In California, landlords are well within their rights to require tenants to get some form of rental insurance before moving in. If renter’s insurance is allowed to lapse, it may be a violation of your lease agreement and your landlord has grounds for fining you or approaching the courts to start the eviction process.
What does renter’s insurance cover?
Not the structure
Usually, the owner of a property has an insurance policy on the structure of the building itself.
Renter’s insurance covers the tenant’s property.
Say there is a heavy windstorm. The roof of your house comes off. The insurance on the structure of the building will cover the roof damage, but your renter’s insurance will cover the damage within the house itself, caused by the roof coming off. The landlord’s insurance will not cover personal property.
Rental insurance can also provide coverage if someone is injured on the property while you are renting.
What does it cost?
Renter’s insurance will depend on a number of factors but can cost between $150 – $350 per year for personal property coverage and liability coverage. Some companies allow you to reduce your premiums by installing a security system, for instance.
Issues with renter’s insurance
To have coverage can protect a tenant in a variety of situations. Are you unsure of how your renter’s insurance is covering you? Do you have a problem with your landlord in this regard?