Definition: Progressive renters insurance, also known as premium-based insurance or policy based on risk, refers to a type of insurance that takes into account a tenant's past behavior and future financial stability when determining their premiums. In this context, a property owner can either pay a premium upfront at the start of renting it out, or they may choose to pay a higher premium over time as the tenant's income grows. This means that there is no set formula for setting the premiums - rather, the premium depends on factors such as the rental period and the risk level of each tenant. The purpose of progressive renters insurance is to help mitigate the risks associated with renting out properties, especially those that are not expected to generate a large rental income in the initial years. This can be useful when a property owner has multiple tenants or when there is uncertainty around potential income growth. Progressive renters insurance may also include provisions for emergency repairs and replacements, as well as provisions for tenants' future financial needs such as mortgage payments or healthcare expenses. However, it's worth noting that progressive renters insurance does not cover typical home ownership risks such as property damage caused by natural disasters or theft.
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