With the high cost of living in South Florida, many people rent their homes instead of owning them. This means they don’t need homeowners insurance. But what about renters insurance? The truth is that renters insurance is just as necessary for protecting yourself and your personal possessions.
Renters insurance typically covers, to a stated limit:
- Losses to your personal property from covered perils
- Liability in case you damage someone else’s property or your guest becomes injured
- Additional living expenses in case a covered emergency event forces you out of your home
Your landlord owns the building and has coverage in case of damage or liability, but their homeowners insurance doesn’t cover your personal property.
Renters insurance can give you peace of mind that you can replace your “stuff” in case of accident, theft, or natural disaster. It also protects you from the threat of liability lawsuits if someone gets hurt in your rental home.
At The Gordon Agency in Boca Raton, FL, we can provide comprehensive coverage to prepare you for anything that comes your way. Call us at 561-988-3330.
Why Do You Need Renters Insurance in Florida?
Imagine one of these scenarios happening to you in your rented home:
- A fire breaks out and burns up all of your personal belongings.
- Someone forces entry into your apartment and steals your most valuable possessions.
- A pipe bursts and water damages your furniture, clothes, computer, and appliances.
- A guest trips and injures themselves and then sues you for compensation.
Your landlord’s insurance won’t cover any of these situations. If you don’t have renters insurance and lose all your personal property in an unfortunate accident, you’ll receive nothing to help you cover the cost of replacing your stuff.
What Does Renters Insurance Cover?
Renters insurance policies protect against unexpected events like fire, water damage, and theft. Your landlord has coverage for the building structure, but renters insurance covers your furniture, clothes, and other valuables that might receive damage. You’ll also have coverage for legal fees or medical expenses of anyone who makes a claim against you after getting an injury in your home.
Many policies offer additional living expenses if you need a temporary place to stay after a fire or other disaster makes your home uninhabitable. However, your insurance doesn’t cover all types of damage, so it’s essential to read through your policy to find out what protection you have. One of our insurance agents from The Gordon Agency can help you figure out the best coverage that meets your needs.
Protect Your Personal Property
Renters insurance policies help you cover the costs of replacing personal belongings, such as:
- TVs, computers, and other electronics
- Jewelry and other valuables
If you’ve never taken inventory of your belongings, you might not realize how much it would cost to replace everything. Depending on your personal property coverage policy, renters insurance could help you replace all your personal items. There are two main types of coverage for personal belongings: actual cash value and replacement cost.
Actual cash value coverage reimburses the item’s cost but takes depreciation into account when calculating the amount you receive. For example, if a thief takes a TV you’ve had for a couple of years, you might not receive enough to purchase the same model. However, replacement cost coverage does not deduct depreciation, which means you’ll get enough for a new or better TV.
The Importance of Liability Coverage
Protecting your property is the obvious benefit of renters insurance. However, it can also save you from exorbitant legal fees if someone receives an injury in your home and claims it happened because of your negligence.
For example, if someone trips and falls on a sharp object in your rental, they might file a lawsuit against you and pursue compensation for their medical expenses. Renters insurance could pay for legal representation and the settlement amount so that you won’t have to worry about those sudden costs.
Natural Disasters in South Florida
South Florida sees frequent storms and rainfall, meaning residents are constantly threatened by flooding and other natural disasters like hurricanes. You might not realize that most renters policies exclude this type of coverage by default, leaving you vulnerable to devastating losses without help from your insurance.
When choosing your renters insurance plan, ensure that you review your policy to see if it covers your personal property in case of natural disasters common to your area. If you live in a flood zone, flood damage coverage is a must. The low elevation of South Florida makes it more vulnerable to flooding than most other places in the country, so check your policy before it’s too late.
How to Find Renters Insurance Near Me in South Florida
At The Gordon Agency in Boca Raton, FL, we have considerable experience finding insurance for renters in South Florida. We work with multiple insurance carriers to be able to match you with the best coverage so that you aren’t left wondering if your policy has the right protection for you.
Life happens—but you can prepare yourself and your family for the worst. If you need protection for your apartment or rental home, contact us at The Gordon Agency at 561-988-3330 or complete our online form.
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