If you are renting an apartment or home, renters insurance provides coverage for you and your stuff. The landlord probably has an insurance policy to protect the home or apartment that you are renting, but it will not cover your belongings. Renters insurance does more than just protect your property from theft and fire, it offers coverage for liability and loss of use. What does that mean? Liability coverage protects you in case someone is injured and they say that you are responsible. Loss of Use coverage provides insurance coverage in case your home is damaged and can’t be lived in. This coverage can help you pay for temporary housing.
When choosing your renters insurance policy, you will have options to tailor the policy to fit your needs. You can choose the coverage amount and your deductible amount. How much personal property coverage do you need? Take a look around your apartment or home, how much would it cost to replace your furniture, dishes, clothing, etc.? Often you can choose to cover your personal property at a “replacement cost value” or at an “actual cost value (ACV)”. The ACV coverage is cheaper, but you may not like it if you have a claim. ACV means that you would be paid for the depreciated value of the covered item in the event of a claim. It would not be enough to buy a brand new item. In contrast to ACV, is Replacement Cost. A replacement cost policy would give you the value of the covered item at what it would cost to buy a new one today. Be sure you know which type of policy you are buying.
Don’t put off buying a renters insurance policy. The coverage is inexpensive and easy to get. Rancho Cal Insurance Services can make it as easy as possible for you to get the policy that you want. Sometimes your landlord or apartment manager won’t give you the keys until you show proof of renters insurance. That’s okay, we can help you with that today. We love to be able to help our neighbors in Murrieta, Temecula, Winchester, Hemet, and San Jacinto, find just the right policy.
