Benefits of Renters Insurance: How It Helps With Your Apartment Rentals

Why You Need Renters Insurance for Your Florida Apartments

Whether you are a first-time renter or a regular at renting, you need have renters insurance for your apartment. With renters insurance, you can get reimbursed if any of your personal belongings get damaged. The insurance also covers any liabilities if you accidently damage your neighbor’s property.

If you do not have renters insurance, you will have to pay a hefty price to offset any damages that occur. Keep reading, and see why you need to get this insurance for your apartment.

Get Reimbursed on Your Damaged Belongings

Laptop Resting on a Desk

When you live in an apartment, your landlord will cover any structural damages, along with damages that occur to existing appliances. However, the landlord will not be responsible if something happens your personal belongings, including furniture, laptops, or cell phones. Without renters insurance, you will be the one who has to pay money to fix them up.

With renters insurance you can get money back on damaged items, based on the value of what was broken. This will help cover the repair costs, and is very beneficial for fixing something like a laptop or TV. If you plan to bring a lot of personal items with you to your apartment, a renters insurance plan is almost required.

Protection From Liability Charges

Another benefit of having renters insurance is that it protects you from liability charges. Say for example that your child accidently breaks one of your neighbor’s valuables. You will be held responsible, and you are expected to pay for the damage. Another extreme example would be if a fire took place in your apartment and spread to a neighbor’s apartment.

Your renters insurance can help cover the costs, and keep you from getting in trouble with your landlord. In the worst situations, the insurance can also protect you from potential lawsuits. Legal fees are nothing to scoff at, so having renters insurance is a blessing in these situations.

It Provides Emergency Expenses

Aerial View of A Lighting Storm

Apartment evacuations caused by hurricanes and other natural disasters are rare, but they can happen. Depending on the severity of the weather, you may have to leave your apartment for a short time. If you do have to evacuate your apartment, your renters insurance will provide you with emergency expenses.

This money can be used to pay for a hotel so you have somewhere to stay while you are away from the apartment. Florida weather can be unpredictable, so you should get renters insurance so you are prepared in case something bad goes down. As rising sea levels increase the chance of floods, this kind of protection is important. 

Theft Coverage, Including Credit Cards

Pile of Credit Cards, MasterCard and Visa

Renters insurance is an effective tool to have if your apartment is ever broken into while you are out. If your personal belongings are stolen, renters insurance can help you get the money you need to replace them. Reimbursements will occur no matter where you are, even if you are on vacation in a different state.

Renters insurance can also help you if your credit card or checkbook is stolen. If the thief starts making purchases with your information, you can get reimbursed on them. You should sign up for an insurance plan if you want to keep your personal items safe.

It’s More Affordable Than You Think

Unorganized pile of assorted US paper bills

One of the biggest reasons that renters skip out on this insurance is the fear of how much it will cost. Most believe that they cannot afford renters insurance, and opt out of paying for it. The truth is that these insurance plans are quite affordable.

Prices can change depending on the company you work with, along with the type of plan you select. If you go with a replacement cost plan over an actual cash value plan, prices can vary slightly.

However, most renters pay no more than $250 a year for renters insurance. It can get you around $2,500 worth of coverage on your personal items, so the price to pay is more than worth it. Thus, there is no reason for you to skip out of a renters insurance plan if you want to rent an apartment or townhome.

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