Month: May 2021

Renters insurance may not be mandatory in Pomona, CA, but some landlords may require you to have it when renting their properties. While it comes with benefits such as protecting your possessions and providing liability coverage, it is vital to have an idea of what to expect when buying your policy. THINK Insurance & Financial Services details some of the crucial factors to keep in mind when getting renters insurance.

Understand the Different Coverage Options

Renters insurance helps to protect tenants against multiple incidents such as theft, vandalism, and fire outbreaks. Depending on the coverage you take, this policy will also help you replace your personal property when hazards occur, along with providing compensation for repairing covered parts of the building. However, events such as flooding are not covered by some policies, meaning it is worth going through the finer details of your coverage options to evaluate any inclusions and exclusions.

Take Inventory of Your Possessions

Renters insurance comes with different limits for every tenant, a factor that is often based on the value of your personal property. Due to this, consider taking inventory of your possessions to evaluate a suitable cover for your needs. Make it a point to inform your insurance agents of any valuable items such as expensive jewelry, as these may require separate coverage.

Avoid Sharing Policies

Sharing renters insurance with your roommates may seem like an ideal option for saving costs but may end up creating difficulties down the road. Sharing policies will likely open up room for conflicts over matters such as compensation and default payments that cause penalties. Getting an individual renters policy makes for a suitable alternative. It helps you have a properly laid out structure of handling any emergencies that arise during your renting period.

If you reside within Pomona, CA, consider getting renters insurance from THINK Insurance & Financial Services. Get in touch with us today to help you get started on your coverage journey.

As a Pomona, CA resident, it’s best that you have insurance for your home. You might have a challenge choosing between condo insurance and homeowners insurance. This because, on the surface, the two policies seem similar because they both protect the homeowner from risks associated with their home. To know which among the two is best for you, it’s best to look at their differences. No matter what policy you end up settling for, THINK Insurance & Financial Services has your back.

The Structure of the Policy

Condo insurance (HO6 policy) is structured to offer protection to the inside of a home at its basic level. As the homeowner, you can upgrade your condo insurance policy with a condo association’s insurance to protect your building’s exterior and surroundings. There is also the condo association’s master policy which protects fixtures inside like appliances, furniture, and carpets. This policy can also be expanded to offer loss of use and personal liability coverage.

In contrast, homeowners insurance policy (HO3 policy) offers comprehensive coverage for the interior and exterior of the house at its basic level. Thus, you won’t need to upgrade your policy to cover most of the stuff included in the condo association’s policy and the condo association’s master policy.

Can You Take Condo Insurance as a Renter? 

Risk doesn’t choose whether you are a homeowner or just a renter; you need some insurance, but not a condo insurance policy. Your landlord is the one to take this as it will help them repair and renovate the house in case of any disaster. As a renter in Pomona, CA, you should go for a renters/tenants insurance policy. This will cover the loss of your belongings if they are damaged or stolen during a disaster.

Are you looking for condo insurance? At THINK Insurance & Financial Services, we’ll provide you with all the help you need. Contact us today.