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Tenants Insurance Ft Lauderdale FL

There is a myth that in the event of a loss and the tenants personal belongings are destroyed the assumption is that you will be reimbursed by the landlord. Well, I have a friend who just moved into a new apartment building complete with new furniture.

Lost personal  property after a fire with no renters insurance coverage

She went out and purchased new furniture and artwork. Just when she was settling in to her new apartment one late Sunday evening she heard the sound of fire engine trucks rolling through the entrance gate of the complex. To her surprise the apartment down the hallway was on fire. The fire engulfed the entire apartment and the smoke was billowing down the hallway. A fireman came banging on her door and ordered her to vacate the apartment.

Damage to the property of others

The fire went on for the next couple of hours. The smoke travelled up the hallway and entered her apartment. She thought to herself, well her apartment was not directly damaged and she would be able to go back to her apartment. To her surprise the entire complex was condemned and she was allowed only to pick up a change of clothes. She did not have insurance.

Renters insurance would have paid for all the additional living expenses incurred due to the loss. The entire loss totaled $30,000. Much of the cost came from the housing cost, additional transportation cost and the cost to replace much of the recently purchased furniture.

 

Renters Insurance is basically three coverages rolled into one. The three coverages are Liability which pays others for injuries sustained in your unit, or by your actions. Personal Property pays for damage or loss of belongings inside your apartment. Loss of use which pays for temporary living expense if your apartment cannot be lived in due to a covered loss.