Which of the following statements is (are) true regarding renters insurance? I. Renters insurance is needed if you rent a house, but is not needed if you rent an apartment. II. The ISO renter's policy provides open perils ("all-risks") coverage on the insured's personal property.

Question

Business

Rory Mcneil

15 October, 16:37

Which of the following statements is (are) true regarding renters insurance? I. Renters insurance is needed if you rent a house, but is not needed if you rent an apartment. II. The ISO renter's policy provides open perils ("all-risks") coverage on the insured's personal property.

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Answers (1)

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Jaelynn Burton · Answer 1

Neither of the two statements are correct regarding the renters insurance.

Explanation:

Renters insurance which is also commonly know as tenants insurance, is that type of an insurance policy where a tenant can enjoy some benefits of homeowners insurance, where the personal property of the tenant is covered against fire, theft etc. Renters insurance can be taken on a house, apartment, a condo etc. But it is to be noted that this policy won't cover the structure itself and if the personal property is damaged because of flood, it won't come under the insurance policy.