ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Renters Insurance
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Liability Insurance
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Homeowners Insurance
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Life Insurance
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Detailed explanation-1: -A renters insurance policy is the best way to protect your belongings if you live in a rented house as a tenant. The policy provides coverage against a wide range of perils and can help you avert the chances of a major financial loss in case an unforeseen event impacts your home.
Detailed explanation-2: -Most lenders will require you to have homeowners insurance, also commonly known as hazard insurance, and often abbreviated as HOI. This insurance policy covers losses occurring to your home, its contents, loss of its use (additional living expenses) or loss of other personal possessions of the homeowner.
Detailed explanation-3: -Damage to PropertyThis will cover the damage to the structure of the buildings and the personal property in case of fire, theft, storm, vandalism or tenant damage. In case of a total loss, your landlord insurance policy will ideally cover the replacement costs for your whole property.