Renters insurance is one of those protective policies that tends to be ignored by consumers until it’s too late. This is unfortunate but that doesn’t have to be the situation. In California, renters insurance policies are frequently referred to as HO4 in industry jargon.
Renters insurance policies are fairly simple. If you live in an apartment and pay rent, this type of policy would protect your personal belongings from things like theft or fire. But of course you must have the insurance in place prior to one of these events occurring.
Some property management companies require their tenants to have renters insurance while others do not. However if you feel that the value of personal property is beginning to accumulate, a renters insurance policy is an excellent idea.
Items of particularly high value may require to be “scheduled” on the policy. What this refers to is that the company will require an appraisal or receipt proving it’s stated worth and a description of the object. This is particularly important if you own a lot of jewelry or collectible pieces.
In most cases if you don’t value your personal property and are just getting the policy to satisfy a lease requirement, the insurance will likely be surprisingly inexpensive. Just be prepared to answer some questions about the building and give some general information.
Our team has excellent resources for those looking for renters insurance, and they can answer any questions you may have on the topic.