RENTERS INSURANCE

Yolo Property Management now requires all residents, including our current residents, to have renter’s insurance. We have come to this decision after seeing that accidents and events typically covered by renter’s insurance do happen, so we want our residents to be protected. This requirement is in Section 38 of your lease agreement. This also states that all residents will submit proof of their renter’s insurance policies to our office BEFORE their lease start date or we can withhold your keys until you show proof that you have met our requirements.

Please see below for more information about our requirements. Please note we are not insurance experts, but we are summarizing some information from insurance providers that may be helpful to you. The sources are listed below. We highly recommend you do additional, comprehensive research instead of only relying on this summary because information may vary depending on your insurance provider and your specific policy.

YOLO PROPERTY MANAGEMENT RENTER'S INSURANCE REQUIREMENTS:

• Coverage of at least $100,000 in personal liability (bodily injury and property damage) for each occurrence.
• The policy start date must begin on the lease start date and be in effect throughout the entire lease term.
• You must provide the proof of policy prior to move in. Please note: most carriers will allow you to create a policy 3 months before it goes into effect / before you move in.
• Your name must be on the proof of policy that is submitted.
• Your unit at G Street Apartments must be listed as the location that you are insured at:

[Your Name]

          Unit # ___

          707 or 715 G Street

          Davis, CA 95616

• Unger Enterprises, L.P. must be listed as Certificate Holder and as Additional Interest as follows:

Unger Enterprises, L.P.

          2001 2nd Street Suite 4

          Davis, CA 95618

NUMBER OF PEOPLE ON A SINGLE POLICY:

We recommend that each resident have their own renter’s insurance policy. Roommates may change over the years, so adding or removing others from a policy just creates more work for you in the future.

We are willing to accept multiple roommates on a single policy, only if 1. that policy meets all of our requirements listed above, including the $100,000 liability amount, and 2. if your insurance provider allows multiple people on a single policy. If the policy holder vacates, all remaining residents must submit proof of their new policy to us.

COVERAGE UNDER PARENTS’ HOMEOWNERS POLICY:

Certain dependents may be eligible to have coverage extended from their parents’ homeowners insurance. You must check with your parents’ homeowners insurance provider to see if you qualify. Our requirements for the coverage will remain the same; therefore, any extension of a homeowners insurance policy must meet all our requirements to be accepted by us.

INSURANCE COMPANIES:

Please check out the following list of providers in California, but please note this is not a comprehensive list and there are many other options, so we recommend you do further research:

• USAA
• Lemonade Insurance Company
• The Hartford
• Travelers Company
• State Farm
• GEICO

Recommended By:
https://clearsurance.com/best-renters-insurance/CA

Local Insurance Broker:

If you are interested in contacting a local company, we recommend that you call 530-661-0666 for Van Beurden Insurance, located at 283 Main St Suite 100, Woodland, CA 95695.

BACKGROUND INFORMATION ABOUT RENTER’S INSURANCE:

Most policies have 3 key elements:

• Premium: how much you pay for coverage
• Deductibles: how much you’re responsible for out-of-pocket in the event of a covered claim
• Limit of Liability: the maximum amount that your insurer will pay for a covered claim

Personal Liability Coverage

• Personal liability coverage provides for a defense if you are sued, and can pay damages to injured persons up to the limit of liability.
  • For example, if someone falls down your stairs, or if a ball is accidentally thrown through a neighbor's window, you may be held legally responsible for the damages caused.
• $100,000 in personal liability coverage means the insurance company can pay up to that amount in total to injured persons per occurrence.
• Ask an insurance representative about more protection, like a higher limit or an umbrella policy. We require a $100,000 limit, but we recommend a $300,000 limit.
• Ask an insurance representative about what exclusions there may be in your policy.

Sources:

Please check out the links listed below for more information. We also recommend you ask your insurance provider if you have any questions and do further research to fully understand your options.

• Progressive

• Travelers

https://www.travelers.com/home-insurance/coverage/personal-liability

https://www.travelers.com/renters-insurance/faqs

Loss of Use Coverage for Temporary Living Expenses

We highly recommend adding Loss of Use Coverage to your policy! If damage to your unit occurs and you must leave your unit during repairs, would the cost of a hotel or temporary apartment fit into your budget?

“Loss of use” coverage (also known as “additional living expenses” insurance, or “coverage D”) can pay for the additional costs you incur for housing and living expenses while your unit is being repaired or rebuilt. Your policy may provide additional living expenses coverage if your unit becomes uninhabitable due to an event such as vandalism, theft, fire or water damage. These types of incidents do occur and sometimes can even be caused by your roommates or fellow residents if someone leaves a pot on the stove and it catches on fire or if someone leaves a faucet running, causing water damage when it overflows.

Please double check and confirm your policy has “loss of use” coverage. If not, we highly recommend that you add "loss of use" coverage to your personal property coverage in case something happens resulting in extensive repairs that require you to vacate your unit temporarily.

Sources:

Please check out the links listed below for more information. We also recommend you ask your insurance provider if you have any questions and do further research to fully understand your options.

• Progressive

https://www.progressive.com/answers/renters-101/

• Travelers

Personal Property Coverage

Personal Property Coverage compensates you for personal items, such as furniture, clothing and electronics, that are damaged in a covered loss.

Common Exclusions:

• There is usually a per-item limit, which is a percentage of your total personal property coverage. This means that certain expensive items may not be fully insured, such as bicycles or jewelry. To add these to your policy, this is called “scheduling an item” or “adding a rider.”

Ask an insurance representative to confirm what exclusions apply to your policy.

Off Premises Coverage:

• Confirm this with your insurance provider, but you may be covered even if your belongings are damaged/stolen away from your apartment (storage units, from your car, etc.)
  • Example: There may be coverage if your laptop is taken from your car while you're at the supermarket. Ask your insurance provider if your policy includes this.
  • Example: There may be coverage if your bicycle is stolen from a bike rack at the park, IF you have already paid to add your bicycle as an "additional item" to your policy. Ask your insurance provider for more information.

Again, please ask an insurance representative to confirm what Off Premises Coverage they carry and what your policy includes.

Helpful Tip for Replacing Personal Belongings:

• Covered personal property losses may be based on “actual cash value” at the time of loss to repair or replace the damaged item. HOWEVER, “actual cash value” is the reasonable cost to repair or replace the damaged item, less a deduction for depreciation.
  • Definitions: The “actual cash value” is what your item is worth today. Depreciation refers to the fact that the item has wear-and-tear from being used by you, therefore your item is now worth much less than what you originally paid for it when it was new.
• Ask about the “Replacement Cost” option, which provides for settlement based on replacement cost at the time of loss, with no deduction for depreciation.
  • Example: If you purchased a computer 3 years ago for $2,000, then it has "depreciated" or gone down in value as those 3 years have passed. If the computer is destroyed, your renter’s insurance may only cover what the computer is worth today if your policy has only “actual cash value.” However, if you use the computer for classes in college, then it could still be worth much more to you because you need the computer on a regular basis. If you request or add Replacement cost coverage to your policy, your insurance may pay to replace the item. Ask your insurance provider for more information.

Sources:

Please check out the links listed below for more information. We also recommend you ask your insurance provider if you have any questions and do further research to fully understand your options.

• GEICO

• Progressive

https://www.progressive.com/answers/renters-101/

• Travelers

https://www.travelers.com/home-insurance/coverage/personal-property

https://www.travelers.com/tools-resources/insurance-101/4-things-every-renter-needs-to-know-about-renters-insurance
 

TIPS AND SUGGESTIONS FROM INSURANCE PROVIDERS

• Ask your car insurance provider if you can get a discount on renter’s insurance by bundling it with your car insurance.
• Ask your insurance provider about what exclusions there may be in your policy (see the Personal Liability section for details)
• Ask about the “Replacement Cost” Option for personal property (see the Personal Property Coverage section and go to “helpful tip” for more details)
• Create a home inventory of your possessions
  • How much it would cost to replace your possessions? You can calculate replacement costs by conducting a home inventory and having your insurance representative confirm if you're fully covered.

Sources from Travelers:

Please check out the links listed below for more information. We also recommend you ask your insurance provider if you have any questions and do further research to fully understand your options.

https://www.travelers.com/renters-insurance/faqs

https://www.travelers.com/tools-resources/insurance-101/4-things-every-renter-needs-to-know-about-renters-insurance

https://www.travelers.com/resources/weather/emergency-preparedness/home-inventory-checklist

ASK YOUR INSURANCE PROVIDER FOR MORE INFORMATION!

Please check out the links listed throughout this summary for more information. Again, we ultimately recommend you do further research to understand your options and ask your insurance provider if you have any questions.