For any people, renting is the best option before they can get around buying a home. “Do you actually need renters’ insurance?” this is a question that runs through many renters’ minds especially when they are a little short on cash. You need to protect your assets that you have worked so hard to hard to purchase. Still not convinced about renter’s insurance keep reading to understand exactly why you need to get apartment owners insurance quote Los Angeles.
Why get renter’s insurance?
Your landlord has insurance that only covers the building, this leaves that is yours inside the apartment including furniture, electronics and other valuables uninsured. So to protect your valuables you need your own policy. Renter’s insurance is cheap. This comes as a relief to many. In some cases you can get insured for about $1 a day, how great is that?
What does renters’ insurance cover?
Standard renter’s insurance usually covers your personal belongings from uncontrollable events such as fire, vandalism, theft, power surges and other events that are out of your control. However, standard policies do not cover damage caused by flood, earthquakes, or nuclear hazards. Therefore, if you live near a water body or a fault line you can discuss getting a separate policy with your insurance agent. It is important to note that some property is only covered up to a certain limit. Therefore, if you have very expensive belongings consider getting additional personal article property policy.
Loss of use
Renter’s policy usually covers living expenses like food after you have had to leave your rented apartment because of an accident such as a fire. In case the house requires repairs before you can live in it, your policy will cover your hotel costs, food expenses as well as other costs you might incur during this period.
Your policy will offer liability coverage for property damage or bodily injury caused by negligence, a great example is if your pet gets loose and bits your neighbor. However, the policy does not cover negligence for intended injury, business pursuits or vehicle related injury. It also covers medical bills just in case a guest is hurt in your home.
Covers belongings when you travel
Standard renter’s insurance covers your personal belongings whether they are in your home, car or with you while you travel. As you travel your world you can rest assured that your belongings are covered from loss due to theft and other losses.
So, the answer to your question is “Yes, you do need renter’s insurance”. When you visit your insurance agent to ask about apartment owners insurance quote Los Angeles remember to read and understand what your insurance policy actually covers.