Just like you wouldn’t – or shouldn’t – drive your car without car insurance, you shouldn't rent an apartment without rental insurance coverage! Rental insurance is a relatively inexpensive type of insurance that will protect you against fire or theft and damage.
Renters insurance is an additional cost, but compared to what is at stake, it is nominal, at best. For example, renters insurance typically covers personal property, liability and additional living expenses. It also covers the theft, loss or destruction of personal items – everything from that new television, cozy couch, high-tech stereo and closet full of designer clothing. It can even cover personal property away from your apartment – for example, if your laptop is stolen from your car, your renters policy could cover the replacement cost.
If someone gets hurt on at a renters property, liability insurance will help with medical bills, damages and legal expenses. Temporary living expenses, in the case of fire, or other disaster – such as a hurricane or hurricane-related flooding – can be alleviated through renter’s insurance coverage. Some policies even cover the cost of boarding your pets while you're unable to reside in the dwelling due to a covered incident.
Rental insurance coverage options and policies can be different depending on which city or even which zip code you live in, so it's important to find a local agent who knows the best options available to you in your area. Be sure to setup your rental insurance policy before you move, as moving into a new home is a common time for incidents to occur. Whether your friend gets injured helping you move heavy furniture up your steps, or you accidently mount your TV bracket into the fire sprinkler lines, flooding your apartment and those below you, you will want to be covered. Besides, in Florida, a landlord can legally require a renter to purchase rental insurance.
In a 2014 poll by the Insurance Information Institute, 63 percent of renters in the U.S. did not have rental insurance. When most policies are $15 or less per month, it is a worthwhile investment. After all, Florida has hurricanes, which can involve flooding. Chances are the contents of an apartment or condo would cost more than $200 to replace.
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