If you are a renter in Southern California, you may be wondering if it is really necessary to have renters insurance. After all, you do not own the property and perhaps assume the landlord will take care of everything in the event your apartment has been damaged or burglarized.
However, the truth is, renters insurance is an important and necessary layer of protection for anyone living in a rental property. We at Garden Communities California understand the importance which is why all our properties in the Southwest require renters insurance: Los Angeles, CA , Irvine, CA , San Diego, CA, and Scottsdale, AZ.
Read on to find some answers to the most frequently asked questions before finding the plan that is right for you!
What Does Renters Insurance Cover?
Renters insurance provides a financial safety net for those living in properties they do not own. No matter where you live in Southern California, having a renters insurance policy is one of the best ways to protect yourself and your possessions. Knowing that your property is covered in the event of an unexpected disaster or theft is invaluable peace of mind.
Renters insurance can cover damage done to your apartment by a natural disaster. It can also help replace any stolen items from a home burglary and in some instances will cover living expenses if you need to relocate for any needed repairs. If someone is injured while on your rental property, renters insurance liability coverage is available to help protect you and help pay any medical bills for the injured party.
What Does Renters Insurance Not Cover?
It is important to be clear about what renters insurance does not cover.
- Accidental damage to the property made by the renters.
- Issues or treatments performed for any pests like rodents, ants, or roaches.
- Misplaced personal items.
Is Renters Insurance a Requirement?
As previously mentioned, all Garden Communities California properties require renters insurance. In California, it is not a requirement to obtain renters insurance, however, when signing a lease, the renter is legally bound to follow the stipulations of the document. Therefore, if the property owner you are renting from requires it, then yes, it is required.
Is Renters Insurance Expensive?
Renters insurance is a low-cost coverage plan that typically costs between $15 and $30 per month, depending on the value of your belongings and your deductible. The average annual cost of renters insurance in the United States is $187, and in California it is slightly higher at $207.
When determining how much coverage to purchase, the general rule of thumb is to insure your possessions for the amount it would cost to replace them. For example, if you have a laptop worth $1,000 you want to purchase a policy that covers up to $1,000 or more. You should also consider any liability concerns when determining how much coverage to get. Most policies cover up to $100,000 worth of liability, which would cover damages you or other people cause to the property.
What Does the Process for Signing Up Look Like?
Getting renters insurance is not as complicated as it may seem. It is actually quite straightforward. Below is a step-by-step guide for what to expect when looking to obtain renters insurance.
1. Determine Amount of Coverage
This is achieved by taking inventory of the items you own in your apartment. Once your list has been made get an estimate from an insurance provider about the amount of coverage you will require.
2. Choose Your Insurance Company
Once you have received your estimate, decide on an insurance company you would like to purchase a policy from. It is important to do research into different providers.
Once you have chosen an insurance company, you will need to fill out the necessary paperwork. This includes providing information about yourself and your rental unit. You may also need to provide receipts for some of the items you are looking to cover.
4. Pay Premium
After paperwork is submitted, you will need to pay the premium to begin your coverage. Your policy will come with a start date and the coverage will be active.
How Do I find Renters Insurance?
Now that most of your questions have been answered you may be wondering where it is best to go to sign up for renters insurance. Garden Communities CA recommends utilizing Get Covered. Get Covered is an insurance agency that offers renters insurance plans. Filling out the simple form on their website will get you moving in the right direction towards coverage!