If you rent a house, condo or apartment, you face many of the same hazards that can affect someone who owns their home. Renters insurance protects against various perils, including offering protection if your belongings are damaged by a fire, smoke, lightning, vandalism, theft or water damage.
Who Is Covered by Renters Insurance?
As the renters insurance policy owner, your policy’s coverage protects you, the named insured, from property damage or loss, as well as liability claims. In addition, your policy usually covers the belongings of your spouse, children and any relatives who may reside in your home. They may also gain liability protection as long as they are listed on your policy.
The liability portion of your renters insurance policy may also protect guests who are injured in your home. Some policies may even cover your guests’ personal property if damaged or stolen while they stay with you.
Every policy is different, so be sure to talk to a member of our team to learn more about who may be covered under your renters insurance policy.
Do I Really Need Renters Insurance?
Many people wrongly assume that their landlord’s insurance would pay for the damages if something happens to their rental home. Landlords are responsible only for the structural components of your place, not for your personal belongings. With renters insurance, if there is a covered peril that destroys your belongings, your policy would help replace your items and offset some of your losses. And your landlord would be responsible for covering damages to the property.
Some landlords may require renters insurance. Your rental agreement should detail how much insurance is necessary so that we can help you get renters insurance that provides enough coverage.
What Protection Does Coverage Provide?
Renters insurance offers various types of protection. These supplementary coverages include:
- Personal property coverage—Renters insurance can cover you for damage or theft of your personal property, which can be anything from your clothes to your furniture and television. Personal property coverage does not include all perils. Many standard exclusions from dwelling coverage (e.g., floods and earthquakes) apply to renters insurance policies. Certain high-value items may have coverage limits and need different insurance than more common personal items.
- Personal liability coverage—Renters insurance includes liability coverage, which may protect you from the legal exposure of bodily injury or property damage caused to others.
- Medical payments coverage—Medical payments coverage is offered on a no-fault basis, which means legal liability does not have to be established. Your renters insurance may cover a limited amount of medical bills for someone injured in your rental home.
- Additional living expenses (ALE) coverage—Also known as loss of use coverage, ALE can protect you if a covered peril makes your living space uninhabitable. ALE may cover up to a set dollar limit or a specific period, such as three months. The amount of coverage will depend upon your policy.
Is Renters Insurance Affordable?
Renters insurance is a smart choice if you rent. This coverage not only offers protection but also helps to cover what your landlord’s insurance doesn’t protect against, which is any damage to your personal belongings. Renters insurance isn’t required by law in California, but some landlords may require this coverage for you to live in their building. Fire, accidents and burglaries happen in rental properties, and without insurance, you are responsible for replacing any of your belongings out-of-pocket.
Renters insurance policies are usually quite affordable since they only cover the value of your belongings, not your home—that’s your landlord’s responsibility. Various factors can influence the cost of your policy, including your location, credit score, the policy you choose, and coverage limits.
Get Renters Insurance Today
RCU Insurance Services can review your personal information and help you obtain an affordable renters insurance policy that protects you and your belongings for any covered incident. Call us today at 707-576-5115 to get started on a policy that offers you the right amount of protection.