Renters Insurance in Florida
There is no actual law in place in the state of Florida that states that you must carry renter's insurance, however, it is a great idea to keep this type of insurance in place at all times. You know about severe weather conditions of hurricanes and many inches of rain that can affect your belongings in the house, condominium or apartment you are renting in Florida and you need protection.
Doesn't the Owner Insure my Belongings?
The owner's insurance policy protects the building or home, but it doesn't protect your personal belongings within the structure. For example, if a hurricane hits near Florida and your building has large damages to the extent your belongings are ruined, then your renter's policy would pay out on your claim for your personal items.
Renter's insurance is called an HO-4 policy in which you can customize your coverage limits to protect your personal belongings. Each policy can contain up to four different types of coverage.
This type of renter's insurance is coverage for all your personal belongings and it includes your guest's personal property as well. You can select coverage C from $15,000 up to $100,000. You can also purchase additional insurance for specialized items such as artwork, antiques and computer systems.
With this type of insurance, you can have replacement cost coverage or cash value coverage. Replacement cost coverage for your contents values lost items as new. The actual cash value method of renter's insurance will only pay you the current market price less the depreciation and results in a smaller payout. All Counties Insurance Agency can help you with replacement or cash value renter's insurance.
This coverage is for the situation of your rental being uninhabitable because of a covered loss. It supplies you with living expenses while the rental property is being repaired or replaced so you can have the necessities of lodging, clothing, and food. The limit of coverage D is 20 percent of your coverage C.
This type of coverage is for personal liability insurance in Florida. If someone files a lawsuit against you because they had their property damaged or bodily injuries occurred to them, then this insurance covers you. Liability coverage covers some defense costs and the limits are $100,000 to $500,000.
Coverage F is for medical payments to others that don't live at your home. If someone other than the people living in your residence is injured on or by your property or because of one of your family members in the household, the policy will pay for these expenses. The coverage limits are $1,000 to $5,000.
We are here to help you at All Counties Insurance Agency to make certain you have all the renter's protection that you need in the case of a loss of your belongings. Call or come by the office to get more information.