In the event that there is ever damage to a building where tenants reside, the landlord will bear responsibility for repairs and will likely have insurance to aid in getting the building back up to code. But for renters who experience damage on a personal level, here in the OC they should purchase orange insurance to protect their own belongings and valuables.
A renter’s insurance policy is great to have as it covers specific perils or risks that are common to individuals leasing residential properties from others. The goal of all insurance policies is to help policyholders avoid experiencing financial disruption to their lives when a significant loss occurs.
For example, if a fire occurs in your unit, or an adjacent one, and it damages clothes, computers, or other property, these items may end up costing a lot to replace. You may find youre responsible for damage to anything in the adjacent units as well. Having renter’s insurance means having coverage that reimburses for these losses as a way to help ease any financial burden.
How to choose the right policy
Examine any policy being considered to determine what losses are and are not covered, and also be aware of any optional coverages offered. This helps you to make the right decision on the type and amount of insurance that is appropriate for your particular situation. The different types of losses noted here are standard to all renters insurance policies.
You can purchase coverage for contents lost on the premises, which includes clothing, couches, TVs, computers, stereos, books, luggage, and any other items that a tenant generally owns. For contents lost off premises, that refers to items normally “on premises”, but that happen to be off property when the loss occurs. Common items include things like laptop computers, smartphones, cameras, and bicycles. If they are stolen, damaged, or lost they may still be covered by a renter’s insurance policy even if these items were not on the property when they were damaged or stolen.
Additional living expenses
This policy covers living expenses above any normal expenses that are incurred as a result of having to move out of, or be temporarily displaced, from a current residence. For example, if you were forced to live in a hotel for a week or more and primarily eat at restaurants during this period of time, the orange insurance policy you purchased should help cover some of those costs.
Speak to an agent who can discuss the different types of renters insurance available and help with choosing the most appropriate policy for your current situation.