Find the Best Renters Insurance in West Palm Beach, FL

How to choose rental insurance in West Palm Beach

Sunny South Florida is known for being a tropical paradise. However, it’s not exactly the safest place in America. With an above average crime rate and the constant threat of fire, hurricanes and other disasters, it’s no surprise that homeowners insurance is a must to purchase a home.

At the same time, renters insurance in Florida typically isn’t required even though one study found the average renter owns more than $30,000 in personal property. In cases of fire, burglary or water damage, uninsured renters stand to lose everything. A catastrophic loss could see renters in West Palm Beach spending upwards of three years working to replace their belongings and get back to life as usual.

There are a handful of key differences and similarities between renters insurance and homeowners insurance:

• Difference: Less than half of all renters are insured. However, some landlords require renters insurance.
• Difference: You’re only insuring personal property, which means plans will be clearly defined and typically more affordable.
• Similarity: There are events your policy won't cover, like flooding or earthquakes. So even though policies are typically straightforward, read all the policy documents to know what you’re getting.

Renters insurance also offers liability coverage if you accidentally injure someone in your home or damage their property.

Some renters insurance policies also cover living expenses, like hotel bills, while sorting out your life after a disaster that forces you to leave your home.

How much coverage do you need for renters insurance in West Palm Beach

The best way to get started is with a home inventory. Add up how much it would cost to replace all of your stuff right down to the towels and sheets in your home. Shop for that level of coverage.

Plans typically repay the actual cash value or replacement cost of your belongings. Premiums for the latter are about 10 percent more on average. Since actual cash value plans may not pay out enough to repurchase your belongings, replacement policies are well worth the premium if you ever need to file a claim.

Finally, renters can sometimes save on insurance by bundling plans or having safety and security features in their homes like fire alarms and security systems.