Welcome to our San Bernardino, CA Renters Insurance Guide. Effective Coverage is on a mission, in line with our core values, to help renters understand their coverage needs and get the policy that’s right for them. As of the writing of this page, just forty-four percent of renters have California Renters Insurance, according to the Insurance Information Institute. By the end of 2017, we’re aiming to get 40% of American renters insured with the provider of their choice.
That’s quite a few people, but we’re positive it can be done. Part of that mission involves educating renters on what the coverage does for them, why they need it, and how they can get it in the most efficient manner possible. There are a number of things to be aware of when you’re buying San Bernardino renters insurance, and Effective Coverage has created this guide to help you avoid some common pitfalls that people suffer when they buy renters insurance.
San Bernardino, CA Renters Insurance
How Much Does Renters Insurance Cost In San Bernardino, CA?
If you averaged it out over the course of the year, most people pay about seventeen dollars a month for their San Bernardino, CA renters insurance. This adds up to around $208 per year. The vast majority of renters pay for their insurance either every six months or annually. It often saves quite a bit of money to do it that way. Besides, who wants to write a check for seventeen dollars a month? It’s just plain easier to take care of it semi-annually or annually.
Some people even ask why they can’t pay for more than a year of San Bernardino renters insurance up front. The reason for that is simple. Underwriting uses either actuarial data or crystal balls to see into the future and predict risk and set pricing – which of the two they use will depend on whom you ask. But both actuarial data and crystal balls have a hard limit of being able to reliably make predictions about a year out from the current time.
As a result, it’s difficult, if not impossible, to price personal lines insurance policies for more than a year at a time, as a direct result of that limitation on how much of the future underwriters can see. As a result, policies are written for twelve months and prices are set in the same manner. You can learn more in why are renters insurance policies sold for a year.
Am I Required To Have San Bernardino Renters Insurance?
Chances are strong that you are, in fact, required to have renters insurance in San Bernardino. Most of the higher end apartments that are available are run by large property management companies. Those companies generally have national policies requiring, for example, Greystar renters insurance in any of their communities.
Most private landlords require coverage as well, and most landlord organizations encourage their members to do so. Think about it this way: That private landlord is loaning you his retirement savings. He wouldn’t deposit that retirement money into a bank that wasn’t FDIC insured. He wouldn’t risk everything on a risky stock. Why would he risk that money that he’s invested into the property with a risky investment (you) that wasn’t insured against damaging his investment?
Sure, the landlord has insurance. But what about his ten thousand dollar deductible? What about losses to the other residents of the building? What about the cost of making required upgrades on the entire building if he has to rebuild part of it because your negligence led to a fire? These are all things that renters insurance liability would cover, and that’s just the tip of the iceberg.
Does Renters Insurance In San Bernardino cover Earthquakes?
It certainly can! While the standard California HO-4 policy form doesn’t cover earthquakes, the endorsement to carve back that coverage and make it available generally costs just a few dollars a year. The landlord should have earthquake insurance on the building, but that does nothing for you. You can cover your personal property against earthquake, earth movement, mudslides, and the like with a simple, quick, and inexpensive endorsement onto your San Bernardino renters insurance policy.
Is this a low risk? Probably. Is it a zero risk? Not a chance. Remember that San Francisco Renters Insurance played a huge role in recovering form an earthquake that not only devastated the city, but also set much of it on fire. Renters insurance in San Bernardino is an important part of protecting yourself and your family.
Why Should I Have Renters Insurance In San Bernardino?
We covered your potential liability for damages to the landlord above, but there are a few other reasons. First and foremost, it’s not just the landlord that you’re potentially liable to if you cause a loss. If you’re negligently responsible for a fire, the other residents of the building have damage to their personal property. They also have damages because they have to stay somewhere else while the apartment is being refurbished.
There may be significant medical expenses that other residents incur, as well. One ER visit for smoke inhalation that you’re responsible could easily bankrupt most people. You’ve worked too hard for your money to lose it that way because you didn’t want to pay seventeen dollars a month!
Your personal property is also covered against losses,whether you or someone else is negligent or responsible. Theft is covered, and there’s no negligence involved in that. But a fire someone accidentally started that damaged your personal property would allow you to have coverage for that property from your own policy, instead of hoping the other guy has renters insurance in San Bernardino and, just as importantly, has enough renters insurance liability coverage.
You also get coverage for loss of use, as well as medical payments to others. What is medical payments to others coverage? What if your child has a friend over and the friend’s parents don’t bother to mention the kid’s peanut allergy? You make them peanut butter and jelly sandwiches, and the other kid ends up in the hospital because his mother couldn’t be bothered to pack his epi pen. True story. Medical payments to others coverage steps in and takes care of small medical expenses like that without having to admit fault or deal with a liability claim.
Is My Family Covered?
Absolutely, as long as they live with you. Generally the policy defined the Named Insured as follows:”Named Insured, resident relatives, and resident spouse.” That means that you, your family that lives with you, and your spouse that lives with you all have coverage under the policy. If you have a roommate that you’re not related to, you should see our post on can roommates share renters insurance.
If you have a partner who resides with you but you’re not married to them, you should definitely review how to make sure there’s coverage for unmarried partners on renters insurance. On the other hand, if you’re newly married, there are some renters insurance questions you should ask as well. See insurance answers for newlyweds.
Coverage can be complex, but that’s why you work with the renters insurance experts at Effective Coverage. We’re passionate about renters insurance, and passionate about educating renters about their insurance needs and the most efficient ways to meet those needs.
Renting In San Bernardino, CA
Renting in San Bernardino, CA can be almost as complicated as getting San Bernardino renters insurance. As a result, we’ve included a bit about the city in our renters insurance guide, as well. With 215,000 people and a population change of 15% since the turn of the century, San Bernardino is a growing city. On the converse, housing prices have not increased the way you’d expect as a result of that growth. The median home value stands at around $140,000. That’s cheap enough to make home ownership an affordable goal, but most people start out renting while they save a down payment and an emergency fund. This is easy to do, since the median gross rent is only $876 per month. The cost of living in San Bernardino tends to be low relative to the state as a whole, which helps as well.
Just down the road from renters in Riverside, CA, and part of the same Metropolitan Statistical Area which is also frequently known as the “Inland Empire,” it’s the seat of the county that bears its name. Covering 81 square miles, the better part of the county is part of the city as well. Many diplomatic missions are here. While embassies are in Washington, DC, of course, many nations choose to have consulates in other parts of the county for the convenience of their traveling citizens. For example, Guatemala and Mexico have missions in downtown San Bernardino.
The city has recovered well from the financial troubles that led it to file Chapter 9 back in 2012. The restructuring has gone more or less according to plan, and the economy has rebounded. This has helped to increase the city’s tax base, which further reduces the financial issues the city was facing. San Bernardino is no longer known for the largest municipal bankruptcy, that role now belongs to Detroit.
While the city may have had troubles with a lack of cash flow for a time, it certainly does not have problems with a lack of water flow. That makes it rather unique in Southern California, with its rich underground aquifers. With several lakes already helping to supply the city, there are plans to build more to make sure that San Bernardino doesn’t suffer the drought effects that other cities in the area have been plagued by. This also helps to reduce risks from future earthquakes that might disturb the water table and allows for water to be sold to neighboring cities.
The city is divided into areas by major freeways. I-215 is the main division between east and west, while State Route 210 is the major division between north and south. I-10 bounds the southern part of the city. Several other major highways serve San Bernardino, which has helped to add transportation and distribution jobs to its economy. This is in addition to the government, retail, and service jobs that dominate the local economy. Between 1998 and 2004, the economy added over 26,000 jobs, which is an excellent sign of long term growth. Many of those jobs were in education, reflecting the value that the city puts on that sector.
San Bernardino is a great place to live, with opportunities growing every day. It also has one of the lowest costs of living in the area. Once you find your new home, make sure you protect it with San Bernardino renters insurance from Effective Coverage. All you have to do is take just a moment to call (800)892-4308 or click to get covered - whether you need San Bernardino renters insurance quotes online or coverage anywhere else!
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