Just because you’re a renter doesn’t mean you shouldn’t protect your stuff. After all, what’s the difference between losing everything from a home you own and a home you rent? It’s still your stuff, right? And yes, homeowners are required to carry insurance, while renters usually are not. But the cost of Florida renters insurance is usually so inexpensive; it would be foolish not to cover yourself.
Understand that you are not, in most cases, required to carry insurance when you rent. But some landlords can require that you do so. This is something you want to be sure and ask about before you sign a lease. If they do make it a part of the lease, they can evict you if they find out that you’re not holding up your end of the contract.
What Kind of Insurance Do You Need?
Florida renters insurance will cover your personal property and there are two types of insurance you can purchase, depreciation value and replacement insurance. Depreciation value coverage will pay to replace your possessions at a rate based on the age and use. It will offer the cheaper rates than replacement insurance. Replacement insurance will cover the costs of replacing your property at current market value.
While this may be a little more expensive, keep in mind how expensive it will be to replace everything at once. You’ve probably never thought much about buying all new clothes in one shopping trip, or buying everything to set up a kitchen at the one time. People tend to underestimate how much it would cost to replace everything they use to run their household.
You might also want to consider liability insurance. Many tenants believe that if someone gets injured at their rented residence it would be the landlord’s responsibility. This is not necessarily true. If someone gets injured inside your rented home you could be liable for their medical expenses and possible legal fees.
Does Florida Renters Insurance Cover Natural Disasters?
Living in Florida is not all sunshine and clear skies. It’s widely known how devastating hurricanes, tornadoes and floods can be in the state. As a renter, you are not responsible to the structure of your building. But in many cases, these weather related events can cause a complete loss of your personal possessions. Renters insurance could be a real life saver.
Your policy will probably include a “hurricane deductible.” This covers one calendar year so once the deductible is met it doesn’t matter how many hurricanes happen, you’re covered.
A good way to get started on determining your rental insurance needs is to take a complete inventory of your possessions. This can be a real eye opening experience. Even though it can be a difficult task to put a value on everything, going through this process will help you determine how much insurance would make sense for you. Once you have a figure in mind, go online to start shopping for your Florida renters insurance and get comparison quotes from several providers.