Homeowners have an option to purchase home insurance to protect their home and valuables. Renters can't purchase home insurance for a home they don't own. However, renters insurance is available. An investment like this comes in handy when damage and natural disasters strike. Consider the following: 
- Rental property accommodation: There a policy for apartment/townhouses, another for condominiums, another for lofts and another for homes. Determine the type of place you are living in and get a policy based on that type of accommodation.
- Location: Is your neighborhood prone to violence? Renters insurance costs more in high-crime areas than low-crime areas. Neighborhoods with previous crimes and disasters are also going to cost more than ones that haven't had crimes or disasters recently.
- Inventory: Figure out the cost of each item you want covered under the policy. Insurance companies prefers proof of purchase for each item. Be sure to take pictures and hang on to receipts of high-dollar items.
- Coverage: Policies cover acts of God, accidental damage, crime (theft, vandalism etc.) and disasters/crime caused by someone else. Many policies also come with liability coverage.
- Deductibles: A deductible is the amount you're willing to pay out of pocket before the insurance takes over. Small deductibles mean higher monthly payments. Large deductibles mean lower monthly payments.
- Additional coverage: Is your neighborhood known for floods and earthquakes? Renters insurance isn't going to cover this, so you need additional coverage. Certain valuables may require riders on your renters policy for full coverage.
- Reimbursement: How do you want to be compensated? Choose between replacement cost and actual cash value. Actual cash value is the amount at the current cost. It takes into account the depreciating value of the inventory from the date of the policy until the date of the crime or disaster. Replacement cost is the current cost of buying a material or item. This means the amount may be larger than the initial cost.
Renters insurance protects you and your belongings. Don't let the added burden of rent and utilities deter you from getting it. It's more cost-effective than you may think!
We’ll help you get the best deal. Call Jack Lee Fong Insurance Agency, Inc. at 415-956-3990 for more information on San Francisco renters insurance.