Local Events

4/2-7th: Sun ‘N’ Fun international Fly-in and Expo, Lakeland

4/4-7th: Celebration Exotic Car Festival, Celebration

4/6: Florida Lighthouse Day, Ponce Inlet

4/12-21st: Florida Film Festival, Orlando

4/13th: Brewmaster’s Invitational Beer Festival, Port Canaveral

4/13-15th: Blue at the Winery, Clermont

4/20th: Earth Day, Orlando

4/20th: Downtown Deland Classic Car Cruise-In, Deland

4/20th: Art Walk, Sanford

4/23th: WJRR EDBD Fest, Orlando

4/25th: ARTLife, Daytona Beach

4/26th-27th: Leesburg Bike Fest, Leesburg

4/27th-28th: Downtown Melbourne Festival of the Art, Melbourne

4/27th-28th: Mount Dora Blueberry Festival, Mount Dora

Tip of the Month

Steam one cup of water in the microwave for 2-3 minutes, let sit for another 2 minutes, then wipe with soapy cloth and repeat with a wet cloth to remove stuck on bits.

Monthly Newsletter

April 2022

Renters' insurance!  Do I need this?

Written by: Dynamic Real Estate

Renters’ Insurance.   What is this?  Do all renters need it?  Why do some owners/property managers require residents to have this?  So much uncertainty about what exactly renters’ insurance is and if you really need this.  Let’s dig into some the basics of renters’ insurance.

1. What exactly is Renters’ Insurance?

Renters insurance is a specific type of policy that provides liability and person property insurance to tenants.  It is usually considered an HO-4 policy.  This covers what is inside your home, and not protection for the dwelling itself.  There is also Liability coverage, which many Landlords require.  This covers damages or liabilities that you may be responsible for before the ownership responsibility.  Depending on the policy there may be options for personal coverage to you which could assist in temporary living expenses in the event you are displaced from your home due to a damage or repair.

2. What does Renters’ Insurance Usually Cover?

This usually covers against hazards such as vandalism, theft, and fire.  The main purpose of renters’ insurance is to protect tenants personal property against losses. It covers in the even you are responsible for harm to other people or their property.  It does normally cover expenses should the dwelling become uninhabitable, and there are some benefits that you would also find in a homeowners insurance policy.  It does not insure the actual dwelling.  Owners are still responsible for insuring the dwelling, but bear no responsibility for tenant’s personal property or liability.

3. What is usually not covered?

Valuables.  Normally expensive, collectibles, and valuables such as heirlooms, jewelry, and memorabilia are not covered under renters’ insurance and require additional insurance.   Home business losses.  This means anything related to that business you might have lost in damages would not be covered.  Last motorized vehicles, water, and aircrafts are not included even when they are parked on property.

4. How much does Renters’ Insurance normally cost?

The pricing generally fluctuates depending on the coverage type and provider you decide to open a policy with.  Typically there are various discounts for items such as bundling home and auto, veteran’s discounts, paid in full discounts, and some employers have affiliation discounts.  Make sure you ask all insurance providers about discounts that might be eligible for you.

5. Why does my Landlord/Property Management company need to be added to my renters’ insurance policy?

Typically speaking, landlords, carry insurance on the dwelling, but not on your personal belongings or guest(s) that may visit.  If one of your guests were to be injured while visiting your rental home, that could be a possible liability complication for the tenant and the owner.  Or maybe one of your guest(s) drive their car through the garage instead of backing out of the driveway.  In that event, you as the tenant would be fully responsible for the expense of that repair per a majority of Lease Agreements.  A measure of protection for situations like these is for the owner to require their tenants to have liability coverage that extends to the owner as additional insured. In this case both the tenant themselves, and the owners are protected from the liability of the accident.

Once you look over all the possibilities of events that could happen, there is a defined level of reassurance to know that you have some added protection and coverage through holding a renters’ insurance policy.  Take your time, do your research on coverage options, rates, and accessibility to your life.  There are so many insurance companies, you do not have to settle for subpair insurance that doesn’t work for you.

Take advantage today, and start your passage into personal protection evolution.