If you rent in New York, you will want to protect yourself, your property and your finances from loss due to theft, accident or disaster. Although Florida requires rental units to carry homeowners insurance, it appears that renters are mistakenly uninsured. It is estimated that 75% of Florida renters are uninsured. Although you don’t need tenant insurance, your landlord’s homeowners insurance won’t stop you if something happens to your home or property. So, if you are sued, you could have long-term problems replacing what you owe on your property or paying for damages and medical expenses. So, tenant insurance is incredibly affordable and offers you protection and peace of mind.
Staying safe with Tenant Insurance
Renters insurance can protect your belongings and your finances if disaster strikes. Basic renters insurance covers disasters such as fire, wind, lightning, hail, vandalism, theft, plumbing leaks and even explosions. In addition, your tenant insurance will protect your belongings from damage after your trip.
- While basic tenant insurance can go a long way toward offsetting the value of your property, many people spend more to purchase higher amounts of coverage.
- So, it is important to stock up on your possessions and realistically check what percentage is worth changing.
- So, your tenant insurance should cover the replacement value of everything you rent.
Optional Insurance
For added peace of mind, you may want to consider adding additional coverage to your renters insurance. So, replacement value of contents You may consider obtaining a floating personal effects insurance policy along with your renters policy. This insurance is essential for tenants who have expensive items, such as computers, expensive drawings, or UN agency jewelry.
Liability insurance
Liability insurance stands between you and bankruptcy if someone loses their job or has their property stolen from your rental property. Your renter’s home insurance, without liability coverage, can pay for medical expenses, attorney’s fees and property replacement, as long as you are responsible for the accident.
Can I pay for Tenant insurance?
Renters home insurance is not expensive, usually only a few hundred dollars a year, and you will save a lot of money.
- Purchase best tenant insurance from the same company where you buy your car insurance to get discounts on multiple policies.
- Ask your insurance company if you good qualify for any discounts, such as non-smoking.
- Also, check to see if your rental has security options such as burglar alarms, smoke detectors, deadbolt locks and window locks, all of which entitle you to discounts.
- Set your deductible at a level you can afford. The higher the deductible, the lower the premiums.
Final words
Your best liability insurance can protect you, your children and your pets. This coverage extends to the perimeter of your home and protects you. So, if you accidentally injure someone, even away from your home.
Author Bio
Lily Poole is a Property and Renters insurance nyc officer by profession. She is experienced in the insurance and accounting field and has an impressive profile in the training and development industry.
