Whether you are a San Diego native or new to the area, you probably currently have or at least heard of renter insurance. There is a large (and growing) community of rental properties within our county and most require Renter Insurance. Many people tend to assume or have a complete misconception of what this type of insurance encompasses and how valuable it is in a time of need. When you are shopping for any insurance policy, know what you are buying.
Renter insurance protects your personal property, protects the insured if a liability issue arises on the property, and provides compensation for any costs incurred during a time where the dwelling is unlivable. A renter’s policy is walls in coverage. That means that the building itself outside of the walls of your unit is not your responsibility, therefore not covered in the policy. Should a claim arise where there is a water leak or fire that is not your fault, the master policy for the building would take effect for replacement. As for your policy, the “Loss of use” would take effect if it is uninhabitable. Loss of use is the amount you would receive for staying in a hotel, driving farther to work, dining out, etc.
There is also liability on the policy. The typical requirement is 100k liability in case someone should get injured on your property and they find you or the building liable. You will need to discuss with your agent if that includes bites from pets. For any damage from a covered peril (wind, fire, water, hail, etc.) occurring in or on your rental property there is coverage for personal property.
With Allstate, your personal property is covered anywhere in the world however this is not the same for every company. In terms of what personal property is, I like to tell people that if they took their apartment/dwelling and turned it upside down, everything that falls to the ground is personal property. Expensive items such as jewelry, furs or cameras will need to be added as specialized items. Should something happen the insured is responsible for the deductible and Allstate takes care of the rest. Some of the claims I typically see are water overflows from units nearby or your own unit, stolen property from vehicles, and electrical fires.
In any case, renter’s insurance is extremely important. When life happens, it is nice to know that you have a renter’s policy to help make you whole again. If you have any questions about renter’s insurance, please do not hesitate to contact me.