What Is Renters Insurance?
Renters insurance is a type of insurance policy that protects your belongings when you are renting a home, a double wide or single wide mobile home, apartment or condominium. Some people reference this type of insurance as tenant insurance.
In the event of theft, vandalism, a flood, fire or other type of damage where your personal belongings inside the dwelling you are renting are severely damaged or destroyed, a renter’s insurance policy will reimburse you for the replacement value. Some forms of renter’s insurance also carry additional coverage for tenant liability in the event the tenant has a visitor and that person gets injured while on the property or inside the dwelling. Tenant liability can protect the renter from having to pay medical bills should their visitor be injured during their visit.
Your landlord’s insurance policy does not cover your personal belongings inside the dwelling you are renting. Should a fire, water leak or other type of damage happen to your home rental, a renters insurance policy will help you financially to replace the severely damage or destroyed items.
How Much Renter’s Insurance Should I Have?
Protect Personal Property
A renters insurance policy will pay to repair or replace your personal property or belongings. When you travel, tenant or renters insurance also covers your personal items including your luggage. A renter’s insurance policy usually coverage is limited to $ 1,000 or 10 percent of the amount of your policy, whichever is greater.
If a visitor is injured in the home you are renting, you may consider purchasing a liability coverage in your renters insurance policy. This type of coverage will protect you from paying for your visitor’s medical expenses. In the event you are renting a home and do not carry renter’s insurance, you could be responsible for your visitor’s medical bills.
Renters insurance also covers your valuable belongings and personal items such as jewelry, clothes, technology equipment and electronics. If you have unusually expensive items, such as fine jewelry or an art collection, you may consider purchasing an additional annex to your current rental policy to provide extra coverage.
The Central Florida area is growing in the areas of multi-family housing and single wide and double wide mobile homes. With the growth of rentals in the area it is essential to protect your personal items with a renters insurance policy. If you are renting your home and need a quick renter’s insurance quote please contact us at 407-260-5870 or fill out our online form and we will get back with you.