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Florida Renters Insurance
Florida Renters Insurance Policies can protect a tenant from the unexpected such as Fire, Smoke, Water Damage, Wind Damage & Theft. Affordable renters insurance options help you gain the security you deserve knowing that you are protected. The Landlords policy will not cover Tenant’s personal property or liability claims brought against the tenant.
Renters Insurance – Florida (3 Major Elements)
Renters Insurance policies typically have three coverage elements which can be customized. The Renters Policy is known as the Form HO-4 (Homeowners Form 4 as defined by ISO – Insurance Services Office); this Form is the actual coverage contract.
Personal Contents (Furniture, Clothing & Electronics) are not covered by the Landlord’s insurance policy; thus Tenant will need to insure personal belongings. It is essential for Personal Property to be covered on a Replacement Cost basis in order for depreciation not to be a surprising discount when time comes for payout!
Loss of Use (Additional Living Expenses) can be very useful if the Tenant’s rented property becomes uninhabitable due to a covered loss. Most commonly, this would pay for the Tenant’s loss of use of the property including housing, food and additional expenses incurred due to a covered loss.
Personal Liability protection offers protection to the tenant from any legal action for negligence that may be brought against the tenant. This is the primary reason that Landlords require Renters Insurance. Ordinarily, the minimum coverage limit is: $100,000.
Landlord Requiring Renters Insurance
Nowadays, it is common for Landlords and Property Management Firms to require Tenants to buy Renters Insurance as a condition of the Lease Agreement. Landlords can be simply added to the Renters Insurance Policy as ‘Additional Insured’. A copy of the policy and a copy of all pertinent documentation will automatically be sent to the Additional Insured listed on the policy – this is a way for the Landlord to be assured that the policy is in force during the term of the lease agreement contract.
