When you purchase a home, having a mortgage requires you to keep homeowner’s insurance on your property, plus it’s just smart to protect your investment. If you haven’t gotten that far yet and are still a tenant, renters can also purchase a policy that will protect their belongings, which, on average, are valued at $20,000, according to esurance.com.   

Don’t assume that your landlord’s insurance will cover your personal property.  Renters insurance generally covers: 

• belongings lost because of bursting pipes or a leaking water heater 
• items stolen during a burglary 
• damage caused by the weight of ice or snow, downed trees, and fire 
• natural entities such as lightning and windstorms 
• personal property that’s lost or damaged while in your possession even when you’re not at home 
• others’ belongings that you’ve borrowed and were in your home and damaged 
• appliances that break down because of short-circuit damage 

What may not be included on a renter’s policy: 

• liability if someone gets hurt in your home 
• additional living expenses in case you’re unable to live in your home in case of emergencies 
• food replacement in the event the fridge and freezer stop working 
• a roommate’s belongings 
• medical coverage if you are hurt inside the dwelling 

Stand-alone policies are needed for: 

• flood damage 
• high-value family heirlooms or other high-value possessions 
• natural disasters like earthquakes and sinkholes 
• a roommate’s belongings, unless they are listed on your policy or have a policy of their own 

If you’re planning to buy a home soon, protect your possessions now, so in the case you lose them, you won’t have to slow the home-buying process down to replace everything.  Remember, too, that homeowners’ policies cover more, and will be significantly more in cost.  While you’re saving for your down payment and maintaining your spending, start budgeting for your homeowner’s premium. No amount of money can cover peace of mind.

Access Teri’s one-stop Orlando FL home search website.

Teri Isner is the team leader of Orlando Avenue Top Team and has been a Realtor for over 24 years. Teri has distinguished herself as a leader in the Orlando FL real estate market. Teri assists buyers looking for Orlando FL real estate for sale and aggressively markets Orlando FL homes for sale.

You deserve professional real estate service! You obtain the best results with Teri Isner plus you benefit from her marketing skills, experience and ability to network with other REALTORS®. Your job gets done pleasantly and efficiently.  You are able to make important decisions easily with fast, accurate information from Teri. The Orlando Avenue Top Team handles the details and follow-up that are important to the success of your transaction.

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