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Renter’s Insurance Policy in California – What Does It Cover?

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Renter’s Insurance Policy in California - What Does It Cover?

Renter’s Insurance Policy – Renting is on the rise globally as property prices keep soaring in many regions. However, based on different research reports, it was found that only 37-41% of renters have an insurance policy for their belongings. Well, a large percentage of them are with the myth that their landlords’ insurance policies cover tenants’ personal properties. But, the reality isn’t what the myth suggests. Getting Renter Insurance coverage in California is thus the best idea.

California stretches from the Mexican border for 900 miles along the edge of the Pacific. It is home to the globally acclaimed Hollywood industry in the city of Los Angeles. Home to more than 40 million people, life in California is simple, free, and secure (mostly).

Regardless, property crimes have not ceased in the state. Getting a renter’s insurance is, therefore, the final way to safeguard personal belongings financially if you are a victim of burglary, theft, larceny, arson, etc.

A renter’s insurance policy provides coverage for a variety of situations. Read in more detail in this article.

Renter’s Insurance – A Brief Explanation

As the name suggests, this is a sort of financial protection meant to safeguard tenants and their personal belongings in a rented property. Usually, this insurance policy for renters can be classified into three categories –

  • Personal Property Coverage
  • Personal Liability Coverage
  • Loss-of-use Coverage

A renter’s insurance covers any loss or damage to the belongings of people living in rented housing. The insurance targets to eradicate the sudden shock tenants might face from any sudden unforeseen incidents. Besides that, the policy also works as a liability coverage just in case someone gets hurt unintentionally at the rented accommodation.

What comes under the coverage?

Personal Property Damage

Loss or damage to any private property of the renter (tenant) is covered under the insurance policy. When under this policy, a renter will get complete repair/replacement of the lost/damaged/stolen belongings due to a variety of reasons, including fire, natural calamities like landslides, windstorms, hails, man-made events like vandalism, riots, strikes, burglary, water damage from leaking pipes and so on.

However, one needs to remember that not everything is under insurance coverage. If you have any super expensive items in the rented property, then it might not be covered by the company.

Also, if the physical damage is caused by intentional events due to the tenants’ negligence, the costs will not be borne by the company. So, if you accidentally fall asleep with the gas stove lighting all night, you are on your own if a fire breaks out.

Legal Liability Coverage

The insurance policy covers personal liability if a non-family member gets hurt or injured in your rented property. For example, if a guest accidentally trips and falls down, injure themselves, or gets electrocuted accidentally from faulty wiring, the insurance company will bear the medical expenses on your behalf. They will also bear any legal charges or court cases against you for the matter.

Wrapping Up

Places like West Hollywood in California have almost double property crime rates as the national average. Around 654 burglary cases are recorded from 100,000 people. Statistics like these only prove how essential it is to get Renter Insurance coverage in California. Nevertheless, reading this article so far, you now know that the insurance policy provides financial coverage for multiple situations.

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