Known as The Golden State, California is home to tens of millions of residents who enjoy pleasant weather, a ton of fun adventures, and a diverse community. Moving to this state is something that many people consider when choosing a place to settle in because it has the largest economy in the country and offers a so-called Californian lifestyle. If you have been looking for a reason to live in California, perhaps knowing that the real estate market is booming may convince you to do just that.
While there may be so many homes that are for sale in California, there are also those that are up for rent. Owning a home is a significant decision and investment, so renting is usually the ideal route if you are not yet ready to become a homeowner or still saving up for your place. As you start hunting down a potential place to rent, one of the things you may encounter is California renters insurance. Getting insurance is an advisable step for anyone looking to rent a home, but it can sound unfamiliar if you have never gotten it before.
Below, you will find some information about renter’s insurance to enlighten you more and help you determine the best policy to choose.
About Renter’s Insurance
As its name suggests, a renter’s insurance policy helps protect renters, their belongings, living arrangements, and other essential things in case of accidents or loss. The standard policy, also known as personal property coverage, protects your possessions in case of perils or risks, like fire, theft, water damage, power outages, and other similar events. However, some items, like your jewelry or antique collections, are not usually covered.
On the other hand, the liability coverage policy helps you by paying for bodily injuries or accidents or property damage caused by negligence. However, you will not be covered for intended injuries, business-related ventures, or vehicle accidents, so make sure you read the policy carefully. At the same time, there will usually be a limit to the amount covered by your policy, so ask the provider about this and choose one that fits your needs.
In some cases, you may also find additional coverage options for extra security or protection while renting a place. For example, some policies may provide additional living expenses, which will cover additional costs you incur if you cannot stay in your rented place for some time. There is also credit card coverage, which protects you against money-related fraud attempts from a thief who enters your home. Ensure you ask your insurance provider about your extra options, so you can customize your policy to include the coverage you want.
Should you get Insurance?
Now, you may be wondering: should you get California renters insurance once you find a place in The Golden State? Insurance is not necessarily mandated by law, though it may be required by your landlord or property developer. However, regardless of whether it is mandatory, it is highly advisable to get insurance if you are renting a place.
Most of the time, landlords only have insurance that covers the actual building, leaving the tenants vulnerable. With this, you need to be proactive and take steps to protect you and your belongings in case of unforeseen events. As much as possible, you want to have a smooth experience while renting a home, but unexpected circumstances may arise without prior notice. When these happen, having an insurance policy will protect you and prevent you from replacing everything yourself.