Is renters’ insurance worth it?

Hermosa Beach is without question one of the most fun places to live in all of Los Angeles. While the area is an attractive destination for homeowners, the number of bars, fun restaurants, and laidback attitude make it a coveted neighborhood among renters. College students, young professionals and dedicated beach combers all partake in the mild temperatures and, of course, views of the amazing Pacific Ocean.

However, renting, even in one of the city’s most desirable areas, can be difficult. Renters don’t share the responsibilities of homeowners, but they do have to account for all of their property. Even if your big-screen TV is relatively easy to replace, you don’t want to wind up in a bind in the unfortunate event that you get robbed, or are subject to a fire.

Some renters consider insurance to protect themselves, while others decide it’s not worth it, and are willing to take a chance. Here are some important questions to ask if you’re considering renters’ insurance.

How much personal property do you have?

Some renters simply don’t own much. After all, living near the beach is expensive. Even small studio apartments can be a pricey monthly cost. If you don’t have much personal property, then you might be willing to part with it if you have to.

Meanwhile, some people have expensive items, even in their beachside bungalow. Whether it’s a hi-def TV, couture couch, or surround sound stereo system, you want to make sure that you’ll recoup the loss if you have to. Try to assess the value of your most coveted items. Maybe even look them up online if you’re not sure. If they’re things you can’t live without, or if replacing them would create a financial burden, take out insurance.

How reliable is your property?

This is an important question that many renters often overlook. It addresses both safety and stability of your surroundings. Have you ever had a burglary? Is your apartment or condo located on street level, and easily accessed by anyone? If you’re vulnerable to theft, then look into insurance.

But safety isn’t the only factor to consider. An old or shoddy building may leave you a little more susceptible to danger than you’d like. Fires tend to break out if wiring is antiquated or wasn’t properly installed. Meanwhile, old pipes inevitably need to be replaced. Copper in particular corrodes over time and has been known to burst, causing many a residence to flood. Ritz Plumbing, aka the best plumber in Hermosa Beach, has had to repair many busted pipes and leaky drains. From The Pacific Coast Highway to the Hermosa Valley Greenbelt, our team of technicians has fixed many renters’ plumbing problems. But unfortunately, sometimes people’s belongings are irreparably damaged.

Do you live in an area prone to earthquakes or floods?

Okay, we admit that this is a leading question, as Southern California is often prone to shakers big and small. But a lot of people don’t realize that renters insurance doesn’t cover damage incurred from an earthquake. You have to buy separate, specialized coverage for that. Whether this is a cash grab by insurance companies or legitimate policy, we can’t say for sure. However, if you, like many of us, are a Hermosa Beach resident who’s more scared of The Big One than a random fire or burglary, you consider earthquake insurance instead.