Renters Insurance in California
Consumers often want to know more about renters insurance in California.
Renters insurance is required by more and more property owners who rent their properties, and this worries many renters. However, there really is no need for concern. Renters insurance in California typically costs less than $200 per year, and payments can be made monthly. Those monthly payments are usually less than the cost of a meal out at a restaurant!
Since California is prone to earthquakes, it is important for renters to know that most renters’ policies do not cover earthquakes or floods. You will need to purchase separate policies to protect you from the damages you may incur to your property in the event of one or both of these disasters. Talk this over with your insurance agent to make sure that you are getting the coverage that you need.
Renters insurance will protect you in the event of other disasters, however. If your rented home or apartment catches fire, and your belongings are destroyed, your policy will pay to either replace the items, or pay you the cash value of the items. It is important to note the difference. If your policy states that it pays the cash value, the insurance company will pay you what your covered property was worth the day that it was destroyed – not the day that you bought it, and not what it will cost to replace it.
However, if you have a replacement value renter’s policy, the insurance company will pay to replace your lost items, at today’s prices. However, the policy will state limits that the insurance company will pay. Make sure that you are getting enough coverage, and that you are getting the type of coverage that works best for your situation!
Remember, there is nothing to fear if your landlord requires you to purchase renters insurance in California. A policy can usually be started for less than twenty dollars, and getting the policy set up is virtually painless. You can have coverage in as little as two or three hours in most cases!
