Renters Insurance Information
If you rent your residence, you should consider renters insurance. Also known as an HO-4 policy, renters insurance can provide financial protection from unexpected losses at your rented property. Some landlords may require it to approve your lease. Contact Clarion Pacific Insurance Services to learn more about renters coverage.
Why Renters Insurance Is Essential
No matter how careful you are, certain situations are unpreventable. Theft, burglary or visitor injuries at your rented property may fall into this category. Your personal property could be lost, stolen or damaged when unexpected incidents occur. You might even be sued for personal liability.
As a renter, you should know that your landlord’s insurance policy won’t typically cover these losses. Renters insurance can provide personal liability coverage, help pay for covered losses to your personal property and help cover your additional living expenses if you have to vacate your rented property temporarily.
Ways to Tailor Your Renters Insurance Policy
Your coverage needs could vary greatly from your neighbors and your friends. For example, if you own expensive jewelry or artwork, you might benefit from a “floater” policy, which can extend your coverage for a specific item or collection. There may also be several other ways to customize your renters insurance policy to better fit your needs.
The following are some examples of policy changes you may be able to make, depending on your insurer:
- Choose your coverage amounts. You may be able to increase or decrease your coverage amount to ensure your belongings are covered for a reasonable amount.
- Adjust your deductible. Your deductible is the out-of-pocket amount you must pay before your insurance kicks in. By increasing your deductible, you may be able to pay less in monthly premiums, but keep in mind that this will mean greater upfront costs if your property is damaged.
- Pick your personal property coverage. Generally, you will be given a choice between two types of property coverage: actual cash value and replacement cost coverage. Your coverage will affect how much you can be reimbursed for damaged belongings.
- Actual cash value may help pay to repair or replace your belongings, accounting for depreciation. This will lower the total amount of money you can be paid for each item.
- Replacement cost coverage may help pay to repair or replace your belongings without accounting for depreciation. This may allow you to receive larger payouts for damaged property.
The agents at Clarion Pacific Insurance Services can help you find the best renters policy for your needs. Contact us today to speak to an insurance agent.
What to Do If You Need to File a Renters Insurance Claim
The claims process may vary among insurers and the type of claim you’re filing. The following are general tips to follow when filing a property damage insurance claim:
- Report damages to your landlord.
- File a police report if necessary.
- Take the necessary steps to prevent further damage.
- Keep all maintenance and repair receipts.
- Contact your renters insurance company.
The process for filing a liability claim differs from a property damage claim. Contact Clarion Pacific Insurance Services to learn more.
Getting Renters Insurance
Find peace of mind with a renters insurance company you believe in. Contact Clarion Pacific Insurance Services in Santa Cruz, California, to learn more about our renters insurance policies and to get a free quote.