Why Do You Need Renters Insurance in Florida?

Renters across the U.S. often try to get by without any renters insurance, only to regret it later. If you rent a house in Florida, you are at risk for multiple reasons, which is why you should consider renters insurance coverage.  It will help you sleep better at night, knowing that your belongings are financially protected against unforeseen incidents.

Important Reasons to Have Renters Insurance in Florida

  1. Severe Weather – Florida is vulnerable to natural disasters such as hurricanes, tornadoes, and tropical storms. Even one catastrophe can wipe out your hard-earned possessions, leaving you financially liable. However, renters insurance will reimburse such losses.
  2. Florida Landlords Require Renters Insurance – Due to Florida’s consistent pattern of disasters, many landlords in the state require tenants to carry renters insurance as part of their lease obligation. This ensures they’ll get paid monthly rent even if a disaster strikes.
  3. Protection from Theft – Lack of security alarms and video cameras can put anyone at risk of getting robbed when they go on vacation. Renters insurance pays for stolen items if someone breaks into your home.
  4. Flooding Coverage – Your landlord’s commercial property insurance might not pay for flood damage. It’s best to ask your landlord if the contents of your apartment are protected by existing insurance or if you need separate coverage. The type of water damage covered in insurance plans is usually very specific. A standard renters plan usually covers items lost or damaged by flooding, as long as it’s not caused by neglect, such as leaving the water running in the kitchen sink.
  5. Valuables Coverage– You can customize your renters insurance plan to cover specific items. Antique jewelry, for example, is difficult to appraise, so insurers don’t just automatically provide coverage that reflects replacement value. Nonetheless, you can have the item appraised and get coverage for the appraisal amount. Other items such as computers might have coverage limits, which you can adjust.

How Much Does Renters Insurance Cost in Florida?

The average cost of renters insurance in Florida is only about $16 per month. While this amount is higher than the national average, the state has natural disasters like hurricanes to consider. There are various factors that affect the cost of renters insurance, but at least you can avoid draining your savings by paying a minimal price to protect your belongings.

What You Need to Know Before Buying Renters Insurance?

  1. Standard plans cover liability and personal property – If you want coverage for specific items beyond what your policy states, you can pay for extensions or endorsements.
  2. Renters’ insurance plans usually don’t cover medical bills – If you are injured during a disaster, your renters insurance probably won’t cover hospitalization costs. You’ll need a health insurance plan in place.
  3. Stolen cars are not covered by renters insurance – Whether your car is stolen from your rental property or somewhere else, you’ll need auto insurance to reimburse losses.
  4. Cheap insurance is not always the best deal – Think about why you pay for insurance, which is to financially protect specific items. Cheap coverage might not cover everything you own.
  5. Seek an insurance professional’s help – Choosing between different coverage options can be difficult if you are a first-timer. Talk with your insurer to make well-informed decisions.

Reach out to Us at Locke Insurance Group

Renters insurance helps protect personal items that probably aren’t covered by your landlord’s insurance plan. If you have any questions about renters insurance, contact our team at Locke Insurance Group today!

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