If you are renting a property, say an apartment, house, or duplex in California, you should get an insurance policy to safeguard your personal belongings. This insurance is different from your landlord’s property insurance. That’s because it only covers damages or losses to the building. It doesn’t cover the tenant’s properties living in that building. This is where one needs to have California Renters Insurance.
California, the western US state, is the home ground of the Hollywood industry. It is home to around 40 million people. Despite being such a land of dreams, the state has its fair share of crime rates. In 2020, around 63% of property crimes were larceny thefts. Besides that, 17% of burglary cases were also recorded. These data prove that those living in rented properties should get renter’s insurance.
However, it was found that although 95% of landlords have a homeowner’s insurance policy, just a mere 41% of renters have renter’s insurance. This is because most people are unaware of the benefits of the latter.
Read in this article, the main three reasons why you need renters insurance in California.
1. It Safeguards Your Personal Belongings
If you live alone in a rented house in California, you might leave the house empty during work hours or while getting supplies. That is when you leave all the costly belongings like electronic gadgets, shoes, furniture, etc., alone. In case of an unfortunate incident like theft, fire, or anything else, you can lose hundreds and thousands of dollars in a breeze.
While you can’t prevent these events from happening, you can safeguard them with a renter’s insurance policy. Most renter’s policies protect against a fairly long list of hazards.
2. You need Liability Coverage at your Rental Home
Liability coverage is an essential part of every standard renter’s insurance policy. This coverage provides protection if, by chance, someone gets injured in the rented home. It also covers if you or someone else in the home accidentally injures another person. The insurance policy helps to cover legal expenses up to the policy limits.
The most common possibilities that are covered by the policy are –
- Your dog accidentally bit someone’s child.
- You called in some friends for a party, but things went unruly.
- Someone slipped and fell inside the rented home and got physical damage.
Regardless of the possibilities, one needs to remember that the policy doesn’t cover intentional mishaps. For example, the policy won’t cover fire damages if someone falls asleep with a burning stove or cigarette.
3. It Covers Additional Living Expenses
Suppose the rented property is damaged and needs urgent repairs to make it worth living. In such emergency situations, the renter’s insurance policy will provide coverage for the additional expenses during that period.
For example, if the monthly rent is $800, but due to repair work, you can’t stay in the rented property for some weeks or a month, then the policy will cover any living expenses that exceed the rent amount for the time being. That might include hotel bills, restaurant bills, etc.
The Final Verdict
California’s average cost of living is considerably higher than other US states, at $3,886 per month. It is a wise choice to get California Renters Insurance to ensure you don’t get caught up in an unfortunate incident with no roads for remission. Regardless, paying just $15-30 per month can easily get these insurance policies.