Renters Insurance
If you are renting a home or a condo or an apartment you need to get yourself some renters insurance. Dollar for dollar it is the cheapest coverage out there. And, it is a great policy to have! We have great Insurance Companies, give us a call to get a rate today!
Many apartment buildings may require Renters Insurance. But, just because it is required doesn't mean that's a bad thing. Don't just buy a bare minimum renters policy online. Take a few minutes and give us a call. We can bind the coverage within a few minutes. We will also take the time to review your limits and explain what your coverage's are.
Things that are usually covered
Personal Property: That's all your stuff in the apartment. Clothing, toaster, tools, big screen tv, that leather couch. Pay a little extra and get replacement cost coverage. That gives you new stuff for your old stuff. Its worth it! Most online policies will sell you Actual Cash Value which depreciates the value of your belongings.
Guest Medical: That is if someone gets injured on your property. It covers their ambulance ride, stitches or cast. It won't cover your or your family, just in case you were wondering.
Liability: This covers the big injuries. Your neighbor falls down your stairs and can't work for six months, liability is going to cover that stuff.
Loss of Use: If you can't live in the apartment it gives you money to live elsewhere while it is being fixed.
If you are renting a home or a condo or an apartment you need to get yourself some renters insurance. Dollar for dollar it is the cheapest coverage out there. And, it is a great policy to have! We have great Insurance Companies, give us a call to get a rate today!
Many apartment buildings may require Renters Insurance. But, just because it is required doesn't mean that's a bad thing. Don't just buy a bare minimum renters policy online. Take a few minutes and give us a call. We can bind the coverage within a few minutes. We will also take the time to review your limits and explain what your coverage's are.
Things that are usually covered
Personal Property: That's all your stuff in the apartment. Clothing, toaster, tools, big screen tv, that leather couch. Pay a little extra and get replacement cost coverage. That gives you new stuff for your old stuff. Its worth it! Most online policies will sell you Actual Cash Value which depreciates the value of your belongings.
Guest Medical: That is if someone gets injured on your property. It covers their ambulance ride, stitches or cast. It won't cover your or your family, just in case you were wondering.
Liability: This covers the big injuries. Your neighbor falls down your stairs and can't work for six months, liability is going to cover that stuff.
Loss of Use: If you can't live in the apartment it gives you money to live elsewhere while it is being fixed.
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Renter's Insurance 101
Oh the things “millennials” have brought to the world. My favorite is that they now call growing up… adulting! Back in my day we just called them life lessons and we figured things out. I guess I am old at this point. So, adulting lesson for the day involves one of my favorite topics Renters Insurance!
I get a lot of young adults who will go to rent their first apartment and they find out the landlord requires they buy renters insurance before they get the keys. This leads to a panicked call where they just want to pay the minimum to make the landlord happy. They aren’t actually interested in buying the policy, they just do it because they have to.
What should you know about your new renters insurance policy? First all policies are not created equal. You can find cheap renters policies out there and guess what? Those cheap policies aren’t going to do much if you actually need to make a claim. You might as well spend a few extra dollars and but a policy that will protect you and your stuff.
The first coverage you should care about is coverage for your belongings. Insurance companies call this “personal property”. Basically what that means is anything you can pack up and move into your apartment is covered for fire, theft, water damage, smoke damage and whatever other claims the policy allows for. Buy enough coverage to actually replace your stuff. I’m sure you have clothing, some electronics, furniture and some appliances.
There is another part to your property coverage that is vital to know. Some companies offer Actual Cash Value or your can also add Replacement Cost Coverage. Here’s the difference ACV gives you a depreciated value of your belongings. If you have an old pair of sneakers they will give you 50 cents to pay for your loss. Replacement Cost gives you new stuff for your old stuff. Same old sneakers are lost now you can get money to buy yourself a new pair of the same shoes. The payouts are vastly different and for the extra few dollars buy the Replacement Coverage.
The next part of your renters policy is your Liability coverage. That covers if someone comes over to hang out and now slips on your freshly moped floor. They throw their back out and can’t go to work for a few weeks. This will protect you from being sued. Most landlords required 100 thousand dollars minimum.
Med Pay is also included in your policy. That covers minor injuries, stitches or casts if a visitor gets injured at your place.
Loss of Use. This is a great coverage that comes with your policy. It means that if you have to move out because there is a fire or a toilet overflows. You can get some money to stay in a hotel for a few days or rent a new place while your old place is getting fixed.
So, that’s your adulting lesson for the day. You may not have wanted to buy a renters insurance but it is a great policy to have. Just pay the couple of extra dollars to add the replacement cost coverage onto your policy. You can get a basic policy for between 10-15 dollars. That’s less than buying a large pizza once a month! Call me today to get your renters insurance in place. 951-395-0754
I get a lot of young adults who will go to rent their first apartment and they find out the landlord requires they buy renters insurance before they get the keys. This leads to a panicked call where they just want to pay the minimum to make the landlord happy. They aren’t actually interested in buying the policy, they just do it because they have to.
What should you know about your new renters insurance policy? First all policies are not created equal. You can find cheap renters policies out there and guess what? Those cheap policies aren’t going to do much if you actually need to make a claim. You might as well spend a few extra dollars and but a policy that will protect you and your stuff.
The first coverage you should care about is coverage for your belongings. Insurance companies call this “personal property”. Basically what that means is anything you can pack up and move into your apartment is covered for fire, theft, water damage, smoke damage and whatever other claims the policy allows for. Buy enough coverage to actually replace your stuff. I’m sure you have clothing, some electronics, furniture and some appliances.
There is another part to your property coverage that is vital to know. Some companies offer Actual Cash Value or your can also add Replacement Cost Coverage. Here’s the difference ACV gives you a depreciated value of your belongings. If you have an old pair of sneakers they will give you 50 cents to pay for your loss. Replacement Cost gives you new stuff for your old stuff. Same old sneakers are lost now you can get money to buy yourself a new pair of the same shoes. The payouts are vastly different and for the extra few dollars buy the Replacement Coverage.
The next part of your renters policy is your Liability coverage. That covers if someone comes over to hang out and now slips on your freshly moped floor. They throw their back out and can’t go to work for a few weeks. This will protect you from being sued. Most landlords required 100 thousand dollars minimum.
Med Pay is also included in your policy. That covers minor injuries, stitches or casts if a visitor gets injured at your place.
Loss of Use. This is a great coverage that comes with your policy. It means that if you have to move out because there is a fire or a toilet overflows. You can get some money to stay in a hotel for a few days or rent a new place while your old place is getting fixed.
So, that’s your adulting lesson for the day. You may not have wanted to buy a renters insurance but it is a great policy to have. Just pay the couple of extra dollars to add the replacement cost coverage onto your policy. You can get a basic policy for between 10-15 dollars. That’s less than buying a large pizza once a month! Call me today to get your renters insurance in place. 951-395-0754
Apartment Fire; What Renter's Insurance Does For You
Last week in Temecula, California there was a fire in a two story apartment complex. The fire broke out in the early morning hours and everyone was fortunate to make it out of the building safely. Sadly several family pets did perish in the fire. The damage to the building was very extensive and reports list eight families being displaced.
I get a lot of people that are required by their landlords to get Renters Insurance. It seems like when people are required to get something they are never very excited about it. They look at it as an extra expense and something they may never use. I understand your lake of excitement, first it's insurance and second the landlord is making you get it. But, if something like this fire happened to you the value of this insurance policy will quickly become apparent.
Let's look at this situation. In the middle of the night you are forced to evacuate your home. Do you call a friend and ask to come over? Do you worry about finding a hotel and how would you pay for a room or two if you have a big family? The insurance would help on several levels. The immediate needs including finding somewhere to stay and getting clothes would be covered under the renters insurance. In this situation the people who were unable to live in the homes could go to a hotel for a few nights until longer term living arrangements could be made. Insurance would cover up to your policy limits for the hotel and meals under Loss of Use Coverage. If the tenants couldn’t get back into their apartments due to smoke damage or fire damage the Renter's Insurance would also cover clothing and other needs.
If your apartment complex is requiring you to get insurance don’t look at it like it’s worthless. At the end of the day the policy is for you. The chances that a large fire like this would happen are pretty small. But, I have had plenty of situations where water damage, evacuations due to wildfires, theft and other covered losses are covered. For a relatively small about of money you can get a really nice policy. Good coverage can start for about 20.00 per month. Yes, there are cheaper options and more expensive options. Talk with your agent about what coverage you think would be best. If you need some Renters Insurance we can bind it and email coverage over to you. 951-395-0754
I get a lot of people that are required by their landlords to get Renters Insurance. It seems like when people are required to get something they are never very excited about it. They look at it as an extra expense and something they may never use. I understand your lake of excitement, first it's insurance and second the landlord is making you get it. But, if something like this fire happened to you the value of this insurance policy will quickly become apparent.
Let's look at this situation. In the middle of the night you are forced to evacuate your home. Do you call a friend and ask to come over? Do you worry about finding a hotel and how would you pay for a room or two if you have a big family? The insurance would help on several levels. The immediate needs including finding somewhere to stay and getting clothes would be covered under the renters insurance. In this situation the people who were unable to live in the homes could go to a hotel for a few nights until longer term living arrangements could be made. Insurance would cover up to your policy limits for the hotel and meals under Loss of Use Coverage. If the tenants couldn’t get back into their apartments due to smoke damage or fire damage the Renter's Insurance would also cover clothing and other needs.
If your apartment complex is requiring you to get insurance don’t look at it like it’s worthless. At the end of the day the policy is for you. The chances that a large fire like this would happen are pretty small. But, I have had plenty of situations where water damage, evacuations due to wildfires, theft and other covered losses are covered. For a relatively small about of money you can get a really nice policy. Good coverage can start for about 20.00 per month. Yes, there are cheaper options and more expensive options. Talk with your agent about what coverage you think would be best. If you need some Renters Insurance we can bind it and email coverage over to you. 951-395-0754
