Renters Insurance Basics: FAQ

If you are renting a home, condo or apartment, you may be under the impression that your landlord’s insurance policy will cover damage to your personal belongings or residence. However, in most cases, your landlord’s policy will only cover structural damage to the building. If your residence were to catch fire, their coverage would likely pay for structural repairs, but would not cover your personal possessions.

FAQ about renters insurance include:

Why do I need renters insurance?

You would be surprised to find out how much it would cost to replace your electronics, major appliances, furniture, clothing and other belongings, in the event of damage. Renters insurance protects you against these property losses.

What does renters insurance cover?

Generally, a renter’s insurance policy will cover your personal belongings lost due to:

  • fire
  • smoke
  • theft
  • vandalism
  • weather conditions such as windstorms, lightning or hail

Some policies also cover living expenses if a covered loss forces you to temporarily live elsewhere, and liability coverage in case a guest’s property is damaged or they are injured while in your home.

What types of insurance are available?

There are two basic types of renters insurance: replacement cost coverage and actual cash value. Replacement cost coverage will reimburse the full amount you paid for the items, whereas actual cash value reimburses your items minus the depreciated value.

For more information about renters insurance, or to get answers to your questions about home, auto, business or life insurance, contact the California insurance experts at the Pulp Street Corporation.

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