You do if you want to replace your personal items in the event of a fire, theft, flood, or earthquake. The owner of your rental property is responsible for insurance on the home you rent for any damages that it might incur due to these events. Your belongings, however, are not covered under your property owner’s policy and unless you have renter’s insurance, you can lose the value of your property if it is damaged, due to any of the above events.

The Cost of not Having Renters Insurance

Look around your home and add up the cost of replacing your leather furniture, stereo system, game systems, clothing, bedding, and other personal items, and you will calculate a tidy sum. If you lost everything in your home, tomorrow, how would you pay for the loss? If your home was uninhabitable, where would you go and how would you pay for it? These are all costs that you can have if your home is destroyed, or if your valuables are stolen.

Events Covered by Renters Insurance

The cost of renter’s insurance Los Angeles is far less expensive than the cost of replacing household and personal items. Basic coverage will cover losses due to:

  • Smoke
  • Fire
  • Explosion
  • Damage caused by vehicles or aircraft
  • A falling object
  • Lightening
  • Theft
  • Vandalism
  • Windstorms/Hail
  • Water damage caused by plumbing leaks, the discharge or overflow of heating and air conditioning systems, automatic sprinkler systems, or household appliances.

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Events, that a renter’s insurance policy does not cover, are wear and tear from daily living, earthquakes, and flooding. Renters in Los Angeles and Inglewood can purchase separate renters insurance policies for earthquakes and flood.

How Renters Insurance Protects You

Other than personal belongings, renters insurance Los Angeles pays for the reasonable cost of temporary living expenses, if you must live away from home while repairs are being made, or while you locate a new place to live. Coverage includes the cost a motel, temporary rental, meals, and other living expenses that you might have.

How much Coverage do you need?

Make a list detailing the cost of your belongings, taking into account their value at today’s prices, and then get a quote for a policy that will cover their replacement cost. You will quickly find that the small annual fee of renters insurance will cover a large outlay of money if you have to replace every item in your home due to one of the many events that can affect your life in a rental home.