Renter’s insurance policies help to protect your belongings. These types of policies will cover not only your personal property but will also ensure that incidents that might occur on your property are covered.
While a vast number of Floridians live in apartment complexes or rent homes, an overwhelming number do not have a renter’s insurance policy. Many do not have this coverage simply because they are unaware of it, as the landlord or property owner does not mention it. Not having a renter’s insurance policy can end up costing you a lot of money. Although your landlord is required to provide a well-maintained, clean place for you to live, your landlord is not responsible for insuring your home’s contents. Without renter’s insurance, you run the risk of losing valuable personal property due to theft or damage. An adequate renter’s insurance policy is necessary in order to protect your belongings.
Generally, insurance companies specifically delineate the types of incidents that will be covered under their renter’s insurance policies. Most policies do cover damage caused by theft, wind, water, lightning, fire, and vandalism. If, however, a specific type of incident is not listed on your policy, then chances are it will not be covered. For example, many standard renters’ insurance policies do not cover damaged incurred by incidents such as floods or earthquakes; however, this type of coverage can be added to your policy for an additional premium.
A renter’s insurance policy generally provides two different types of coverage: personal property damage and liability coverage. Personal property damage is designed solely to cover the cost of replacing your personal items. Different policies will offer varying levels of coverage for personal property that includes appliances, clothing, furniture, and electronics. Before deciding on an appropriate amount of coverage, it will be important to take stock of how valuable your personal items are. Having this information beforehand will make it easier for you to choose a policy that will protect your items. An important note, because renters and property insurance is so much more expensive in Florida than in other states, one should make sure and ask their agent to add the “Replacement Cost Coverage” endorsement. Some agents leave this coverage off to win your business. This coverage will be a bit pricier but when a loss occurs, you will be given new property for the loss of your old property. Not having this endorsement may save you a few dollars now, but the results of not having this endorsement could cost YOU several thousand dollars at time of claim.
Liability coverage helps to protect you against incidents which occur on your property. For example, liability coverage will help to protect you if a guest sustains injury while on your rental property. If you chose this kind of coverage, you will not be held liable for the incident or any ensuing legal and medical bills.
One type of coverage that is included in most policies and forgotten is “Loss of Use.” We have seen many instances on the news where an apartment fire has rendered many folks homeless. If you have Renters Insurance you will have money to help out with the cost of a hotel and food while you are out of your apartment or home.
Purchasing renter’s insurance will not only keep your belongings safe, it will also give you much-needed peace of mind. A home insurance agent will be able to help you find a policy that best fits your needs.