Florida Renters Insurance
Your first apartment may have held few possessions that you believed would be too expensive to replace. Whether you still live there, have moved to a larger place or a single-family home – you’ve likely acquired more – and higher quality – personal property over the years. Renters insurance protects your belongings against loss from such causes as theft, vandalism, fire, smoke and water (except weather-related flooding), and also provides personal liability coverage.
Your landlord may cover the property itself, but you’ll need your own policy to protect your valuables against loss and guard against liability if a visitor is injured as a result of your negligence. Strassman Insurance Group has significant experience in writing policies for residents of a wide variety of Central Florida rental properties, and will work with you to provide the ideal coverage for your needs.
Who Needs Renters Insurance?
Depending upon the terms of your lease, your landlord may require that tenants carry renters insurance. In Florida, a property owner can include this among the terms, but cannot require you to buy renters insurance from a specific provider.
Otherwise, renters insurance is a sensible investment in protecting the personal assets you’ve acquired. If you live in a multi-family property, you may be vulnerable to loss caused by the intentional or accidental actions of a neighbor – such an unattended candle starting a fire that spreads to other units. Your values of responsibility and conscientious behavior may not be shared by those with whom you share walls.
Keeping in mind the litigious nature of today’s society, renters insurance also provides coverage if a visitor is injured in your residence and you are found liable for medical expenses and lost wages. In this way, renters insurance can help protect your financial assets. If additional personal liability insurance is appropriate – for example, high-net-worth individuals who rent a secondary or vacation residence – an umbrella policy can provide additional protection. Your Strassman Insurance Group agent is ready to assist you.
How Much Renters Insurance Coverage Do You Need?
The amount of renters insurance coverage you should purchase depends on a variety of factors, including your net worth, what you protect your property against, the value of your property and how much risk you’re willing to assume. You should purchase enough insurance to cover the full amount of your personal property – including your clothes, furniture, electronics, kitchenware and other items.
Personal Property Coverage – Your Choices
There are two types of personal property coverage for losses that occur inside or outside your residence.
1- Actual cash value – Covers belongings for their actual replacement cost, minus the depreciation of their value due to age, condition and other factors.
2- Replacement cost – Covers belongings for the amount it would take to replace them with a new item. Premiums are usually higher for this type of coverage.
Some categories of personal property coverage typically have a maximum dollar limit by group – such as jewelry – or by single item – such as a watch – that can be paid out to a policyholder.
Other Advantages of Renters Insurance
Renters insurance typically includes additional living expense coverage. This can reimburse you for such expenses as a hotel room, food and other costs when your residence is too damaged to live in as the result of a covered loss.
You may be eligible for the following discounts on your renters insurance policy:
• Multi-policy discount – Bundling insurance types like auto and life, or home and life.
• Safe home discount – available if your rental is equipped with qualifying safety devices and services, such as a security system or fire alarm
• 55 and retired discount – available if you are retired and not seeking full-time employment
Additional discounts may be available. Your Strassman Insurance Group agent will be glad to discuss your options with you.