Most renters do not get renters insurance under the false assumption the landlord is responsible for damages. Your landlord covers structural and building damage but doesn't invest in your damaged or stolen personal property. Only 37 percent of renters have renters insurance despite the growing number of renters within the U.S. according to Policygenius.com.
“Renters insurance coverage is affordable,” says Ellsworth Buck, V . p . of Insurance. The insurance coverage Information Institute reports the average cost for any renters insurance policy in Florida is $18 a month, or $188 annually.
A standard renters insurance policy covers personal property stolen or damaged by vandalism, fire, smoke, lightning and wind (tornadoes). Damage brought on by hurricanes is not as straightforward. While most renters insurance plans cover wind damage, hurricanes are excluded from standard coverage. You might be required to purchase additional hurricane insurance. Hurricanes also cause water damage and mold. If the water is failing in the sky throughout a hurricane it will most likely be covered. However, when the water damage is caused by flooding as a result of hurricane, it will likely be excluded from the standard renters insurance plan.
“Flood insurance coverage is open to renters, but must be purchased separately out of your renters insurance,” says Ellsworth Buck, V . p . of Insurance.
Policies generally start at $20,000-$30,000 worth of coverage. The greater coverage you require, the more it will cost. Although this may seem like ample to cover your belongings, renters insurance also covers personal liability. If your visitor falls and injures themselves at your home, renters insurance might help cover the price of their hospital bills. If you're renting a home with a pool, you might want to consider getting a little more than standard coverage. You may also consider more coverage if you own a dog. If your dog bites someone, your renters insurance could help cover the expense.
Renters insurance covers you beyond your four walls. While you are away, if something is stolen from your rental car or accommodation, you might be reimbursed for the loss.
Renters insurance does not cover your roommates. Renters insurance only covers personal property of the policyholder or perhaps a resident relative. If your landlord requires renters to obtain insurance coverage as terms of your lease, both sides need to have an individual policy.
It is important to carefully read and understand any renters insurance plan before purchasing it so you know precisely what's and isn't covered.
The agents at Insurance can answer the questions you have regarding renters insurance. They are able to craft a renters insurance policy to fit your individual needs which means you obtain the coverage you need and aren't paying for unnecessary coverage. Contact us today.
