Lacking Renters Insurance? 5 Things You Need To Know

Did you know that approximately 59% of renters don’t have renters insurance? On the contrary, 95% of homeowners have home insurance coverage according to a study conducted by the Insurance Information Institute. Friant Insurance Agency works with Laguna Hills, CA residents to ensure that renters don’t fall victim to damages for lacking insurance. 

If you don’t have renters insurance in California, here are a few things you must know: 

Personal property is not covered by landlord’s policy 

Landlords carry policies that only include the building structure. Once a tenant moves in, they change the homeowner’s policy to a rental policy transferring covering personal property responsibility to you. If your contents burn down, don’t expect your landlord’s coverage to reimburse you.

Renters insurance may extend beyond personal property 

When buying renters insurance, you realize that it may cover more than your belongings. In most cases, it will safeguard you from lawsuits and medical bills in case of a liable accident. For instance, if you forget to unplug your bathtub and it overflows causing damages in the next apartment. 

Renters Insurance is affordable 

Even though affordability is relative, it cannot be compared to the costs of replacing your personal property in case of an incident. What is the value of all your assets in a rented apartment? Is it lower than your renter’s insurance coverage?

Standard renters’ coverage doesn’t include luxury items 

If you have expensive jewelry or other high-end products, you need to discuss them with your insurance provider. Most insurance companies don’t get coverage for such things in the standard policy but rather in a specially customized one.

Includes borrowed Items 

According to the Insurance Information Institute, renter’s policies protect things “in your possession.” That implies properties you own, rented and borrowed are covered as long as they are in your possession. You should seek clarification from your provider.

If you are looking for renters insurance in Laguna Hills, CA, get in touch with Friant Insurance Agency. Our agents an work with you to get you a quote and get you started with a policy.