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Old 08-05-2014, 10:54 AM
 
19 posts, read 22,659 times
Reputation: 10

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Hi there. Everyone on this forum has been very helpful with our upcoming move. I have a question about renter's insurance in Tampa. I know things with insurance are very different in a Tampa and not sure if I have just gotten a ridiculously high quote or if it's a good one so I thought I would come here for advice.

So we are a relocating from a 5000 sq ft home to a 1600 sq. ft condo for a year before we decide where to buy. However we are bringing quite a bit of our furniture and belongings with us. It is a very nice condo on Harbour Island. We currently have our homeowners policy through USAA but as with homeowners in Tampa they don't directly have offer renter's insurance but offer it through another company. We have fairly upscale belongings but the max property coverage this company offers is $100,000. The difference I have found from where we are now is that in FL appearantly the renters also have to carry liability and medical??? That isn't required here - when our son rented his apartment at college it was never even discussed, it was just the property that was covered and was it literally a few dollars a month.

When we were in Tampa we looked at condos, houses, apartments, townhouses - in all parts of town, and everyone told us renter's insurance was cheap - like $15 a month. Well I was just quoted a $1354 annual premium with a $2500 deductible for hurricane and all other perils (except flood). This is for $100,000 personal property, $20,000 loss of use, $300,000 personal liability - each occurrence, $1000 medical payments to others - each person, and $5000 water backup/sump overflow. This is more than the insurance on our $500,000 home that includes about $400,000 of property based on how they do the percentages.

Now, I totally understand that this is hurricane country and we are living on a island so if this sounds correct then we are fine with it. But we are just scratching our heads because EVERYONE said that renter's insurance was so cheap - and we weren't looking at properties that college kids were living in.

If this doesn't sound correct, can anyone give me some recommendations of insurance companies they have used for renter's insurance? Is it actually the renter who is required to cover liability insurance in Florida? Does the owner of a rental property not carry liability insurance in Florida?

Thank you!
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Old 08-05-2014, 11:19 AM
 
Location: Historic Gulfport
464 posts, read 521,969 times
Reputation: 417
Do you really have $100,000 in personal property??? I for one, am impressed!

We've accumulated a lot of 'stuff' over 40+ years of marriage, but $100K....no way! Not even when we were at the top of our careers and 'keeping up with the Joneses" in a 3500 sq. ft. house in DC that was all Pottery Barned-Up, did we come close to $100K in personal property. Then again, maybe that's just us.

If you have some valuable pieces like the Mona Lisa or the Royal Jewels, they may not be covered by the base policy and you'd have to get a rider on them anyway. It may make sense to break out those individual goodies and buy a basic policy for less.
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Old 08-05-2014, 11:56 AM
 
19 posts, read 22,659 times
Reputation: 10
Yep, I know because in 2008 our house was struck by lightning and burned to the ground - we lost everything we owned (luckily it didn't affect our premium because it was both a natural disaster and there were issues associated with a very large class action law suit that insurance companies have all been a part of based upon how a certain common item in homes was installed that has led to MANY homes being completely destroyed when struck by lightning that wouldn't otherwise have been completely destroyed and they have recouped all their money). So I know exactly how much our belongings are worth. You would be surprised how much your belongings are actually worth - especially if you have nicer things.
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Old 08-05-2014, 12:27 PM
 
Location: Tampa, FL
876 posts, read 1,619,335 times
Reputation: 743
Renters insurance is crazy high here. We paid about $10 a month in NC and we are paying $40 a month now with not so great coverage and we have great credit.
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Old 08-05-2014, 12:40 PM
 
Location: holiday
77 posts, read 84,856 times
Reputation: 67
We got 30k of coverage, low liability + sewage backup for $340/year. I'm more worried if we need to buy flood insurance too since we're in an x zone but renters doesn't cover water damage unless the hurricane wind breaks the windows and rain comes in that way. Ugh
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Old 08-05-2014, 02:40 PM
 
3,046 posts, read 2,833,383 times
Reputation: 2122
We came from Chicago and our renters insurance doubled and for way less coverage. Some people here insurance is cheaper here it is if you bought it years ago, not so much now. So their went your savings for not having no state tax. The State also has a open book policy were insurance companies can sell your policy to another insurance company not auto but renters. We started out with state farm for our renters then one day got a letter in the mail saying that southern oak was our new carrier, take it or leave it. And it was stated on MSBN that Florida has the highest homeowners insurance rates in the country.
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Old 08-05-2014, 03:21 PM
 
Location: Tampa, FL
876 posts, read 1,619,335 times
Reputation: 743
[ So their went your savings for not having no state tax. [/quote]

Yeah, even with higher renters insurance we save way, way, way more than if we had a state income tax.
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Old 08-05-2014, 03:43 PM
 
25,779 posts, read 38,979,903 times
Reputation: 13782
Check out companies and combine your car insurance with renters ins if possible that may save you money.
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Old 08-05-2014, 04:41 PM
 
Location: Not the end of the Earth, but I can see it from here
3,520 posts, read 3,647,927 times
Reputation: 3304
Also be aware that unlike homeowner's insurance, renter's insurance does not typically cover goods in storage off site. Since some renters can be transitional (moving between houses, for example) they can often have a lot of their personal belongings in storage.

It pays to shop around and compare coverages.

RM
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Old 08-05-2014, 05:05 PM
 
Location: FL
747 posts, read 1,574,229 times
Reputation: 1517
We pay $500 per year for about $90k contents renting a 3k house through Castle Key Indemnity which is the Renters insurance arm of Allstate.

We chose Allstate, because when we lost our house in Miami during hurricane Andrew, they were one of the few companies who without hesitation expedited payment of our claim. State Farm adjusters were nowhere to be found!
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