News reports of apartment fires often include tragic stories of renters who have lost everything because they weren't insured. Your landlord does not provide insurance for your personal property. Having all your personal possessions destroyed in a fire or other insurable event, without coverage, is a tragedy that does not have to happen.
To protect your belongings, you should consider purchasing renter's insurance, also known as "tenant's insurance." The renter's policy may be used to provide coverage for your personal contents located in the property that you occupy. Coverage is also provided for loss of use, personal liability protection and medical payments to others. Call an expert at SaveDirect Insurance Today!
Coverage generally Provided under a Renter's Policy:
Coverage C - Personal Property - An amount, designated by the insured, subject to a minimum as determined by your insurance company
Coverage D - Loss of Use - 20% of Coverage C
Coverage E - Personal Liability - Generally subject to a minimum of $100,000
Coverage F - Medical Payments to Others - Generally Subject to a minimum of $1,000
How Protected Are You as a Renter?
If you are a renter residing in California, by law the building owner is required to maintain insurance on the dwelling he or she rents. All this means is that the house or apartment you rent,the building itself,is insured by the owner, and should something happen to this structure as the result of fire, water damage, etc, the building owner is entitled to file a claim. However, the landlord's insurance does not protect you as a renter. If this same fire or water damage should ruin your sofa, clothes or other personal items, you are not protected against the loss of these items unless you buy a California Renter's Insurance policy. Moreover, if someone becomes injured while on the premises you rent, you could potentially be held liable for any medical and hospital expenses.
What is Renter's Insurance?
Renter's insurance, also known as "tenant's insurance" is a type of policy offered by most major California insurers. These policies provide protection for your valued assets as well as liability protection in the event someone becomes injured at your residence.
What is Covered in a California Renter's Insurance Policy?
Renter's insurance typically covers loss or damaged caused by: Fire, Smoke Theft, Vandalism, Windstorm or hail, Lighting, Explosion, Falling objects, Weight of snow, ice or sleet, Water (caused by plumbing failure, appliance failure, fire sprinklers or other accidental discharges of water), Electrical surges. It also covers: Injuries that others sustain while at your home (including medical expenses and any resulting lawsuits), Damage that you cause to other people's property (ex: you break a neighbor's window while playing ball), Housing costs. If your rental unit is damaged and you need to live elsewhere while it's being repaired, your renters insurance will pay for yoru additional living expenses
What Your Insurance Will Pay to Replace:
Your renter's insurance policy will pay to replace any property that is stolen, damaged or destroyed by a covered cause. This includes, but is not limited to: Electronics, Clothes, Furniture, Sports equipment, Appliances, Jewelry (limited), Collectibles (limited)
Important Note: Renter's insurance protects your belongins even when you're away from home. So, if your laptop gets stolen from your car or your bike gets taken from the rack at work, your renter's insurance will pay to replace them.
Additional Coverage Options:
Need more protection than the basic renter's insurance policy provides? You can add additional riders for:
High Value Item Coverage - a good idea if you own jewelry, artwork, antiques, collectibles or firearms with a total value that exceeds your policy's maximum pay out for such items.
Earthquake or Flood Coverage - a must-have if you live in an area prone to such conditions. A standard renter's insurance policy does not include coverage for a flood or earthquake.
Sewer and Drain Back Up Coverage - back-ups happen more often than you would think, and they cause a lot of damage when they do.
Replacement Value Coverage - If you make a claim, you'll be reimbursed for the full replacement cost of your items - rather than the depreciated cash value of your items.
Home Business Coverage - Most insurance policies offer very little coverage for business equipment. If you work from home, consider adding a home business rider to boost your equipment and liability coverage.
Business Merchandise Coverage - If you store your business' inventory at home, an additional rider will be needed to insure it properly.
California Renter's Insurance Policy: Things to Remember
Before purchasing a policy, take the time to conduct a complete inventory of all your personal belongings, taking photos or a video of things like furniture, jewelry and expensive electronics items. Calculate the replacement costs for these items and double check with your insurance agent to make certain you are fully protected against any type of loss.
Most insurance companies offer discounts to a policyholder to lower the cost of premiums. Companies may offer discounts for smoke detectors, dead bolts. Choose the coverage according to your property. If you have a lot of electronics, choosing a policy that provides replacement cost coverage instead of actual cash value coverage might be the best renter's insurance option for you. Make sure that the policy has liability coverage. The best renter's insurance policies will also include liability coverage for medical and legal costs if someone gets hurt in your renter residence. The best renter's insurance policies will also include emergency living expenses. This means that if you have to vacate the property due to damage, the insurance company will pay for you to live somewhere else.
Save Direct Insurance Agency
1800 Tully Rd Ste. G
Modesto, CA 95350