As a new renter, the last thing that comes to mind is protecting your stuff. It’s not your landlords responsibility to cover your belongings or to furnish you with a new place to stay if your rental becomes uninhabitable. In fact, most landlords will require tenants to purchase cheap renters insurance in Florida before signing the lease. It is completely your responsibility to protect your belongings.
Can my landlords insurance cover me?
No, your landlords coverage will not cover you or your belongings. Their policy will only cover the physical structure of the rental. If you decide to go without coverage and your belongings become damaged or stolen you will be stuck with footing the bill to repair or replace these items.
Cheap renters insurance Florida residents are looking for can be found quite easily here. In fact, a policy can be very affordable. When you shop and compare premiums, you will determine that buying insurance can be a good deal.
No matter if you are renting a condo, house, or even an apartment never go without coverage. Once you purchase your policy, you will need to consider the option of choosing replacement cost coverage or actual cash value.
What is actual cash value?
Actual cash value is the cost to replace your item minus the depreciation. When it comes to actual cash value for your cheap renters insurance in Florida, the insurer will pay the amount you originally paid for the item minus its depreciation.
What about replacement cost value?
Choosing actual cash value will be a cheaper option than an RCV policy by around 10%. Therefore cheaper Florida renters insurance will consist of an actual cash value policy.
Which is better ACV or RCV?
Before you purchase a policy for your rental, it important to understand if actual cash value or replacement cost value is better. You need to determine how much coverage you actually need. Most people that will need to file a claim will definitely need to have replacement cost, since it pays out more.
Add up the total cost of all of your belongings. If you think you need more protection, and are up for paying more out of pocket, a replacement cost coverage is best for you.
Cheap renters insurance in Florida is a must if you are a new tenant. Be sure to grab a few quotes on this website, and weigh out all of your options. Due to a policy being quite affordable, you should be able to find one that will fit your budget easily.