Renters insurance
Renters insurance
Renters insurance is essential as it not only covers your belongings, but also provide liability insurance. And it's more affordable than you think, especially if you qualify for some key discounts.
45% of the households in California are rentals, however 60% of renters DON'T have Renters Insurance, which means no security for their possessions, and leaves them open to personal liability.
So why do so few renters have insurance? One explanation is that many people incorrectly assume their landlord or property management company is responsible for rental unit damages or liability protection. It's important to know that your landlord's insurance covers the structure itself and the grounds, but not your belongings. Another reason is that people underestimate the value of their belongings. If you were to conduct a home inventory and add up the value of your possessions, it probably wouldn't take long to get into the tens of thousands of dollars.
One more often overlooked reason is liability. If someone is injured in your house (a friend, neighbor, or even the pizza delivery person), they could sue you. The compensatory median award for personal injury trials in California is $150,000, which is why you need coverage.
Renters insurance provides the following:
Personal Property for coverage of your belongings if they are damaged or stolen. This coverage could apply even if they’re damaged or stolen while outside of your home, such as during travel.
Liability protects you and your assets should a guest or their property is damaged and you are sued, liability coverage can help cover your legal fees and settlements, if you are found at fault. We offer options that allow customized coverages.
Additional Living Expenses provides financial assistance to help you pay for your rent, and/or other additional costs if your place is unlivable due to covered losses, and you have to live elsewhere while your space is repaired.
All of these are compelling reasons why you should have the protection and security afforded by a comprehensive Renters insurance policy. The best news? It's more affordable that you think, and you may be eligible for Multi-Line Discounts which will offer additional savings.
Does your Landlord require Renters insurance?
California landlords are allowed to require tenants to obtain and maintain Renters insurance while they are under the terms of their lease. We can help you secure Renters coverages.
Consider More Coverage
Although most renters policies cover personal property like jewelry, watches, computers, cameras, collections and fine art - your Renters coverage limits may be relatively low. If you own any items worth more than $500, you may wish to purchase Personal Articles Floaters that provide extended coverage. Ask us how we can help protect all of your valuables.
Choose Your Insurance Advisor Well
Trust only a licensed and experienced advisor, as your insurance agent will help you protect yourself, and secure your assets. So choose wisely.
Our Expert Advisors are happy to answer any questions you may have regarding Renters insurance, and working with leasing agents and landlords. We’ll also provide expertise on Personal Articles Floaters, Auto insurance, or any other coverages you may need.
And when you’re ready to purchase a new Home or Condo, we’ll assist you and your realtor to secure Homeowners coverages for an efficient, and smooth closing process.