Renters Insurance

Protecting You When Your Landlord Won’t

Just because you’re not ready to buy a house doesn’t mean that you don’t need financial protection for your possessions. And the truth is, your landlord isn’t going to cover everything.

After all, your landlord’s insurance covers the property–not your personal property. Which means that if something is stolen, you’re on your own.

Unless, of course, you have renters insurance.

The coverage needs of educators and their families are diverse, which is why we’re proud to work with you to bring you the best renters insurance in Polk County FL and the best renters insurance in Lakeland FL.

What is Renters Insurance?

A renters insurance policy is a type of coverage specifically designed to protect your personal belongings if you live in a rented property (as opposed to homeowners insurance, which covers the physical structure of the property you own).

Since you don’t own the physical structure you live in, homeowners insurance won’t do you much good in a rented property. A landlord will have an insurance policy on the property, but that doesn’t cover your personal possessions, since they aren’t the landlord’s personal possessions.

This is where renters insurance makes up the difference.

What Does Renters Insurance Cover?

A typical renters insurance policy covers three main areas of concern:

Personal property coverage
Liability coverage
Additional living expenses

Basically, renters insurance provides financial compensation if a renter’s possessions are lost, damaged, or stolen.

Let’s say, for example, that you live in an apartment complex. You get home to find out from your landlord that there’s been a rash of thefts–and your apartment was one of the units broken into.

The landlord’s insurance will protect them against damage to the property, but renter’s insurance will protect you and your possessions.

Personal Property Coverage

You might not think your possessions are worth much. But you’d be surprised by how pricey your possessions are when you add them all up.

And as anyone who has lost items to fire or theft can tell you, an expensive loss like that is not fun to recover from.

Since your personal property isn’t protected under the insurance policy on the physical property (as it would be under homeowners insurance), personal property coverage helps you to make up the gap between your landlord’s policy and what your possessions are worth.

Better still, your policy covers your possessions regardless of where you are in the world. It doesn’t matter whether they’re stolen from your linen closet or from a suitcase in Norway.

Liability Coverage

Let’s say you’re having a house party. The school year is starting soon, and you want to gather the whole gang together before summer vacation ends and life sets in again.

Now let’s say that your dog got nervous and bit someone. Technically, that person could sue you for medical expenses–and those bills can get pricey, depending on how much damage your dog inflicted.

Renters insurance includes liability coverage, which provides coverage if someone sues you for injuries incurred on your property. Basically, your insurance will help pay for legal representation.

As with most forms of liability coverage, there’s usually a fixed dollar amount on the amount of legal costs covered under the policy, so make sure to check your policy in advance.

Additional Living Expenses

Now let’s say that there’s a fire in your apartment complex. No one was hurt, thankfully, but your possessions are toast and your apartment is unlivable.

Your landlord’s insurance policy will cover the cost of the property damage, but tenants will still have to fend for themselves while the apartments are being repaired.

If you’re in the middle of your lease, you can’t necessarily afford to break your lease, pack up, and move. But hotel bills are even more expensive. And since it’s the middle of the school year, moving is a nightmare either way.

The last thing you need to worry about is affording a roof over your head.

Renters insurance can help cover the cost of additional living expenses while you’re waiting for your apartment to be usable again. This is usually up to a certain dollar limit or a fixed period of time, so make sure to read the details of your policy.