You are not legally required to purchase renters insurance in Florida. However, some landlords may require you to show proof of renters insurance before letting their property. But whether renters insurance is mandatory or not, it’s an investment you must consider. Renters insurance from Assure-Us in Miami Beach, FL protects your assets, covers you against liabilities, and pays additional living expenses.
Now that you understand how crucial renter’s insurance is, how much coverage should you purchase? Understanding how much renter’s insurance depends on individual needs. Nevertheless, we will provide a guide to help you determine how much renter’s insurance coverage you need.
What do you own?
Since renters insurance protects assets inside your dwelling, you should get coverage that can compensate you fully if you lose everything you own. That said, come up with a home inventory to determine the value of your assets. When that is done, purchase renters insurance that can compensate you the equivalent of your home assets.
Pro-tip: Understand to what extent your renter’s insurance covers high-value items like jewelry. Otherwise, you need to purchase endorsements or riders to boost your renter’s insurance coverage.
How much liability coverage do I need?
When you are accused of third-party injuries and property damage, the costs can rise fast. So, how much liability coverage do you need to keep you from dipping into your savings when liability claims come calling? Ultimately, consider liability coverage of about $300,000, but if you are a high net-worth individual or at an increased risk of being sued, consider umbrella insurance.
Learn more about renters insurance
Still not sure how much renter’s insurance you should buy. No worries. Please get in touch with Assure-Us in Miami Beach, FL. We will evaluate your individual needs and help you determine the amount of renters insurance coverage you need.