Who Needs Renters Insurance

Many people believe that because they don’t own a home they do not need insurance. Contrary to what some may think, landlords are not responsible for your personal property in a disaster. The independent agents at Friant Insurance Agency service the Laguna Hills, CA area and would like you to understand that everyone who is renting a home or apartment should have renters insurance.

Renters Insurance Coverage

• Personal Property – If you suddenly had to replace your entire wardrobe, jewelry, furniture, and small appliances, you may not have that amount of money on hand. With renters insurance, your policy could allow you to replace your items at little or no cost.
• Liability – Depending on your policy limits, liability coverage can offer you security if an accident causes injury to another person resulting in damages and medical expenses.

What to Consider When Buying Renters Insurance

Everyone renting an apartment, condo, or house should consider renters insurance because your items could be replaced quickly after you pay the deductible. There are two types of replacement coverage:

• Actual Cash Value – can allow you to have “fair market value” for your property. With this type of coverage, the insurance provider takes into account the depreciation of your item. If you had a 4-year old smartphone that was stolen in a burglary, you could receive the cost of that phone minus its depreciation value.
• Replacement Cost – could give you the cost of an item that is similar to the one that you lost. Your premiums may be a little higher, but you could get an amount that could replace your item at today’s rates. For example, if you had a 5-year old gaming system, you could be compensated for one being sold now.

In the Laguna Hills, CA area, the independent agents at Friant Insurance Agency are available and waiting for your call. We can help get you get started with a renters policy that is right for your needs. Contact us or visit our offices today!