Most people that rent their home don’t think they need insurance to help protect the home, its associated assets and even themselves from harm.
The thing is that they do need insurance. They need insurance as much as homeowners need insurance for their owned properties. You never will know what could happen to you or your home—and that’s a good enough reason why you should get insurance for your rental home.
Renters insurance works much like homeowners insurance, except for the fact that it works to cover home renters with special parameters customized for the needs of a rental home and its tenants. Although your home might have some coverage from the owner’s associated homeowners insurance policy, you still need to get coverage for your personal belongings and any liabilities that might spring up along the way.
What if your home suffers severe damage from a flood? What about a natural disaster during the summer season? You might even have an unexpected accident happen to your home—and no options to help cover anything that was lost. Renters insurance exists just for that purpose. It’s an insurance policy just for renters, so they can get back onto their feet in the event of an unexpected occurrence.
Agreeing to pay
Like other insurance policies, renters insurance policies make use of deductibles to determine how much you need to pay before your insurance provider begin to provide rental insurance in Florida. Deductibles always generally apply to personal property claims, rather than liability claims.
Florida also happens to be prone to attracting plenty of severe weather like hurricanes, so naturally, many renters insurance providers have options to help keep a home protected against storms that happen throughout the year. Many of the best Florida renters insurance providers have some type of hurricane and/or severe weather deductible in place to help home renters understand what they may need to pay before the insurance company covers them.
As for personal items and other assets, what are you waiting for? Many renters insurance policies are geared to cover the personal assets of a tenant as long as they’re enrolled in the policy. They simply help keep your personal possessions safe.
These personal possessions can include clothing, electronics, furniture, precious valuables and much more. Always check with a renters insurance provider for more information about what they can cover for your rental home’s possessions.
Personal liabilities cover people in the case of themselves or a third party becoming injured at their rental home. So, if you don’t have a renters insurance policy in place, it could potentially prevent you from getting the protection you need in the case of legal liabilities.
Personal liability coverage, under renters insurance, generally covers legal fees, medical expenses and any other expenses needed for occurrences caused and/or suffered by yourself or a third party.
Renters insurance, as iterated again in this article, is an incredibly important asset thanks to its ability to keep you and your rental home protected in the case of unexpected occurrences.
The most comprehensive renters insurance policy options will make sure that you and your home are completely covered, whether it comes to covering damaged items and paying for living expenses as you wait for your home to be restored back to normal.
Securing a good policy… rate
Since you – and only you – are responsible for your personal possessions, renters insurance can help you cover them even when you lose most of your rental home.
Taking a look at what renters insurance can do, you can greatly benefit from its ability to:
Provide living expenses in the case of you being forced out of your home.
Provide complete coverage for the damage and/or loss of your personal possessions.
Though, such comprehensive renters insurance coverage options don’t come without some doubts. After all, is it at all necessary to become covered?
Of course. But, there’s a catch.
That catch merely involves searching for renters insurance coverage that’s also relatively inexpensive. Just because you can cover your home, doesn’t mean that you can make sure that your coverage doesn’t cost you a lot.
Take an inventory of your belongings, too. Why? Renters insurance providers, as they mainly provide coverage for personal belongings, can actually help you figure out just how much coverage you may need for your insurance policy.
Thanks to the flexibility of many Florida renters insurance providers, you can find a renters insurance policy that can pretty much fit your budget. You can always choose to pay upfront for the year or dole out your payments on a month to month basis. And, you can always discuss your options with your insurance provider, if that would be more comfortable for your needs.
Why you need a good renters insurance policy—this fall-winter
Renters insurance simply protects tenants from occurrences like break-ins and other occasions where the security of your rental property becomes compromised. Although this is true in many respects, the majority of renters don’t see a need for renters insurance.
According to recent data by JD Power, 25 percent of American households are made of renters, however only 46 percent of those same people have no type of renters insurance. Most renters, according to the report, mainly rely on their landlord’s homeowner insurance policy to protect themselves from damage or theft.
Data like that is the main reason why resources like JD Power, Realtor.com and other resources advise home renters to get some type of renters insurance policy. In most, if not all, cases, a standard insurance policy won’t cover what a home renter expects to cover when something happens. That’s why it’s best to get a renter’s insurance policy now, in case something does happen–and you don’t have enough coverage to make it matter.
You can’t assume that your rental home has ‘good security’ or ‘good protection,’ especially in Florida where an entire variety of factors can affect the viability of a rental home—whether weather, theft or even occurrences like fires.
This fall and winter season, check with your home renters insurance provider to see if you have enough coverage for your apartment. You never know if something going to happen—so, why go without enough coverage?