Debunking Common Myths about California Renters Insurance

With a population of above 40 million people, California is the most populated state in the United States and the thirty-fourth most populous sub-national region in the world. It is a mecca for entertainment, culture, innovation, and entertainment. The state proudly houses the country’s premier television broadcast networks and leading social media and internet media organizations.

As the global hub for the entertainment industry, it is not surprising that most of the workers in the field are concentrated in California. Many of whom migrated in the area and are living in rented apartments, hoping to make it in the business. 

If you are one of the million renters in the Golden State, you may have thought about getting California renters insurance at one point, but changed your mind because of misunderstandings. To paint you a more accurate picture of what this policy is about, here are the truths behind the common misconceptions about renters insurance that you should know:

Myth 1: Renters Insurance is Expensive

Perhaps the primary reason why many individuals like you feel hesitant to purchase renters insurance is because of the belief that it is expensive. After all, you do not want to incur additional expenses given the high cost of living in the Golden State.  

Nonetheless, you do not have to worry since the cost of renters insurance in the state is relatively cheap. Surveys show it only costs around $17 a month or $207 a year. Note that this fee is much lower than the cost in Mississippi and Louisiana, wherein the average annual renters insurance cost is at $244 and $242, respectively. 

Myth 2: Renters Insurance is a Waste of Money as It Barely Covers Anything

Another popular misconception about renters insurance is that it hardly covers anything. This misunderstanding may have stemmed from the fact that it is cheaper than other policies.  Nevertheless, know that getting the right renters insurance is money well spent as it offers the following coverage:

• Cash/in-kind replacement or repair of lost or damaged personal property

According to the 2020 State of Safety Survey conducted by a group of security experts, 38 percent of Californians were victims of property crime in the last twelve months. This rate is much higher than the national average of 26 percent. Given this figure, you can never be sure that your furniture, electronics, appliances, and other possessions are always safe. 

When you get renters insurance, you do not have to worry about break-ins or theft since your policy will give you the cash value or will replace the items you lost, depending on the terms you agreed on. The insurance also covers the cost of replacement or repair of other things you borrowed but got lost because of the unfortunate event. 

• Medical and liability cost

When you have guests over, and one of them happens to get injured or encounter an accident within your premises, you do not have to shell out serious dollars from your pocket to pay for liability or medical costs. Note that renters insurance covers such expenses.

• Temporary accommodations and additional living expenses 

If your apartment building undergoes construction or other repair works wherein you have to find temporary accommodations elsewhere, your insurance will shoulder the cost. It will also pay for your meals and other additional living expenses that you may incur because of the situation.

Myth 3: Your Roommate’s Policy Covers You

Contrary to a common misconception, your roommate’s renters insurance covers him/her alone. Even if you live in the same apartment or even sleeping in the same bed, your property will be left unprotected unless you get a policy of your own.

Given the discussion points above, it is evident that you practically have everything to gain and nothing to lose if you avail of California renters insurance as soon as possible. After all, what is shelling out a few dollars, if it means not having to worry about losing your belongings or spending on medical costs when a guest gets hurt in your place, right?