If you rent in Florida, you should consider purchasing renters insurance. Whether it’s an apartment, condominium or house, renters insurance provides you protection in the event of a loss. Your landlord or rental community may require you to purchase a policy.
There are several types of coverages included in a renters policy. It will cover damages caused by theft, fire and water. Damages resulting from a hurricane will also be covered if the policy includes windstorm coverage. The policy does not cover the building but will cover your personal belongings and offer personal liability.
Your landlord’s policy will not provide you with any protection. Your personal property is covered in a renters policy with replacement cost. This means you will be reimbursed for the cost to replace damaged items with like kind and quality at today’s prices without deducting for depreciation.
If you suffer a loss and there is damage to your dwelling, you may not be able to stay in your home while repairs are being made. Your policy includes loss of use coverage which pays your expenses to live somewhere else until you can return (i.e. hotel, food, etc).
Personal liability coverage will protect you if someone is injured in your home. We live in a litigious society and lawsuits are very common in Florida so this is an important coverage.
If you are currently renting or considering renting, please contact a Park & Associates agent. We can provide information to help you decide the best coverage options available.