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Renters Insurance FAQ: Your Complete Guide

Posted March 19, 2024 in Insurance, Renters Insurance

Insurance concept depicting paper rain and clouds with Renters Insurance umbrella protecting a house.

Almost half of California residents rent their homes or apartments, and that number is rising. Still, most of them don’t carry renters insurance. While home or commercial insurance may cover most structural damage, the renter’s belongings and more could be lost in the event of theft, fire, or weather damage. This blog reviews the benefits of renters insurance and its affordability in an FAQ format.

3 Min Read:

What Is Renters Insurance?

Simply put, a renters insurance policy protects you and your belongings in the case of an unexpected event. While homeowners insurance is widely recognized, the growing population of renters in apartments, condos, and houses underscores the importance of renters insurance, making it just as crucial as its counterpart for homeowners. Many renters are unaware of the value of renters insurance or mistakenly assume they are covered under their landlord’s building insurance.

Don’t wait until disaster strikes. Contact Gallant Risk & Insurance Services today to learn how we can help you protect your assets: (951) 368-0700.

What Does Renters Insurance Cover?

Emergencies aren’t a matter of if but when, so it’s best to be prepared. Whether you lease or rent, a renters insurance policy secures your valuables in the case of an unexpected event, otherwise known as “covered perils.” These include:

  • Theft
  • Fire
  • Lightning
  • Windstorm
  • Vandalism
  • Impact by a vehicle

What Else is Covered By Renters Insurance?

So, your personal property is secured in an emergency, but you might be surprised by the lesser-known benefits of renters insurance.

  • Injury liability: If someone else is injured in your home, your renters insurance may protect you from legal fees.
  • Pet coverage: If your pet damages property or your dog bites someone, renters insurance can help you avoid potential lawsuits.
  • Living expenses: Should you find yourself temporarily displaced in the event of a covered peril, your renters insurance can help cover the costs of additional living expenses.

What Does Renters Insurance Not Cover?

It’s important to note coverage limits—such as floods, earthquakes, or having a home business. Thankfully, renters insurance can be purchased alongside other insurance policies, so you can rest easy knowing you are covered where you need it.

Is Renters Insurance Required?

While there are no state or federal laws mandating renters insurance, it is quickly becoming the new normal as many landlords deem it requisite for living on their property.

Do I Need Renters Insurance?

Renters insurance is almost always worth it. Without renters insurance, you are at risk for a range of liabilities that your landlord is not responsible for. Renters insurance is highly affordable and provides invaluable financial protection and peace of mind.

How Much Does Renters Insurance Cost?

The average cost of renters insurance can be as low as $15 a month. However, the exact amount depends on various factors, including location, your insurance provider, and the type of coverage you choose. Gallant Risk and Insurance Services, Inc. can help you choose the right coverage. Fill out our online form to get a quote for renters insurance.

Ready to Learn More About Renters Insurance?

Now that you know the importance and benefits of renters insurance, you’re ready to speak with a consultant to get yourself covered. Fill out our online contact form, or call us at (951) 368-0700. We look forward to assisting you.

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