renters insurance Gainesville FL apartments

Renters Insurance

Why do I need renters insurance?

Renters insurance policies provide protection if your personal property is damaged , stolen, or destroyed. The named perils your renters insurance likely covers, may include, but is not limited to:

  • Fire or lightning
  • Windstorm/ Hurricane
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Water-related damage from plumbing, heating or A/C units

Flood damage is NOT covered and requires a separate policy.

What does renters insurance cover?

A standard renter’s insurance policy provides coverage for the following:

Personal property: Provides protection for your personal property, such as furniture, clothing, and electronics. This coverage limit is chosen by you when you purchase the policy.

Loss of use: Additional expenses you incur when your rental property cannot be used because of an insured loss. This part of the policy will usually only cover around 10-20% of your personal property value.

Personal liability: Covers damages to others for which you are held liable, unless there is policy exclusion.

Medical payments for others: Pays for medical expenses for minor injuries to others even if you are not at fault. A typical policy includes limits of $1000-$5000 per person.

What is the average cost of a renters insurance policy?

For $20,000 in coverage, the average policy cost is $120 annually.

For $30,000 in coverage, the average policy cost is $135 annually.

For $40,000 in coverage, the average policy cost is $150 annually.

For $50,000 in coverage, the average policy cost is $165 annually.

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