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St. Augustine, Florida – Understanding Renter’s Insurance for Moving in

St. Augustine, Florida – Understanding Renter’s Insurance for Moving in Some one-third of all occupied homes in the United States are owned by landlords and rented to tenants. Since most Americans rent at some point in their lifetimes, you should know the basics of St. Augustine, FL, renters’ insurance.

Types of Renter’s Insurance Coverage

Actual cash value and replacement cost are the two main varieties of renter’s insurance. The former, actual cash value, pays out however much the covered items cost if you were to purchase them in their current condition right now. The latter, replacement cost, covers the current financial toll you’d have to incur to purchase covered items in brand-new form on the current market.

What Does Renter’s Insurance Cover?

The answer to this question is quite variable. The simple answer is it depends on your policy. Every provider has a different St. Augustine, FL, renters insurance policy, though you can generally expect renter’s insurance to pay for vehicular damage, vandalism, stolen goods and natural disasters. Always consult the contract you signed or are planning to sign for whatever insurance policy is in play. You can contact your insurer, but what if a representative goofs up in explaining your policy’s coverage to you? You’re better off checking yourself.

Are Certain Things Not Covered?

Again, you should consult your policy’s terms and conditions, though, in most cases, things like home business equipment, collectibles, jewelry, antiques, and other valuables might not be covered. Also, vehicles usually aren’t covered by St. Augustine, FL, renters’ insurance – you’ll need to file a claim with your auto insurer for that.

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