The average rent in Orlando, FL is $1,443 a month. The most expensive rentals are in Orlando’s Lawsona-Fern Creek and Baldwin Park neighborhoods, while the most affordable rental homes can be found in Rosemont North and Signal Hill. Regardless of where you are living or how much rent you are paying, you can get an inexpensive renters insurance policy to cover your property.
Talk to a local independent agent for answers to all of your insurance-related questions. These agents can gather customized renters insurance quotes from a variety of reliable insurers. That way, you can choose the policy with the best price. Find an insurance agent in or near Orlando to get started.
Do You Need Renters Insurance in Florida?
Unlike car insurance, renters insurance is not required by law. However, some landlords in Orlando do require their tenants to have this coverage. Whether or not your lease requires you to carry this insurance, many financial experts strongly recommend that you buy it. Renters insurance can cover your personal property as well as provide you with personal liability insurance coverage – all for less than a dollar a day.
How Much Does Renters Insurance Cost in Orlando, FL?
Renters insurance is surprisingly affordable, even in Florida where insurance costs tend to run high. In Orlando, the average cost for a policy that provides $20,000 worth of property coverage and $100,000 worth of liability coverage with a $500 deductible is $228 a year. That is just $19 a month for the peace of mind of knowing that your property is covered.
Your actual rate will be based on factors such as how much coverage you wish to buy, details about the home you are renting, and factors like your claims and credit history, but this average figure can give you a good idea of what you might be expected to pay.
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Property Coverage for Orlando Renters
A major disaster like a hurricane, fire, or tornado can damage the building that your rental home is located in. If this happens, your landlord is responsible for making structural repairs.
However, if your own personal property is also damaged by these events, such as if the roof is damaged during a tropical storm and water pours into your home and destroys your electronics, repairing or replacing this property is your responsibility. The good news is, your renters insurance has you covered.
The contents coverage included in your policy can pay for property damage caused by a number of events ranging from severe weather to accidental fires. It can also reimburse you for losses due to property crimes. In Orlando, where the burglary rate is triple the national rate, this coverage is especially important.
Be aware that renters insurance rarely covers flood damage. If you live in a ground floor apartment or are otherwise at risk for flood damage, your local insurance agent can help you supplement your coverage with an affordable contents-only flood insurance policy through the National Flood Insurance Program (NFIP).
Renters Insurance Includes Liability Coverage
What if you accidentally left a candle burning and started a fire in your apartment building? What if you got sued after your child caused an injury while playing in the park?
Most people never use the personal liability insurance included in their renters insurance policies, but if you find yourself in a situation where you need it, it can prove invaluable. Renters liability insurance is designed to pay your legal fees and damages if you are sued for a covered event. This insurance can protect you while:
- You are in your home
- You are outside your home, such as while playing sports
- You are online, if you post something that is perceived as libel or slander
Your insurance can cover your own actions as well as those of your children and pets. It is important to note, however, that some insurance companies specifically exclude damage and injuries caused by pets. If you are a pet owner, it is important to let your insurance agent know so you can be sure you are getting a policy that includes this coverage.
Renters Insurance Can Cover Temporary Housing Expenses
Suppose your rental home is hit by a tornado or hurricane-force winds. If the resultant damage is severe, the property may be deemed uninhabitable until repairs are made. You would, therefore, need to seek alternative housing while your landlord gets the building back up to code. Did you know that if this happens, your landlord is not obligated to cover your temporary housing costs?
Spending several weeks living in a hotel can result in a rather hefty bill. Also, because you will probably have to eat all your meals at restaurants, the added cost of food can be a drain on your finances. Fortunately, your renters insurance can assist you with these costs until you are able to return to your home.
Why Work with an Independent Insurance Agent in Orlando, FL?
Renters insurance protects you against many of the risks you face as a renter in Orlando. Of course, nobody wants to pay more for coverage than they need to. Independent insurance agents can help you compare customized renters insurance quotes so you can select the policy that comes at the best price.
Find an independent insurance agent near you to learn more.
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