West Hollywood Renters Insurance
Renters need protection for their personal possessions and from liability. Even the smallest apartment can easily contain personal property worth thousands of dollars. Take into account your clothing, furniture, appliances, electronics and it does add up. Whether you are renting an apartment or a private home you do need to protect your personal property from loss.
Some renters fail to obtain a renters insurance policy unless it is a requirement by the landlord or the manager of the premises they are renting from. The average consumer feels it is too expensive where a basic renter’s policy can be as low as $200 annually. Others think the landlord’s policy will protect them. However the landlords’ insurance policy covers the building itself and not the personal property of their tenant. In addition the owners’ policy may not protect you for liability for something that occurs within your rented residence such as slip and fall of a guest while visiting you.
Factors affecting your insurance premium will be the location of the property you are renting, the type of property you are renting and the amount of personal property you choose. Deductibles do apply to your policy and a higher deductible will lower your annual premium.
The renters’ insurance policy covers the cost of repairing or replacing your personal property that has been damaged as a result of a covered loss whether it is by fire or theft.
Coverage is provided to you on an actual cash value basis or on a replacement cost basis. Actual cash value settlements will take into account the age of the damaged items and the value will be depreciated by a percentage of its useful life. For example a television set that is 5 years old can be depreciated by 30%.
Replacement cost coverage replaces the item without deducting for depreciation. However you will be paid the actual cash value and reimbursed the replacement cost once you have actually replaced the items and submitted the invoices to your insurance company.
Renters with roommates should take care to have their own individual renter’s insurance policy. Some agents recommend one policy and naming both renters as insured’s but from a liability standpoint we do not care for that arrangement. Why be held liable for an injury claim your roommate caused when you had no part in it?
You will also have personal liability protection if someone suffers an injury because of something you did or did not do. For example if you are fortunate enough to have a patio and you neglect to use some type of decal to signal the sliding glass door to the balcony is closed if your guest walks into that you are going to be expected to pay their medical bill. Without renters protection not only are you out of pocket but probably out a friend. Note that your deductible will not apply to your personal liability section of coverage. The insurer will pay first dollar.
Renters insurance can be the most valuable possession you have especially if you are just starting out with your first independent residence. You are slowly gathering belongings that can go up in smoke. Don’t go up in smoke. Go to EZ Center Insurance Services and protect yourself with a cost effective renter’s insurance policy.