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5 Questions About Renters Insurance in Florida

for Bradenton, Sarasota, Lakewood Ranch and Beyond
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Apr 27, 2016

If you're a renter, you may have some questions about renters insurance. Check out these 5 frequently asked questions and get the answers you need in order to make sure your possessions and your home are covered in case of a burglary, accident, or natural disaster.

1.  Am I already covered under my landlord’s, roommate's, or parent’s policy?

  • Your landlord has insurance on their property, but their policy will not cover your possessions. Also, if you are found at fault for damages  those costs will come out of your pocket. Some landlords will require that you have renters insurance before they will rent an apartment to you. Make sure to call a Bradenton Insurance agent for more information on renters insurance.
  • Your roommate’s policy will only cover your possessions if your name is listed on it.
  • You may be covered under your parent’s homeowner’s policy if you are a full-time student and if you are under 26 years old.

When you purchase renters insurance, you, your spouse, and up to three additional adults can be covered under your policy.

2.  What is and is not covered?

The specific circumstances which are covered by your policy include loss of possessions, damage due to burglary (this including theft of personal items you have with you on vacation), fire, lightning, windstorm, explosion, smoke, glass breakage, hail, and flooding due to burst pipes or overflowing bathtubs.

A typical renter’s insurance policy includes:

  • Personal Property Protection: Pays to replace your belongings in case of a covered loss.
  • Liability Protection: Covers you financially if someone is injured in your home and pursues legal action.
  • Increased Living Expenses: Pays for the cost of staying elsewhere if your apartment is uninhabitable.
  • Guest Medical Protection: Covers medical expenses if someone is injured in your home.

Talk to your insurance agent about these additional coverage types:

  • Flood Insurance: Covers damage or loss of your belongings due to natural flooding.
  • Earthquake Insurance: Covers damage or loss of your belongings due to an earthquake.
  • Water/Sewer Coverage: Covers damage when there is an issue with the sewage line from the street into your home.
  • Pet Damage Coverage: Covers your liability if your pet causes damage to your apartment.
  • Floater, Rider, or Endorsement: This protects your expensive personal property (jewelry, fine art, electronic equipment) when the cost to replace them goes over your policy limit.

3.  How much does it cost?

The average cost of renters insurance is $12 per month for $30,000 of property coverage and $100,000 of liability insurance. However, the cost of your premium will vary depending on which coverage options you choose, your limits, and a variety of other factors such as your apartment’s location and your credit history.

To find out an estimated dollar amount of coverage you need to replace your personal belongings, use the Renters Insurance Calculator.  

4.  What happens with my policy if I move?

If you move to a different apartment in the same community your policy will remain in effect. However, you’ll need to call your insurance agent to update your address. If you move to a different community,  you will need to have your policy rewritten.

If you do not  plan to rent for long, there is also the option to purchase a short term policy which is paid monthly rather than annually.

5.  How do I file a claim?

Before you can file a claim you need to make sure you have an inventory of all your personal belongings. You will need photos or a video of the items in each room of your house, serial numbers for electronics and appliances, receipts or credit card statements, and appraisal forms for jewelry, fine art, and electronic equipment.

You can do your home inventory by taking photos or videos, setting up a spreadsheet, or by using an online tool such as iKeepm or a mobile app such as Sortly. Be sure your inventory is saved online or in a place outside your home.  

After you have filed your claim with your insurance company, an adjuster will review your file and possibly visit your home to inspect damages. Once a payout amount has been determined you will receive a check to cover your losses.

Typically, your premium will not  go up after you make an insurance claim.

For more information on renters insurance in the Sarasota area, call, live chat, email, or stop by Bradenton Insurance.

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