I think you can find better results by using the spots on the sun or interpreting the message of grains of sand in a cup.

Your best defense in all this is to know how to read and interpret your insurance policy.

To supplement some of the risk, i explain the lease in detail and make sure they understand, if not, make sure someone is there to explain in to them as an interpreter, make sure you have a lease in spanish.

You're welcome - and your votes are appreciated as well :D The company name was selected to allow for varied interpretations; the potential for a pun is one of them.

Any word or statement verbally or in writing - before, during, and after the process is open to interpretation and legal scrutiny.Some tenants are professionals at creating havoc if given the opportunity, whether right or wrong.As Bill Clinton said: “What is the meaning of is?”

The OP needs to get with a knowledgable accountant/CPA.I think you will find that CPAs give varying advice on this with some advocating a very strict interpretation of Single Member LLCs always following through to the Schedule C while others interpret it as rentals always following through to the Schedule E.  

I acquiesce to them for their knowledge of writing and interpreting contracts. 

I’m trying to obtain a level of fluency to be able to interpret what I’m seeing, however I’m having a problem figuring out some of the formulas of the calculator and is wondering if someone could help decipher the formulas?

Real world interpretation:  Agreed value means you still have a coinsurance agreement but the insurance company agrees with the value on the policy.  

An ironclad contract protects everyone's best interests and eliminates friction that may arise between differing interpretations  of the scope of work.