As a renter in Granada Hills, you may be unsure if you need to get renters insurance. First and foremost, many renters either don’t know about renters insurance or think they don’t need it. But despite these people’s beliefs, renters insurance is a powerful tool that renters can protect themselves and their belongings. To better understand what renters insurance is and why you need it, keep reading to learn everything you need to know.
What is Renters Insurance?
Usually, renters insurance is an insurance policy that includes both personal liability coverage for you and covers the loss or replacement of your personal belongings when you’re living in a rental home. Renters insurance is not always required by law, but it’s still something that every renter should have, as many landlords need coverage. These policies are very affordable, but they also help you if you are injured or your belongings are lost or damaged while living in your Granada Hills rental home.
What Does Renters Insurance Cover?
Several renters’ insurance policies will help you replace personal belongings that are stolen, lost, or damaged. But they also cover far beyond that. When someone stays in your house and injures themselves while in your rental home, your renters’ insurance should cover liability that may arise. Moreover, figure out what would happen if your rental house was damaged in a flood or natural disaster. Generally, you won’t be able to live there until restorations have been made, so the renters’ insurance will pay for you to stay somewhere else until your rental home is safe for you to move back in. Policies vary, but you may be astonished to know that some even cover your car or will reimburse the cost of items stolen while you’re on vacation.
How Do I Put a Value on My Possessions?
Before you purchase a renters insurance policy, it is imperative to know how much all of your possessions are worth. This is so you can buy the right amount of protection. There are several apps and websites that can help you verify how much your personal belongings would cost to replace, or you could even use a simple spreadsheet to track them. However, whatever strategy you use, you need to have a list of everything you own and the estimated value if you need to file a claim. It is also recommended to keep purchase receipts for expensive items and take photos of all of your stuff. This can help make the claims process much more efficient.
What About Pets and Roommates?
If you have a pet, renters insurance can help cover your liability if your pet injures someone. While it’s rare, without insurance, your pet’s behavior could make you responsible for the injured person’s medical bills, legal fees, etc. While renters insurance may not help you replace your couch if your pet damages it, it will let a friend file a claim if your pet ruins something your friend owns. But other insurers do have breed restrictions and may not offer coverage for certain types of dogs or other animals. In the same manner, roommates are typically not included in a renters insurance policy except if the provider will allow you to add them. Not all insurers will let you do that, and it is probably ideal to have your roommate get their own policy instead. If you are both on the same policy, your roommate’s claims will show up on your insurance record and may cause your rates to build up.
What Else Should I Know About Renters Insurance?
A few more things you need to know about renters insurance include items that are not covered, such as damage to the premises, insect infestations, and naturally-occurring water damage. For example, if you discover that your home is infested with bedbugs, renters insurance would not cover any infestation treatments. Or if you forgot about the pot on the stove and burned the wall or caused some other form of damage to the home, the renters’ insurance does not typically cover the actual dwelling.
The same is true for certain types of flooding situations. In several instances, natural-occurring flooding is not a covered event on your renters’ insurance. If you stay in a region vulnerable to flooding events – or even if you don’t – you’ll need to purchase a separate flood insurance policy. Typically, the only type of water damage that a renters insurance policy will cover is burst pipes or plumbing issues.
When you’re ready to get your own renters’ insurance policy, make sure to take time to look around for a policy that meets your needs at an affordable price. Different insurers may cover other things, so it’s critical to read your policy carefully when you purchase it. In that case, you can be prepared should you ever need to make a claim.
Are you looking for a new Granada Hills rental home? Real Property Management West San Fernando Valley can help! Contact us today or visit our rental listing page to check out our great rental home listings in your area.
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