Earthquake Insurance For RentersYou are only renting the house or apartment where you are living, so why would you need insurance? You are not responsible for the building, but you need coverage for your personal belongings. Your landlord, or the owner’s personal policies will not cover any of your personal property. Their policy covers the structure you are living in, not the possessions of the renters inside of their building. The solutions is to buy a renter’s insurance policy which will offer protection for your personal property such as electronic equipment, collections, and furniture in cases such as fire, lightning, windstorms, or theft. If you live in an area prone to earthquakes, obtaining renter’s insurance that will cover any damage or loss of personal property in the event of one should be high priority.
Very few renters think about adding the expense of a renter’s insurance policy on top of their monthly expenses, but really they should. Think of rental insurance like health insurance. If your employer offers health insurance, you jump at the chance of coverage for those unforeseen emergencies and health issues. Rental insurance for unforeseen earthquakes is the same. Obtaining quotes from several different insurance agencies would be the smartest route to take. Depending on the area you live in and the seismic zone that has been assigned there, will affect your premiums and deductibles.
Providers coverage will vary state by state, and they usually cover natural hazards such as water damage from plumbing or appliance failure, hail, windstorms, frozen water pipes, or smoke damage. For a higher premium, most providers offer additional coverage for hazards not covered in their standard policies. This includes renter’s insurance for earthquakes, and the geographic area and the seismic zone that you live in will determine the type of coverage you will be offered. One insurance carrier gave a quote of $100,000 coverage with a fairly low deductible of $750. As with a homeowner’s policy, you need to inventory all of your personal property. Some of the items you may want to consider including are: v Cameras and camera equipment v CD’s & DVD’s, stereos, VCR’s and TV’s v All electronics v All major appliances v Musical instruments v Furniture v Glassware and China v Books v Clothing v Collectibles, such as comic books, trading cards, stamps, and coins v Jewelry v Computers v Artwork The dollar value you place on your possessions should reflect the replacement cost in the event that the space you are renting is destroyed and all of your personal property needs to be replaced. |