Despite popular belief, a renters insurance policy if you are renting is just as important as a homeowners insurance policy. Renters who do not obtain this vital insurance policy leave themselves and their personal belongings vulnerable to harm through a variety of common perils.

If you are one of the many renters who assume you will receive coverage under a landlord’s insurance policy, you are in for a reality check. Your landlord’s insurance policy will only provide the property owner (landlord) with coverage for the physical structure of the property you are renting and liability coverage for the landlord based on what the claim is for. A “landlord/fire policy” does not provide coverage for your personal property or your personal liability.

Similar to a homeowners insurance policy, your renters insurance policy will not provide you with coverage against floods and earthquakes. In order to receive coverage for these two perils, you must obtain separate, specialized policies.

If you experience theft of your personal property or vandalism in your rented home or apartment, a renters policy will cover your loss less your deductible. If you are found to be at fault for any accident that occur within your rental home, a renters policy will also cover personal liability which can include legal representation and damages, again depending on the claim scenario. If something happens within your rental home, such as a grease fire, smoke or water damage as a result of this, a renters policy can also provide “loss of use” coverage which may cover living expenses elsewhere while the property is repaired.  Without a renters insurance policy, you leave your personal assets and liability exposed.

Contact Randy Jones Insurance in Pleasanton for all of your California renters insurance needs. We can help explain the differences between renters and landlord insurance policies and the importance of having a renters policy.