Renter’s Insurance is an important coverage if you rent your South Florida home or condo. While renter’s insurance is typically very inexpensive, you could be paying for coverage options that you don’t need, or less than you actually need.
Renter’s insurance is useful to protect everything that’s near and dear to you. From your electronics, televisions and multimedia devices, to your furniture, fashion and jewelry, it’s important to have a comprehensive renter’s policy that protects everything you own.
Get acquainted with the various aspects of renter’s insurance coverage and know if you’re paying for too much–or not enough.
What you need to know
Your renter’s insurance policy doesn’t automatically protect everything: you choose a dollar value to protect your items up to, and deductibles so that the policy fits within your budget.
Renter’s insurance coverage applies when you’re at home and away from home. By protecting your belongings from theft and damage, if a catastrophic event occurs, you’ll be better poised to replace your belongings.
4 Types of Customizable Coverage Options
“Each coverage has a minimum and maximum coverage amount (commonly referred to as “coverage limit”). Renters Insurance is also known as an HO-4 policy and is protection for your personal property within the rental. Your personal belongings are typically not covered by the owner’s insurance policy.”
1. Coverage for your personal Property (Coverage C): Overall, Coverage C offers limits from $15,000 up to $100,000 to cover personal property. While it has limits on specific items like art collections, computers, and the like, you can attach endorsements for coverage for items like these if they exceed the limits.
2. Coverage if your rental becomes uninhabitable (Coverage D): If for any reason your rental home becomes uninhabitable, this option has got you covered for 20% of Coverage C. For example, if your policy covers $20,000 in Coverage C, you’ll have Coverage D at $4,000 to cover lodging, food and clothing in the event of your home becoming uninhabitable. For many, this can be over a month of living expenses while you’re put out of your home!
3. Coverage for Personal Liability Insurance (Coverage E): You can include coverage for personal liability up to $500,000 in many cases right on your renter’s insurance policy. South Florida is rampant from fraud; it’s important to stay protected. Even if someone’s filed a groundless or fraudulent lawsuit against you, many policies cover defense costs against them.
4. Coverage for Medical Payments (Coverage F): While this doesn’t provide coverage for you, it does offer coverage to household visitors who could potentially be injured in your home as a result of yourself or another resident. Coverage in this section can be provided at limits from $1,000 to $5,000.
What Optional Coverages Are Available to Me?
In addition to the coverages that are customizable on the initial renter’s insurance policy, it’s important to look at many coverages that you can add to your renter’s insurance policy.
Some options include:
- Identity Theft Protection
- Personal Property Replacement Cost
- Animal/Dog Liability
- Golf Cart Physical Damage and Liability
- Additional Insured (Great option for roommates!)
- & more!
*Tip: Keep an inventory of your personal belongings in case you ever need to file a claim through your Renter’s Insurance policy! This way, you can easily identify what items were stolen or ruined in a catastrophe.
How North Broward Insurance Solutions can Help!
A well qualified agent with North Broward Insurance Solutions can help you determine the best coverage for yourself! With a few simple questions and determinations, we can find you a great renter’s insurance policy for your South Florida home.
Protect the things most important to you and save some money while you do it. Contact North Broward Insurance Solutions today via email or by phone at (786)440-8242 to get some help today!
This information was contributed by Alexandra Horblitt