Renters' insurance

But when it comes to insurance, sometimes the entire decision comes down to one question.

What's the cheapest policy that I can get? And I understand why.

Insurance is another expense, and property ownership is already expensive as it is.

But imagine this.

You own a rental property in SoCal.

I won't go too deeply into the fair plan, but I do want to emphasize that the fair plan coverage is not automatically equivalent to a landlord insurance policy.

Review the property coverage, the liability arrangements, which there are none usually for landlord insurance for California fair plan and your rental income coverage.

The California Department of Insurance describes a fair plan as a limited comprehensive homeowners policy.

Look hard at your liability limits because you now have tenants and their guests on the property.

And always, always, always require renter's insurance in the lease.

No exceptions.

Fourth, fair housing.