Regardless of the city you are living in as a tenant, it is very much your responsibility to get a renter’s insurance. This should be done especially in Burbank, where everything costs more than it does in other cities. Renters insurance covers many things for the tenants and can be a lot of help for the landlord. Statistics show that only 41% of tenants have renters insurance. The main reason for this is that it is not required by law to have one, as opposed to homeowner’s insurance. Another main reason is that traditional insurance companies don’t usually promote it as there is not enough premium charge for them to make, making that market not worth it in their minds.
But having a renters insurance can save you from a lot of trouble and it is quite cheap. You have to give monthly payments to an insurance company which costs less than two cups of coffee in LA. Yes, it’s that cheap. Basic renters insurance plans cost about 5 to 10 dollars a month. And the personal property coverage this insurance provides can be as high as $70,000.
So, in case you are wondering what exactly it is that your renters insurance in Los Angeles covers, here’s a detailed list:
Renters insurance covers loss of any personal property in case of thefts. Provided you have taken some reasonable steps to avoid risks, your property loss can be refunded by the insurance company in a matter of days. What many people don’t know is that many insurance companies also give coverage to the stolen items if they are stolen outside of the rented property too! So if you lost your camera on your trip abroad, you can claim your insurance and get reimbursed quickly.
To avoid getting sued by the landlord in case of any mishaps like fire, renters insurance yet again comes to save the day. If there are any floods, or there is a considerable damage to the property by any accident like fire, the tenant can claim renters insurance to rebuild the property. If the tenant doesn’t have a renters insurance, the landlord can sue them for rebuilding which can cost more than $100,000. In a city like LA, you can expect it to cost more and it is something you definitely don’t want to happen.
This is something that many people out there have no idea about. If any person gets injured on the property, they can have their medicals billed covered by the renters insurance for up to $5,000. If you have a dog that bites a guest or if an over-excited aunt ends up cutting her hand while cooking enthusiastically, their medical expenses including the doctor’s fee and medicine can be covered in the renters insurance.
There are many other advantages you get with this insurance. For instance, if you have to vacate your home in case of an emergency, your hotel costs can be covered under it. Some elaborate insurance plans even cover legal fees in case you’re sued, and damages your children may cause to the property. You can contact your real estate agent in Los Angeles to give you a list of renters insurance companies so you can choose from.
This is exactly why landlords should insist upon tenants to get renters insurance. It saves them the hassle and time to take care of the property and also saves them big chunks of money in case any accidents happen. And just in case those accidents happen, it may take months for them to get money out of the tenants for which they’ll have to make continuous rounds of the court.
All in all, it may not be a law, but renters insurance in Los Angeles is a must.