Three things you might not be aware of regarding renters insurance

If you rent an apartment or home in Miami, FL, it’s a good idea to invest in renters insurance. At B & G Insurance, we offer renters insurance policies that can protect your assets. 

The following are three things you might not be aware of when it comes to renters insurance.

You can enjoy coverage for expenses resulting from forced relocation.

When you rent, you may be forced to relocate for various reasons. This may happen because of issues like fire or theft at your rented residence.

If you’re forced to relocate from a rental property, you can be compensated for the resulting expenses if you have a renters insurance policy. If you take out a renters insurance policy, you should look into how much coverage is offered for relocation expenses.

You should evaluate your possessions when purchasing renters’ insurance.

A renters insurance policy should offer you enough coverage for the full value of the possessions you keep in your rented property. That’s why it’s important to have your possessions evaluated before you take out a renter’s insurance policy. 

An evaluation will let you know exactly how much coverage you need to protect your assets while you rent a property. 

There are numerous ways to bring down the cost of renters insurance premiums. 

If you are concerned that renters insurance premiums will be unaffordable for you, you should know that there are quite a few options for bringing costs down.

You can reduce the costs of renters’ insurance by purchasing a policy with a higher deductible. You can also bring down costs by improving your credit or bundling your renter’s insurance with other insurance policies you have like auto insurance, for example. 

Explore your renter’s insurance options with our assistance at B & G Insurance. We offer renters insurance policies in the Miami, FL area. 

What Is Renter’s Insurance and How Does It Work?

Renters insurance is usually not required by law, but your landlord may request that you carry it. Even if he or she does not require it, you should still consider it. For those in the Miami, FL area, B & G Insurance wants to help you understand renters’ insurance so that you can make the best decision for your life.

It is essential to understand the difference in your landlord’s property insurance and renters’ insurance. Your landlord should carry insurance on the property you are renting itself. This usually covers damages to the property that is not your fault, such as fire due to faulty wiring or storm damage. That insurance should cover that damage and may include the costs of your stay elsewhere in case the property is uninhabitable for a time. Also, if someone is injured due to an issue with the home that is the landlord’s responsibility, the landlord will likely be deemed liable. However, their coverage will probably stop there.

In the case of a fire or storm, the landlord’s insurance will often not cover your lost possessions. If the fire is started due to something you have done or not done, the landlord will not be liable. Also, if a visitor is injured in your home and it is deemed your fault, you will be responsible. 

These are some of the main times that renters insurance would come in handy. It protects you and your possessions regardless of the landlord’s insurance coverage. It can also help provide you with other accommodations if your landlord’s insurance does not.

If you are interested in renters insurance and you are in the Miami, FL area, stop by or give B & G Insurance a call!