Should You Buy Renters Insurance?

Yes, if you would like to protect your belongings

You and your apartment manager/landlord share a goal: To ensure the safety of the things you each own. Your landlord is concerned about the structure of the apartment or rental house and you are concerned about the safety of your bed, jewelry, couch and other possessions. When you sign a lease, you are required to give a security deposit. This security deposit is a way for your landlord to be able to cover any damages you may cause or if you choose to break the lease before it is completed. Basically, it is a form of insurance for him from you. However, if no damages are sustained during your lease and you follow all the terms of the lease, the deposit will more than likely be returned to you.

So, as the renter, how can you protect your valuables? Renters' insurance. If you live in an apartment, you likely find flyers on your door or in your mailbox advertising renters insurance. And if you're like many renters, you probably disregard them. However, renters insurance is something you should consider.

Some apartments require renters insurance from all of their residents. But, even if you are not required to buy renters insurance, you should look at getting it. Some people argue that they don’t have a pet, are not going to cause any damage to the apartment or that it is just too expensive to pay for something like that. But remember, you are not just protecting your stuff from something you might cause, but you are protecting your stuff from other renters or disasters. Fires, floods, tornadoes and other disasters can destroy an apartment and everything in it. Also, other tenants could cause a flood that damages your apartment, a thief could break-in or some form of vandalism could occur. Your landlord’s insurance only covers the repair of the structure, not your possessions in it.

Most renters insurance policies provide coverage for the following renters' issues:

• Personal liability if you ever are sued over accidental injury to others that are in your apartment or rental house
• Living expenses if you are unable to live in your home and have to stay somewhere else for a length of time
• Accidental damage to property of others in your care
• Damage to personal property from a natural disaster like fire or wind

There are many other potentials for disaster that renters insurance covers, such as:

• An electric surge that fries your electronics
• While visiting your next door neighbor, you fall over his grill and start a fire
• Your friend accidentally falls in your apartment and breaks their arm
• and the list continues.

And of course, as we all know, we can never discount those crazy-sounding possibilities. You know, the things that seem to only happen if and only if you’re not ready (or covered) for them. Renters Insurance will cover those things too.

It is important to keep in mind that each state can have different requirements for renters insurance policies. Be sure to check with your independent insurance agent about different insurance companies, the requirements for a California renters insurance policy, what the policy does/does not cover, limits and deductibles for the policy. If your apartment complex requires renters insurance, they may require a minimum limit. Also, if you have a job or hobby like a graphic designer who has several expensive computers or a golfer with many expensive golf clubs, you will want to make sure your renters insurance policy has the necessary limits to cover these things. Your independent insurance agent will be able to help you find the policy that best fits your needs. Give Silver Coast Insurance a call at 855-323-3600. We look forward to helping you set up Rancho Cucamonga renters insurance.