An Insurance Information Institute poll found that only 37 percent of renters in the U.S. have renters insurance, a number that significantly pales in comparison to the 95 percent of American homeowners who have homeowners insurance. That statistic is particularly compelling when you consider that approximately 33% of Floridians are renters, according to the U.S. Census Bureau’s most recent 5-Year American Community Survey.

Whether they live in an apartment, condo, townhouse or single family home, hundreds of thousands of Sunshine State residents who choose not to purchase Florida renters insurance are 100 percent  responsible for replacing their furniture, clothing, electronics, and other valuables if their belongings are stolen, damaged, or destroyed.

Florida renters insurance can offer valuable protection for renters’ belongings from perils such as hurricanes, fires, and theft. Although renters are not usually responsible for the physical structure they live in, their landlord’s insurance policy offers no coverage for tenants’ personal belongings. If a water pipe bursts, your landlord’s homeowner’s insurance policy would cover damage to the home, but without renter’s insurance, you would bear the entire burden of repairing or replacing any of your belongings that are damaged by the water.

The typical renter’s insurance policy, also known as an HO4 policy, includes four types of coverages:

Coverage C – Coverage for your personal property

This coverage offers protection for your belongings such as your clothing, television, and furniture. Tip: Make sure your policy includes Replacement Cost Coverage (RCC) on your contents. With RCC, you will be eligible to receive the cost in today’s dollars to repair or replace your belongings to brand new condition. Most standard policies include Actual Cost Value coverage, which is the value of your items minus depreciation. By the way, Security First Insurance Company includes replacement cost on its policies.

Coverage D – Coverage if your rental becomes uninhabitable

If your rental is uninhabitable due to a covered loss, you will need a place to live while repairs are made. In the event of a covered loss, Coverage D provides reimbursement for living expenses, including expenses for food and a place to stay while you’re living out of your home. Tip: Be sure to save the receipts from your purchases while living away from your home. Check with your insurance company to see how quickly you will receive your funds. Rather than providing a check that could take days for your bank to process, some companies will provide you with a pre-paid debit card that you can begin using immediately after activation. 

Coverage E – Coverage for Personal Liability insurance

This coverage protects you if someone were to file a lawsuit against you for accidental bodily injury or damage to their property. If someone trips on a rug or twists their ankle in your home and threatens to sue you, Coverage E helps to cover the associated legal costs and related damages.

Coverage F – Coverage for Medical Payments

If someone is injured on the property and seeks medical attention, this coverage pays for medical expenses as a result of the injury, regardless of negligence, up to your policy limits. Tip: Coverage F only covers medical expenses for people not living at your residence. So, while you may not feel you need to protect your stuff, renters insurance provides you protection.

Florida Renters Insurance Discounts

Renters insurance is a fairly cost-effective product and can cost even less if your insurance company offers discounts. Discounts vary by insurance provider, but examples of discounts include: age of construction, roof shape, living in a secure community, policyholder age (senior discount), central fire alarm, indoor sprinklers, or if your home has wind resistant features. Contact your agent to discuss discount eligibility.

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