Florida Renters Insurance policy

Nitty gritty

With the above orientation let’s look at the contents of a renters insurance policy in Florida.  It has its own vocabulary:

Perils:   This is the meat of the policy which defines what incidents are covered in the policy. For ex. Fire, theft, vandalism, broken pipe, some weather related damage like heavy wind from a hurricane causing a branch to crash and damage your living room furniture may be covered. 

Floods, hurricane damage, sink holes will need a separate policy; it’s not covered in renters insurance.

Policy Limit:  If a qualifying incident did occur, damages will be paid less the deductible up to your policy limit.

Deductible: This is the sum the policy holder pays before the policy kicks in. Let’s say for ex. A break in occurred in your apartment and your expensive laptop and gold ear rings were stolen. It costs 2000 dollars to replace both items. You have a deductible of 500.00. The insurance company will pay you 2000 less the deductible of 500.00.

ACV Actual cash value: In the above example, the laptop costs $1500.00 to replace. But after depreciation the ACV is only worth $650.00. If the policy pays only actual cash value then you will get $650.00 for the laptop.

RCV Replacement Cost Value: Again, using the above example, if you have a RCV renters policy, the entire cost of the laptop which is $1,500.00 will be paid by the insurance company.

Replacement cost value policy is preferable to Actual cash value. You will be reimbursed the total cost of buying a new laptop.  The premiums will not be significantly higher for RCV.

Off-Premise Coverage: Yes suppose you were on vacation and your costly jimmy Choo shoes or the Louis Vuitton luggage got stolen. Relax, it is covered. Up to 10% of your total covered will be paid when not at the designated address. 

This should get you going. Call us and speak to a specialist if you have more doubts or questions. We will be happy to help you. No questions? Well what are you waiting for, enter your zip code and name and get ready to receive quotes.

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