With more adults in Florida and the United States renting now than ever before, it is rather shocking that more than 58 percent of them lack renters’ insurance. This is even more baffling when you consider the fact that a typical renters’ insurance policy only costs about as much as a single large pizza on a monthly basis.
One of the biggest reasons why American renters are underinsured is that they simply do not understand the value of renters’ insurance. Here are a few things every Florida renter should know about this issue:
Most renters own more than they know
Among the most common reasons people refuse renters’ insurance is that they believe they simply don’t own enough property to justify taking out a policy. However, renters’ insurance covers everything in your home, and not just the big-ticket items. Sure, not many young adults have a lot of individual items that are worth more than a few thousand dollars in their rental properties, but when you take the total accumulated value of everything — including small items like tools, kitchen utensils, towels and sheets — the actual value can be astonishing.
On average, it would cost around $5,000 to replace the total property of renters between the ages of 23-35. When compared to an annual renters’ insurance premium of about $185, it just makes sense to take out a policy.
Renters’ insurance covers more than you think
Many people believe that renters’ insurance only covers catastrophic loss. This is not the case at all. In fact, renters’ insurance can cover more common forms of loss, including theft, accidental damage to property or legal or medical expenses arising from property liability lawsuits. This depends on your insurer and what you decide needs to be covered in your specific policy.
Your property is likely not covered by your landlord’s insurance
Many landlords only have insurance on the property itself, meaning that they are not responsible for any damage that occurs to your personal belongings. Even if your property is damaged as a direct result of a malfunctioning appliance owned by your landlord, it is still your problem. If you want protection for your personal property and assets, you will need to purchase renters’ insurance.
To speak with a respected public adjuster with Advocate Claims, call 1-954-369-0573 or contact us online. We proudly serve home and building owners across Florida, including Broward County and Palm Beach County.