Orlando, Fla.—Now that we are well into the hurricane season, we found the need to highlight the importance of keeping your rented apartment or property well insured in case a hurricane comes our way, and causes damage to your place or insured properties inside.
First, renters insurance coverage is based on specific perils, or types of damage, rather than the type of storm. Hurricanes themselves are not defined as perils, but the elements of a hurricane that do cause damage such as floods and hail are perils.
Water damage not caused by flood and damage caused by wind, hail, fire and lightning will typically be covered by a renters insurance policy. Floods, however, are not covered by renters insurance. Typically, covered water damage includes internal leaks or rain damage resulting from the structure of your rental apartment being damaged. In Florida, due to our geography, flood insurance is recommended for all properties, even if you live in a lower risk flood zone. If you need protection against flood damage you should purchase a contents-only flood insurance policy through FEMA, to keep your peace of mind. Renters may not be able to take advantage of the increasing availability of private flood insurance, as companies in the private flood insurance market usually don't offer contents-only coverage.
A few things most people still don’t know about hurricane coverage for renters:
- If hurricane winds and hail, which are covered perils cause damage the roof or wall of your apartment and it becomes uninhabitable, you'll be covered for living expenses necessary to maintain your normal standard of living up to the policy limits. It means that your insurer would cover the cost of staying in a hotel until your apartment is repaired and livable again.
- In the event of flooding that renders your apartment uninhabitable, the Additional Living Expenses, also known as ALE coverage, does not apply because it is considered an uncovered peril. This means that if severe hurricane floods have left your home unlivable, your renters insurance provider is off the hook, and you will need out of pocket funds to cover those expenses, such as the cost of hotel rooms, yourself.
Even if your landlord does not require you to have a renters policy, especially all of us in Florida will find great relief in knowing that many of the perils associated with a hurricane will be covered under renters insurance with the notable exception of floods, if you haven’t decided to purchase the additional coverage yet.
At Orlando Insurance Center, we are independent agents and we can help you find a policy that meets your needs on your budget. One way we can usually create some flexibility in your payments is by adjusting your deductible. The deductible is the amount you pay out of pocket before your insurance pays outs when you file a claim. Typically, a slightly higher deductible can make your premium (the cost of your policy) a bit lower.
Let our local insurance specialists also help you save in the purchase of before the next storm or hurricane hits. Give us a call today at (407) 680-1214— for an initial consultation and quotes from among 20 different insurance carriers who support us and help us provide you a wide variety of coverage and premiums.
Gloria Rivera, 2-20 Agent
"Email me" <gloria [at] orlandoinsurancecent [dot] er [dot] co>