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  • Writer's pictureMatthew Baransy

Renters Insurance - It's too cheap NOT to have

Pensacola Rentals LLC requires all tenants to have a renters insurance policy.

What does renters insurance cover?

Renters insurance generally provides four types of financial protection:

  • Personal property damage: If your property is damaged, renters insurance will cover the cost of the damage up to your policy's limits. Covered "perils," as insurers call the various causes of damage, are specifically named (or not excluded) in your policy such as fire, wind or theft.

  • Personal liability: If someone is injured or their property is damaged, and you are blamed for the event, your policy will cover liability costs, including legal costs. A standard policy includes up to $100,000 in liability coverage.

  • Additional living expenses: If your rental home becomes uninhabitable as a result of a covered peril, renters insurance will pay for expenses above and beyond your normal living expenses. This is sometimes called loss of use coverage.

  • Medical Payments: Limited coverage for medical costs if a guest is injured on your property.

Basic renters insurance coverages

Contents Helps protect your furniture, clothing & other items from covered losses.

Loss of use Provides reimbursement for additional living expenses when a covered loss prevents you from living in your home.

Personal liability Get help paying for covered damage or bodily injury caused by an accident that occurs in your home.

Medical payments to others May help pay for medical or funeral expenses for someone who is injured on your property.

Building additions & alterations Pays for covered damages to additions, alterations, fixtures, improvements or installations that you make to your home.

Credit card coverage Pays up to your selected limit for unauthorized transactions on your credit cards and bank debit/ATM card. Also applies to forged checks and counterfeit money.

Personal property

Most renters insurance reimburses you for the loss of items such as clothing, smartphones and other personal belongings because of these specific events:

  • Fire or lightning.

  • Hurricane

  • Windstorm or hail.

  • Theft.

  • Smoke.

  • Vandalism or malicious mischief.

  • Explosion.

  • A falling object.

  • The weight of ice, snow or sleet.

  • Riot or civil commotion.

  • Accidental discharge of water or steam from within certain household systems or appliances.

  • Sudden and accidental tearing apart, cracking, burning or bulging of certain household systems.

  • Freezing of certain household systems or appliances.

  • Sudden, accidental damage from artificially generated electric currents.

  • Damage caused by vehicles or aircraft.

Your personal belongings are covered when they’re in your home as well as when you’re out and about. So if someone steals your bike outside a store, your renters insurance policy will cover you — with a couple of caveats. First, your deductible will apply. Second, there may be a limit on how much coverage you have outside your home, typically 10% of your total personal property limit.

Example: Lightning hits your house and starts a fire that burns through your living room. Your renters policy will pay for damaged belongings, such as your couch and TV, minus your deductible.

Who offers Renters insurance in Florida?

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