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Home Renter's Insurance for my State What to know about Florida renter's insurance

What to know about Florida renter's insurance

As of the 2000 US census, the state of Florida has 29.9% of its residents renting homes rather than owning them, but not all of these have Florida renters insurance. The statistics are surprising. Despite not having their own possessions protected in the event of a loss or disaster, only 37% of renters in Florida have their own renters insurance policy.

Those who rent a home need to look for a Florida renter's insurance policy which will offer all of the coverage needed in case of a disaster. Those moving in from another state need to be made aware that Florida renter's insurance laws differ from those in other states, and these laws can even differ between cities and counties in Florida. Education is the renter's biggest weapon when selecting Florida renter's insurance. The most important thing to know is that landlord insurance does not cover renters. This means that anyone renting should seek coverage with their own renter's policy.

The Florida Department of Financial Services allows for renters to purchase homeowners insurance to cover their rental property, but the state does not require Florida renter's insurance. Those seeking to enroll in an insurance plan should discuss with their insurance agent whether their provider terms it "homeowner's" or "renter's" insurance. Both are the same, but they are called different names by some companies with Florida renter's insurance as a subtype of homeowner's insurance. A careful reading of the fine print might also reveal discrepancies between the policies. If they are separate, the renters insurance will likely cover pets and people in the home for accidents, those items covered under broad form (H0-2) coverage by the policy, and personal liability of the renter.

When choosing Florida renter's insurance, there are two main types of renter's insurance renters should be aware of: cash (depreciation) value and replacement value. Knowing which policy to purchase will ensure that should a claim need to be filed, the property can be replaced or the renter can be properly compensated. Depreciation (cash) value repays the renter the price of the damaged or lost goods with depreciation due to age and use factored in. This is a cheaper option than replacement insurance which will compensate for the full current market value to replace the goods lost or damaged. While it might cost more in premiums or have a higher deductible, this type of Florida renter's insurance makes it easier to rebuild after a loss.

Florida renters insurance is not mandatory, but it is highly recommended for all renters in the state to protect their personal property against damage or loss.