Finding the best information on a tenants policy in Florida can be a task. We all know the insurance market has grown by leaps and bounds, and insurance companies are reaping profits from every sector. The tenant's policy is the perfect example of this trend. If you are living in a house on rent, this insurance policy is essential for you to have. Most tenants live under the impression that they are protected by the house-owner's insurance policy; however, this is completely false. The truth is that the landlord's insurance policy would only cover their interests, and not possessions or property damage of the tenants.
The good news is that a tenant's policy is not very expensive, as it covers only your private possessions. However, most people don't understand the value of their possessions and so don't bother about insuring them. The reality is that the value of all your clothes, furniture, books and other things can reach up to $20,000. Losing this much money can be a very disturbing experience. Tenant's policy can prove very helpful in this regard by compensating for the damage to your property.
Another added benefit of the Tenant's policy is that you would get a lot of benefits for meeting your other essential needs that includes Personal Liability coverage, Personal Property coverage and Additional Living coverage.
The rules that govern a Tenant's policy are almost the same as that of a Homeowner's insurance policy. That is, in a Tenant's policy, the coverage provided is similar to the coverage extended by a typical Homeowner's policy. Some of the events that a Tenant's policy provides protection against are: Smoke or fire, Lightning, Hail or windstorms, Volcanic eruptions, Snow and ice damage, Vandalism and theft, Explosions, Water damage, and Damage due to falling objects.
In addition to all these areas of coverage, most Tenants' policies have special provisions by which you can get back your money for when making any important modifications in the house. This means that you will get reimbursed for the expenses you incur while making any security-associated modifications in the house you live in.
A tenant's policy can even cover property that is away from the house. The coverage extent, however, may differ. Many policies offer special floaters, riders or endorsements that can help you extend the coverage. Some of these endorsements are: Scheduled Personal Property: it covers your expensive sports equipments, jewelry, collectibles and other valuables, Replacement Cost Coverage: It covers every thing inside the house, and Increased Business Coverage: This endorsement extends cover up to your business.
A Tenant's policy is a hidden boon to everyone renting houses. So if you're a tenant, consider getting this policy at the earliest.