It’s quite common for tenants to lack renters’ insurance. Only 41% of renters have this crucial coverage. Some tenants believe their belongings are covered by a landlord’s policy, but that’s not the case. Others believe they don’t have enough property to justify paying for renters insurance in Temecula CA, but the cost of one’s possessions adds up quickly. For renters who fall into these categories, below are several reasons to consider buying a renter’s insurance policy.
It’s Surprisingly Affordable
According to the III, the average yearly premium for renters’ insurance is under $200. While rates vary by location, coverage level, and deductible, most people can afford adequate coverage. Talk to a local agent today and get covered.
It Covers a Home Full of Possessions
As previously mentioned, even if a person believes they don’t have anything of value, they may not be able to replace their belongings in the event of a loss. For the relatively low cost of a renters’ policy, a tenant can cover everything in the home, protecting against perils such as:
- Aircraft and vehicle damage
- Explosions
- Falling objects
- Lightning and fire
- Civil unrest or riots
- Smoke damage
- Theft
- Vandalism
- The weight of snow or ice
- Hail and wind damage
- Water damage from a faulty plumbing system or household appliance
Losses from earthquakes and floods aren’t covered by standard policies, and tenants should check with their carriers to determine whether they’ll need a rider for these losses.
Liability Coverage
Standard renters’ policies also include liability coverage, which protects tenants if someone is injured in the home. It pays legal expenses and court judgments up to the policy limit and also pays other people’s medical bills regardless of their own negligence. Tenants can also consider umbrella policies that provide coverage above and beyond the standard renters’ policy.
Renters insurance in Temecula CA is a relatively cheap product that provides substantial coverage in the event of an accident or loss. It has become more common, but most renters are still exposed to liability and loss. For affordability and protection, tenants should research at least three companies to compare discounts, prices, and coverage. Call Winchester & Associates Insurance Services today to request a free quote.
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