Because renters insurance doesn’t cover the property that tenants live on, renters are generally unaffected by some causes of property damage that subject homeowners to risk, such as wind and hail. However, that doesn’t mean renters are entirely in the clear. Here are several common losses that California renters experience.
Theft
Protection of personal property is a major component of a typical renters insurance policy, and theft is a major cause of loss for renters across the country. While you wouldn’t be responsible for the broken window a burglar left behind, you would need to file a claim to replace your TV or jewelry that was stolen.
Often, renters insurance covers theft of belongings from your apartment and vehicle, even when it is off-premises. These situations are prevalent causes of property crimes in California, according to the Public Policy Institute of California (PPIC). Out of all the reported property crimes in California in 2021, 63% were larceny thefts and 16% were burglaries.
Earthquakes
According to the United States Geological Survey, about 10,000 earthquakes occur each year in the southern California area. Of those 10,000, approximately 15 to 20 are greater than magnitude 4.0.
If you’re worried about damage to your property from earthquakes, The California Earthquake Authority is the primary insurer for earthquake coverage in California. This separate earthquake coverage can run as low as an additional $2.08 per month, according to the quotes we received.
Wildfires
Fire and smoke is a covered peril in typical renters insurance policies, which is great news for California residents. In addition to the always-present risk of a fire starting from within apartments, such as from cooking mishaps or burning candles, many Californians are subject to prevalent wildfire risk.
The record damage from wildfires in 2020 at 4.3M acres of land burned prompted many insurance companies to raise premiums or pull out of California property insurance entirely. In recent years, however, the state has seen a decline in the number of wildfires and associated damage. According to data from The Department of Forestry and Fire Protection, the number of acres burned by wildfires was the lowest it has been since 2013 last year.
