Why Should I Buy Renters Insurance?

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Reasons for Buying Renters Insurance in San Diego, CA

As a renter, you already pay rent, utilities, and possibly other fees, such as pet deposits and parking fees. While adding another expense to your monthly budget may not sound very exciting, a renters insurance policy offers valuable protection at a low price. Just as you probably wouldn’t own a home without the protection of homeowners insurance, you shouldn’t rent without coverage. Here’s the importance of renters insurance San Diego residents often neglect.

Your Landlord’s Policy Doesn’t Cover You

If you’re counting on your landlord’s insurance to cover you if something happens to your belongings, you’re in for an unpleasant surprise. Your landlord’s insurance policy covers everything the landlord owns, including the building, fixtures, and any personal property the landlord has at the building. If there’s a fire, burglary, water damage, or any other covered event, only a renters policy will pay for damages to your belongings.

It Doesn’t Just Cover Your Belongings

Renters insurance covers your personal property against covered losses such as fire, theft, and water damage. Along with personal property coverage, a renters policy can also cover high-value scheduled property such as jewelry, living expenses if your home is uninhabitable after a covered loss, and liability coverage if you’re sued.

Liability Coverage Is Included

If someone is hurt at your home, both you and your landlord may be held legally responsible for the person’s injuries. In fact, the person who occupies the property is usually held responsible for injuries at the home, not the landlord. A renters insurance policy includes liability coverage that helps you pay for legal expenses, medical expenses, and other damages if you’re sued. Most policies come with $100,000 in protection against liability claims, including claims involving dog bites, slip and fall accidents, and more.

Renters Insurance Is Affordable

Because the home itself isn’t covered by renters insurance, a renters policy is affordable and usually costs just $10 to $20 per month, compared to more than $80 per month for homeowners insurance. For the cost of two lattes or a pizza delivery, you can protect yourself against the very real risks of fire, burglary, and more with a comprehensive renters insurance policy. Imagine what would happen if another tenant accidentally started a fire in his or her unit that spread to your home. With a renters insurance policy, you can enjoy peace of mind knowing you’ll be covered for your belongings and have somewhere to live while the building is being repaired.

Your Landlord May Require It

You should have no difficulty finding a landlord willing to rent to you without insurance, but it’s becoming increasingly common for landlords to require tenants to carry a minimum amount of insurance coverage. As a condition of your lease, you may need to carry a specific amount of personal property and personal liability coverage. Your landlord may also require that he or she is named as the secondary insured on the property as the legal owner.

If you’re renting, don’t assume your landlord’s insurance policy covers your property or assumes liability for accidents in your home. Make sure you purchase renters insurance that covers loss or damage to your belongings and protects you in case of liability claims that stem from injuries in your home. For affordable, reliable renters insurance as well as other types of coverage such as motorcycle and car insurance, San Diego residents trust the experienced agents at Altra Insurance Services. Call us today at (800) 719-9972 to request a free quote for any of your insurance needs.

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