What Does Tenancy Mean?
A tenancy is an agreement in which the owner of real property leases it to a renter in a legally binding contract. The person who owns the property is known as the landlord, and the person who rents it is known as the tenant. In most tenancies, the tenant must pay the landlord a certain amount of money over a period of time in order to retain exclusive use of the property. It is important to note that a landlord's insurance policy typically does not cover the tenant's personal property. Renter's insurance covers the gap and often includes other protections, such as liability coverage.
