Do You Really Need Insurance for Your Jupiter Rental?

Filed in What's Hot? by on January 2, 2018

Though many people prefer home ownership, it’s not the best option for everyone. In fact, renting for the short term is fairly common. While few bat an eye when signing a lease, purchasing a renters insurance policy is a tough sell for some. Most homeowners would never dream of letting their home sit uninsured, so why isn’t renters insurance as popular? Whether you’re an FAU student, working in the area temporarily, still looking for a home to purchase or just prefer to rent, you’ve probably at least considered Jupiter renters insurance. It may not be for everyone, but here are some of the reasons why renters insurance might be worth the cost for you.

The Benefits of Renters Insurance

  1. Renters insurance is relatively inexpensive.

Most landlords only purchase the type of insurance policies that cover things like damage to a building, so in the case of a loss, your belongings will probably not be covered. The good news is, renters insurance is fairly inexpensive, even more so than a regular car insurance policy. Some policies cost less than $20 a month, making them a good investment, especially if it’s for the short term.

The key to finding the right insurance plan is to shop around. Even though they are inexpensive, you should still ask for quotes and compare coverage before coming to a final decision.

  1. Accidents happen.

Yes, most landlords do have insurance that covers damage to the structure, but that doesn’t mean that tenants can’t be liable when an accident occurs. If you run to the kitchen to get a snack while running the water for a bath, for example, and get sidetracked by a phone call, you could easily find yourself with a bathroom full of water, and your downstairs neighbors could find themselves with a leaking roof! Yes, it happens, but these are not the types of incidents that are covered by a landlord’s insurance policy, so you could be on the hook.

Renters insurance may also cover bodily injury claims. For example, if a visitor enters your rental home and trips on the upturned corner of your rug, your renters insurance can save you from paying expensive medical bills. If you dog escaped and bit a neighbor, the same rule would apply.

  1. Replacing valuables can add up.

Theft is not the only reason that personal property might need to be replaced. Palm Beach County and the Treasure Coast are no strangers to thunderstorms and power surges can fry an expensive computer system or flat screen TV. Damage due to natural disasters like hurricanes are not always covered, but may be, so it’s wise to evaluate the need for certain coverage and decide if it’s worth any extra cost.

Other events that are out of your control could also lead to property damage. A small kitchen fire can lead to big costs. If your rental is on a golf course, you might be in the path of a wayward golf ball, which can break more than your window! The cost of food can also add up. Some renters find themselves struggling to replace frozen and refrigerated foods after a power surge when these items could have been covered in a renters insurance policy.

Inspect your lease thoroughly before deciding which renters insurance policy is right for you. You might be surprised to find out that appliances owned by your landlord, like washing machines and refrigerators will not be replaced if damaged, especially when the damage is due to the negligence of a renter.

  1. You’ll stay protected from displacement.

Sometimes damage occurs that can temporarily displace you from your rental home. If a flood leads to mold, for example, you might need to stay elsewhere until it is removed. Renters insurance can help to defray certain costs associated in addition to a hotel stay, including food, in the case of a temporary displacement.

Choosing a Jupiter Renters Insurance Policy

There are many companies offering rental insurance, and each policy has its distinct advantages and disadvantages. Ultimately, every situation is different. Before making a final choice, consider what you need covered. Some might opt for one policy. If you have a few items that go above and beyond typical coverage limits (like electronics, jewelry or antiques), you might also consider individual personal articles policies.  Add-on policies are also relatively inexpensive, but the cost will vary based on the value of the item and the insurance company.

There are other considerations to keep in mind while choosing a policy, such as how often you have visitors, whether you have pets or how close you live to flood-prone areas. You might also need coverage for borrowed or rented items within the rental home.

Some landlords require certain levels of coverage, and some don’t require any coverage at all. Renters insurance policies vary widely from company to company and situation to situation, so it can be overwhelming to determine just what you need. If that’s the case, don’t let this hold you back from getting coverage! If you don’t know where to start, touch base with an experienced real estate agent, who can explain the ins and outs of renting and renters insurance.

Finding a Great Rental in Jupiter, FL

If you are considering a rental in Jupiter, Juno Beach, Stuart or the Treasure Cost, reach out to the experienced team at Lillian Realty Group. Not only do we help families and individuals buy and sell homes in the North Palm Beach area, we also work with those seeking to rent single family homes, townhomes and condos. No matter your situation, and whether you are looking for a short or long term option, we can help you find the perfect rental.

Working with a real estate agent when searching for a rental can make your life easier, particularly if you live out of town or in a different area of the country. Our rental team will help you find a place that fits your style and your budget. Since we know the area well, we’ll steer you toward options in charming neighborhoods with great amenities. When you are ready to buy or sell a home, we’ll help you with that process as well.

Jupiter, the Palm Beaches and the Treasure Coast are great areas to call home, and we’d like to work with you to make your dreams a reality.

 

 

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