When it comes to making sure that your belongings are protected, even when living in an apartment, having renters insurance in California can be beneficial.
Life can be unpredictable. You may think that nothing bad will happen to you or your belongings, but you can’t ever be sure. Instead of taking the chance and losing your possessions, protect them with insurance.
Laws requiring renters insurance in California
The state of California doesn’t have any laws that require a tenant to get renter’s insurance.
However, having this coverage can be advantageous. Renting can be an expensive endeavor. While landlords are required to have insurance on the building, this won’t protect your personal belongings if an unexpected issue arises.
While there isn’t a law in California that requires renters to have insurance, a landlord may add it to their lease.
If this is a stipulation in the contract, then it’s something you will have to abide by. This type of insurance can protect both the landlord and the tenant.
For example, furnished apartment provider Bluegroundrequires its tenants to hold their own renter’s insurance when leasing one of their homes in San Francisco and Los Angeles. Tenants are expected to hold their own insurance to cover any losses, injuries, and damage to their specific apartment or the shared property.
The only time they may be exempt from paying is if normal wear and tear have occurred.
What can be covered by the insurance policy
Getting insurance can cover more than just your personal belongings. You may also need to get a policy that covers other items, including those listed below.
Loss of use
If you are unable to use your apartment for any reason, such as fire or water damage, your insurance may cover the price of staying in a local hotel, such as the Theatre Ace Hotel, or other accommodations. This can be incredibly beneficial.
After all, it can be expensive to stay in a hotel for any length of time that’s out of your control.
You may be held liable for any damages that may have occurred at the apartment, so your insurance may help you cover them. This could include if someone gets hurt while visiting your apartment or due to some negligence on your part.
Here, the landlord may require you to get $100,000 worth of coverage to ensure that all costs will be taken care of.
Medical payments to others
Should any injuries have occurred on the property, you may be required to cover those costs. Your coverage will take care of these payments. A landlord may require you to have a minimum of $1,000 in coverage for this issue, should it arise.
The average cost of renters insurance in California
On average, the price of insurance in California is $195 per year. This makes getting coverage incredibly affordable.
Of course, this price can go up depending on different factors.
How much you pay for your monthly premium will depend on how much you need to be covered. The price will also depend on where you live.
Above all, with few belongings, you don’t need a huge policy. It may be possible to get $5,000 worth of coverage for your belongings for only a few dollars each month.
If you have a car, you may also be able to bundle your renters’ insurance with your car insurance. This could lower the price even further. This makes getting this coverage incredibly affordable. Noting exactly what you have for personal belongings and what it’s worth will help you determine how much coverage you should have.
Recommended renters insurance providers in California
Finding an insurance provider can be easy, and there are many places in California to choose from. Below is a list of some of the best-rated companies in the nation:
1. State Farm
This company is great for those who are looking for the cheapest renter insurance coverage. State Farm has been consistent in offering some of the most affordable policies.
It also has some of the most highly competitive rates in the state of California.
As a national provider, you not only have access to affordable insurance but also great customer support.
On average, State Farm’s average annual premium is $205.
If you are tech-savvy and enjoy getting insurance online, then getting a policy from Allstate might be your best option. You have the ability to pay bills, start claims, and review their policies.
In addition to the digital features, Allstate also allows you to adjust coverage to your specific needs. This could help you save money. Like State Farm, Allstate is also a national company. You will have access to customer service should any questions arise.
On average, Allstate’s average annual premium is $367.
If you’re looking for quick coverage that doesn’t require you to talk to an agent, then you’ll want to check out Lemonade. You can receive a quote and sign up for coverage in a matter of minutes.
This company also offers the opportunity to participate in a giveback program. With this, you can choose a nonprofit organization to receive a portion of unclaimed money at the end of the year. Renters insurance in California is not be required by law.
However, it may be required by a landlord and included in the lease. Finding the right coverage doesn’t have to be hard, but it will require a little bit of research to find the policy that’s right for you.