Renters Insurance in Gainesville, FL

If you live in an apartment, rented condominium or rental house, renter’s Insurance provides important coverage for both you and your possessions.

WHAT IS COVERD BY A RENTER’S INSURANCE POLICY?

A renter’s policy commonly contains four sections

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: Includes the relocation expenses or additional living expenses you incur when your apartment, condo or rental home is deemed uninhabitable due to a covered loss. For example, if the property you are renting  caught fire and you are required to temporarily relocate, your renter’s insurance policy will cover the cost of your living expenses, up to the amount listed in your policy.

Personal liability: Covers damages to others for which you are held liable except as limited or excluded by the policy.

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

Renters insurance policies provide protection if your personal property is damaged, stolen, or destroyed by a covered loss.  Your personal property is not the responsibility of your apartment manager or landlord unless you can prove negligence.

The named perils your renters insurance likely covers, may include, but is not limited to: Fire or lightening, windstorm, smoke, vandalism or malicious mischief, theft (even if not within your rental property – for instance, if your car is broken into), or water-related damage from plumbing, heating, or A/C unit.

Flood damage is NOT covered and requires a separate policy.    

When choosing replacement cost or actual cash value options always choose replacement cost as it pays to replace or repair personal property without depreciation being taken from the value of the property. Actual cash value would only pay what your property was worth as the time of loss.

 

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