$16 a month is a very modest amount for $125,000 of coverage.
Everyone who rents should have renters insurance covering
their belongings both inside and away from their apartment.
What is it? Renters insurance provides both liability coverage for
you and your family and coverage for your personal property, your belongings, both inside
and outside your apartment. The apartment building you live in is insured for damage to
the structure. This coverage does not include your property;
furnishings, clothing, stereo, car, camera, and so on.
Why do I need it?
The owners insurance policy does
not cover you. The type of events that are usually covered by Renters Insurance
- The building catches on fire and all your belongings are lost due to water, smoke, and
- An electrical power surge toasts your computer, the 42' TV and new stereo.
- The bad guys clean out your apartment while you are on vacation.
- A big tree falls and your apartment is destroyed with most of your possessions mashed
flatter than a pancake.
- You have additional housing and eating expenses while the insured residence is not
habitable due to an insured loss. You are in a hotel while the building owner rebuilds
your damaged apartment.
- Personal property away from home is damaged, destroyed, or stolen. In your car, at a
friends house, on vacation, etc.
- You damage the property of another person.
- You clobber your golfing partner with you backswing. You should have personal liability
protection against claims caused by most unintentional acts on or off your insured
- Someone injures themselves in your apartment.
Optional extras: You can often get,
earthquake coverage, additional liability coverage (this is usually a few dollars a month
more and is worth considering), increased property limits.
Where can I get it?
Most insurance companies will
provide Renters Insurance. Shop around. Compare rates and coverage.
Barbera Insurance: Benny
Grissom (510) 523-2924
...Independent: lots of
different insurance companies
Farmers Insurance: Glen Hazen (925) 463-6560
What does it cost?
Each insurance company will
have specific coverage which will vary. But $25,000 of property loss coverage with
$100,000 of personal liability coverage recently was quoted to us at $16 to $19 a month.
This will vary based on location and company. Discounts: For non smokers (you did quit right?), if you have auto coverage with
the same company, a smoke alarm, deadbolt locks, etc. may all qualify you for a discount.
"No one likes to think they will need Renters
Insurance. I didn't think I would when I parked my Honda in San
Francisco on a nice street in Pacific Heights to visit a friend.
When I came back it was gone. In the trunk; my camera, a weeks
dry-cleaning, my cell phone, etc. I was surprised to find my auto
insurance did not cover this stuff. But my Renters Insurance did."
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