You’ve found the perfect place to live. It’s big enough to house all your belongings comfortably, but not so large that everything looks sparse. However after living
there for a while a fire breaks out in a neighboring apartment and now there is damage, not only to the building, but your clothes smell of smoke, and there’s even water damage to your belongings from the sprinkler system being set off.
A renter’s insurance policy covers specific perils or risks that are common to individuals leasing residential properties from others. The main goal of all insurance policies is to help policyholders avoid major financial disruptions to their lives when losses occur. Having renter’s insurance simply means having coverage that reimburses you for these losses as a way to help ease any financial burden.
A policy that works well for the average person
It’s important to know what losses are and aren’t covered, as well as being fully aware of any optional coverage. This should allow individuals to make the right decision on the type and amount of insurance that is appropriate for their situation.
“Contents loss on premises” includes clothing, couches, TVs, computers, stereos, books, luggage, tableware, and any other normal items you may own. “Contents loss off premises” may be the same items as the “on premises” ones, but include any items that happen to be off property when the loss occurred. Common items would be laptops, cameras, and bicycles, and items often transported by owners. If they are stolen, damaged, or lost, they may still be covered by a renter’s insurance policy even if these items were not on the property when they were damaged or stolen.
Should you be forced to move out, or be temporarily displaced, from your current residence, say, if repairs need to be made then your insurance could cover living expenses above any normal expenses that are incurred. For example, your landlord may tell you that you need to live in a hotel for a week or more, and you end up primarily eating at restaurants during that time, having this policy would cover most of those costs.
In addition, there is personal liability loss, medical payments loss, and property of others loss. If interested, speak to an agent who can discuss the different types of renters insurance from Los Angeles insurance companies and help you with choosing the most appropriate policy for your situation.