Although the majority of
homeowners purchase insurance for their home, when it comes to renters,
only 35 percent have renters insurance. The number of renters is steadily increasing. According to an April 2013 U.S. Census Report,
the share of housing occupied by renters rose to 35.4 percent in
2013—up from 34.1 percent in 2009.
One of the biggest insurance problems after a devastating storm is the large
number of renters who don't have coverage for their homes. It can be extremely expensive to have to re-buy the
entire contents of your home, so a renters insurance policy provides
very important financial protection when there is a hurricane or other
covered disaster.
The good news is that renters insurance is relatively inexpensive. When you purchase renters insurance, your belongings are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage—for example, if an upstairs neighbor's tub overflows and damages items in your apartment. However, renters insurance does not cover damage from flooding. Flood insurance is available for renters - contact us for a quote.
Renters insurance includes additional living expenses (ALE) coverage if you are unable to live in your home because of a hurricane, fire or other disaster listed in the policy. ALE pays for hotel bills, temporary rentals, restaurant meals and other expenses you incur while your home is being repaired or rebuilt.
Like a standard homeowners insurance policy, renters insurance includes liability protection. This covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
There are two main types of renters insurance policies:
The best way to determine how much renters insurance you need is to create a home inventory. This is a detailed list of all of your personal possessions along with their estimated value. An up-to-date home inventory will also make filing an insurance claim faster and easier. See Bob's post from yesterday - HOW TO CREATE A HOME INVENTORY.
The good news is that renters insurance is relatively inexpensive. When you purchase renters insurance, your belongings are covered against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm and water damage—for example, if an upstairs neighbor's tub overflows and damages items in your apartment. However, renters insurance does not cover damage from flooding. Flood insurance is available for renters - contact us for a quote.
Renters insurance includes additional living expenses (ALE) coverage if you are unable to live in your home because of a hurricane, fire or other disaster listed in the policy. ALE pays for hotel bills, temporary rentals, restaurant meals and other expenses you incur while your home is being repaired or rebuilt.
Like a standard homeowners insurance policy, renters insurance includes liability protection. This covers your responsibility to other people injured at your home or elsewhere by you, a family member or your pet and pays legal defense costs if you are taken to court.
There are two main types of renters insurance policies:
- Actual Cash Value coverage pays to replace your possessions up to the limit of your policy, minus a deduction for depreciation.
- Replacement Cost coverage pays the real cost of replacing your belongings (regardless of depreciation) up to the limit of your policy. This will usually cost about 10 percent more but is a much better value in the long run.
The best way to determine how much renters insurance you need is to create a home inventory. This is a detailed list of all of your personal possessions along with their estimated value. An up-to-date home inventory will also make filing an insurance claim faster and easier. See Bob's post from yesterday - HOW TO CREATE A HOME INVENTORY.
Contact us for all your Insurance needs! (321)725-1620
Bob Lancaster Insurance
Serving Florida since 1964
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