The Importance of Renters Insurance

Tarzana Renters InsuranceMany renters’ fail to acknowledge the importance of having a comprehensive renters’ insurance policy. While many renters are simply misinformed, assuming that they receive coverage under their landlord’s insurance policy, others simply see the purchase as unnecessary. However, without a renters’ insurance policy, you leave you, your home, and your personal belongings vulnerable to a variety of potential perils.

A renters’ insurance policy is one of the least expensive insurance policies, especially considering the level of protection it provides. In the event that your apartment is burglarized, you will receive protection. Likewise, if a fire erupts in your home, you will receive protection.

The standard renters’ insurance policy includes coverage against:

  • Fire
  • Lightning
  • Smoke
  • Hail
  • Wind Damage
  • Theft
  • Vandalism
  • Falling Objects
  • Ice, Snow, & Sleet

In order to receive guaranteed protection of your personal belongings under your renters’ insurance policy, you will want to conduct a home inventory. This will determine the value of your personal belongings. Your home inventory should include photographs, serial numbers, value amounts, and appraisals if necessary.  You should keep both a digital copy and a hard copy for your records.

You will be required to choose actual cash value or replacement cost for your method of reimbursement. Actual cash value means that you will receive reimbursement for the depreciated value of the stolen or damaged item. Replacement cost allows you to receive reimbursement for the worth of the item. This coverage option is typically more expensive, but is recommended if you have any particularly valuable items. Insurance riders and endorsements are recommended for any expensive items, such as fine art or jewelry.

Contact Panzera Insurance Agency, Inc. for all of your California renters’ insurance needs. Located in Tarzana, California, we want to provide you with unmatched insurance services and guaranteed protection of your apartment. Just because your apartment is smaller than a home does not mean it deserves any less protection.