Benefits of Choosing Renters Insurance
More and more people find that renting rather than buying fits their lifestyle preferences. Whether you’re renting your first apartment in Florida or a house in Tampa Bay for your family, just because you don’t own your own home doesn’t mean you don’t need insurance protection. What if a fire or other peril destroys your personal property? The cost of replacing furniture, electronics, and clothing adds up fast. But the good news is, renters insurance is substantially cheaper than homeowners insurance because you’re not insuring a structure.
Do I need renters insurance?
In Florida, you’re not legally required to carry renters insurance—but many landlords in Gibsonton, Pinellas, and Tampa now make it a lease requirement. Even if it’s not mandatory, having a policy could save you from major financial stress.
What does renters insurance cover?
Here are three ways renters insurance protects you financially:
- Replaces your personal property if it’s stolen or damaged by a covered peril. Say there’s a fire that damages your apartment and destroys your living room furniture. Your landlord’s policy only covers the structure; they aren’t responsible for replacing your things. The personal property coverage of your renters insurance will.
- Helps you pay costs and damages if you’re legally liable for someone’s injuries, or damage to their property. If a guest falls and gets hurt, for example, your renters insurance will pay damages, including legal costs if that guest decides to sue you.
- Helps cover expenses if you’re forced to live elsewhere due to a covered loss at your home—say if you have to stay at a hotel because a hurricane damages it and you can’t live there while repairs are made. Your renters insurance’s additional living expenses coverage pays reasonable extra expenses if you must live elsewhere, such as the cost of restaurant meals or hotels.
Tips for buying renters insurance
Just like buying any insurance, you’ll likely want to get several quotes in order to find the best renters insurance coverage. You’ll need to know how much coverage you’ll need (the maximum limit of what your policy will pay in the event of a loss), so add up the value of your belongings, including furniture, clothing, electronics and other personal possessions. (Click here for tips on creating a home inventory.) Once you know what coverage limits you need, decide if you’ll want replacement cost or actual cash value coverage. If you have expensive art, jewelry, collectibles, or firearms, be aware that you may have to buy additional insurance for those items in order to be fully covered.
How Much Does Renters Insurance Cost in Tampa Bay?
Most people in the Tampa Bay area can get solid coverage for as little as $15–$25/month—a small price for major peace of mind. The exact cost depends on how much coverage you need and whether you want replacement cost or actual cash value coverage.
To get the best deal, you may want to compare several quotes by different companies. Just be sure the coverage, limits, and deductibles are the same, and that you understand what is and isn’t covered.
L & M Insurance Group makes it easy!
L & M Insurance Group can do the comparison shopping for you! Call us at (813) 672-4100 (or click here for an online quote) and let one of our agents find you the best rate on renters insurance. L & M Insurance Group is an independent agency, and we partner with many different insurance companies to write home, renters, auto, commercial, and life insurance for our clients in Tampa, Brandon, Riverview, and surrounding communities.
