Rental insurance is an easy and affordable way to protect your belongings from fire, theft, natural disasters and limit your liability in the event someone gets hurt in your apartment. Disaster can strike at anytime and often when you least expect it. As you may know, Orange City and the Central Florida area is prone to heavy rains, winds and frequent lighting during the rainy season. In addition, May through November is hurricane season.
A renter’s insurance policy in Orange City, FL will provide coverage for belongings that are lost as a result of fire, theft and most natural disasters with the exception of floods. In addition, the policy also provides emergency funds for living expenses if your apartment becomes uninhabitable. This will allow you and your family to minimize unexpected out of pocket expenses and find a safe temporary shelter while your rental unit is being repaired as a result of a covered event.
Replacement Coverage or Actual Cash Value
There are basically two types of rental insurance coverage options in Orange City, FL; replacement coverage or actual cash value (ACV). With replacement coverage, your rental policy will reimburse you for the full replacement cost of the item regardless of when the item was originally purchased. An actual cash value policy reimburses the replacement cost of the item less depreciation. Since most household goods tend to depreciate and retail prices tend to increase over time, an actual cash value policy is often not enough to cover its replacement. For this reason, it is usually worth the extra cost for a full replacement coverage rental insurance policy. This way if lighting strikes and kills your expensive wide screen HDTV, the replacement coverage will enable you to go to the store and replace it no matter how long you had it.
A rental insurance policy in Orange City, FL also provides renters with up to $5,000 of liability protection. This means that if someone gets hurt in your apartment and sustains injuries or property damage from you or from other members of your household, your rental insurance carrier will defend you in court. The policy will also pay any liability damages awarded against you up to the liability protection limits of your policy. In addition, the injured party can submit their medical claims directly with your rental insurance policy for reimbursement up to your coverage limits. Renters can also purchase additional liability protection if they need higher limits.
Don’t leave your home unprotected. Contact Cowart Insurance Agency us at (386) 740-0368 or visit us online for a free rental insurance quote in Orange City, FL today!