Are you shopping for lowest renters insurance rates. Maybe you are looking to bundle your automobile insurance to save huge.
Or maybe, you are like many people online, who just need to find better coverage and service, with a lower rate.
This is a very common action, many do everyday online, no matter if you are renting in Los Angeles CA, or Bakersfield CA.
Before you start the online process of finding cheap insurance quotes for your rental, lets go over a few policy tips.
Renters Insurance Tips?
We will cover some tips of insurance making, when it comes to your leased property.
This will help to ensure you understand what coverage options and packages you can choose from.
Also, it is always important to look at not just what your policy is protecting, but what it is not either.
This information is normally found in your insurance declaration page, under policy exclusions.
So, make sure to understand the policy exclusions to your policy and not just what is being covered.
This will help to reduce any future gaps in protection, or future exposure risks.
So, lets look at, “what is renters insurance?”
Renters Insurance, also described as tenant coverage, is a type of insurance that will protect you, the renter.
Not only will this type of insurance protect you, but also all your personal property and belongings.
Now look around your apartment or condo for example, think of all the valuables or items you have inside your space.
Do any of these sound familiar? Look below for items you have in your home, and jot down cost of each.
Personal Property Insurance Calculator:
- Watches and/or Jewelry
- Photography equipment
- Outdoor equipment
- Sports Equipment or other fitness related equipment
- CDs/DVDs, MP3
- Other Electronics
- Computer – Main Frame
- Linens and clothing
- Dish and Silverware
Now, lets do a quick inventory list in your mind.
Visualize everything in your possession, jot down what they are, and add the value of all of them.
You can see where the total value of all the items can add up quickly, in many cases.
Sometimes as renters, we fail to realize we do have value. It is just on the inside of the walls.
Just imagine if something should happen do your inventory list you just created in your mind.
Personal Property Loss – What would you do?
This has to be the question, “what would you do” if you lost all your possessions?
It can be a sobering reality, but it can also help you take proactive measures.
This future planning of safety and insurance, now becomes present day reality.
No more waiting, but action to make change.
This is the reaction you might have if you run a small business out of your leased property.
So, as you can see many outside variables, and factors can contribute to your reasoning to buy renters insurance.
Knowing that, renters insurance premium is a small trade off for peace of mind, its worth it.
Renters Policy Covered Loss
Much like a homeowner’s policy, a tenant policy will cover the following:
- Utility Malfunctions
- Plumbing and Electricity
- Weather related damage
- other host of hazards.
2 Things your Renters Policy will not Cover
Just like with an insurance policy, a renters policy also has its exclusion of certain types of risk and loss.
In the case with a tenant policy, the two items are as followed:
- Flood Insurance
Natural Disaster Loss – Total Devastation
It makes sense, however. This is because, both of the exclusions are huge natural disasters.
Imagine the financial devastation it could have on one insurance company alone.
This is why it becomes in the hands of our government.
Because the effects, one insurance company may have on an insured affected area from the earthquake or flood, can create more harm.
It would be astronomical in numbers and size, depending on the stage of destruction.
So, keep in mind the two things you should be aware of in regards to what your insurance policy will, and will not cover.
This is because a renters insurance policy is a set group of coverages that are there to protect you and your belongings.
This means that the typical renters policy will include the following coverage types.
Renters Coverage Types:
- Personal belonging protection
- Additional living expense coverage.
The additional living expense coverage would kick in if your home that is being rented, had to be redone due to a loss.
This means the apartment, condo, townhome or home is temporarily uninhabitable, and not this time, from other members of the household
A renters policy can help to reduce the impact of financial and liability loss.
So, if an injury of any sort would happen inside your rented home, coverage would apply.
This way, the incident of loss is minimized with insurance protection.
Other Type of Coverage
Now, if you live in San Franciso or Los Angeles Callifornia, you may want to consider getting earthquake insurance.
The same applies iwth flooding. If you live in an area where it floods alot, you are in the same boat as your California counterparty.
You may want to consider buying additional coverage, which will protect against these types of risks.
Just imagine if a flood or earthquake should occur, and you do live in an area where complete havoc and possible devastation could occur, coverage may be just what you need.
This type of protection can be seen in many cases of helping people, from California to Florida.
Progressive Insurance – Renters Tip
As a side note, just make sure to review your renters policy for any coverage discrepancy you might have.
Sometimes we might feel we have a certain coverage option, when in fact we do not.
Just do not wait until loss occurs. This is the worst time to review coverage information.
You want to be ahead of the game of protection, even if you are not in a financial positon to play.
Being aware of all your options can help strategize a future game plan, so when you are in positon to play, you can.
Underwriting Guidelines for Rental Insurance
Renter’s insurance policies, like homeowner’s policies, are characterized by a lot.
This means, coverage plans, premium programs and coverage limits.
Also, it is important to review the exclusions when it comes to your current policy underwriting guidelines.
Never assume because you had insurance with one company, that the next will be the same.
Rental Coverage Assumption
The biggest mistake many renters make, is assuming they know what comes with their tenants policy.
Know your coverage and policy information before sighing anything.
Have questions, then ask.
This also helps you find, affordable renters insurance
Do not wait until a claim happens to finally bring it to your insurance broker or agent’s attention.
progressive renters insurance – 6 Reasons
- apartment renters insurance will cover the cost of belongings lost in a fire, due to lightning, a windstorm, or hailstorm.
- Renter’s coverage can protect you from theft.
- If your home is damaged and uninhabitable, renter’s insurance can cover the cost of other living arrangements.
- This Coverage covers the costs of accidents that occur on a renter’s property.
- If a person loses important items while traveling, this coverage can cover that too.
- Personal Liability Coverage in the event you are sued by someone who was injured on your property.
renters insurance for apartments
Your renters policy program provides not only personal property coverage, but also personal liability coverage.
This is actually automatically included on your renters coverage policy, which is nice.
This protection is vital to optimal renters insurance protection.
This is because it takes care of the liability portion of protection.
What is the Liability Portion of rental coverage?
The liability portion of the policy is, designed to protect your assets as a tenant.
This portion of coverage will kick in if you are being sued by someone who was injured, physically, while on your property.
Most tenant policies offer liability protection for bodily injury and property damage.
The liability portion covers not only the cost of the claim, but also the cost of defense if you are being sued.
This is limited to the amount of coverage for bail bonds and other bonds related to the claim.
What is a Standard Renters Insurance Policy?
The standard renters insurance policy liability protection, will cover injuries or damages.
This injuries or damages have to be caused by the:
- a member of the insured’s family
- or a family pet.
Rental Insurance – Insured Property Limitations?
This coverage applies to injuries that have occurred on the insured’s property.
It will also provide coverage anywhere in the world from a civil not criminal law.
If the insured or a family member are indicated in a criminal lawsuit, the policy will not cover any financial loss as a result of this act.
What is Covered on a Rental Policy?
What is covered is just as important as who is covered under your tenant policy.
So let’s begin with the first “what” is found on your coverage sheet of your renters declarations page, which is bodily injury.
Bodily injury means harm, sickness or disease, and includes the cost of required care, loss of services or death resulting from the injury.
This is one of the main kinds of loss that constitutes a civil liability.
Property Damage on a Rental Insurance Policy
The second coverage feature found on your tenant policy is, Property damage.
Property damage means injury to or destruction of tangible property and includes loss of use of the property.
Loss of use is another of the key kinds of loss that constitutes a civil liability.
Occurrence on Rental Insurance
The last coverage feature found under your tenant policy is Occurrence.
Occurrence means in the language of insurance coverage, as an accident, including continuous or repeated exposure to conditions.
This would be a result in bodily injury or property damage, neither expected nor intended by the insured party listed on the policy.
A situation must be deemed an occurrence prior to any insurance is applied.
Rental Insurance Coverage
It’s great to understand all these terms and definitions you will find on your policy.
But, it is also good to keep in mind that protecting your investments and yourself.
It is a business to the provider or company, that you have your coverage through.
Insurance Coverage is a business and many people fail to realize this point.
This business is a service that helps people in times of need.
Also, to operate to produce a profit, as well as to collect more in premiums, than they pay out in claims.
Renters Insurance Business Model
It really is that simple of a business model.
Premiums keep profits going, and combined together can have a major effect on any company.
If all company’s had insureds filed a claim at the same time, then the company would go bankrupt, this is why collecting those premiums are so important.
Fortunately the odds of all people insured within one company all filling claims at the same time is with all accounts, incredibly slim from happening.
Continue to do Business
This is why insurance companies continue to service this business.
To improve the odds of a company, insurers will make some kinds of coverage.
For example, such as a earthquake in California, or homeowners protection in parts of Florida and other hurricane prone areas.
These are very hard to get or if obtainable, very expensive.
If you file a lot of claims, your company will raise your rates. It’s a known fact, and it’s not to punish you but to make sure it can still earn a profit.
This is because claims are often lead to higher rates and it is important to avoid filling small claims.
The study of coverage is full of jargon that is not known by most outside the industry.
It is important to understand the basic concepts. This will help you understand the process a little better if you should have to deal with a claim or loss.
The worst time to learn anything is under stress or distress.
That is why it is important to read your policy language.
Ask any questions to statements you don’t quite understand or if you have a simple request to make during your policy period.
compare renters insurance
If you are shopping for the best coverage for your home or vehicle in California, regardless if you live in Anaheim CA, or San Diego CA.
If so, make sure you are comparing the right quotes that provide the right coverage and protection for your personal needs.
Remember, finding the cheapest car insurance starts with bundling your renters policy with it.
If you have questions or just need:
- cheap renters insurance
- general car insurance
- apartment rental insurance
contact us at 877-539-2533!
Mercury Rental Insurance: Los Angeles, Fullerton, San Diego, Orange, Anaheim, Long Beach, Riverside, Ontario.