Does Renters Insurance Cover Flood Damage?
Are you wondering if your Florida renters insurance covers flood damage due to the increased risk of severe storms and flooding? From 1980 until July 9, 2024, there have been 89 weather events in Florida, according to NOAA. Of those 89 events, four were floods and 32 involved severe storms. Since 1974, Florida has seen 162 tropical and subtropical storms, including hurricanes. That’s an average of three storms a year. Needless to say, it’s important for everyone in the state to have some flood insurance protection, even renters. Let’s take a look at what renters insurance covers and how you can get flood insurance if you rent.
Do Renters Insurance Policies Cover Flood Damage?
Renters insurance policies in Florida do not typically cover flood damage. It’s important to note that flood damage is caused by water flowing over the land. Floods occur when a river, lake, stream, creek or ocean overflows onto the surrounding land.
When it comes to water damage in a rental unit or home, your renters insurance policy may cover some types of water damage, but there’s no guarantee that the policy will cover any type of water damage. The most common scenario that renters face outside of severe storms is burst pipes. In this scenario, if the pipe was well-maintained by the landlord, your renters insurance may cover your losses.
What Does Renters Insurance Cover?
Renters insurance is designed to cover your personal belongings inside the apartment or home you are renting. It does not cover the structure. Your landlord’s insurance policy covers the structure. It’s important to note that your renters insurance covers damage that is caused by certain events, called covered or named perils. This means that somewhere in your policy there is a list of events that are covered. In typical renters insurance policies, lighting, fire, theft, windstorms and falling objects are usually covered. To understand what types of damages are covered, it’s important to read your policy in detail.
What Is Contents-Only Flood Insurance and Can I Get It Attached to My Renters Policy?
The answer to this question depends on the insurance agency. Some may offer an endorsement for flood coverage that can be attached to the renters coverage. However, if your current insurance company does not offer flood endorsements, you’ll need to purchase a separate renters flood insurance policy. When a renter purchases a flood insurance policy, it’s known as a contents-only flood insurance policy. This is because it only covers the renter’s belongings, like their furniture, electronics, clothing, rugs, dishes and small appliances, like mini-fridges and toaster ovens. It does not cover the structure or anything permanently attached to the structure.
Who Is Eligible for Contents-Only Flood Insurance in Florida?
If you’re a renter in Florida, you should purchase a contents-only flood insurance policy. This is because the entire state of Florida is prone to floods. Non-NFIP (National Flood Insurance Program) flood insurance policies are subject to the private insurer’s requirements. NFIP insurance policies are available to individuals who live in communities that participate in the NFIP.
How Do I Get a Renters Flood Insurance Policy?
The easiest way to get a renters flood insurance policy is to contact a local insurance agent, like those at Fearnow. Insurance agents have access to private flood insurance plans and plans offered by the NFIP. Licensed insurance agents can help you determine if you’re eligible for flood insurance, determine what type of flood insurance you need and help you find a policy that you can afford.
How Do Insurance Companies and the NFIP Calculate Rental Flood Insurance Policy Premiums?
Our Fearnow agent will ask you a few questions about your property in order to make sure you have an accurately calculated flood insurance premium. To make the calculation, insurance carriers and agents look at the building’s age, the number of people who occupy the building, the number of floors in the building and the annual risk of flooding. The amount of your flood insurance deductible will also factor into your premium amounts.
How Much Renters Flood Insurance Should I Get?
Flood insurance policies for renters can be written for up to $100,000. However, you just need enough flood insurance to cover all of your personal belongings. If you’re not sure how much insurance you need, an agent can help you decide.
Getting Renters Flood Insurance With Fearnow
If you need a renters flood insurance policy, we can help you. Our agents at Fearnow, serving Florida, can help you find NFIP and private flood insurance policies that meet your needs so that you can make an informed decision. In addition to flood insurance, we also offer car insurance, life insurance and personal umbrella insurance.
To get a quote for rental flood insurance, give us a call at 813-689-8878.
