In Florida, almost two-thirds of renters go without insurance. That’s a bad idea, since landlords have insurance for the building, but protecting the stuff inside your house or apartment is entirely up to you. That’s where renters insurance comes in. It essentially provides essentially the same coverage as homeowners insurance, minus protection for the structure. The good news is that insuring the building is the most expensive part of homeowners coverage, so renters insurance is extremely affordable, usually costing around $10-$15 a month.
Renters insurance policies cover you from specific circumstances, called “perils.” Quilt’s policies include the most common causes of loss or damage in Florida, like hurricanes, tornados, fire, theft, and vandalism. Renters insurance also covers your stuff even if it’s not in your apartment. For example, if your car is broken into and your laptop is stolen, auto insurance won’t help, but renters insurance will, up to 10% of your policy value.
Renters insurance doesn’t just cover your stuff. There are four main parts to renters insurance, broken into coverages C, D, E, and F.
Coverage C protects your personal property from covered perils (see below for more on what a peril is). Quilt’s policies come with replacement cost value, which means if you’ll get the full amount it costs to replace your items, including…
If your house or apartment is damaged, Coverage D provides living expenses, including food and hotel costs for the amount of time you can’t stay in your home. (Be sure to save the receipts for all your expenses.)
Coverage E protects you from lawsuits filed against you for bodily injury or property damage. If someone trips over on a toy in your apartment and breaks their ankle in your apartment, for example, Coverage E will help pay for the legal costs and judgments.
Related to Coverage E, Coverage F pays for the medical costs of someone who’s injured on your property. It’s important to know that this is not medical insurance, so it doesn’t cover anyone who lives in your property.
In insurance, a peril is anything that causes a loss, like hurricanes, fire, and thef. Depending on your insurance company and the policy you choose, some perils will be covered, while others won’t. That’s why it’s extremely important to look at more than just the cost when buying a policy. The lowest price doesn’t always mean you’re getting the best value.
The policies Quilt sells come standard with coverage for the following perils:
At Quilt, you’re protected against the perils above up to the policy limit you choose. That covers the vast majority of situations you’re likely to face, but there are some exclusions you should know about. The most common are earth movement, including landslides, earthquakes, and sinkholes, and damage caused floods, tidal waves, and water or sewage backup. Neglect, war, intentional loss, and governmental action are also excluded. (You can check out our policy documents for more detailed info.)
Your stuff is worth more than you think. The average renter’s possessions are worth over $20,000, and without renters insurance, you would have to replace everything out of pocket if something happened. Your landlord has coverage for the building, but protecting your stuff is up to you.
Florida doesn’t require renters insurance by law, but many landlords and apartment complexes make it mandatory for tenants. Required or not, you really should have renters insurance if you live in Florida to protect against the frequent hurricanes, tornados, wildfires, and more.
Absolutely. Renters insurance will cover you in the event of hurricanes, fires, tornados, theft, vandalism, and some kinds of water damage. Renters insurance doesn’t cover floods or earthquakes by default, but additional coverage can be added for those perils. We absolutely recommend flood insurance even for renters, since so much of Florida is at sea level.
One thing to note: if a hurricane is headed towards Florida, it’ll be too late to buy coverage. Purchasing is suspended when a storm is on its way, so it’s best not to wait.
Less than you might think. The price is dependent upon where you live and how much stuff you need to cover, but Florida renters insurance coverage is generally around $150 a year. That works out to just over $12 a month for most people.
A deductible is the amount you need to pay out of pocket before your insurance kicks in. At Quilt, we decided to set a $500 deductible for all of our policies. To give an example, if you have a $5,000 claim from hurricane damage and your deductible is $500, you’d receive a check for $4,500.
It can, but not by default. You can add roommates to your policy for a fee, but it’s usually a better idea to keep your property and coverages separate. It’ll make things much easier the next time you move.
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