When you searching for a home in Florida, one decision you’ll eventually need to make is rent or buy? There are numerous advantages and disadvantages to both options, of course, and the right choice will have a lot to do with your own personal needs where a home is concerned. However, the two choices have a lot in common too. One is that you need insurance to live in either. For renters, it’s known as renters insurance and it essentially functions the same way home owners insurance does. While it’s not nearly as expensive, securing fair Florida renters insurance quotes is still very important.
Check with the Owners
The first step in securing a collection of Florida renters insurance quotes to cheer from is simply speaking to the people or company renting you the property. Obviously, they want you to have coverage when renting their property. So they may have something to say on the matter. In order to rent their property, you might need to have a certain kind of insurance. For better or worse, this will certainly make the decision an easy one.
Even if they don’t have a rule about it, chances are they know about the type of coverage other renters on their property have. This means they can point you in the right direction, as your fellow neighbors probably looked for the most affordable, high-quality option too.
Don’t Confuse Actual Cash Value and Replacement Costs
Before you sign up for any form of renters insurance, be sure you know the difference between the actual cash value and replacements costs. Your renters insurance will promise you one or the other if something goes wrong and your property is affected. But they’re two very different things.
So let’s say your rental is flooded and in the process, your television is rendered useless. You need a new one and it was covered by your renters insurance. If your coverage handled the replacement cost, this shouldn’t be an issue. The insurance company will pay out what it will cost to get that new television and that’s the end of that.
However, if you’re only insured for the actual cash value, you may be in for quite a shock. While that TV may have been $1,000 when you bought it, now it might only be valued at about $400, which is all you’ll be getting.
Consider Insurance When Looking at Places
Lastly, don’t forget that the costs and coverage of your renters insurance will depend on a lot on the place you’re trying to insure. Even though you really like a building or house, you may have to move on if it’s considered unsafe or otherwise uninsurable. Always check on how much it will cost to get insurance on a place before signing any paper work for this exact reason.
While rentals are usually cheaper than buying a home, there are a number of factors to consider. Getting the best quote for renters insurance in Florida is one of them.