As a renter, you may already be familiar with renters insurance. Unlike homeowners insurance, which covers the building and everything a homeowner owns inside it, renters insurance exclusively focuses on protecting the possessions and personal liability of a renter. In other words, this coverage was made with you in mind.
It's common for landlords to require renters insurance. Maybe you’ve been asked about it before you moved into where you’re living now. Having renters insurance in Florida, especially, provides peace of mind to landlords and renters alike by ensuring you’re protected in the event a hurricane or other disaster impacts you where you live.
What follows are the biggest reasons why those who rent in Florida purchase renters insurance.
Your Belongings Are Protected
First off, you should know your belongings are not covered under your landlord's insurance policy. This includes everything you own inside your rental home, condo, or apartment.
With renters insurance in Florida (or elsewhere), if you experience property damage or a loss, you can relax because you’re covered. Standard perils covered by renters insurance include:
- Wind, hail, & lightning – This includes much of the damage hurricanes and tropical storms can cause.
- Fire & smoke – You may be safe and doing everything right, yet a neighbor's moment of carelessness could leave everything you own in ashes.
- Theft & vandalism – Let’s say someone breaks a window and gains entry into your rental while you're away. They ransack the place, slashing furniture and leaving graffiti on the walls. They also steal your laptop, bicycle, a guitar, and some cash. Your landlord’s policy should cover the broken window and graffiti – while your renters’ insurance is there for the rest.
If any of the above happens where you rent and you don’t have insurance, you’re on the hook. You’ll have to come up with the funds to replace whatever was stolen, damaged, or destroyed. In the case of a fire, you may be out of a place to live, too.
It Protects YOU, Too
This is perhaps one of the best kept secrets of renters insurance: It covers more than just your personal property. It also includes personal liability coverage as well as medical payments to others, such as for a guest who is injured while visiting you.
For example, a visitor might slip and fall on a rug in your rental, breaking their ankle and requiring an urgent care visit, X-rays, and casting. Or a party you’re hosting gets unexpectedly rowdy and guests are physically harmed when a fight breaks out. Your renters’ insurance should cover their medical expenses as well as legal costs to defend you, should anyone sue.
More Affordable Than You Think
The average cost of renters insurance is currently somewhere between $15 - $30/month, the National Association of Insurance Commissioners (NAIC) said in 2020.
Your costs may be slightly higher or lower than the average premium price, depending on where you live in the state, as well as the options you choose in your policy, and whether you add any additional coverage to it.
You Get Additional Options
Once you have renters insurance in Florida, there are a host of additional options open to you. For example, the insurance typically includes some level of additional living expenses, aka loss-of-use coverage. This can help pay for temporary lodging and other living expenses if the house, apartment, or condo you're renting is being repaired after a covered loss made it uninhabitable.
You don’t have to be a homeowner to increase your renters insurance coverage. For example, you could choose to add-on:
- Flood coverage – to protect your personal property against rising water
- Animal liability coverage – to pay legal/medical bills in the aftermath of an accidental bite or other harm caused by a pet to a guest in your home
- Identity theft protection – for personal assistance working with creditors and reclaiming your identity after you’re a victim of identity theft fraud
- Umbrella coverage – used to increase limits for certain valuables, such as expensive jewelry, collectibles, cars, and boats
Get the Best Deal on Renters Insurance in Florida
At The Windward Insurance Agency, we know Florida and are very familiar with the many risks to life and property common for homeowners and renters in the state. Are you trying to sort through all the renters insurance details on the internet to find what’s best for you? Our full-service agency can help. In addition to renters insurance, we offer homeowners insurance, condo insurance, auto insurance, boat insurance – even commercial property insurance. Name it, and we can probably get it for you. Get your online quote for renters insurance now, or call us at (866) 231-2433 for assistance.
