If you live in a place you rent, the building itself may be protected by your landlord’s insurance policy. But if you want to protect your belongings you would need a separate policy. More specifically, a Renters Insurance policy.
Three Types of Protection
A Renters Insurance policy offers three basic types of protection: Personal possessions, Liability, and Additional Living Expenses. We’ll explore these basic coverages in further detail to help you gain a better understanding of your policy.
When it comes to possessions, Renters Insurance covers events like fire, smoke, vandalism, and theft. However, there’s an important caveat to keep in mind: floods and earthquakes are not covered, but you can usually purchase insurance against these events separately or as an endorsement to your basic Renters Insurance policy.
Liability protection means that your policy may help pay the legal costs if you, your family (or even your pets!) cause bodily injury or property damage to someone else.
Additional Living Expenses (ALE)
Additional Living Expenses (also known as ALE) covers the costs if you have to live somewhere else if a covered event damages or destroys your place. This portion of your policy may help pay for things like:
- Hotel bills
- Restaurant bills
How to Save on Renters Insurance
As in other types of insurance, choosing a higher deductible is a proven way to lower your premiums. However, you should always keep in mind that a higher deductible means a bigger out-of-pocket payment when you make a claim.
In some cases, you may get a discount if you bundle your Renters Insurance with other types of policy (like Auto Insurance or Business Insurance). Installing security systems and smoke detectors are additional actions you can take to lower your Renters Insurance premiums.
Learn More About Insurance
Do you want to learn more about insurance? Great! You can continue exploring the world of insurance with these posts we have previously published on our blog:
- Use these four tips to save on Car Insurance
- Avoid these common Boat Insurance myths.
- An essential collision insurance glossary.
- 10 Essential Home Insurance terms
Contact the Insurance Experts at Delgado’s Insurance
If you are looking for Renters Life Insurance in Bloomington or Riverside, at Delgado’s Insurance our mission is helping you find a policy customized to your individual unique needs.
We have locations in Riverside, California, and Bloomington, California. Contact us today by telephone (951-361-0084, 909-421-9003), email, or through our social media accounts to get a free quote and learn more about our Life Insurance options.