Renters insurance 11

How much is renters insurance in California?

Renters insurance repays the cost of your belongings such as computer, sound system, furniture etc. in the event of financial loss. This is affordable and cheap in cost in comparison to home insurance. This is because it covers your personal property not the building damage. Building damage is covered in landlord’s insurance policy. When you plan to buy renters insurance in California your first question is that how much it costs. Well renters insurance depends on some important points which are mentioned below.

Types of coverage – The cost of your renters insurance mainly depends on types of coverage. There are two types of coverage in renters insurance. Actual cash value or replacement value coverage. Actual value coverage pays you the actual cost of your belongings at the time of damage. Whereas on the other side replacement value coverage pays you the amount required to replace the items. Replacement value pay is higher than actual value pay coverage.

Value of items – Renters insurance also depends on value of your belongings. If the value of your possessions is high so it makes the cost of renters insurance higher. For example you have personal belongings worth $45000  then it will be the reason of getting high premium and if having possessions worth of $20000 then it will be cheapest than the worth of $45000 amount possessions. So, high value of items will increase the premium and low value will cut the cost.

Living location – Whenever you go to buy renters insurance the insurance companies first consider the location. It is the important factor to determine the cost. If your living location is prone to flooding or earthquake then it cost you high premium. This is because you need separate policy for this. In opposite of this, if you are living in the area which is not prone to earthquake or flooding then it helps you to get low price premium. That is how geographic location matters to determine the cost of renters insurance.

To get more knowledge about this in details call experienced agents at Aims Insurance. Fill our online quote form and get free instant quote in 5 minutes.

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