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7 Reasons to get Renters Insurance in California
Whenever we rent an apartment or a home, one of the common mistakes we do is to assume that landlords insurance will cover the belongings and other personal stuff in the event of loss or damage. But, the truth is the landlord is responsible for insuring the property (like the home or building) against the damages caused by fire and other disasters and not the personal property or belongings. As a renter, there is an option of buying renters insurance, which also comes with a number of coverages to protect you from the unexpected loss or damage.
The landlord’s insurance only covers the building where you live- not your belongings or your legal liability. If your possessions are stolen during a break-in or damaged by a fire or severe windstorm, a renter’s insurance policy can surely help you in recovering that value. If someone gets injured in your home during an accident and you are alleged to be legally responsible, renters insurance may help protect you in the case a liability lawsuit. If you still thinking about whether or not to get Renters insurance then it may surprise you, but a large percentage claims for the loss of the personal property are for theft and not a natural disaster or fire. Rental insurance is worth for this reason alone. In the event your home is burglarized, renters insurance will help recover the cost of the lost or stolen property. Without it, you will have to bear the whole cost of the lost or damaged property which could be financially devastating.
In case you don’t own your apartment, you might as well assume that you don’t need coverage to protect your belongings. Here are seven reasons why you should invest in a renter’s insurance policy:
1) To cover your personal property: If your building is destroyed by fire or any other natural disaster, the landlords insurance is not responsible for the loss of personal belongings. Renters insurance will bear the cost and pay for these losses.
2) To indemnify you against your neighbor’s claims. If your neighbor claims that you injured him or his property, you may need your own insurance policy to pay for damages. Also, if a guest slips or falls or has any other accidents in your home, you may be liable for injuries and medical bills which can get quite expensive. Your renters insurance can cover the medical expenses of the guest injured in your home.
3) To protect you against a lawsuit based on alleged criminal activity. In case you are involved in some criminal activities, you may face both civil and criminal penalties. The renter’s insurance policy can shield you for alleged criminal activity, which is often not covered by your landlord’s liability policy.
4) To protect yourself away from home. You can also extend your renter’s insurance policy to protect you while you are traveling or in case your personal property or belongings are stored elsewhere.
5) To obtain discounts on other insurance policies. One of the biggest advantages of the renter’s insurance policy is that you can get substantial discounts on your vehicle and other insurance policies. Having more than one policy will often save your money on all your insurance.
6) To pay for your losses immediately. Most of the policies take time to pay claims for the loss or damage. Having your own renter’s insurance often means you can collect your money immediately without having to wait on some other policy or company.
7) To have low-cost protection. Renter’s policies are some of the most affordable insurance policies in the industry. For pennies a day, you can have protection and peace of mind.
Insurance companies may offer a variety of different coverage for renters, depending on your state. Also, whether you need Commercial Insurance, Condo Insurance, or Earthquake Insurance in California, you can contact the policy experts near you that can provide you with the right coverage at a price that fits your budget.
Ron Morgan is the market representative for EIS Insurance. EIS Financial and Insurance Services is full financial service agency providing Condo Insurance California, Earthquake Insurance California, Renters Insurance San Diego, business and commercial insurance from Northridge and San Diego offices.
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