Renter’s Insurance

Get the Scoop on California Renter’s Insurance

Given the rise of home ownership costs and tightening of the mortgage loan market, renting a home in California has become a common option for many people… including recent graduates, young adults, families, retirees and even “baby boomers”.

Perhaps you just got a job and moved to California, or you’ve had a job for a while but recently moved out of your parent’s home, or you retired and sold your home and moved into a rental. Did you know that your landlord's insurance doesn't cover your belongings if something unexpected occurs?

Homeowner's aren't the only ones who need insurance. Renters have personal belongings to protect such as clothing, furniture, televisions, computers, exercise equipment, sport & camping gear, bicycles, and other types of personal property.

What does Renter’s Insurance cover?

Always review your specific renter’s insurance policy, or check with your insurance agent regarding specific coverages, provisions and exclusions that may apply.

Types of Coverage

Renter's Insurance generally protects against damage to your personal property while it is located in your rental home or with you when you travel. Renter’s insurance may offer protection from claims and lawsuits for injuries or property damage alleged to have arisen out of accidents which occur at your rental home and for which you might be held legally responsible.

• Personal possessions up to your coverage limit(s) and subject to your deductible. Special limits for certain types of property may apply (i.e. cash, coin collections, business property, jewelry, firearms, artwork, stamp collections, and other special types of property).
• Personal liability coverage to protect you if you’re held legally responsible or are sued for an accident at your rental home which results in injuries or property damage to others.
• Medical payment coverage for medical expenses if someone (other than you or residents) is accidentally hurt while on the premises of your rental home.
• Additional Living Expense coverage if your rental is uninhabitable from a covered loss.

Causes of Loss

Renter’s insurance usually covers loss caused by winds, fire, lightning, weight of snow or ice, and hail. Some policies may include coverage for losses due to theft or vandalism. Renter’s insurance does not cover every loss – most policies do not cover losses from floods, nuclear hazards, or earthquakes.

Deductibles

A deductible is the amount of money that you pay out of your pocket should you experience a covered loss. A higher deductible can save money through lower insurance premiums, but your financial risk is increased. When choosing a deductible, think carefully about costs you are willing or able to pay.

Optional Coverages

For an additional premium, optional coverage might be available for earthquakes, business property, incidental business liability, or identity restoration. There also might be optional coverage limits available for special types of personal property. Speak to your insurance agent about the availability and costs of optional coverages for Renter's Insurance.

Can I Afford Renter’s Insurance?

Renter’s Insurance can be surprisingly affordable. Costs can vary and depend on the amount of coverage you buy, and the deductible amount you choose. Other cost factors can include the location of your rental home, and what steps have been taken to safeguard the premises and your personal property.

A licensed California insurance agent, such as Armor Insurance, can help you compare renter’s insurance options, get quotes from top insurance companies, and check the availability of multi-policy and other discounts.