1. Mark Bartlett CLCSPRO
    Branch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance Carriers
    The cost for renters insurance will be based in large part on the amount of coverage you desire. On average with 25,000 in personal property protection, 100,000 personal liability, 1000 guest medical and 12 months loss of use your looking at an average of 175-225 annual depending on the insurance company. It's best in most cases to combine this coverage with your current auto insurance carrier for the maximum discounts on your renter’s policy and in most cases you will also receive an additional discount on your auto insurance. Discuss your needs with your local agent as there are sub limits you will need to be aware of in a renter’s policy.
    Answered on April 29, 2013
  2. David G. Pipes, CLU®, RICP®PRO
    owner/agent, Rooney Pipes Insurance Agency for the Horace Mann Insurance Companies, Fresno, California
    Mark has given you a factual answer but let me give you a personal answer. A renters policy costs less than the loss you might suffer should your property be damaged as a result of a covered loss (fire, wind etc.) Insurance isn’t a tax but sharing of a risk. Unless you can buy everything in your unit today out of your checking account, having a renter’s policy makes great sense. The real reason to have a renter’s policy is to defend you should you be sued for bodily injury or property damage. Anyone entering the property could sue you if they slip and fall or your pet decides to taste their leg. These are really serious issues and the expense can be enormous. Few of us can sustain that type of claim. While Mark mentioned a $100,000 liability limit, let me suggest that you take the highest limit that your insurance company offers. Let them take the risk, the premium is insignificant in comparison to the risk.
    Answered on May 20, 2015
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