Your renter’s insurance must be adequate to cover the cost of replacing everything in your rental. While a very basic renters insurance Florida policy serves to replace up to $20,000 in properties, many choose to have larger amounts of coverage. It is important to inventory your assets and realistically determine how much it would cost to replace them.
Protecting your personal property
Your Florida renter’s insurance serves to protect your personal property and finances in the event of a disaster. Florida’s basic renters insurance covers a wide range of disasters such as fires, storms, lightning, hail, vandalism, theft, leaking pipes and even explosions. In addition, your Florida renters insurance can also protect your property from losses when you travel. Want to know if you need renters insurance coverage and what insurance does it really cover? Keep reading. First, the owner’s policy only covers the building. It does not cover its content (or belongings).
Regarding your belongings, think of everything you own: clothes, furniture, pots and pans, televisions, music equipment, sports equipment, tools, jewelry, etc. etc. Do you think how much it would cost to replace? You would be surprised how quickly this all happens. Do you have the money set aside to replace everything?
Your landlord’s insurance policy will cover the repair of damage to your home. But what about your living expenses while your house is being repaired? Your Florida renters insurance can also help you with this event. With additional cost of living coverage, your policy can pay up to 20% of your content coverage limit to help you cover your living expenses while your home is being repaired. This money can be used to pay for your stay at the motel, food, laundry and other necessary expenses.
For your peace of mind, consider getting additional coverage with your Florida renters insurance policy. Covering the cost of replacing content goes one step beyond simply covering personal property and provides the total cost of replacing many of your assets with completely new ones, regardless of the undervalued value of lost assets. You can also consider getting a list of personal items in your tenant’s insurance policy. This coverage is crucial for Florida tenants who own expensive items such as computers, valuable works of art or jewelry. Your basic Florida renters insurance will help you replace your property if your home is damaged by a fire, storm or other catastrophe.