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5 Reasons to Get Renters Insurance in California 

Posted: June 27, 2020 at 2:00 pm   /   by   /   comments (0)

Photo by Vecislavas Popa from Pexels

California is a splendid place to rent an apartment. Boasting a stunning coastline, one in every eight Americans loves to reside in the Golden West.

The average home value in California is about half a million dollars. That is why about seven million people in this Golden State rent their homes.

With nearly 600,000 personal property thefts every year, now in most counties in California, the renter’s insurance is mandatory by law. California renters insurance can help you stay covered and lead a peaceful life. Here are five potential reasons why you need renters insurance in the state.

Affordable Coverage

Be it San Jose that attracts tech workers or San Francisco where it isn’t easy to find an apartment, the renter’s insurance is quite affordable. Depending on the location, the property type, and the coverage you choose, the insurance cost can vary between $15 to $30 per month. Besides, in California, your credit is not a part of the pricing, thus saving your money.

You Can Protect Your Personal Property

In California, the renter’s insurance covers your personal property from the damages due to specific perils like fire, explosion, and riots. However, hazards like floods, hurricanes, and earthquakes require a separate policy. 

Statistics suggest that there are about 150,000 thefts of personal property from vehicles every year in California. You can get coverage for such damages as well, along with the coverage for your valuables like furniture and electronic items.

You Can Avail Liability Coverage

The median rent in California is over $2,000. With such an extended budget, can you bear the expenses if someone sues you for damages caused by your negligence?

California renters insurance includes liability coverage, meaning you will have coverage for payment of damages caused due to your carelessness.

Generally, most policies have $100,000 of liability coverage, if you are found responsible for the accident. For a few additional dollars a year, you can increase the coverage value to around $400,000.  

Your Landlord Might Require a Renters Insurance

California has robust landlord-tenant protections. In some cities here, the landlord demands renters to maintain renters insurance and list them also as an interested party in the policy.  

It is still challenging to find an apartment in cities like Los Angeles and Fresno. Californian homeowners are looking for less-risky tenants, and having renters insurance makes you look like an excellent prospect as a renter. 

Can’t Use the Property, Renters Insurance Gets You Covered

In some cases, the landlords in California let you move back into the property, once all repair works are complete.

So, until then, where do you live? How do you manage your expenses? Staying at a hotel for weeks is not a good idea, as hotels in California cost up to $80 to $100 a night.

Your renter’s insurance gives you a temporary option through the loss of use coverage, to make sure you can take care of your expenses in the interim period. 

The renter’s insurance policy is more stringent, particularly with the recent case of Wells Fargo leaving the renter’s insurance market in California due to violations. Make smart choices and protect yourself and your valuable belongings with an effective renters insurance policy.

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