Renters & Homeowners Insurance

Renters & Homeowners

Renters insurance is an insurance policy that covers the possessions of a person who is renting a property in the event that those possessions are lost or stolen.

The cost of renters insurance will vary depending on your coverage amounts, the fire prevention measures you have, your credit history, and where you live. On average, renters insurance costs about $197 per year, or about $17 a month.

Homeowners insurance is an insurance policy that covers losses and damages to a person’s house and to their belongings inside the home.

The cost of homeowners insurance will vary depending on your coverage amount and deductible, the location and neighborhood crime rate, the home’s distance from a fire hydrant and local fire department, the condition and age of the home, and your credit score.

The average cost of homeowners insurance in the US is $1,083 per year, or $90.25 per month. Homeowners insurance will be more expensive in states that are more susceptible to natural disasters. In Florida, for example, homeowners insurance costs $2,055 on average because tornados and hurricanes occur frequently there.

Tenants & Landlords

A lease is a contract outlining the terms under which the tenant agrees to rent property owned by the landlord. The lease outlines the duties of each party, and if either fails to uphold their part of the agreement, they may face consequences.

When a tenant signs a lease agreement, she is legally obligated to pay the rent stated in the lease, to refrain from causing damage, and to not use the premises for an illegal purpose.

Tenants also have certain rights. Under the Fair Housing Act, landlords may not discriminate against current or prospective tenants on the basis of their race, gender, familial status, religion, ethnicity, national origin, or disability. Tenants also have the right to a safe and habitable home as well as a reasonable level of privacy.

Landlords are responsible for providing a habitable unit for the tenant that is free of hazards and compliant with all building and health codes. They are also responsible for certain repairs and maintenance and for notifying the tenant before they enter the unit.

Landlords have the right to screen applicants, collect rent and payments, enter the tenant’s unit with notice, and evict the tenant if they fail to abide by the lease agreement.