Renters Insurance is important no matter in which part of Florida you live in.
Homeowners Insurance HO3 – HO8 – Renters Insurance HO4 – Condo Unit Owner/Renters HO6 –Dwelling/Fire – DP1 and DP3 are the most common types of coverage for Home Insurance.
In Florida, renters insurance is available through an HO4 policy and can be used to protect tenants against fire, water damage, theft, or storm damage. Many renters are under the mistaken assumption that their landlord’s insurance policy will be used to protect the financial worth of their belongings. This is rarely the case. An Renters policy, however, can be used to protect your valuables from the unexpected.
Renters insurance comes with four different coverage options, depending on the types of premiums you wish to pay, what you want protected, and what you can qualify for. The most common coverage type is known as Coverage C and it protects your personal property should it be damaged or stolen in a manner consistent with the policy’s rules.
Other Coverage Types
Renters insurance is also available in Coverage D, which protects you should the property become uninhabitable due to a loss covered in the policy. Payouts are intended to cover living expenses, alternative housing, food, and clothing while the unit is being repaired. Coverage E and Coverage F are also available to renters, covering personal liability (defense against a lawsuit) and medical payments (someone is injured on your property) respectively.
Condo owners should avail themselves of insurance possibilities that make sense for a different form of property ownership.
Most insurance experts advise unit-owner policies to augment the master condo insurance coverage.
These policies, known as HO6 forms, are intended to cover not just the outside of the condominium unit, but what is contained within them as well.
Following a federal overhaul of condominium lending policies, many lenders now require customers to insure their units with an HO6 policy before they will fund the venture.
But even if you aren’t required to get such a policy, you should protect your investment against unforeseen events like fire or water damage that will cost you thousands of dollars in costly repairs that will have to come straight out of your pocket.
With a low annual premium you will have the peace of mind of having interior wall and floor coverage, personal property protection, and liability coverage as well.
“Commonly cited as a weakness in the HO3: its lack of flood water damage coverage. While the policy does include a guard against “sudden and accidental” water damage cause by water pipe leak or burst, it does not cover water damage resulting from rising waters, flood, sewers or drains backup.”