Renters Insurance

The law doesn't typically require renters insurance as it does auto insurance, but landlords can stipulate that renters purchase insurance before they can occupy a rented property.

Without renters insurance, you will find you are on your own when it comes to replacing items lost to theft. Take inventory of all the belongings you own, and you may find that the value adds up to tens of thousands of dollars. A renters policy will also protect against costly liability claims.

Creating your personalized renters insurance policy with a Mercury Insurance agent means you’ll need to disclose the people who live with you. Mercury offers an affordable endorsement that will cover anyone in your home not related to you. Otherwise, non-relatives should get their own renters policy to ensure protection of their personal items.

Renters insurance provides financial reimbursement to cover a tenant’s lost or damaged personal property as a result of a loss covered by your policy, such as fire, theft or vandalism. It also provides liability protection for the policyholder if a person is injured on the premises of the rental property. Liability protection also applies if your dog bites someone at the property or elsewhere, like a park. Renters insurance can also provide compensation for your living expenses if your rental unit/home becomes uninhabitable due to a covered loss.

Renters insurance policies do not cover damage caused by earthquakes and floods, so you must purchase these important coverages separately. Carefully consider purchasing these additional policies, especially if you live in an area where flooding or earthquakes are common, as they cover the cost of replacing your personal belongings.