Heath Ritenour Outlines the Need for Renters Insurance Policies
When people rent houses, they are likely to experience various challenges in the course of their stay. These include theft, burglary, fire, or any other calamity following human error or from natural, inevitable circumstances. Such occurrences result in massive property loss to renters, which is mainly different from the losses that landlords experience. Most landlords or homeowners possess an insurance policy that protects their houses and internal installations against any damage. Heath Ritenour, the CEO for Insurance Office of America (IOA), provides recommendations for renters against suffering such losses through a renters insurance cover.
Although no legal obligation makes it mandatory for renters to have the renters insurance policy, some landlords enforce it as their regulation before allowing renters access into their property. While it may appear harsh, they do it to protect the interest of their tenants. Others still allow tenants to move into their houses without this policy while adhering to its legal boundaries. Whatever the case, renters should take the recommendation of Heath Ritenour as a benefit to protect their property against any unforeseen circumstances.
According to the items that renters want to be covered by insurance firms, there are various types of insurance covers. First, Heath Ritenour explains that personal property insurance is divided into two other policies: actual cash value and replacement cost policies. The former policy covers items at their present value, meaning any reimbursement doesn’t enable a renter to purchase a new item with the compensation they receive. The replacement cost policy includes the actual value of items that a renter uses to apply for an insurance cover. Some other items are not covered in the personal property insurance, such as car stereos and items kept outside the house. Insurance firms cover them under the off-premises coverage insurance policy.
Original source to learn more: https://programminginsider.com/heath-ritenour-the-roadmap-of-a-ceo/