Anyone who rents a home or apartment knows that means writing a big check each month. But, it also means you’re free from some of the normal duties that come with owning a home. For example, there’s a good chance you won’t have to mow any lawns or clean the gutters. And if maintenance problems arise, it probably won’t be coming out of your pocketbook. It’s likely that all of those things are your landlord’s responsibilities. But your landlord’s responsibilities don’t extend to insurance coverage. That’s why it’s important to purchase Orlando renter’s insurance.
Orlando renter’s insurance is a type of homeowners policy that protects your belongings in the event that they’re stolen or damaged due to fire or other insured perils. Usually, renter’s insurance also covers bodily injury and property damage, up to the stated policy liability limit, that you and members of your family (including pets – though often subject to limitations/exclusions) may negligently cause to other people.
It’s wise to keep an inventory of your belongings, including photos or videotapes, if possible. Store the inventory in a separate location and update it annually.
Neglecting to Purchase Renter’s Insurance
Buying an Orlando renter’s insurance policy can provide a very important financial safety net. Renters insurance covers personal possessions in the event there is a fire or other insured disaster. It will not only pay to replace your belongings, but also provides coverage for additional living expenses and liability protection in the event someone is injured on your property. With the average policy costing only about $200 per year, it is also affordable. Unfortunately, a 2006 Insurance Research Council pool found that only 43 percent of renters had insurance compared with 96 percent of homeowners.