Renters Insurance

What is Renters Insurance?

Renters Insurance will protect several things used in a policy holder’s life. Renters insurance will protect the personal property in an apartment or rental home. Although uncommon, some policies may even be insuring the structure as well. Liability might be a part of your renters policy as well, protecting you from someone getting hurt on your rental property.

Components of Renters Insurance

There are several benefits of a renters policy, some of them being:

• Additional living expenses.

• Guest Medical.

• Family Liability.

• Personal Property - your belongings.

• Scheduled personal property.

Additional Living Expenses

If your home was damaged and deemed inhabitable, additional living expenses will reimburse you the cost of living in a hotel or temporary housing until your home becomes habitable again.

Personal Property Protection

Some people have a lot of money invested in personal property that is worth too much to lose. This coverage will reimburse you for the cost of replacing your belongings if they were to be damaged, lost, or stolen.

Guest Medical Protection

Guest medical protection will help pay medical fees if one of your guests was injured while on your property. This coverage has some unique benefits to it. Medical coverage is generally no deductible and no questions asked. Talk to your agent about the medical coverage you have with your current policy.

Family Liability Protection

Liability coverage will come with most renters policies. Liability insurance will provide legal protection for you and your family in the case of a lawsuit against you.

Scheduled Personal Property

Even though your renters policy will protect your belongings, personal property coverage does have its limits. There is a set limit for different types of things (Example: furniture limit = $9,000, guns = $1000). If you have an unusually expensive or amount of things, those things will need to be scheduled under your homeowners policy.

Some benefits to scheduling your property include: Having the ability to set your own limits and setting your own deductible.

Reach out to us here at 3rd Generation Insurance for help learning how scheduled personal property works.

Qualifications for Renters Insurance

Depending on your insurance history, what your insurance needs are, and more. Qualifying for renters insurance will vary from insurance carrier to carrier. Insurance in Florida can be expensive, we recommend to reach out to us and find out what carriers you may qualify for and compare them.

Dade, Broward, and Monroe Counties

• Every Home on a second story or higher (including Barrier Islands) are eligible to qualify.

• Single floor homes located inland by one mile from the coast are eligible to qualify.

Remainder of the State

Regardless of the distance to the coast, every resident, excluding the counties above, are eligible to qualify.

Dwelling Coverage Limits

• The most Liability allowed is $300K.

• The minimum to maximum allowed limits are $15K to $300K.

Ineligible Dwellings

• Insured can’t have ownership of the dwelling being occupied.

• Daycare - Homecare - Assisted Living.

• Camping Trailers.

• Five or more unrelated individuals in the household.

• Commercial or Farm exposures.

• Dormitories.

• Army Barracks.

• House Boats.

• Nursing Homes.

Additional Requirements

• A deductible of $500 or more.

• Renters policy can not be written in addition to a homeowners policy or condo policy over the same property. For any lease, your agent must provide a documentation, like a lease agreement. The documentation must describe the living situation that requires a renters and homeowners coverage on the same property.

Insurable Interest or Occupancy

• Residents that are unrelated will require separate policies unless added on as an Additional Insured/Non-relative endorsement.

• A copy of the leasing agreement needs to be kept in the customer file.

• Residents that are unrelated are allowed to be written on the same policy if all parties are listed on the leasing agreement as well as the name insured.

Excluded Dogs

• Dogs living on the property must be fully developed.

• Dogs with mixed breeds will need to account for the breeds.

• Dogs with a bite history are impermissible.

• Breed of pit bulls are impermissible (Pit Bull Terrier, American Staffordshire Terrier, Pit bull, English Bull Terrier, Bull Terrier, and Staffordshire Terrier).

• Other impermissible breeds are Huskies, Chow, Dobermans, Presa Canario, Rottweilers, Akitas and Wolf hybrids.

Earthquake Coverage

Unfortunately, earthquake insurance is not available on a renters policy in the state of Florida. This also applies for new business or as an endorsement to existing business.

Barrier Islands

Residences on the first floor cannot be covered.

A barrier island is classified as any land formation running parallel to the coast. Barrier island are considered to be most exposed to cyclone winds. Barrier islands will very often make up the outer land of an inner coastal waterway.

Here are some of the most common barrier islands with resident property. This list is meant to help provide clarification; however, this list is not meant to be all inclusive. It is possible that some land masses will not listed below, and will be deemed ineligible.

• Miami Beach

• Shell Island

• Caladesi Island

• St George Island

• Santa Rosa Island

• St Joseph Peninsula to County Road 30

• Gasparilla Island

• Siesta Key

• Amelia Island

• Orchid Island

• Longboat Key

• Treasure Island

• Egmont Key

• Perdido Key

• Pine Island

• Destin Peninsula

• Merritt Island

• Crooked Island

• Jupiter Island

• St Vincent Island

• Captiva Island

• Little St George Island

• Dog Island

• Honeymoon Island

• Anastasia Island

• Ward Island

• Clearwater Beach

• Sand Key

• St Petersburg Beach

• Anna Maria Island

• Lido Key

• Palm Island

• Casey Key

• Don Pedro Island

• Little Gasparilla Island

• North Captiva Island

• Sanibel Island

• Estero Island

• Marco Island

• Daytona Beach

• Canaveral National Seashore

• North Hutchinson Island

• Hutchinson Island

• Palm Beach

• Key Biscayne

This list will also include all Islands and Keys associated with the above listed Barrier Islands or land masses disconnected to the mainland.

Frequently Asked Renters Questions

Related Renters Insurance Terms

• Renters Insurance

• Insurance for Renters

• Insurance for Rent

• Rental Coverage

• Insurance for Apartment Renters

• Renters Insurance Florida

• Personal Property Insurance