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When you rent a house or apartment, your landlord's insurance only covers the cost of repairing the building in the event of a fire or other disaster. You need your own insurance cover, a so-called tenant or tenant insurance, to protect yourself financially and your property.
Renters insurance includes three main types of financial protection:
- Insurance coverage for personal property
- Liability Protection
- Additional living expenses
The following checklist can help you choose the right insurance coverage when searching for renters insurance or speaking with an insurance agent or company representative.
Insurance coverage for personal property
How much insurance should I take out?
Make sure you have enough insurance to replace all your personal belongings in the event of theft, fire or other covered catastrophe. The easiest way to determine the value of all of your personal belongings, including furniture, clothing, electronics, appliances, kitchen utensils, and even linens, is to do a home inventory. This is a detailed list of all your personal items with their estimated value. A current home inventory also makes filing an insurance claim quicker and easier.
Should I cover replacement cost or actual cash value?
An actual cash value policy will cover the cost of replacing your assets less a depreciation deduction, while a replacement cost policy will cover the cost of replacing your assets without accounting for depreciation. The price of replacement cost coverage is about 10% higher, but the extra cost can be worth it as most items tend to lose value quickly.
Which disasters are covered – and which are not?
Renters insurance protects you against damage caused by fire or smoke, lightning, vandalism, theft, explosion, storm and certain types of water damage (e.g. if the upstairs renter runs the water in the bathtub and your apartment floods or a pipe bursts). ). . However, most home insurance policies do not cover flooding. Flood protection is available through the federal government's National Flood Insurance Program (888-379-9531,www.floodsmart.govand some private insurers. You can purchase this coverage from the same broker or agent of the company that sold you the rental insurance policy. Earthquakes are also not covered. Depending on where you live, you can take out a separate policy or add this as a "note" to your renter's policy.
What is my deductible and how does it work?
A deductible is an amount of money that you pay out of pocket before your coverage takes effect. Deductibles are available as a set dollar amount, typically $500, $1,000, or $2,000, but higher deductibles are also available. The higher the deductible, the lower the premium with the same coverage; So if you can afford a deductible of at least $1,000, you can get up to a 25% discount on your premium. However, keep in mind that you are responsible for paying the excess each time you make a claim.
What is a floater and do I need one?
If you own expensive jewelry, furs, sports or musical equipment, or collectibles, you should consider adding a floater to your policy. Most standard rental policies offer only a limited dollar amount for these items; A floater is a separate policy that provides additional insurance for your valuables, covering them in the event they are accidentally lost. You must provide receipts and/or appraisals for items that fall under the floater. It is important that expensive items are properly appraised as you will be paying a premium based on the appraised value and in the event of damage you will be compensated for that dollar amount. You can ask your insurer to recommend a reputable appraiser. For some items, such as laptops, a standalone policy might also be an option. First, check your rental policy to see if your laptop is insured and what the deductible is.
Do I have adequate liability insurance in case someone sues me?
Renters insurance provides liability coverage that protects you from claims for bodily injury or property damage caused by you, your family members, and even your pets. This insurance cover covers both the costs of your defense in court and legal damages - up to the maximum limit of your policy. Most standard renter insurance policies generally provide at least $100,000 liability coverage, but additional amounts are possible. Consider whether the level of liability insurance in your policy is sufficient to protect your assets.
Did you know that as part of your renters policy liability coverage, you also have no-fault health insurance? This coverage applies only to injuries suffered by others and is not a substitute for your own health insurance. Medical coverage allows someone who is injured on your property to simply send their medical bills directly to their insurance company so the bills can be paid without initiating litigation. Most policies include around $1,000 to $5,000 of this coverage.
Do I need fully comprehensive liability insurance?
If you need comprehensive liability protection, you can take out roof liability insurance. A master policy comes into effect when you reach the limit of your renter's underlying liability insurance or your car insurance. It also covers you against things like slander and slander. For about $150 to $300 a year, you can get $1 million in personal liability insurance. The next million costs about $75 and each additional million costs $50. Because umbrella personal insurance takes effect upon depletion of the underlying coverage, certain thresholds must generally be met in order to purchase such coverage. Most insurers will want you to get around $250,000 of liability coverage for your car policy and $300,000 of liability coverage for your rental policy before they will give you a $1 million comprehensive liability policy sell for additional coverage.
Additional living expenses
If I am unable to live in my home after a disaster, am I covered?
If your home is destroyed by a catastrophe covered by your policy and you need to live elsewhere, renters insurance provides additional living expenses (ALE). ALE pays hotel bills, temporary rent, restaurant meals, and other expenses incurred while repairing or rebuilding your home. It is important to know how much insurance coverage you have and what the limits are. Some companies offer coverage for a specific period of time, while others have a financial limit.
I run a business from home; Do I need additional insurance?
A typical homeowner's or renter's insurance policy covers commercial equipment for as little as $2,500, which is often not enough to replace all the necessary equipment, even for a small home business. You may also need liability and loss of income insurance. Insurance companies vary significantly in the type of business protection they offer. Some may meet your specific business needs, some may not. Therefore, it is advisable to research both the coverage options and the price.
Am I insured if I travel or am not at home?
Most rental insurance policies include what is called off-site coverage. That means items outside of your home are insured against the same catastrophes listed on your policy. For example, items stolen from your car would be insured. However, some companies may limit the value of off-site theft to 10% of the value of personal property insurance. If you feel you need extra protection against off-site theft — for example, if you travel a lot — look for a policy that offers the coverage you need.
Insurance companies often offer renters discounts on insurance if you have another policy for your car or business. You can also get discounts if:
- Have a security system in place
- Use smoke detectors
- Use deadbolt locks
- have good credit
- have multiple policies
- Stick to the same insurance company
- Are over 55 years old
Businesses offer many types of discounts, but these can vary widely by business and state. So consider your options carefully. Also, some employers and professional organizations offer group insurance programs that may give you a better deal than you would get elsewhere.
Let Marim Abdul Insurance Agency help you choose a policy that suits your unique needs. Our goal is to protect your wealth, be it personal, business or both. Well-chosen policies can mitigate the effects of some of life's most common and unforeseen dangers. We're here to help if you're considering renters insurance.
Eviction is a legal process that occurs when a tenant violates the terms of their lease. While laws regarding renters insurance vary by state and municipality, in most cases, landlords are not legally allowed to evict tenants for not having renters insurance.What is the top reason most people don t think about getting renters insurance? ›
According to Shirshikkov, lack of awareness is a main reason why people don't get renters insurance. "It's less expensive than Netflix per month and provides a lot of protection. Many people are also unaware that renters insurance is available," he says.What is the minimum renters insurance coverage in California? ›
Personal Liability – Covers you for any damages for which you're held liable, and most landlords will require you to get at least $100,000 of this type of coverage. Medical Payments to Others – Covers medical payments for any injuries that have occurred on the property, and it will usually have a minimum of $1,000.Can a landlord force you to get renters insurance in California? ›
Unlike some other states, California landlords are allowed to require tenants to obtain and maintain renters insurance while they are under the terms of the lease.When can California renters be evicted? ›
Under California law, the only lawful way to evict a tenant is to file a case in court. As a tenant, you have a right to remain in your home until a court orders you to move out.How can I avoid eviction in California? ›
Your landlord may be willing to stop the eviction if you agree to certain terms, such as paying rent you owe or stopping behavior that violates the lease. If you can't come to an agreement that prevents you from moving out, perhaps you can agree on a certain date and time for when you will move out of the rental unit.Why should you not cancel renters insurance? ›
In addition to protection against theft or damage, here are other reasons not to cancel your coverage: Worldwide coverage for personal liability, and theft or damage to your personal property. Additional living expenses to cover living somewhere other than your home because of property renovation due to a claim.Is it a good idea to have renters insurance in case? ›
Renters insurance protects your belongings from loss, damage, or destruction following things like burglaries, fires, tornadoes and other covered events. Plus, renters insurance also protects your liability (and your money) if someone is injured at your rental home or apartment.Do I need renters insurance in California? ›
While renters insurance is not required by law in California, some landlords may require it for you to live in their building. It's generally a good idea to have at least some form of coverage as your landlord's insurance is not liable for any damage to your personal property.What is the average monthly cost of renters insurance in California? ›
How much is renters insurance in California? The average cost of renters insurance in California is $204 a year, or approximately $17 a month. That's higher than the national average of $179 a year. Los Angeles is one of the most expensive areas for renters insurance in California, with an average cost of $221 a year.
Average Cost of Renters Insurance in California. California renters insurance is 49.0% more than the U.S. average. The average cost of renters insurance in California is $238 per year.Why is lemonade insurance so cheap? ›
About Lemonade Homeowners Insurance
Founded in 2015, Lemonade differentiates itself from most insurance companies. It takes a flat fee from insurance premiums for expenses and any money leftover after paying claims and expenses is donated to charities.
Under the Fair Housing Act, it's illegal for landlords to discriminate against a prospective tenant based on sex, race, color, national origin, religion, familial status, or disability.What can I sue my landlord for in California? ›
You can sue a landlord in small claims court over unsafe living conditions or for violating your state's implied warranty of habitability. Warranty of habitability means that regardless of any opposing lease term, your landlord is required to keep your unit in a habitable condition at all times.Do renters have rights in California? ›
Tenant Rights and Responsibilities
According to California landlord-tenant laws, tenants have the right to live in safe, habitable rental units, as well as sue the landlord for retaliation, withhold rent for failure to provide essential services, recover attorney's fees, and more.
If your landlord evicts you for one of these reasons, they must first give you one month's rent or waive one month's rent to help you move out. What notice does the landlord have to provide me?What is the new eviction law in California? ›
The new policy will block evictions until February 2024 for tenants who have unauthorized pets or who added residents who aren't listed on leases. Landlords will also have to serve a 30-day “notice to cure” before evicting a tenant for unauthorized occupants or pets, giving the tenant the opportunity to fix the issue.What is the quickest I can be evicted in California? ›
The eviction process can take 30 - 45 days, or longer. The time starts from when you have eviction court forms delivered to your tenant to the time they must move out. Choose any box, below, to learn more about the eviction process and get step-by-step instructions.Do I have 30 days to move after an eviction in California? ›
In California, eviction actions are called unlawful detainer cases in court. Under state law, a landlord must give their tenant at least 30 days' notice that they need to move out and specify when their tenancy will end.How long does an eviction stay on your record in California? ›
You will be listed on an eviction record for a period not exceeding seven years. The Fair Credit Reporting Act stipulates that a person's tenancy history must be revised every seven years. The best way to avoid the seven-year trap is to leave voluntarily or negotiate with your landlord.
After a tenant is evicted from a property, the landlord can no longer charge them monthly rent. The responsibility of covering rental costs until the unit is re-rented are transferred to the landlord, and upcoming rent will be covered by their business.What does renters insurance cover? ›
Renters insurance is an insurance policy that can cover theft, water backup damage, certain natural disasters, bodily injuries and more in a rented property. If you rent an apartment, home or even a dorm, renters insurance is recommended for protecting your space and belongings in the event of a covered accident.Do you get a refund if you cancel your renters insurance? ›
Do I get a refund if I cancel my renters insurance? If you cancel renters insurance, the insurance company is required to refund premiums you've prepaid for coverage beyond the date your policy ends, minus the insurance company's cancellation fee, if it charges one.What is a good reason to cancel insurance? ›
Reasons to consider canceling your insurance policy:
You believe you're paying too much for insurance. Your business has changed, and you need different coverage. You're moving out of state, and your current insurer doesn't offer policies in your new location. You're unhappy with the service your insurer provides.
You can negotiate with your insurance company for an amount based upon the fair rental value of the home you lost.What is the difference between landlord insurance and renters insurance? ›
Landlord insurance covers property owners who are renting out their homes, condos, or apartments. Renters insurance covers tenants' personal property, liability, and additional living expenses against a range of bad scenarios, known in insurance as covered perils.Do I need renters insurance if I live with my boyfriend? ›
You could suffer major financial consequences and lose all of your funds if you don't secure your own renter's insurance coverage. Note that if you live with someone and the homeowner is not your spouse, you must acquire your own renter's insurance coverage.What are at least 3 factors that affect the cost of renters insurance? ›
- Your coverage limits.
- Your deductible.
- Where you live.
- Your insurer.
- The type of coverage.
- Your other insurance coverage.
- Safety features.
What does Lemonade Renters insurance cover? Your policy covers your personal property against theft and damage, plus legal claims for damage or injury you accidentally cause others. Also, if your home becomes unlivable due to certain types of damage we'll help cover the costs of temporary living arrangements.What percentage of California is renters? ›
California had the most renting households with 5.73 million, or 13.6 percent of the nation's 42 million rental homes. Tenants in California make up 44 percent of households in the state, the third-largest share of renters behind. D.C., at 58 percent, and New York at 45 percent.
Landlord insurance is a policy for someone who rents out a home they own. This type of insurance typically includes two different types of coverage: property and liability protection. Both coverages are intended to help protect you, the landlord, from financial losses.What is the average renters insurance premium cost in the US? ›
The average renters insurance cost in the U.S. is $179 per year, or about $15 per month, according to NerdWallet's latest rate analysis. We based this estimate on a policy for a hypothetical 30-year-old tenant with $30,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.Is Lemonade insurance owned by Geico? ›
Lemonade is now a GEICO Insurance Agency partner.What is the downside of Lemonade? ›
The downsides of Lemonade renters insurance include limited availability, inconsistent customer service and few coverage add-ons. Negative customer reviews often describe long response times and difficulty reaching a live representative.Is it safe to use Lemonade insurance? ›
We at the Guides Home Team found that Lemonade stands out as one of the best homeowners insurance companies in the industry for its unique claim-filing process that uses a mobile app with artificial intelligence (AI) technology to process information and make payouts to homeowners seamlessly and hassle-free.What are 3 rights tenants have in California? ›
Your rights as a tenant in California include:
Refundable security deposits. The right to information (about mold, utilities, etc.) The right to make claims in small claims court. Rent control.
Limits on Rent Increases
The Tenant Protection Act caps rent increases for most tenants in California. Landlords cannot raise rent annually more than 5% plus inflation according to the regional Consumer Price Index, for a maximum increase of 10% each year.
The law requires landlords to keep the premises safe and in good condition and to: Fix water leaks from the roof, doors, windows, or walls. Repair plumbing, gas, heating, and electrical problems. Keep the grounds outside your unit clean, safe, and free of pests such as mice and roaches.
The California Health & Safety Code (HSC §17920.3) says that when dampness or visible mold (or certain other conditions) in a home is a hazard to the health of occupants, the home is substandard and the property owner must fix the conditions.Can a landlord charge you for repairs in California? ›
Tenant cannot be charged for normal wear and tear or damage for which they were not responsible. Taking pictures or making notes about the rental unit, and having the other party sign off on it, can go a long way in establishing that the unit was (or was not) returned in the same condition as it was received.
Landlords are prohibited from doing the following acts if done to harass the tenant: Taking away services provided in the lease (housing services). Refusing to do required repairs. Entering the apartment without proper notice. Threatening a tenant with physical harm.What protection do renters have in California? ›
California's Tenant Protection Act of 2019 is a state law which provides residential renters with Rent Control and Just Cause for Eviction protections if their city or county did not provide such rights already.Can landlord force tenant to leave in California? ›
California's Tenant Protection Act
The only lawful way to evict a tenant is to file lawsuit and wait for the court to order the Sheriff or Marshal to carry out the eviction. Landlords cannot change the locks, shut off power, or remove personal property in order to force a tenant out of their home.
The State of California Department of Consumer Affairs can help with questions or complaints regarding landlord/tenant relationships, including repair issues, safety violations, and Health and Safety Code violations. For further information, call (800) 952-5210, or visit the website at www.dca.ca.gov.What is considered an illegal eviction in California? ›
It is illegal for a landlord to do any of the following to try to force a tenant out of a unit: Remove exterior doors or windows. Prevent a tenant's access to the rental unit by changing the locks. Remove a tenant's personal property from the rental unit.Do you need insurance with a rental California? ›
California ranks among the top states for annual car rentals, which makes sense considering this is a top tourist destination. Drivers in this state who rent a car must carry proof of liability insurance (whether their own insurance for the car rental contract if liability coverage was purchased).What is considered a no fault eviction California? ›
A “no fault” reason is defined as any eviction where the notice to end the tenancy is not based on any alleged fault by the tenant. This protection applies irrespective of whether the tenant has experienced any COVID-19-related difficulties and regardless of household income until March 31, 2023.Are landlords required to have insurance in California? ›
While landlord insurance is not required by law in California, it's highly recommended that rental property owners protect themselves and their investment with proper coverage. In some cases, property insurance may also be required by your homeowners insurance or mortgage provider.How long does an eviction stay on your rental history in California? ›
You will be listed on an eviction record for a period not exceeding seven years. The Fair Credit Reporting Act stipulates that a person's tenancy history must be revised every seven years. The best way to avoid the seven-year trap is to leave voluntarily or negotiate with your landlord.How long can an eviction stay on your record in California? ›
How Long Does an Eviction Stay on Your Record? Evictions will not appear on your credit report, but they may appear on tenant screening reports for seven years. If you are in the process of applying for a lease, ask the landlord or leasing company to tell you the name of the tenant screening company they use.
A landlord uses a 30-day Notice to Quit (move out) to end a month-to-month tenancy if the tenant has been renting for less than 1 year. A landlord uses a 60-day Notice to Quit if their tenant has been renting for 1 year or more.What does liability insurance cover? ›
Liability insurance helps cover medical and legal fees if you're held legally responsible for someone else's injury, or damage to someone else's property. Drivers are required to carry liability insurance in nearly every state.What are my renters rights in California? ›
Your rights as a tenant in California include:
Equal opportunity housing. Reasonable application fees. Refundable security deposits. The right to information (about mold, utilities, etc.)