and homeowners insurance is that a homeowners policy safeguards the home's physical structure against covered perils while renters insurance won't protect the home or building occupied by the tenant.

Is landlord liability the same as renters insurance? ›

Landlord insurance covers property owners who are renting out their homes, condos, or apartments. Renters insurance covers tenants' personal property, liability, and additional living expenses against a range of bad scenarios, known in insurance as covered perils.

Can a landlord require renters insurance in California? ›

While renters insurance is not required by law in California, some landlords may require it for you to live in their building. It's generally a good idea to have at least some form of coverage as your landlord's insurance is not liable for any damage to your personal property.

What are the statistics for renters insurance? ›

55 percent of U.S. renters, or 61 million people, currently have renter's insurance policies. It's often not their choice, as 75% of covered renters are covered because of a requirement by their landlord. The average renter's insurance premium was $211 per year, or about $18 a month.

What is the most common amount for renters insurance? ›

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

Which college student is most likely to need their own renters insurance policy? ›

College students living in off-campus housing are ideal candidates for needing renters insurance, since many students bring thousands of dollars worth of personal items, such as electronics, a computer, textbooks, clothes, furniture, and a bicycle, with them to school.

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