Some renters likely relish in the thought of not having to insure their belongings since the landlord’s insurance covers renters. However, your landlord’s coverage does not cover any of your personal property. The only exception is the rare occasion that it is so specified in your lease or rental agreement that the landlord pays for insurance to cover your family and your personal possessions. More times than not, you're not covered under your landlord's policy.
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Information available through the Insurance Information Institute explains that if you are renting a house or an apartment and believe that your landlord is monetarily responsible when there is a fire, or theft - you should think again. The landlord’s policy covers the structure of the building, apartment or rental home. It will not cover expenses incurred by your family if disaster strikes and you have to be relocated while repairs are made or in the event that your personal property is a total loss. The landlord’s insurance policy also will not cover the loss of your personal possessions.
It is important to understand that renters should make an inventory of all their personal possessions. Discuss this with the agent when you purchase your renters insurance.
Different renters have different needs based on a number of factors. One of the most important aspects of purchasing renters insurance is determining how much coverage you need. Another important aspect is realizing the basic types of protection, which includes liability, coverage for personal possessions, and for additional expenses such as temporary relocation.
When you need renters insurance it is imperative that you speak with knowledgeable California renters insurance agents like the professionals at Bossa Nova Insurance Services. Agents take the time to explain exactly what renters insurance likely covers. Together, you can discuss the ideal amount of renters insurance necessary to safeguard your family and your personal possessions. Call to learn more about your options and get the renters insurance you need.
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