If you’re a Florida renter, you may wonder if you need renters insurance and what it covers. Renters insurance is not a requirement by law in Florida, but it’s a wise investment to protect your personal belongings and provide liability coverage in case of an accident. Here’s everything you should know about what renters insurance covers in Florida.
Is Renters Insurance Required in Florida?
While renters insurance is not a legal requirement in Florida, your landlord or property management company may require it as a condition of your lease agreement. But even if it’s not required, renters insurance is an excellent idea to protect your personal belongings and provide liability coverage in case of an accident. For example, if a neighbor’s kitchen fire spreads to your unit.
What Does Renters Insurance Cover in Florida?
Most renters insurance policies include the same four standard coverages: personal property, personal liability, medical payments, and loss of use.
Personal property coverage
This coverage protects your personal belongings, such as furniture, electronics, clothing, and other items, in case of damage or theft.
Your policy may also cover items that are stolen from your car or while you’re traveling. Some policies also cover damage caused by water, fire, or natural disasters, but check your policy for specific details.
Personal liability coverage
Personal liability coverage protects you if someone is hurt in your rental unit or you accidentally cause damage to someone else’s property. For example, suppose your dog bites a visitor, or you accidentally spill water on your neighbor’s laptop. In that case, your insurance policy can help cover the costs of medical bills, legal fees, and damages.
Medical payments coverage
This coverage provides payment for medical expenses incurred by people injured on your property, regardless of the party at fault. So, for example, if someone trips and falls in your rental unit, your policy can help cover their medical expenses.
Loss of use coverage
Also known as additional living expenses (ALE) coverage, loss of use coverage provides payment for temporary housing and living expenses if your rental unit becomes uninhabitable due to damage or other covered events.
For example, if there’s a fire in your rental unit and you need to find temporary housing, your renters insurance policy can help cover the cost of a hotel, food, and other living expenses.
What Does Renters Insurance Not Cover in Florida?
While renters insurance covers several types of events, there are some things that it typically does not cover, such as:
- Floods: Renters insurance does not typically cover damage caused by floods. You may need a separate flood insurance policy to protect against this hazard. This is particularly important for Florida renters due to the risk of hurricanes.
- Earthquakes: Earthquake damage is usually not covered by renters insurance.
- Intentional damage: Renters insurance does not cover damage caused by intentional acts, such as vandalism or theft committed by you.
- Wear and tear: Damages from normal wear and tear are generally not covered by renters insurance, as the renter is responsible for taking care of these issues.
Review your insurance policy to understand better what you are and aren’t covered against.
How Much Renters Insurance Coverage Do I Need?
The amount of renters insurance coverage you need depends on factors like the value of your belongings and your liability risks.
Consider creating an inventory of your personal belongings and estimating their value to determine how much coverage you need. You should also consider your liability risks, such as owning a specific dog breed or hosting parties in your rental unit, and choose a policy with adequate liability coverage.
How Much Does Renters Insurance Cost in Florida?
The cost of renters insurance in Florida varies depending on several factors, including the amount of coverage you need, the location of your rental unit, and your liability risks. On average, renters insurance in Florida costs around $10 to $20 per month for $30,000 of personal property coverage and $100,000 of liability coverage.
Your premium may be higher or lower depending on several factors. For example, if you live in an area with a high crime rate, if you own a dog, or have other liability risks, your premium may be higher.
To get an accurate quote for renters insurance in Florida, consider contacting several insurance companies and comparing their rates and coverage options. In addition, you may save money by bundling your renters insurance with other types of insurance, such as auto or life insurance.
Request a Quote
Renters insurance offers essential coverage to protect you, your guests, and your personal property from common risks and hazards.
At Levay Mack Insurance Group, our primary goal is to share our insurance knowledge so that you know what protection you are buying with your hard-earned money. With over 45 years of experience and as one of the largest independent insurance agencies in South Florida, we are proud to offer access to the top-rated carriers in the insurance industry.
Levay Mack has Florida covered from Palm Beach, St Lucie and Brevard Counties! To learn more about our renters insurance policy options, contact us today for a free quote!