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Renters Insurance

Santa Barbara Renters Insurance Guide

By July 20, 2022September 27th, 2023No Comments

According to Census data from 2019, 47.82% of households in Santa Barbara County were occupied by renters. That’s nearly half the county!

If you are a renter in Santa Barbara, it is critical to know that if something happens to the house or apartment that you rent, your landlord’s insurance will only cover the building and other structural elements, not your belongings inside of it. To properly protect your valuables, you need to have renters insurance.

What does renters insurance cover?

Renters insurance covers three key components in case of fire, theft, explosions, water damage, and other covered mishaps:

  • your personal belongings
  • liability insurance
  • additional living expenses

Renters insurance does not cover these items in case of a flood or earthquake, as those are covered under their own separate policies.

Protect your Personal Possessions

Once you’ve decided that you are ready to get Renters Insurance, you will need to create a home inventory of your belongings. Knowing the value of your possessions will make it easier to figure out the amount of Renters Insurance you should have to cover the replacement of your belongings. This will also make the process of filing a claim easier, should you ever need to in the future.

There are different levels of Renters Insurance available – “actual cash value” reimburses you for your damaged belongings at the depreciated value they currently hold, while “replacement cost coverage” reimburses you at the price it would cost to buy the item new today. The latter offers better coverage, but costs a little extra.

One of the benefits that most renters don’t realize is that their Renters Insurance also covers the items listed in their policy if they are away from home. If someone steals the tools out of your truck while you are away, or steals your laptop while you’re at a cafe – both of those are covered in your Renters Insurance policy.

Personal Liability Coverage while Renting

You can be found legally liable for injuries someone sustains on the property you’re renting should an accident happen. Renters Insurance covers your legal expenses when someone is injured on the property, or if there is any damage to the building that you have caused.

Be sure to have enough liability insurance to cover the expenses you wouldn’t be able to afford should there be an accident on your rental property.

When does Renters Insurance cover Additional Living Expenses?

If your home is damaged or destroyed by an event that is covered under your insurance policy,  you can collect additional living expenses to cover the cost of living somewhere else while your rental unit is being repaired or rebuilt.

Additional Living Expenses coverage will pay for hotel nights, a temporary rental unit, meals and other expenses you wouldn’t normally have if you were still in your home.

One thing to note is how much Additional Living Expenses coverage your policy has, because each policy has different limits that say how long they’re willing to cover your expenses. Usually the policy covers the difference between your usual expenses and the additional cost you incur.

Find out about your Renters Insurance Options:

The Baxter Team
Phone 805-963-4048 M-F 9AM to 5PM PST
Email service@baxterinsurance.com
1033 Santa Barbara Street, Santa Barbara CA 93101
www.baxterinsurance.com