In Florida, renters insurance provides coverage for possessions, liability and additional living expenses in case you need to temporarily live elsewhere after a disaster. An insurance policy for the property itself should be held by the landlord.
While renters’ insurance may be overlooked in many cases – according to the Insurance Information Institute (I.I.I.) only 43% of renters have policies – it is worth having coverage for financial protection in the event of an unforeseen disaster wiping out your home or contents. Insurance for possessions covers appliances, furnishings, clothes – in fact, all your belongings, although it is recommended by the I.I.I. that you buy a “floater” for items that are highly valuable such as jewelry pieces or artworks. Covered perils include fire, lightning, theft, explosion, windstorm and others. Liability protection is typically $100,000 although higher levels can be purchased. “Additional living expenses” reimburses you for temporary rent, hotel bills and purchased meals up to a defined limit.
According to the I.I.I. the average renters’ policy in Florida in 2009 had premiums of around $17 per month – not a lot to pay for such a broad level of coverage. Discounts may also be possible for a property that is very secure, and for holders of other policies with the same insurer. As with all insurance policies, if you buy Florida renters insurance you should read your documents so that you fully understand your coverage and policy limits, to avoid any unpleasant surprises.