A common misconception about rental insurance is that the landlord’s policy provides coverage for everything, including the tenants’ personal belongings. Yet the exact opposite is true: landlords and their insurers cannot be held liable for damage to renters’ possessions.
We all know that the best part of being a renter is that you have fewer things to worry about. But that doesn’t apply to insurance. If you’re renting a Destin apartment, for instance, it’s important that you get your own apartment renters insurance policy. That’s because:
- It covers damaged, lost or stolen personal property. By purchasing apartment renters insurance, you insure your possessions against loss resulting from fire, lightening, explosion, windstorm, water damage, vandalism and theft. Since this type of insurance doesn’t typically cover natural disasters like floods, earthquakes, landslides, sinkholes, etc., make sure you talk with an insurance agent to determine if additional coverage is required.
- It provides liability coverage. Besides guarding your valuables against various risks, a renters insurance policy protects you from potential liability claims and related lawsuits that may arise from damage to the apartment and/or building itself, damage to other tenants’ personal belongings and injuries sustained by someone else while in your apartment.
- It covers additional living expenses. If you don’t have any renters insurance and your apartment becomes uninhabitable because of fire or other casualty for which you’re responsible, you’ll need to pay out of pocket for a temporary place to stay, all the repairs required and any liability claims associated. But that won’t happen if you have an apartment renters insurance policy. In this case, your insurer will cover all the damage and reimburse you for any additional costs that exceed your normal living expenses.
- It offers two types of coverage. When looking for apartment renters insurance, you’ll come across two standard insurance plans: 1) “Actual Cash Value,” or ACV, plans that cover the cost of repairing or replacing insured items, based on their market value minus depreciation, up to the face amount of the policy; 2) “Replacement Cost Value,” or RCV, plans which reimburse the policyholders for the cost of replacing personal belongings with similar items at their current market value. The downside is that standard renters insurance plans offer limited coverage for valuables like jewelry, furs, etc. Make sure you review your policy carefully for coverage and exclusions, and consider supplementing it with a floater if you have items that exceed the coverage.
- It extends beyond the boundaries of your apartment. A great thing about apartment renters insurance is that it includes coverage for your personal belongings not only when they’re in your apartment but also during travel, whatever your destination.
- It’s required by many landlords. Lease agreements requiring renters insurance as a condition to rent an apartment are a growing trend. The main reason why increasing numbers of landlords are insisting on this type of insurance is to avoid complex liability issues.
- It’s affordable. According to NAIC, the average premium for renters insurance in Florida is between $15 and $30 a month. Though some people think that getting a renters insurance policy isn’t worth the cost, covering the medical expenses related to an injury, paying for extensive repairs or replacing personal property will cost much more.
If you’re in the market for a luxury apartment in Destin, FL, we can’t wait to welcome you at our Sugarloaf Luxury Apartments. Whether you’re a professional moving to the Emerald Coast, a student wanting to get away from campus, military getting out of base housing, our apartment complex, amenities and community will make you feel right at home. With floor plan options ranging from one- to three-bedroom apartments, you can get all the space you need at Sugarloaf Luxury Apartments. Once you’ve chosen a floor plan that fits your lifestyle, feel free to call our friendly staff to schedule a comprehensive tour.