Why Tenants Need a Rental Insurance Policy in DeLand, FL

With the number of consumers renting homes, apartments and condos in record numbers, many are surprised to learn that without a rental insurance policy, not only are their household goods unprotected, but renters in DeLand, FL can be held liable if someone gets hurt or damages the apartment they are renting.

That’s right! The landlord’s homeowner’s insurance policy does not protect renters. It only covers the structure they own, which is usually limited to the building exterior. The interior of the unit is normally the tenant’s responsibility and is therefore covered by the tenant’s renters insurance. That’s why most rental leases in DeLand, Florida recommend that the tenant obtain a rental insurance policy.

As a tenant in DeLand, you need a rental insurance policy to provide liability and replacement coverage from theft, vandalism, fire, electricity and plumbing issues, severe weather conditions, and many other common hazards. In fact, kitchen fires from accidents and defective appliances are the most common fires in rentals causing thousands of dollars in damages. Between 2007 and 2011, fire departments responded to more than 150,000 accidental fires in home and apartment kitchens, according to the National Fire Protection Association (NPFA).

The amount of coverage a tenant needs will vary and is based on the total value of your possessions, the age of the rental unit and its construction, among others. However, rental insurance still remains one of the most affordable types of insurance you can buy.

At Cowart Insurance Agency, our rental insurance policies in DeLand, FL, offer personal liability coverage, which can be customized based on a renter’s needs and budget. Liability coverage is important because it will protect you, the renter, in case you are ever sued as a result of an injury or accident, such as a slip and fall on the front step, that occurs on the property you are currently renting.  In addition, because we are an Independent Insurance Agency we can shop your policy around to ensure you get the best coverage and price available.

You can choose between actual cash value (ACV) or replacement cost policies. In an ACV policy, the insurance company will pay you the actual cost to replace the lost items at the time the loss occurred. In a replacement cost policy, you get the fair market value of the lost items, which is generally the actual cash value of the items less depreciation.

Not sure which rental insurance policy is right for you? Our rental insurance agents are here to help. Contact us at (386) 740-0368 or visit us online for a free quote today!