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Homeowner Insurance Claims & Your Household Inventory

Pencil on a pad of paper

Hurricane season is upon us here in Florida. If your home destroyed or damaged by a hurricane (or burglarized or destroyed by fire), can you list every piece of property you lost? You’ll need to if you plan to make an insurance claim. It won’t surprise you to know that preparing a list before something happens is eas­ier than relying on your memory later.

A home inventory is an invaluable resource to have if you ever need to file a home insurance claim for property damage. It’s extremely difficult to name every item in your home that’s been lost or damaged if you don’t have a list to reference. Homeowners who haven’t taken the time to inventory their contents are much more likely to forget items in their claim. And they end up missing out on valuable coverage they deserve.

The best way to make sure you’re covered? A household inventory. A list, preferably with photographs, of everything in your home. Having a home inventory list will help you get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of insurance.

How do I create a household inventory?

  • Go to the “Resources” tab on our website and click on Documents Library  and click Home Inventory Sheet or create your own list with categories such as “Quantity,” “Item Name,” “Serial Number,” “Year Purchased” and “Cost.”
  • Write a brief description for each item that includes any other pertinent information not included in the categories above. For example, if one of your more expensive belongings is in pristine condition, record that information in order to prove value later.
  • Take a photo of each item in order to help prove quality and condition.
  • Include receipts when possible in order to help prove cost and estimated values.

Make a copy of your list and photos and store your copy outside of your home (perhaps in a safe deposit box) or keep a digital file online, somewhere like iCloud or Dropbox. You can even email them to yourself and keep them in ar­chives so you can access them wherever you can log onto a computer (even it’s not YOUR computer because your computer has been stolen or damaged).

Tips for creating the most helpful home inventory:

  • Make your inventory as complete and detailed as possible. Your insurance company will re­quire a detailed list of your personal property before paying your claim. REMEMBER: Update your inven­tory regularly to add new items.
  • List purchase dates, values, serial numbers, and brand names. Keep receipts for expensive items.
  • Take pictures of each room in your house. Don’t forget closets, storage buildings, the attic, and the garage. Open drawers and take pictures of the contents. Label the pic­tures with the date they were taken.
  • Review your policy’s personal property cover­age limit annually, and be sure the limits are high enough to cover the items on your home inventory. Personal property coverage pays if the items in your house (such as furniture, clothing, and appliances) are damaged, de­stroyed, or stolen.

Don’t be overwhelmed! If you are just setting up a household, starting an inventory list can be relatively simple. If you’ve been living in the same house for many years, however, the task of creating a list can be daunting.   Still, it’s better to have an incomplete inventory than nothing at all. Start with recent purchases and then try to remember what you can about older possessions or work on one room at a time.

Big ticket items: Valuable items like jewelry, art work and collectibles may have increased in value since you received them. An updated appraisal is probably a good idea. Then, check with your agent to make sure that you have adequate insurance for these items. Homeowner Insurance policies have limited coverage on certain personal property, such as jewelry and furs. You may be able to buy more coverage for an extra premium or insured separately.

a desk with a computer in an office chair in front of a window

Believe it or not, the U.S. Small Business Administration says that more than half of all businesses in the U.S. are located out of the home of the business owner. This is certainly true in south Florida as well.

Unfortunately, many of those home-based business owners aren’t aware of the liabilities they are exposed to as a result of their business activity. They have no business insurance. Some assume that their homeowners insurance will protect them. Others are wholly unaware of the risks of their business activity.

Understanding the need for insurance for your home-based businesses is critical. The risks that exist could potentially cripple a small business if there is no insurance to cover the liability.

Types of insurance that all south Florida home-based business owners should consider include:

Workers Compensation Coverage

Do you have employees? The state may require you to carry workers compensation coverage. Workers compensation insurance guarantees that your employees can recover some part of their income if they are unable to work as the result of an injury that occured while on the job. Because you are accountable for maintaining a safe workplace for your employees, workers compensation insurance limits your company’s exposure if an employee were injured while working.

General Liability Insurance

If a social guest is injured in your home (for example, because he slipped and fell on your slick stairs), your homeowners insurance would likely cover his damages. Most homeowners insurance policies however exclude coverage for incidents which occur in the home related to the operation of a home-based business. So, a client or customer slipping on those same slick stairs would not be covered by your homeowners policy.

A business liability policy (also called a general liability policy) can be obtained separately from your homeowners policy in order to provide enough liability protection for business-related incidents. In some instances, endorsements can be added to your homeowners insurance policy to allow it to cover these business liabilities.

Commercial Property Insurance

If your home is burglarized and personal items are taken, your homeowners policy will generally cover your losses (within the limits of your coverage). If the business articles belonging to a home-based business are stolen from your home, it is unlikely that the homeowners insurance policy will cover the loss, absent a special endorsement. Instead, a commercial property insurance policy that protects your business property is necessary for your home-based business.

Professional Liability

Depending on the profession you work in, you might also need a professional liability policy. These policies protect you against liabilities specifically encountered by individuals working in your profession. That can include errors and omissions insurance for those in the financial industry, malpractice insurance for those in the medical field, or the more generalized professional liability insurance.

As a business owner, you accept certain risks on a daily basis, exposing yourself to liabilities for which you might be unable to recover without insurance protection.

If you’re overwhelmed or confused as to exactly what types of insurance your home-based business needs in Florida, give us a call at 561-637-2424. You know your business from top to bottom and we know insurance. Together, we will be able to determine exactly what policies your company needs (and doesn’t need) and then obtain the best coverage for the best price.

Picture of a Florida Home

Homeowner insurance premiums are once again on the rise in South Florida. It is imperative then for homeowners to review their coverage to make the most of their money and to protect everything they need to protect.

In the past, insurance companies offered a standard homeowner “package” policy with a one size fits all mentality. Today, some companies are offering more options to give their policyholders an opportunity to tailor a policy to specifically meet their needs. You will also want to ensure that you are receiving all the discounts you are entitled to.

Grab your homeowner insurance policy and/or declarations page to review step-by-step.

Coverage “A” Dwelling

Review the estimated cost to rebuild your home to make sure you are not over- or under-insured. Insurance companies require you to insure the home for at least the amount it would cost to rebuild it (which is not the same as market value). Don’t waste money over-insuring your home but be very careful though not to underinsure as there is a penalty (co-insurance) for this built into the standard homeowner policy.

Coverage “B” Other Structures or Separate Structures

The standard homeowner policy provides coverage for “other structures or separate structures” set at a limit of 10% of the amount the dwelling is insured at (Coverage A). In the past, companies would only allow this coverage to be increased, however more and more companies are now allowing this coverage to be reduced or removed. Other or separate structures would include sheds, detached garages, outbuildings, pool houses, etc.

Coverage “C” Personal Property or Contents

The standard homeowner policy provides personal property coverage set at a limit of 50% of the amount the dwelling is insured at (Coverage A). In the past, companies would only allow this coverage to be increased, however more and more companies are now allowing this coverage to be reduced or removed. Talk with your insurance agent about your personal property coverage needs. You may have certain types of property that would be better insured separately or that need to be specifically listed in your policy.

Coverage “C” Personal Property Settlement Option – “Replacement Cost” or “Actual Cash Value”

The large majority of Florida homeowner insurance policies are written with a “Replacement Cost Endorsement.” However, with rising costs, the selection of “Actual Cash Value” is becoming a bit more common. Actual cash value of personal property is calculated by estimating the replacement value of an item, then subtracting the depreciation. Depreciation is the amount an item has lessened in value since it was purchased.

Insurance agents use the formula “replacement cost – depreciation = actual cash value or ACV”. Example, suppose you bought a sofa 3 years ago for $1,000. If a similar new sofa is still selling for $1,000 today, but after 3 years, your sofa is arguably worth less than $1,000. Let’s say the sofa is now worth $500. With actual cash value, you’d only receive $500 for your sofa, rather than the $1,000 it would cost to replace it today

Ordinance & Law Coverage

There are a couple of companies that will now allow you to reduce Ordinance & Law Coverage from the standard 25% of Dwelling Coverage to 10% or remove the coverage completely. This coverage can also be increased to 50%. This coverage covers loss caused by enforcement of ordinances or laws regulating construction and repair of damaged buildings. Older structures that are damaged may need upgraded based on city codes. Many communities have a building ordinance(s) requiring that a building that has been damaged to a specified extent (typically 50 percent) must be demolished and rebuilt in accordance with current building codes rather than simply repaired.

We often see claims against this type of coverage when South Florida older homes are damaged by hurricanes or tropical storms and then must be brought up to current code upon repair.

Non Hurricane Deductible

Increasing the AOP or Non Hurricane Deductible can create a significant savings with a small and limited assumption of risk. Some companies are now allowing up to a $5000 deductible.

Hurricane Deductible

Increasing the Hurricane Deductible can create a significant savings. The most common deductible carried in Florida is the 2% (% of Dwelling Coverage carried), options to increase the deductible range from 3% to 10% of the Dwelling coverage. A few companies will actually allow a set deductible of $500 or $1000.

Screen Enclosure Coverage

A few companies still include coverage for a Screen Enclosure under Coverage “A” Dwelling, but most companies have excluded the coverage and offer a buy back under a separate endorsement. The coverage offered under the endorsement varies greatly from company to company. Be sure to look closely at the coverage and the premium charged.

Wind Mitigation Inspection and Other Credits

In recent years many companies have audited and adjusted wind mitigation inspection credits. It may be worthwhile to see if your credits have changed and what can be done to earn them back. Some homeowners have found significant savings with a small investment upgrading their roof to wall attachment or upgrading their garage door to get the full hurricane shutter credit.

Another frequently earned credit is an alarm credit. If you have a monitored burglar and fire alarm system in your home, you may be eligible for a credit against your homeowner insurance premium.

If all of this is overwhelming, give one of our agents a call here at the Wiglesworth-Rindom Insurance offices in Delray Beach. We are happy to walk you through your existing policy and help you determine what changes you might be able to make to your coverage to get the best possible coverage for your situation. Call us at 561-637-2424.

Photo Collage of by the Block Volunteer event

The Wiglesworth-Rindom Insurance Agency team was proud to sponsor the 2013 Curb Appeal by the Block program here in Delray Beach. The community service program, organized by the city of Delray Beach, pairs volunteers with community members who need a little extra help with some exterior maintenance of their homes. This year, we were able to pitch in and help out a really lovely couple with some landscaping.

We had a terrific time! Thanks to everyone involved, including the homeowners.

Volkswagon buggy with writing on the back of the car

Purchasing auto insurance in Florida for yourself can be confusing enough. Now, you’re adding a teenager to your auto policy?! The thought of putting your teen behind the wheel of a car PLUS the cost of insuring your teenaged driver can be a bit overwhelming.

At Wiglesworth-Rindom Insurance Agency, we’ve helped families navigate the waters of teenage driving for almost 30 years. We’ve got a few tips for you on both the safety front and on the insurance cost front.

Immaturity and lack of driving experience are the two main factors leading to high crash rates among teens. Even the best teenage drivers don’t have the judgment that comes from experience. It affects their recognition of, and response to, hazardous situations. It results in dangerous practices such as speeding and tailgating. Teenagers also engage in risky behavior—eating, talking on their cellphones, text messaging, talking to friends in the car—and they often don’t wear their seatbelts.

Because of all of this, drivers between the ages of 15 and 20 accounted for 12.9 percent of all drivers involved in fatal crashes and 16 percent of all drivers involved in all police-reported crashes.

We recommend the following steps to help ensure your teens’ safety:

  • Pick a safe car.
    You and your teenager should choose a car that is easy to drive and would offer protection in the event of a crash. Avoid very small cars and those with high performance images that might encourage speed and recklessness. Trucks and sport utility vehicles (SUVs) should also be avoided, since they are more prone to rollovers.
  • Have your teen take a driver’s education course.
    A teenager who has learned to drive through a recognized driver’s education course may be viewed more favorably by insurers. The more driving practice they have, the more confident your teen will be behind the wheel, and the better able to react to challenging situations on the road.
  • Enroll your teen in a safe driver program.
    Some insurers offer “safe driver” programs. Teen participants in these programs sign contracts stating that they will not, for instance, drink and drive. We can let you know if your insurance company has such a program—if your teenager completes the program, you may be eligible for a discount. In addition, some insurers now offer discounts for parents and teens who install tracking devices in the car. Parents can monitor their children’s driving with a small global positioning system (GPS) device fastened to the dashboard. The GPS is connected to a website that lets parents set limits on their children’s driving. For example, if the car goes over a certain speed, or ventures too far from home or school, the parents will automatically receive a message.
  • Talk to your teen about the dangers of combining driving with alcohol, drugs, lack of sleep and distractions.
    Teach your children about the dangers of drinking and driving, and other distractions like texting. Accidents occur each year because a teen driver was driving while drinking, using a cellphone, text messaging, playing with the radio or CD controls, or talking to friends in the backseat. Also, teens should be careful not to create distractions and to exhibit safe behavior when they are passengers in their friends’ cars.
  • Be a good role model.
    New drivers learn by example, so if you drive recklessly, your teenage driver may imitate you. Always wear your seatbelt and never drink and drive.
  • Institute a graduated drivers license program for your teen.
    Many states including Florida have been successful in reducing teen accidents by enacting graduated drivers license (GDL) legislation. In Florida, a learners permit, also called restricted license, is issued to teenagers between ages 15 and 17 once they complete the required DATA course and DMV test. A teenager must have a learners permit for one year while practicing their driving skills with an adult – they must always have a licensed driver in the car with them  while driving. After 12 months, he/ she can then take the behind-the-wheel driving test for a full Florida operators license.
  • Introduce privileges gradually. 
    Allow independent driving only after continued practice including night driving and driving in inclement weather. Keep in mind, teens do not all reach the appropriate level of maturity to handle a drivers license at the same time. Parents should consider whether teens are easily distracted, nervous or risk takers before allowing them to get a license or even a learners permit.
  • Work with your teen to create a Safe Driver Contract. 
    A Safe Driver Contract is an agreement with your teen to ensure they acknowledge and respect the significance of responsible driving and the repercussions they will face if they do not stick to the agreed upon conditons of your contract. A Safe Driver Contract also helps your teen remember that using the car is a privilege, and not a right.

You can protect yourself financially and lower the cost of insuring your teen by doing the following

1.  Talk to your teen about the relationship between having an accident and insurance costs.
Teens often forget that the cost of driving includes auto insurance. Explain to them how a driving infraction or accident can drive up insurance costs.

2.  Insure your teen on your own policy. 
It is generally less expensive for parents to add teenagers to your insurance policy than for teens to purchase their own.  By insuring your teenager’s car with your insurance company, you can also qualify for a multi-vehicle discount.

3.  Find out how your insurer assigns drivers to cars.
Some insurers will assign the driver who is the most expensive to insure (generally the teenager) to the car that is the most expensive to insure. If possible, assign your teen to the least valuable car. Some insurers will allow policyholders to do this if the number of automobiles equals or exceeds the number of insured drivers on a policy. With this kind of arrangement there can be no exceptions; your teen must use only the car to which he or she is assigned, even in an emergency. If your teen is involved in an accident with an unassigned car, penalties could be imposed and your premiums might increase.

4.  Increase your liability insurance.
Should your teen get into an accident, state minimums for liability insurance will not be enough to fully protect you from lawsuits. Many vehicles today are worth more than $15,000 and medical bills for injuries could easily exceed $20,000 for one person. If your teen is found negligent in an accident and the damages exceed your insurance limits, you will be held financially responsible and can be sued in court for those amounts not covered by your insurance.

Consider an umbrella liability policy. An umbrella policy kicks in when you reach the limit on the underlying liability coverage in a homeowners, renters, condo or auto policy. For about $150 to $300 per year you can buy a $1 million personal umbrella liability policy.

5.  Raise your deductible.
Going from a $250 to $500 or $1,000 deductible can save you substantial money on your premium. You can use those savings to increase your liability insurance.

6.  Let your insurer know if your teenager is going away to school. 
You may be eligible for lower premiums once your teen heads off to college, providing he or she leaves the car behind. Many insurers will reduce rates for students attending a school at least 100 miles away from home and who do not have a car on campus.

7.  Encourage your teen to get good grades and to take a driver training course.
Most companies will give discounts for getting at least a “B” average in school and for taking a recognized driver training course.

Contact your insurance agent when your teen is about to get his or her learners permit. Your agent will explain the costs involved in insuring a teen driver. The good news is, as your teenager gets older, insurance rates will drop—providing he or she has a good driving record.

flooded street corner

When Florida residents start thinking about homeowners insurance, there are a lot of different terms and policy options that can be easily misunderstood. Many consumers don’t realize the full extent of what their policies do and don’t cover. This includes damage to their homes due to flooding.

And flooding can cause a lot of damage as many Florida residents know well.

If you assume an insurable incident like flooding is covered by your existing auto or homeowners insurance policy and it actually isn’t, you will be exposing yourself and your family to major financial risks.

Many consumers assume that flood insurance is automatically included in their Florida homeowners policy. This assumption can turn out to be an extremely expensive mistake after a flood actually occurs.

Many Florida homeowners think coverage for flooding is included in their homeowners insurance policy because many of the events that cause floods cause other damages that ARE covered under a homeowners insurance policy. For instance, a hurricane may cause wind damage to your home that is covered in your policy, but it may also cause normally dry land to be temporarily inundated by water, which could run into your house and damage your floors and furniture. Those are flood waters and they will only be covered if you have a flood policy.

In general, a policy does not take effect until 30 days after you purchase flood insurance. So, if the weather forecast announces a flood alert for your area and you go to purchase coverage, it’s already too late. You will not be insured if you buy a policy a few days before a flood.

Our experienced Florida agents can help you understand the basics about flood insurance, determine whether your home is in a flood zone of low-, moderate- or high-risk and obtain the best possible coverage for a competitive price. Call us at 561-637-2424 or fill out an online Florida flood insurance quote form and we’ll get in touch with you.

picture of a car accident

Whether it is a parking lot fender bender at Publix in Delray Beach or a violent crash on I-95, most of us will be involved in some sort of auto collision in our driving lifetime. You should be prepared.

Being involved in an auto accident can be startling, painful, frightening, even angering or annoying. The claims process can be time consuming if you’re unaware of what you should do after an accident.

As your Florida auto insurance agent, we’d like to equip you with the following tips and tricks to help you through an efficient claims process.

Remain at the Accident Scene

If you’re in an accident, stay at the scene until the police inform you they have all the information they need and you’re free to leave. Departing from the scene of an accident could result in violations or criminal charges, especially if there are substantial injuries or damage involved.

Usually, the police judge the severity of the accident, injuries, and damage sustained by both parties and will file that information in their report. If you cannot move your accident off the roadway, turn on your hazard lights or use flares and cones to make certain others drivers will see you and avoid the accident scene.

If your accident is on private property (like a parking lot), you will probably be advised by police to submit a walk-in report. Though police will be unlikely to issue any citations in a private property collision, it is good to have a same-day account of the accident for future use and for submission to your insurance claims adjuster. Remember to be honest and thorough to ensure accuracy in your report.

Do Not Admit Responsibility

Even if you think you’re responsible for the accident, never admit fault. Auto accidents are never as cut and dry as they appear. Your opinion isn’t relevant to the determination of fault. Determining factors may arise during the claims process which will indicate you’re less liable than originally thought. You should avoid discussing who is responsible with the other driver, and leave the investigation to a claims professional.

Collect Essential Information

After any auto accident, you should acquire the following information:

• From the other party: You’ll need their name, address, driver’s license number, policy number, a phone number to file claims at their insurance company, make and model of their vehicle, and their license plate number including the state it belongs to. Most, if not all, of this information can be found on their insurance card.
• From any witnesses willing to come forward: You will also need their name, address, and telephone number. Be sure you give this information to your adjuster as soon as your claim is assigned to one.
• From the Police: Request a business card and an “incident number” from the officers who respond to your accident.
• At the location of the accident: Take notes, or photos, of where the accident happened. Include the road condition, speed limit, and traffic conditions. You will also need to indicate time of day as well as weather conditions.
• From the accident: Take notes on the direction of travel (i.e. I was traveling East on Main Street) and how both cars were being operated at the time of the accident (i.e. I was stopped, waiting to turn left onto Smith Drive and the other driver was turning off
of Smith Dr onto Main Street) If your claim goes into litigation, these notes will become evidence during those proceedings.

If You Sustain Injuries

Accept onsite medical treatment from paramedics or visit your doctor as soon as possible. Taking chances with your health can cost you. Always let a professional evaluate whether or not you’ve been injured in an accident.

Have additional questions about Florida auto insurance? Give us a call at 561-637-2424 or contact us online.

Front of Florida home

homeowners insurance policy has one main purpose: securing your assets and making you whole after an insurable occurrence negatively affects your most valuable possession – your house. “Insurable occurrence” is defined in your policy and can include a fire, a storm, a falling tree and a burglary or vandalism but probably doesn’t include a flood.

If you are not familiar enough with your Florida homeowners insurance policy, you could be putting your house and assets in harm’s way.

The Basics of Dwelling Coverage

The insurance you have for your home covers the actual structure including any built-in appliances, wiring and plumbing. It also protects attached garages that share a foundation with your home but does not insure unattached structures like fences and sheds (these likely fall under “Other Structures” which are treated differently than the home itself). Be sure to ask your Florida insurance agent about coverage for these types of structures.

Your dwelling insurance could cover either replacement costs or actual cash value. While the difference between replacement cost and actual cash value may not seem like much, coverage for replacement costs is actually very different from actual cash value. Replacement costs require the insurer to compensate you the funds you actually need to buy a like item to replace the one that was missing, damaged or stolen. That means your claim could be equal to the total needed to restore your house or purchase one that is similar and in a similar location. Actual cash value, however, gives you the assessed property value regardless of whether or not it is sufficient to help you restore what you lost.

In today’s economy, the current assessed value of your property may be substantially different than what it would cost to rebuild and replace your home.

Personal Property Coverage-Your Home’s Contents

Possessions inside your house are protected under the Personal Property/Contents part of your policy.

This section covers all your furniture, clothing, electronics, jewelry, free standing appliances and other interior contents. The limit of coverage for your personal property must be believable when compared to your dwelling coverage and most insurers set ratio limits that limits your personal property coverage from surpassing a proportion of your dwelling ceiling.

Just like your dwelling coverage, your personal property coverage could provide replacement value or actual value which will subtract the lost, stolen or damaged property’s depreciation from the replacement value in order to determine the amount of the claim. Appraisals and purchase receipts for major items will be helpful in the event of a personal property claim.

Liability Coverage-Covers Others Accidental Injuries

It’s an unfortunate reality, but sometimes people in your home have accidents. They may fall over a loose walkway stone or trip on your deck, but if they are hurt and want to have their medical fees paid along with pain and suffering, your liability coverage is there to handle the claim.

Loss of Use Coverage-An Uninhabitable Home

If your house becomes uninhabitable due to fire or hurricane or other insurable occurrence, then you may not be able to live in it until renovations are done. If the loss is an insurable accident, loss of use coverage in your policy will compensate you for any living
expenses that you incur which are above your normal expenses while your home is not livable.

All of these coverages are subject to liability limits and paid premiums. For some coverage, you will also have a deductible.

Questions? Give us a call at 561-637-2424.

Picture of an apartment complex

For a multitude of reasons, many Florida residents are renters – they don’t own their own homes because they are young and just starting out, because they have suffered a financial setback in the current economy, or because they just don’t want to deal with the obligations of home ownership. Just because you don’t own the house, condo or apartment you reside in doesn’t mean that you don’t have lots of important things to protect. If you are considering renters insurance for the first time in Florida, then there are some things you must know prior to talking with your insurance agent.

Lesson 1: Contents

Most Florida renters want to make sure to get insurance coverage for their belongings. Furniture, stereo equipment, computers, clothing, small appliances —all the personal property inside your apartment that is exposed to risks every day. The contents coverage in a typical Florida renters insurance policy covers all these items and more. But that is actually small list. Contents covers all you have inside the apartment, unless is it specifically excluded in the policy.

The renters policy typically does not cover appliances or furniture if they are owned and provided by the apartment owner (i.e., the fridge and stove if supplied; a furnished apartment). In Florida, contents coverage in a renters insurance policy is basically meant to provide you, the renter, protection for those items you own.

Lesson 2: Liability

While in your apartment (or other rented home), any number of events could happen to harm your landlord’s property. Floods, leaks, and normal wear and tear are all typically considered to be the landlord’s responsibility to cover financially. But what if you do something careless that exposes your landlord to damages they otherwise would not have endured?

For example, you leave the bathtub running and it overflows, destroying your floor—and your downstairs’ neighbor’s ceiling. The damages from such an event would be considered your mistake and you, consequently, would be legally responsible to pay for the damages that they cause. With renters insurance liability coverage, you may have options to help you pay your landlord back for these damages without paying out of your own pocket.

Lesson 3: Loss of Use

There are several events that can occur which are entirely outside your power—and when you reside in an rental home, there is even more chances for these uncontrollable events to occur. So if your apartment should turn out to be uninhabitable through no error of your own, for example, a hurricane that causes structural damage to the building (always a possibility in south Florida), then loss of use coverage will provide you with a reasonable amount of money to pay for your temporary lodging.

Lesson 4: Medical Payments

If someone is hurt in your apartment, through no fault or neglect of your landlord, then you could be found liable for paying his or her medical bills. Medical payments coverage in a renters policy will make these payments for you so that you do not have to pay out-of-pocket.

Lesson 5: Deductibles and Limits

When you purchase your Florida renters insurance policy, you will be asked to select a deductible and a limit for the coverages you choose.

Your deductible is the amount of money that you must pay out-of-pocket before the insurance company will step in and make payments. Choosing a high deductible lessens the insurance company’s risk and will result in a lower insurance premium, but it will also mean that you have more financial liability when things go wrong.

Your limits are the maximum amounts that your renters insurance policy will pay for each kind of claim. If your limits are small, it will result in a less expensive policy since the insurance company will be guaranteeing smaller payments for insurable events, but it could also mean that you don’t get reimbursed as much as you should when things go wrong, or that you have more personal liability if your limits are lower than you are found to owe for medical payments or damage to the property.

The agents here at Wiglesworth-Rindom Insurance Agency in Delray Beach have many, many years of experience in helping renters determine exactly what renters coverage is right for them – taking into account all of the specifics about their homes, their personal property and their financial situations. After you’ve acquainted yourself with the basics about Florida renters insurance, give us a call to help you navigate the rest of the process.

Click here to submit a quote request for renters insurance or give us a call at 561-637-2424.

June 14, 2013
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Homeowner Insurance Claims & Your Household Inventory

Hurricane season is upon us here in Florida. If your home destroyed or damaged by a hurricane (or burglarized or […]
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May 21, 2013
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Insuring a Home-Based Business in Florida

Believe it or not, the U.S. Small Business Administration says that more than half of all businesses in the U.S. are […]
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April 29, 2013
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Review Your Florida Homeowner Insurance for Best Coverage and Best Rates

Homeowner insurance premiums are once again on the rise in South Florida. It is imperative then for homeowners to review their […]
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April 7, 2013
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Wiglesworth-Rindom Team Pitches In During Delray Beach’s Curb Appeal by the Block Program

The Wiglesworth-Rindom Insurance Agency team was proud to sponsor the 2013 Curb Appeal by the Block program here in Delray […]
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March 19, 2013
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Insuring Your Teenaged Driver in Florida

Purchasing auto insurance in Florida for yourself can be confusing enough. Now, you’re adding a teenager to your auto policy?! The thought […]
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March 3, 2013
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Flood Damage and Your Florida Homeowners Insurance Policy

When Florida residents start thinking about homeowners insurance, there are a lot of different terms and policy options that can […]
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February 22, 2013
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What To Do After An Auto Accident

Whether it is a parking lot fender bender at Publix in Delray Beach or a violent crash on I-95, most […]
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February 4, 2013
Agency

Florida Homeowner’s Insurance Policy Basics

A homeowners insurance policy has one main purpose: securing your assets and making you whole after an insurable occurrence negatively affects your most […]
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January 21, 2013
Agency

Everything You Ever Wanted to Know About Florida Renters Insurance

For a multitude of reasons, many Florida residents are renters – they don’t own their own homes because they are […]
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