Florida Renters Insurance offers Peace of Mind

Those who own their homes understand the importance of covering these structures—and all of the valuable things within them—against losses due to fire, flood, storm damage and more. Florida renter’s insurance offers most of the same benefits with one very notable exception: it does not cover the structure itself.

Homeowner’s vs. Renter’s Insurance

Florida renter’s insurance is a lot like homeowner’s insurance because it offers many of the same coverage types. If the home you are renting is struck by lightning, catches fire due to issues beyond your control or is damaged due to a flood or storm, your landlord is responsible for all of the structural damage that occurs. However, the insurance your landlord carries will not cover your personal losses for things like furniture, electronics and more. All of this responsibility falls on you, so it is good to know that renter’s insurance is quite easy to obtain and often more affordable than many individuals may think.

Choosing a Coverage Amount

The cost of the Florida renter’s insurance premiums will vary somewhat based upon several different factors, including the types of coverage you choose and the overall value of your property. Before purchasing coverage, go through your home and take pictures of all of your valuable items. If you own things of extraordinary value, be sure to have them appraised and documented. Then, add up the value of all of your belongings and purchase a policy that will cover more than this amount. You may choose to purchase a policy that will pay the replacement cost of these items or one that will give you the actual cash value of your items in the form of a check following a loss.

Liability Coverage

Most Florida renter’s insurance policies also include liability coverage. Liability insurance will protect you if someone is injured or suffers bodily harm while inside your rented home. For example, if you are hosting a birthday party and a friend trips over a rug, falls and breaks his or her hand, you could be at risk for being sued. Liability insurance is available for this very purpose, and the amount of coverage you choose will have a direct impact on the cost of your premiums. You may choose $10,000 in liability coverage for a lower premium; you may also choose $50,000 in liability coverage for a broader coverage range, but this comes with a higher premium.

Other Things that May Be Covered

There are numerous other benefits associated with Florida renter’s insurance, such as the ability to cover items that you take with you when you travel. This should be examined closely, however, as not every policy covers items like engagement rings, cell phones, suitcases and more. Renter’s insurance can also cover you in the event of a theft, but it is still up to you to determine whether or not you want to receive the actual cash value of the stolen property or the replacement cost.

Although your rented home’s structure is covered under your landlord’s homeowner’s insurance policy, your personal belongings—and your liability if someone is injured in your home or on your property—are not. Fortunately, Florida renter’s insurance is quite inexpensive and can make replacing items or paying for legal claims simpler and easier.