Lessee

What Does Lessee Mean?

A lessee is a person, company, or group that rents property from another party.

In the context of insurance, many lessees purchase renter’s insurance.

Insuranceopedia Explains Lessee

Although lessees commonly purchase renter’s insurance, landlords and property owners are typically responsible for covering losses associated with the actual building or land. For this reason, it is necessary for landlords and property owners to purchase insurance as well. If they do not, they could be forced to shoulder the full burden of losses accidentally caused by the tenant – by starting a fire, for example.