When you rent an apartment or home for the first time, you may not be thinking about how to protect your belongings from theft, fire and other events. However, it’s one of the first things you should look into. You can buy renter’s insurance as soon as you move in and may want to compare the cost of insurance before making a final decision on an apartment. Feel free to call your WPL insurance Services agent with any questions you have. In the meantime, here are the basics on renter’s insurance.
What Is Renter’s Insurance?
Renters’ insurance, also called tenants’ insurance, provides some of the same benefits as homeowners’ insurance. However, it doesn’t cover the dwelling structure except for small alterations made by the insured tenant.
What Is Covered by Renter’s Insurance?
One benefit of renters insurance is that it covers you if your apartment becomes damaged by water or fire, as well as any covered peril–you even get temporary living expenses. Similar to many homeowner’s policies, renters insurance includes liability coverage. Liability insurance protects you if someone is hurt while working on your apartment or visiting you. It even pays for legal expenses if you have to go to court.
Damage due to flooding and earthquakes require special policies. They are not covered under renter’s insurance. Ask you WPL Insurances agent about flood and earthquake insurance if you live in an area prone to those hazards. For flood insurance, check out the National Flood Insurance Program and research whether your apartment lies in a flood zone.
Always review your policy carefully. If a hazard isn’t listed, it’s not covered–don’t assume something is included. For example, If your policy doesn’t say it covers water damage from bad plumbing, you aren’t covered for it.
Who Needs Renter’s Insurance?
You may need personal property coverage to reimburse you if something happens to your belongings or to someone else’s property. It depends on how much your belongings are worth and whether you have enough money to replace everything out-of-pocket. Ask your WPL Insurance Services agent to set up an appointment for your renter’s and other insurance needs in Santa Clarita, CA.