Florida Renters Insurance – What, why and the How of it

A question about the identity of John Snow’s mother in game of thrones will be answered quicker than a question about Florida Renters Insurance.  Most people are simply unaware or are complacent in this regard.  “It will never happen to me” wishful thinking and the fact that Florida renters insurance is not mandatory like home owner insurance add to the laid back attitude.

A renters policy or renters insurance covers all your belongings (antiques, books, clothes, electronics, furniture, kitchenware etc.) if you are renting in case of theft, fire, weather related (exclusions apply) and other qualifying incidents.   Such a policy pays for damages, at replacement value, or market value depending on the policy.  A popular misconception also exists that the landlord is responsible for insuring belongings.  A Landlord pays insurance only to cover the building and not for your possessions inside the building. 

Liability is another aspect of   Florida Renters Insurance.  What if a guest of yours slipped and fell in the bathroom or if you own a dog and the dog bit a neighbor?  Legal bills and Medical bills even for a small incident can balloon quickly. For an extremely low cost, liability or when you are responsible to pay for an incident because of your negligence, is also covered when you purchase renters insurance.

Renters policy also pays for your hotel stay if you are rendered homeless because of a fire, burst pipe or any other unfortunate incident. 

As per a survey conducted by nationwide, over 46% percent said they would not need it, a third said it’s too expensive, and a quarter of those surveyed simply did not get around to it yet.  Interestingly, the same survey reveals more than three fourths fear losing property to fire or break in with an average  4000.00 dollars’ worth of stuff to lose in case of an incident. Here is the link to the survey for more info.   https://www.nationwide.com/about-us/040814-renters-insurance-survey.jsp

Renters Insurance is an invaluable gift to be given to oneself (if renting) for the peace of mind and ease of picking up where one left off at a negligible cost.  The monthly premium cost of replacing about $25000.00 worth of belongings is less than the amount spent on drinking a few lattes in a month. 

It is likely that you are reading this because the apartment lease you are signing has a clause that renters insurance is required. Be happy that you are moving into a property which requires you to buy insurance before moving in and not rue after a fire or theft, losing thousands of dollars of valuables which could have been easily replaced paying a few hundred dollars of premium a year.  Unfortunately, renters insurance is not mandatory like home owners insurance since the mortgage company will never let you buy a house without home owner insurance. 

All you need to do is first catalogue all your possessions, add up and use the final sum as the basis to get a free quote from several companies.  Make sure you are comparing apples to apples by reading the fine print.  The final cost of the policy will be dependent on several factors.   Safety features like sprinklers, deadbolts, fire extinguishers, purchasing auto insurance and renters insurance together, deductible etc. will determine how much lower your premiums will be.

Whether you are single, married, with kids or without, student or working professional getting renters insurance for a few hundred dollars which can help replace damaged items worth thousands,  pay for liability plus hotel cost if needed is a gift to yourself. In fact, it makes a great Christmas gift doesn’t it?

Get a free insurance quote right now!

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