Renters Insurance Florida

You finally get that great job and it’s time to relocate.  You’re not moving out of Florida but just up the state and you would rather rent a home first.  You find the perfect house and notice the landlord has a clause in the lease agreement that requires you, the renter, to obtain renters insurance.  You wonder if this is even legal.  The answer is yes and, as a matter of fact, it is more and more common to find this condition as part of the agreement to lease a home.  This, of course, benefits the landlord preventing things like being sued for the tenant’s personal property damage.  But it definitely has many benefits for the tenant as well.  Renters insurance Florida should be something everyone should consider when renting a property whether it is required or not.

 

There are many tools that can help compare rates and policies for renters insurance in Florida that are appropriate for your needs.  Most of the big names such as Progressive and State Farm offer insurance in most of Florida but for the towns where they don’t, there are other companies such as Great Florida Insurance and Statewide Insurance.

 

Tips To Help You Before You Buy Renters Insurance

 

As you start to investigate the different insurance companies to find the quote and policy that works best for you, one of the most common tips is to make a list of all the personal items you own and add some pertinent information to it.  Helpful information would be the price of each of those items at the time of purchase as well as how much each is worth now.

The next step is to add up all of those amounts and have a total estimate of the value of your personal items.  Additionally, taking pictures of each of those items and keep it with the list to make it easier if you ever need to make a claim.  Finally, and this is the most common sense advice; keep the list in a safe place outside of your home.

 

Benefits Of Renters Insurance And Discounts

 

Some of the benefits of buying renters insurance especially in Florida, include protecting your personal property from theft, catastrophic events such as fires and natural disasters such as hurricanes, tornados and floods.   It also protects the tenant against personal liability if a guest gets injured while in your home.  As a tenant you may own highly valuable items such as jewelry, fine art and gold.  These items may have limitations under a standard policy but you may opt to purchase additional coverage for them.

Tenants should also be aware of the different ways they can save money by obtaining discounts on their renters’ insurance policy.  There are many things that may qualify you for a discount.  Living in Florida, there are many weather vulnerable areas.  If you happen to live away from coastlines and hurricane and flood zones, you may qualify for a discount.  Other ways to obtain discounts on your policy include having a monitored alarm system, fire alarm or even if you live within a certain mileage from the fire department.  Gated communities are abundant in Florida and your renters insurance policy may be lowered if you happen to rent in one of these communities with a 24-hour guard.

As it’s true with any insurance policy; the higher the deductible, the lower the policy.  This is yet another way to bring that policy payment down.  And for those who are over the age of 50 or who are retired, there may be a discount as well.

Car Insurance In Florida

Living in Florida chances are you own a car.  Unlike many other states with extensive transportation systems, Florida is one of the few states where driving is the norm.  And as a car owner and driver, you’re probably quite familiar with the way car insurance in Florida works.  You may know, for example, that Florida is one of the few “no fault” states.  What this means is that if you’re in a car accident and suffer bodily injury, your policy covers medical expenses up to a certain amount whether the accident was your fault or not.

You are probably also aware that car insurance in Florida is mandated by law and that the minimum requirements are not as high as in some other states.  Florida law requires a car insurance policy coverage of at least $10,000 for personal injury and $10,000 for property damage.  In other states these could be much higher and may include other requirements.

While, you may be quite familiar with the law and minimum car insurance requirements and may even have added additional coverage to your own insurance, you may have a teen in your household who may be getting close to becoming a driver.  Now it’s time to think about protecting your child while taking advantage of some of the many discounts out there.

 

The thought of having your child become a driver can be really nerve wrecking.  Enrolling your teen in a safe driver program will not only provide some peace of mind for you as a parent but some Florida car insurance companies may reward you for it with a discount.  Another way to get some savings is if your child is a good student.  And this is not just for high school students.  Students under the age of 25 who maintain a B average are eligible for the good student discount.

How much or how little your teen drives may be another factor in the price you pay for car insurance.  And as your child graduates high school and goes to college, there are insurance companies that will offer taking them off your policy while they’re away.  It typically requires that your child’s campus be located at least 100 miles away.  All of these potential discounts have been around for quite a while and you may have been aware of them.  Nowadays, however, new technology is making it possible to add new ways to save on car insurance that was non-existent not too long ago.  There are electronic devices that can be installed in your teen’s car that can monitor their driving.  This device creates reports that include information such as how many miles the car logs, how many hours it’s on the road, how fast your teen drives, how often he or she slams on the breaks and the like.  This monitoring method alone, if the reports are within certain parameters, can provide savings of up to 30 percent! The type of car you get your teen driver can also have an impact on the amount you pay for car insurance.  A sport car is definitely more expensive to insure and not a safe choice for a teenager or first time driver.  And although you will save money if you purchase a pre-owned vehicle, it is recommended to purchase models made in 1997 or later, as most insurance companies will offer discounts for features such as airbags and anti-lock breaks

 

Adding a driver to your car insurance can certainly be a sizable expense.  Not to mention emotionally dreadful if the driver is young and inexperienced.  However, there are resources available that can make this experience a bit easier on you and your wallet.  Do the homework, shop around and get the most out of your car insurance policy.

Florida Insurance

Florida Insurance companies offer many types of policies to residents. In addition to the common homeowner and automobile driver insurance policies, insurers can indemnify Floridians against a wide range of other risks. Here are two other common insurance products that could make your life more secure and worry-free. If you need a quote simply jump over to YourFloridaInsuranceQuotes.com and get a free quote for Florida Insurance.

 

 

Annuities

Annuities are like a hybrid of investment and insurance products. There are several different kinds of annuity policies available to buyers in Florida. Insurance policies like annuities pay a fixed sum of money to the holder yearly for the remainder of their life. The fixed sum required for annuitization can be paid in a lump sum, or more commonly paid over a longer period of time. Annuities are designed to supply a steady cash flow for retirement years. Annuities can be:

 

  • Immediate
  • Deferred
  • Fixed
  • Variable

 

Immediate annuities allow the policyholder to begin collecting payments right away after a single lump-sum payment. Annuity payments are usually made monthly or sometimes on a yearly schedule.

 

Deferred annuities work by allowing the policyholder to pay into a fund over time to build the required balance during what is called the accumulation period.  The payments are augmented by interest or dividends that are held in an accumulation fund. Interest rates on the accumulation fund may or may not be guaranteed.

 

Fixed annuities provide predetermined payout amounts regardless of the amount of interest an annuity account holds. The policyholder cannot lose their investment in the annuity once the payments begin, and the underwriter cannot change the payment amounts. In this manner, risk is entirely transferred to the annuity company.

 

A variable annuity is a form of a Security, and can change with volatility in the economic markets when the underlying investments that will fund the payouts of the annuity fluctuate. This type of annuity policy holds more risk for the policyholder, but can possibly deliver a higher rate of return than fixed annuities can.

 

Life Insurance

Life insurance is a way for Florida insurance customers to put aside money now in order to ensure financial security for their family in the event of the policyholder’s death. It’s designed to safeguard your family’s ability to meet their needs that were previously taken care of by your income.

 

Life insurance allows you to choose the term of your coverage and the amount of money to be paid out to your heirs, so it’s easy to find a policy that you can afford.

Term Life Insurance

Florida insurance customers who want to insure themselves in the event of their death during a specified period while they’re paying premiums opt for Term Life Insurance. Term life policies generally offer more coverage for lower premiums than other life insurance policies. Term life policies are not designed to accumulate cash value like annuities do.

Whole Life Insurance

Whole Life policies are effective for the entire life of the policyholder. They provide a fixed dollar payout in the event of the policyholder’s death and charge a fixed amount to keep coverage in effect. Unlike Term life policies, the cash value of your contributions can accumulate the longer your policy is in effect. These earnings grow tax-deferred until you surrender the policy or pass away. Whole Life policies sometimes include provisions to provide loans to policyholders using the accumulated premiums as collateral. If you die before these loans are repaid, the remaining balance is simply deducted from your death benefit payout before distribution.

 

Some whole life policies earn dividends, which can either be used to pay premiums or can be taken as cash as they are earned. They are not normally taxable.