Here’s what to look for when shopping for renters insurance.
If you rent a house or apartment, note that if you don’t acquire renters insurance, you’ll be leaving yourself (and your belongings) exposed to significant risk. Many renters are shocked to find out that their landlord is not responsible for their personal possessions if they’re stolen or damaged.
This is where renter’s insurance steps in. Should a peril occur (such as fire, theft, a natural disaster, etc.) occur, renter’s insurance provides financial support to repair and replace your belongings, as well as liability coverage for when someone is injured visiting your home. In short, all angles of threat are covered!
During the search for the best renter’s insurance for you and your well-loved apartment, be sure to refer to this checklist before settling on a coverage:
What’s covered? Most insurance policies cover personal belongings: furniture, clothing, jewelry, electronics, and appliances, but only up to your policy limits. Be sure update your inventory list of all of personal possessions along with their estimated value to be fully reimbursed for any losses.
Do I need additional coverage? Standard policies may limit coverage for such valuable items as jewelry, furs, coin collections, musical instruments, and expensive sporting equipment. For these, you may need a separate policy or a rider.
When am I covered? Your policy will note if you are covered in losses such as theft, fire, smoke, explosions, and water damage from leaking pipes. Storm and flood coverage may vary, but typical renter policies do not cover damages from floods and earthquakes – a separate rider must be purchased.
How much liability coverage do I need? Renter’s insurance typically provides liability protection that pays for the cost of defending you in court, only up to the limit of your policy. (Are we a broken record yet?). Therefore, make sure that your limit is not too low before purchasing the policy.
What about roommates? Spouses and immediate family members in the same household will be covered, but a roommate has to be specifically named in the policy to be covered. Note that the insurance will not protect you from your roommate if they decide to steal – so choose your co-resident wisely!
Is there a way to save on renter’s insurance? For those looking to save on their premium, consider insuring your car or personal watercraft with the same carrier as this often results in a multi-policy discount – and it means less searching for you! Win-win.
For your renter’s insurance policy to suit your needs, budget, and apartment, contact Martplan Insurance Agency, serving La Habra and neighboring cities in California!