ORLANDO, Fla.—Orlando is an attractive market to job seekers, baby boomer retirees, and students. For investors looking to invest in real estate, these are good signs.
Orlando was considered last year, the “hottest” single-family real estate market, among the 50 largest US metro areas. According to the Ten-X Research’s quarterly report report, Orlando had been elevated to the nation’s top market position due to limited supply, rising home values, ample jobs and income growth, especially in the leisure/hospitality sector. The relatively new Amazon Fulfillment Center in Lake Nona alone, is expected to bring approximately 4,000 jobs to Central Florida.
According to at the Apartment List National Rent Report, in 2018 Orlando continues to experience the nation’s fastest rent growth with an increase of 5.9 percent over the last year, although this pace has been slowing over the past couple months. Tampa comes in second with 4.4 percent year-over-year growth, followed by Las Vegas, which saw rents grow by 4.3 percent.
Although renting is relatively easy and not too many requirements need to be met, residents of a leased property must understand their responsibility to protect their own belongings as well as themselves from liability.
Many property renters do require rental insurance in their contract agreements, and even though you may not see it that way now, is your best bet in preventing financial chaos caused by theft, an accident or if you are a pet owner, a misbehaved friend.
Renters insurance covers your possessions against losses from fire or smoke, lightning, vandalism, theft, explosion, windstorm, and water damage from plumbing.
The process of getting renters insurance is very easy, first you must determine how much insurance you need. Add up the cost of everything you would want to replace if it were damaged or stolen. This could also serve as the basis for an inventory that will make filing a claim easier. For an inventory, also record model numbers, dates and places of purchase. Take photographs or make a video of these items and place a copy of the inventory in safe place away form your home.
Renters insurance also provides liability protection that covers you against lawsuits for bodily injury or property damage done by you, your family members and even your pets. This coverage pays for the cost of defending you in court, up to the limit of your policy. Your renters policy should also include no-fault medical coverage as part of the liability protection. Medical payments coverage allows someone who gets injured on your property to simply submit his or her medical bills directly to your insurance company so the bills can be paid without resorting to a lawsuit.
If you are recently renting and need assistance with your insurance, know that Orlando Insurance Center are your local experts —offering comprehensive personal insurance for individuals in Central Florida including Lake Nona, Orlando, Lee Vista, Avalon Park, Waterford Lakes, Southeast Orlando, St. Cloud, Kissimmee and Northern Osceola county and many others. Just call us or visit us online to schedule a no-cost consultation.
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