What is Renter's Insurance?

South Florida residents who rent a house, apartment, or condominium face the same risks as homeowners do when it comes to losing personal belongings due to theft, fire, lightning, or other disaster. If you are currently renting a home or apartment in the Miami area, you may not know that the property owner's insurance only covers the physical building. It doesn't cover you or your belongings, nor does it protect you from personal liability in case someone else is injured while on your property. Renter's insurance coverage protects the renter against material losses in case the unthinkable happens.

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How Much Renter's Insurance Is Enough? What Does It Cover?

Like other forms of insurance, you choose the amount of renter's insurance coverage you want and the deductible you would be prepared to pay if you ever have to file a claim. Home renter's insurance may be a bit higher due to the greater number of personal belongings kept there in addition to the amount of space being considered for coverage. Apartment renter's insurance may have to cover fewer material goods, but the cost may be similar to those renting a home due to location, the presence of other renters, and other factors.

Whether you rent a home or an apartment, renter's insurance covers you in the following ways:

• Protect your personal property against fire, theft, storm damage, and vandalism.

• Protect high ticket price items such as computers, printers, home office equipment, personal stereos, and appliances. Renter's insurance coverage also protects expensive portable computers like laptops, notebooks, and netbooks wherever you take them.

• Both home renter's insurance and apartment renter's insurance policies will reimburse you for personal belongings at replacement value, not depreciated or Actual Cash Value.

• Protects you in case of a liability lawsuit where you may be held responsible for injury to another person or damage to another person’s property, whether the incident took place within your rented South Florida or Miami residence or elsewhere.

• Provides compensation for a place to live if your home becomes uninhabitable due to any circumstance covered in your policy.

If you are renting a house, home renter's insurance is a very inexpensive investment to protect you and your belongings from accident or loss. Extra savings are usually involved if your renter's insurance is bundled with another policy, such as a vehicle or life insurance policy. Both home renter's insurance and apartment renter's insurance rates may be reduced if you:

• Install fire and/or burglar alarms

• Install and maintain fire extinguishers and sprinkler systems

• Put dead bolts on all exterior doors

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Does American Insurance Brokers Offer Renter's Insurance?

We certainly do. Anywhere in Miami and in South Florida you can find AIB agents who will be happy to go over your renter's insurance coverage needs with you. Call one of our offices or stop in today to get a renter's insurance quote tailored to your needs. Disaster can strike at any time. If you've been considering renter's insurance, don't wait. The peace of mind alone will be worth it.