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What to Consider When Buying Renters Insurance

  • March 5, 2020

Tips for Buying Renters Insurance Coverage


Signing the lease for your new apartment is an exciting and busy time. There’s packing, unpacking, and moving to think about. Although paying the first month’s rent and security deposit can leave you strapped for cash, you want to be sure you budget for one thing in particular – renters insurance. When you’re about to purchase renters insurance in Thousand Oaks, CA, be sure you fully understand these key considerations.


What does renters insurance cover?

Renters insurance protects your belongings if they are lost or damaged in listed perils, including:

  • Vandalism
  • Theft
  • Fire
  • Smoke
  • Lighting damage
  • Wind damage
  • Water damage


What does renters insurance consist of?

A typical renters insurance policy has several main categories of coverage:

  • Personal property – Furniture, clothing, electronics, etc.
  • Personal liability – Protects you if someone is injured on your property and decides to sue you.
  • Medical payments – Helps to pick up the medical bills of whoever is injured.
  • Additional living expenses – Pays to put you up in a temporary living location if your apartment becomes uninhabitable because of a covered peril.


What does renters insurance not cover?

Although your renters insurance policy works hard to protect your belongings and property, every policy will have its limits. A few exclusions in renters coverage includes:

  • Some natural disasters – Typically, earthquakes and floods are not covered. However, you can purchase earthquake insurance and flood insurance to safeguard your belongings from these events.
  • High-value items – Expensive jewelry, family heirlooms, and musical instruments are not covered by your standard renters insurance. A floater or rider would help to cover these high-value belongings.
  • Your roommate’s possessions – If you have a roommate, they will need to purchase their own policy. Your policy will only cover what you own.

Renters insurance is surprisingly affordable. Work with a trusted agent who can find you the right rate for your needs and belongings. At Falsken & Associates Insurance Agency, we can help you find the coverage you need and deserve. Serving Thousand Oaks, Westlake Village, and beyond, contact us today to get started.