What Is Renters Insurance?
Renters insurance provides coverage for your lost, damaged, or stolen personal possessions. It also provides coverage for injuries to another person that might occur in your rented home or apartment. For example, if someone is hurt in your apartment, and the injury is deemed to be your fault, that person can file a liability claim with your insurance company to cover the costs associated with the injury.
If the injured person chooses to file a law suit against you, your renters liability insurance would pay for your legal defense, up to the limits set on your policy. If you do not have renters insurance, these costs would be your responsibility to pay out of pocket.
What Does Renters Insurance Cover?
Renters insurance provides financial reimbursement to cover a tenant’s lost or damaged possessions as a result of fire, theft or vandalism. It also covers a tenant’s liability in the event that a visitor is injured on the premises. Whether the renters insurance or the landlord insurance pays for the costs associated with the injury will depend on the circumstances of the incident, the location on the premises where the injury occurs, and who is at fault.
Renters insurance can also provide compensation for alternative living arrangements in the event that your rental unit or rented home becomes uninhabitable due to storm damage or an apartment fire.
How Does Renters Insurance Work?
Renters insurance will help to pay your costs if you suffer a loss, such as a burglary. The amount of compensation you will receive depends on the type of loss and the amount of coverage you have in place. For example, you can buy “actual cash value” (depreciated) coverage for your personal property, or you can buy replacement cost coverage for your personal possessions.
Certain items such as jewelry, collectibles or other valuable items may have a value limit or require additional insurance coverage to provide full coverage for loss, theft or damage. You will also be responsible for a deductible, which is an out-of-pocket expense.
In the event that a visitor to your home, condo or apartment is severely injured, that person can file a claim with your insurance company, and your insurer will address the claim.
Is Renters Insurance Necessary?
Renters insurance is necessary if you are renting a home or apartment and want to be sure your valuable possessions are protected from loss, theft or damage, and protects you in the event of liability claims as well.
You are not required to carry renters insurance by law, but a landlord can require renters insurance in your rental agreement in your lease. Carrying renters insurance protects you and the landlord by ensuring that no matter what happens on the premises, either your renters insurance or the landlord’s insurance will provide compensation.
As an example, what happens if a neighboring tenant leaves cooking unattended and starts an apartment fire that damages your unit and belongings? It’s possible that some combination of the neighbor tenant’s renters insurance, the landlord’s property insurance, and the personal property insurance in your renters policy will come into play to cover the cost of repairs.
Why Is Renters Insurance Important?
Renters insurance is important because your possessions are not protected by the landlord’s insurance policy. Landlord insurance covers damage to the building but does not protect your possessions.
Another good reason to have renters insurance is for protection against liability claims. The liability portion of your renters insurance will provide compensation if a visitor to your rented home is injured. If that person files a lawsuit against you, your renters liability insurance will also help to cover the costs of your legal defense.
Renters insurance can also cover temporary accommodations in the event that you have to live elsewhere while your rental is being repaired due to fire, smoke or water damage.
How Much Is Renters Insurance?
The cost of renters insurance is generally quite affordable. You can typically expect to pay between $100 and $250 per year on average, depending on where you live and the coverage amount you carry on the insurance policy. The national average for renters insurance is $15 to $30 per month.
The best way to find the renters insurance you need is to contact an independent agent from the Trusted Choice network to compare renters insurance costs and find an affordable policy that meets your needs.
How Much Renters Insurance Should I Have?
When you choose a renters insurance policy, you will need to choose coverage amounts for three basic types of coverage:
Did you know that the average person has over $20,000 worth of personal belongings?
When you consider the cost of electronic equipment, clothes, jewelry, tools, kitchen gadgets and other personal items, you probably have far more invested in your personal property than you realize.
The best way to determine how much insurance you should carry for your personal property is to create an itemized list of your belongings and their replacement costs. It is important to determine how much it would cost to replace each item as brand new. This should give you a ballpark figure for the total amount of insurance coverage you should carry.
To choose the amount of liability coverage you need, consider the potential costs of a liability claim if you were sued for negligence or for another person’s loss.
Does Renters Insurance Cover Fire Damage?
Renters insurance covers fire and smoke damage after you pay your deductible. The amount of compensation you will receive in the event of fire damage depends upon several factors, including:
Does Renters Insurance Cover Theft?
Renters insurance covers your possessions from theft, after you pay your deductible amount. Renters policies typically cover your belongings, whether your rental home is burglarized, or the items are stolen from your car or while you are traveling. Review the specifics of your policy to determine the circumstances under which you can file a renters insurance claim for theft.
Does Renters Insurance Cover Car Damage?
Your renters insurance will typically cover your belongings if they are stolen from your car, but would not cover damage to the car itself. For car damage, you will want to check your comprehensive automobile insurance policy.
Does Renters Insurance Cover Storage Units?
Whether your items are covered if they are damaged, stolen or destroyed while in your storage unit depends on the specifics of your renters policy. Some insurance companies do not cover personal items in a self storage unit while other companies will extend limited coverage but our carriers will cover 100%.
Does Renters Insurance Cover Dog Bites?
Many renters insurance policies exclude certain pets. And some insurance companies will not provide coverage at all if you have a high risk breed such as a pit bull. You may need to get special insurance coverage that covers dog owners’ liability which is available at our agency, obtain your canine liability quote here.
Does Renters Insurance Cover Bed Bugs?
Renters insurance policies typically exclude bug infestations of any kind, including bed bugs, cockroaches and other bugs as well as rodent infestations. You most likely are also not covered for any damage these pests cause, or for the costs to eliminate an infestation problem.
Does Renters Insurance Cover Flooding?
Most renters insurance policies do not cover damage caused by floods. Like home owners, renters must purchase flood insurance separately to be covered for damage from flooding. However, you will likely be covered if there is a water leak within your rental unit that causes water damage to your belongings. Be sure to read your renters insurance policy carefully so you know what is and is not covered. For renter's flood insurance call our office 813-548-0866.
Will Renters Insurance Cover a Broken TV?
Whether or not damage to any of your personal electronics or other belongings is covered depends on the coverage you buy and the cause of the damage. If you have replacement cost coverage for your personal belongings, and the damage to the television was caused by a covered peril such as fire, theft or vandalism, your TV will be most likely be covered. If it breaks from wear or misuse, your broken TV will not be covered.
For any other questions you may have, feel free to call our office at 813-548-0866, visit our office or visit our website www.anationsinsurance.com
With the summer many of us decide to enjoy of the outdoors, especially boating, fishing and many other activities in the water.
Do you own a boat, jet ski or any other watercraft? Yes?
Do you have insurance for them?
If yes, AWESOME!
No? Well we do want you to consider insurance for your toys!
Coverage available are about the same as your auto or motorcycle insurance, so is not really that difficult to understand and make sure you are covered.
Ever wonder what you should ask your agent or broker about insuring it?
Brad Seeley, senior marine product manager for Foremost Insurance Company, has some suggestions:
1. Do I need insurance for my boat?
"Some people may think that their boat is adequately covered through an endorsement on their homeowner's policy," explains Seeley. "Worse yet, they don't carry any coverage at all. Boat owners should look for a specialized insurance policy that offers the coverage that fit their boat and lifestyle. It's better to be prepared and have it insured for peace of mind while on the water."
2. Will my personal property be covered?
"Buying life vests, water skis and fishing gear can really add up," says Seeley. "A good policy will not only provide coverage for all of this equipment, but also for other personal property on board."
3. What discounts are available?
"There's a variety of discounts a customer could qualify for, like a multi-policy discount if they insure more than just a boat with the same company, or a multi-unit discount if they insure more than one boat," states Seeley. "Discounts will help a customer save money on the policy's premium."
4. Is Towing and Assistance available?
"A day of fun in the sun could easily be ruined if the boat breaks down while on the water," adds Seeley. "This is a great coverage to add to a policy and covers either the cost of certain emergency fixes at the point where the boat broke down, or the cost of towing the boat to nearest repair shop. Towing and assistance should also apply to the trailer if it breaks down while towing the boat."
5. Is the type of boat I have eligible for insurance coverage?
"There are many different kinds of boats—pontoons, open bow, fishing boats, cabin cruisers—and even more things to consider like speed, length, value and use of the vessels. " explains Seeley. "That's why it's important to make sure your agent knows all these things up front, even how you will use your boat. Your agent can help you get the coverage that are just the right fit."
Your safety is number one to us. Stay safe this summer on the shore and on your boat and any other watercraft!
The short answer is YES!!!
It does not matter whether you own the property or not, you can obtain Flood Insurance to cover the building and personal property OR the personal property itself!
Just remember Flood insurance in most cases have a waiting period of 30 days! So don't wait until the last minute to get you covered!
Don't be shy and contact us to get you a free estimate 813-548-0866 or stop by our office 933 E Brandon Blvd, Brandon, Fl 33511.
Did you know your Homeowner's Insurance DOES NOT cover damage caused by Flood?
Yes, you read correctly!
Why Buy Flood InsuranceNo home is completely safe from potential flooding. Flood insurance can be the difference between recovering and being financially devastated. Just one inch of water in a home can cost more than $25,000 in damage—why risk it?
Do You Need Flood Insurance?Here are some important facts to keep in mind:
Why Should I Renew My Policy?Just because you haven’t experienced a flood doesn’t mean you never will.
Continuous coverage gives you uninterrupted protection.Floods can happen anytime, anywhere — to anyone.
An afternoon storm or backed-up storm drains could bring inches of water into your home and cause thousands of dollars in damage to walls, floors and furniture.
Having a policy in force could save you money.Flood risk often has a lot to do with how much you pay for your flood insurance policy. Most policyholders living in areas where the flood risk has increased and where FEMA has issued a new Flood Insurance Rate Map may renew at a rate based on their previous flood zone. This Newly Mapped Procedure allows policyholders to continue paying a lower price for their flood insurance policy based on the prior flood map for one additional year after the new flood map is issued. After the first year, policyholders will see rate increases not to exceed 18 percent per year. They are “grandfathered” in at the lower zone designation. For more information about map changes and grandfathered rates, review the fact sheet Map Changes and Flood Insurance: What Property Owners Need to Know.
Letting your policy lapse could cost you money.Keep in mind, if you ever allow your flood insurance policy to lapse once for either more than 90 days, or twice for any number of days, you may be required to provide an Elevation Certificate (EC), and you may no longer be eligible for any discounted rate you were previously paying. In recent years, legislation has changed, and grandfathered rates are slowly increasing; a policy lapse could force the discounted rate to increase instantly to the full-risk rate.
Protect your investment — your bank expects you to.If you live in a high-risk area and have a loan from a federally-regulated or insured lender, you are required to renew your flood insurance. When you purchase a home, you accept liability for any damage—from fire, wind, hail, theft or flooding—that may occur while you live there.
Are some people required to have flood insurance?
You may be required to have flood insurance.
To find your community’s flood map, visit the FEMA Flood Map Service Center, then type in your address and search. You may view, print and download flood maps, open an interactive flood map (if available), and view all products related to your community.
Find out if your community has a recent or upcoming flood map change. When your community’s flood map is updated to reflect the current risks where you live, requirements for flood insurance coverage and the costs of your policy can also change.
Get answers to your flood mapping questions online or by talking with someone from FEMA’s Flood Map Service Center.
What’s Covered?Talk to your licensed insurance agent about what is and isn’t covered by your policy. Know what is and is not covered. Contents are not covered by a building/structure flood policy. To cover your belongings or contents within a building, you'll need to add contents coverage to your existing building/structure policy.
Examples of Building Coverage
This document was prepared by the NFIP to help you understand your flood insurance policy. It provides general information about deductibles, what is and is not covered by flood insurance and how items are valued at the time of loss.
What should I know about deductibles?As with other insurance plans, a higher deductible will lower the premium you pay but will also reduce your claim payment, meaning you will need to cover the difference out of your own pocket. Sometimes a mortgage lender will set a maximum amount for your deductible.
Is there a 30-day waiting period?Typically, there’s a 30-day waiting period from date of purchase until your policy goes into effect. Here are the exceptions:
What is an elevation certificate and why might I need one?Your insurance agent may ask you for an Elevation Certificate (EC). This certificate verifies your building’s elevation compared to the estimated height floodwaters will reach in a major flood in a high-risk flood area.
It’s also beneficial to ask if your community participates in the Community Rating System (CRS), because this could mean local officials already have a copy of your EC on file. Policyholders with insured properties in communities that participate in CRS may be eligible for policy discounts.
A property owner in a high-risk flood area always has the right to purchase an EC, which may reduce your flood insurance premium. Please contact a licensed insurance agent for further information.
Are you ready to get your Flood Insurance Quote?