Posted February 15th, 2016 at 8:01 amNo Comments Yet
In a recent interview, the independent insurance agents at EIS Insurance discussed the benefits of purchasing renter’s insurance in California.
The independent insurance agents at EIS Financial & Insurance Services in San Diego were interviewed recently about the benefits of having renter’s insurance. According to these experts, tenants in California, whether business or domestic, should always have a good renter’s policy in place to cover the expenses not paid for by the landlord’s coverage.
“Many tenants do not realize that a landlord’s policy rarely covers their personal belongings, and in many cases does not protect them from liability incurred from an accident on the property,” notes Ike Praw, a partner at EIS Financial & Insurance Services . “In fact, many people make the erroneous assumption that they do not need coverage because the landlord is responsible for protecting them and their belongings. This is not true, and many tenants have learned too late that after a fire, flood, burglary or other incident that they are not covered for their losses.”
According to EIS Insurance experts, a landlord’s policy typically covers two things: damage to the actual premises and liability of the building’s owner. However, according to a recent Insurance Information Institute poll, only 37 percent of renters have any type of coverage.
“Not only do people assume that their landlord’s policy will cover them, but they also often underestimate the replacement cost of their own belongings,” says Ike. “It may help to sit down with an independent insurance agent and go over your contents coverage; you may be surprised at how much your belongings are worth and what it would take to replace them.”
Another important consideration in taking out a renter’s policy is liability. If the person delivering a pizza is injured on your premises, you could be individually liable for the medical bills and other costs associated with that accident. Without a renter’s policy, you could be facing thousands of dollars in unpaid expenses.
“A typical renter’s policy is extremely affordable, which makes it even more ironic that so few people have this coverage,” says Ike. While the cost varies according to coverage and deductibles, many renter’s insurance policies for apartment dwellers cost less than $300 per year. “Additionally, these policies cover almost everything barring an earthquake, which is a separate policy, and give you a surprising amount of coverage for your belongings. Some even cover your personal property when you travel.”
It is important to note that some policies offer replacement cost coverage or RCC, while others offer actual cash value or ACV. Generally, renters are better off choosing RCC, which provides new replacements even for old contents such as furniture or appliances.
Finally, purchasing a renter’s policy is easier when you have plenty of quotes to compare. An independent agency such as EIS Financial & Insurance Services offers renter’s insurance policies from many companies and will seek out the best fit for individual needs.
For more information about renter’s insurance policies, visit the agency’s website at http://www.eisinsurance.com/contact-us/.
About EIS Insurance: EIS Financial & Insurance Services is an independent insurance agency that offers home, auto, renter’s and business insurance in San Diego and throughout California.