What is renters insurance?

Rest Easy.

When you have renters insurance to protect everything in your apartment, you can sleep stress-free.

LEt’s talk about what, exactly, is covered by a renters insurance policy in Ventura, CA.

You’re renting. You don’t need home insurance, obviously. So you’re good, right? Wrong. For those of us living in Ventura, the recent Thomas Fires put renters’ exposure under a microscope. Post-fire (and post-other natural disasters that have swept the state and the world), more and more of us are thinking about how to protect ourselves. 

And we’re not alone. As the NY Times recently pointed out, earthquake insurance sales have spiked in California in the last year – by over 1200%. They explained, “[The] fires and mudslides in California, the flooding in Houston, and the earthquakes in Mexico all helped persuade many more Californians to sign up.”

Clearly, Californians – and Venturans in particular – are thinking about protecting themselves. And homeowners have an easy go-to: homeowners insurance. But what if you’re still writing that monthly rent check? Are you left out to dry if a disaster sweeps through? No! Fortunately, renters insurance is an easy, low-cost way to protect yourself and your property. 

Protection for your stuff.

If you’ve ever tried to make a list in your head of everything you own, you have a good idea that it’s a lot. Between your furniture, electronics, clothes, and kitchen appliances, you’ve got some serious money represented. And that doesn’t even start factoring in other miscellaneous items. So what happens if you lose all of that to a disaster? Your renters insurance can pay to help you rebuild your life by purchasing new items to replace what was lost. When you buy a renters insurance policy, you’ll choose an amount of personal property coverage. Not sure how much you need? Make a home inventory so you can ballpark what all of your stuff is worth.

Protection if something goes wrong.

Life happens. Your not-so-friendly neighbor slips after you hose down your walkway. Your kid throws a ball through the neighbor’s window (hopefully not the same neighbor!). When an accident happens and you could be held liable, your renters insurance can protect your pocketbook. All renters insurance policies come with liability insurance for occasions exactly like these.

Protection if you’re displaced.

Again, the Thomas Fires put things in perspective for a lot of us. Expenses were incurred for those who were evacuated but were lucky enough to return to their homes still standing. It’s costly to get a hotel, eat out, and carry on with life when you don’t have access to your apartment. Whether you simply get evacuated or you lose your apartment entirely, your renters insurance policy has coverage built in to help you pay for additional living expenses.

Finding the right renters insurance.

This all sounds great, right? But you might not have a ton of money ready to throw towards a new monthly expense. Don't worry! Renters insurance is extremely affordable; policies in California average $17.25 a month. 

More good news. LendEDU has put together an extremely helpful guide to different policies and providers. You can use it to compare different coverage options and make sure you’re getting the protection you need at the price you want.

So don't wait! If you're renting uninsured, use LendEDU’s guide or talk to some local insurance agents to get quotes and get yourself protected.