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 42 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 may 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:
[ Your Name ]
Unit # ___
2323 Shasta Drive
Davis, CA 95616
Aspen Village, L.P.
2323 Shasta Drive
Davis, CA 95616
NUMBER OF PEOPLE ON A SINGLE POLICY:
We recommend that each resident obtain 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:
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:
Personal Liability Coverage
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.
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.
https://www.travelers.com/tools-resources/insurance-101/4-things-every-renter-needs-to-know-about-renters-insurance
https://www.travelers.com/renters-insurance/faqs
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:
Ask an insurance representative to confirm what exclusions apply to your policy.
Off Premises Coverage:
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:
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.
https://www.travelers.com/tools-resources/insurance-101/4-things-every-renter-needs-to-know-about-renters-insurance
TIPS AND SUGGESTIONS FROM INSURANCE PROVIDERS
Sources from Travelers Insurance:
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.