Things to Know About Renters Insurance Florida
Are you searching for renters insurance Florida? If so, we can help! When it comes to renters’ insurance, you have to understand that is essential to be covered. Your possessions might be down the drain if one day you find out your neighbor’s bathtub overflows and damages part of your condo. Be proactive and make it a priority to understand what is covered or not and if you might be in danger of losing some or all your assets. Even if you think your possessions aren’t worth too much money, water damage from your ceiling can set you back between $2,000 to $10,000 based on the average rate of overflow costs.
At FIC Insurance, we have helped thousands of renters find the best policy based on their budget and needs.
What is or is not covered
1. Are all my belongings covered?
Most policies cover almost all of your personal property, including furniture, clothing, artwork, electronics, etc., with limits on jewelry (as these should have its coverage policy). You can buy additional coverage for fur and silverware as well as these are restricted items.
Computer units are usually included; however, if you have a home office and haven’t registered yet as a business location, it might not cover those electronics. Moreover, coverage is usually available for business equipment.
2. What are “perils” covered?
Usually, your insurance will cover theft, fire, explosions and water damage. Breakage (for example, when your kid or dog knocks your laptop onto the floor) is typically not covered by the insurance.
Coverage from a storm is a bit of a gray area. Damage from wind is usually covered, but water is seeping through a roof, window or wall is not. However, if the roof is damaged by wind such as in case of hurricanes and tornados, the resulting water damage is usually covered.
Make sure to clear a pathway for water to flow if you live on the first floor, and that drains, and any pumps are working in order. Its also advisable to buy flood insurance, but there are restrictions if you live in basement apartments. Be aware if you are in a ground level or below-grade apartment. Typically they won’t be covered by floods or excessive rain.
3. If someone gets hurt in my condo, is it covered?
The liability portion of your renters’ insurance covers for injuries that happen inside your apartment. For example, when your part-time housekeeper slips and fall breaking her leg on your wet bathroom floor.
Be aware of noteworthy exceptions such as policies not covering you for when you sub-rent your place in other ways, such as through Airbnb. Be sure to ask your insurance broker if you go this route.
Also, if you have an employee working in your apartment for 40 hours or more per week, you might be required to buy workers compensation and statutory disability insurance.
Liability coverage is relatively inexpensive. Basic policies typically come with $100,000 worth of liability coverage; and another $50 a year, raising this limit to $500,000. If you have assets to protect this is recommended if you are being sued personally for damage and bodily injury.
4. Will my policy cover my roommates too?
It’s trickier when it comes to roommates, and usually, only two unrelated people can be named on a policy. Be aware that even if your roommate has moved out, he is still covered. Renters’ insurance typically covers spouses and immediate family members who live with you.
5. Is my dog covered too?
If it bites someone inside or outside your apartment yes! The liability portion of your renters’ insurance usually will cover this issues unless you own an “aggressive” breed. For pit bulls, Rottweilers or wolf hybrid dogs ask for specifications.
6. Are my belongings covered if it’s damaged or stolen outside of my apartment?
Yes, usually insurance covers off-premises damage caused by water, fire, and vandalism. So if the dry cleaner shop catches on fire and destroys your wardrobe, you may be included. Also, the cost typically charged annually for off-premises theft insurance is probably worth it if you travel a lot.
7. How do I know how much renters’ insurance to get, and how big should my deductible be?
Typically it could cost as little as $125 a year for minimum limits. Standard coverage levels for property damage are around $20,000 to $50,000 and can go higher. Calculate how much you need by the value of your belongings
8. How long has an insurance company been in business?
It’s a good idea to research the insurance company that’s been doing business in your area for years.
FIC Insurance Company – Renters Insurance Florida
Learn more about renters insurance Florida at 1-800-582-4342