It can be easy to think that renter’s insurance is not necessary since you do not own the property in which you are living. However, this could not be further from the truth. In fact, renter’s insurance can offer numerous benefits and can provide you with peace of mind should the unexpected happen. Garden Communities Florida finds renter’s insurance to be so important that it is a requirement for all who rent one of their apartments. From protecting your personal property to providing liability coverage, the following are the top three benefits of having renter’s insurance in the Sunshine State.
Protection of Personal Belongings
Imagine this scenario: you come home after a long day of work to find that your apartment has been burglarized. Your television, laptop, and other valuable belongings have been stolen, leaving you feeling violated and frustrated. According to a report from the National Crime Prevention Council, Florida has the highest burglary rate in the country so for some this scenario is a stress inducing reality. However, if you have renter’s insurance, you can take comfort in the fact that your personal belongings are protected. Renter’s insurance typically covers losses caused by theft, vandalism, and other types of damage. This means that if your belongings are stolen or damaged, you can file a claim and receive reimbursement for the value of those items.
In addition to theft and damage, renter’s insurance can also protect your belongings in the event of a natural disaster. Hurricanes, floods, and other types of severe weather are common in Florida, can cause considerable damage to your property. If your belongings are damaged or destroyed by a natural disaster, renter’s insurance can help cover the cost of replacing them.
Liability Coverage
Liability coverage is a crucial aspect of renter’s insurance, especially since accidents and injuries are unfortunately not uncommon. Liability coverage protects you if someone gets injured on your rental property, or if you or your family member causes damage to someone else’s property.
For example, if a guest in your apartment slips and falls you could be held liable for their medical bills and other related expenses. In this situation, renter’s insurance can provide liability coverage that can help cover these costs and prevent you from being financially burdened. Without liability coverage you could be left with huge legal and medical bills that could be financially overwhelming. Renter’s insurance will bring peace of mind that you are covered in the event of a liability claim.
Temporary Housing Coverage
As a renter in Tampa, Florida, there may come a time when you need to temporarily move out of your apartment due to unforeseen circumstances. Maybe a fire or flood damaged your rental unit, or perhaps it is undergoing major repairs making it uninhabitable for a period of time. Whatever the reason, having renter’s insurance can provide peace of mind and help cover the cost of temporary housing.
For those new to Florida living, you may not be aware of the state’s vulnerability to hurricanes. In the event of a hurricane or other natural disaster, it is not uncommon for people to be displaced from their homes for several weeks or even months while their living spaces are being repaired. During this time, temporary housing is a necessity, but it can be expensive. According to a study by HomeAdvisor, the average cost of temporary housing in the United States is around $3,000 per month. If you were to stay in a hotel for a week, it could cost you around $750.00. Renter’s insurance provides financial protection in case you need to temporarily move out of your apartment. Be sure to check your policy to see what kind of additional living expense coverage is included.
Have a few Questions?
Now that we have discussed the benefits and requirements for Garden Communities FL residents, you may have questions. Below are a few FAQ’s that may help clear up any questions you may have.
On average how much does Renters Insurance cost in FL?
On average the cost of renter’s insurance in Florida costs $211 a year. One of the cheapest areas is Melbourne, FL which on average costs $144 a year. For approximately $18 a month having renter’s insurance is definitely worth it!
What does Renter’s Insurance Not Cover?
Renter’s insurance policies do not necessarily cover every damage incurred to the property or to your personal possessions so it is important to be clear on what is not covered so you can add supplemental coverage to your policy if it is available. Below is a list of events not usually covered through a typical renter’s insurance policy:
- Damage incurred from flooding, sinkholes, or earthquakes.
- Pest infestations or treatments made for rodents, roaches, and other pests.
- Car accidents or medical costs related to a car accident.
Is Renter’s Insurance Required to Rent an Apartment?
As previously mentioned, all Garden Communities Florida properties require renter’s insurance. In Florida, it is not a requirement to obtain renter’s insurance, however, when signing a lease, the renter is legally bound to follow the stipulations of the document. Therefore, if the property owner you are renting from requires it, then yes, it is required.