February 17, 2013

Renter’s Insurance

Protect Your Personal Property With Renter’s Insurance!renter's insurance

The most common misconception of a renter is that their personal property is covered by their landlord’s home insurance. This is entirely untrue! Whether your rent a home or an apartment, you need a policy that covers your belongings and any injuries that occur in your home.

You May Be Able To Get Your Renter’s Insurance For Free!

The absolute BEST part about renters insurance is that it is extremely inexpensive. So much so, that if placed with the same company as your auto insurance, the discount you receive on your auto insurance (up to 10%) usually more than pays for the premium of the renters policy. In many cases, it means MORE coverage for you, for LESS money than you are already paying.

Contact Cornerstone today to get started. Call 888-840-4020 or fill out an online form to get in touch with a insurance agent in Glendale or Santa Clarita today!

Get All Your Questions About Renters’ Insurance Answered!

 What will renter’s insurance cover?

Whether you are renting an apartment or a home, renter’s insurance can protect your personal property from:

  • Theft and vandalism
  • Fire or smoke
  • Earthquakes and other natural disasters

It may also cover living expenses if you have to live somewhere else due to damage at your residence or if your property gets stolen in your car or while on vacation. Your insurance agent will be able to help advise you on the right policy.

 How will my property get replaced after a covered loss?

Renter’s insurance will usually cover property in two ways:

  1. Actual Cash Value
  2. Replacement Cost Coverage

Actual cash value will reimburse the items after factoring in depreciation; however, replacement cost will reimburse the full amount. Actual cash value has cheaper premiums but will pay out less.

How do I know if I need renter’s insurance?

You may be surprised to find out how much it would cost to replace everything in your home! If you total the cost for your furniture, electronics, clothing, appliances, and kitchenware, it will most likely add up to hundreds or thousands of dollars!

Renter’s insurance is relatively in expensive (under $30 a month) and you may be able to get a discount if you package it with another type of insurance and reduce the cost even further! You may also be able to save by installing security and keeping a great credit score.

 What does my landlord’s insurance cover?

Your landlord will usually have an insurance policy that will protect the structure of your apartment or house. Most landlords do not have a policy that protects your personal property.

It is important to recognize that most landlords do not have insurance for damages to the structure that are caused by you. Your renter’s insurance can provide protection for that as well. Check with our agents so they can go over your landlord’s policy and make sure you are fully covered.

 What is personal liability insurance for renters?

Personal liability coverage provides protection if a guest is injured at your home and then sues you for the damages. Most renter’s insurance policies will have this type of coverage but ask your agent to make sure.

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