Page 9 - Suncastle Today's Renter Fall - Winter 2019 - 2020
P. 9

WhAt rEntAL ProPErty

          oWnErs nEEd to knoW ABout

          insurAnCE for thEir


          By Lacey Arnold

          Why should tenants have              What is the difference in             insurance declaration page or
          renter’s insurance?                  Builders risk, vacant or tenant       send it to me and I will let you
          I’ve been on all sides of the        occupied insurance coverage?          know your options. I prefer
          fence for this question as a         These three insurance policies        a $500 hurricane deductible
          tenant, landlord, and insurance      are essential to know as you          for all my landlords because
          agent. In my experience,             could purchase incorrect              Florida homes are at high risk
          when a home has a loss, the          insurance coverage. Over              for hurricane damage.
          tenant looks to the landlord for     the years, we see clients
          assistance instead of their own      requesting the lowest cost            How do I save money on my
          insurance company. The owner         insurance and paying the price        home insurance?
          looks to the tenant to repair the    when an insurance claim is            We often automatically apply
          damage if there is negligence,       denied due to “rate evasion”          discounts for homes with a
          and all parties are disappointed     and misrepresentation on the          roof 2004 or newer. Concrete
          when the tenant fails to             insurance application. Make           block homes, newer homes,
          maintain renter’s insurance.         sure that you are clear with          verifiable permitted updates,
          Renters insurance protects           your insurance agent as to how        and homes located in preferred
          your investment, reduces the         the home will be used.                neighborhoods are also eligible
          risk of a lawsuit, helps you to
          recover lost rent, allows you to     Do I have a separate Hurricane        for discounts. Multi-policy
          be pet-friendly, and helps with      Deductible?                           landlords are also eligible for
          peace of mind.                       Yes, your hurricane deductible        discounts, so please call me to
                                               is different than your fire           review your home for the most
          How much insurance is needed?        deductible. You will need to look     discounts.
          Florida law requires most            at your insurance declaration
          homes to be insured for              page for this information. I see      All questions are welcome.
          “replacement cost” or the            a lot of hurricane deductibles        Call A&B Insurance at 904-
          cost to rebuild the home in          from other agents at 2%, 5%,          388-6446 for more details on
          the event it is destroyed. In        and 10%. For an investor              protecting your investments.
          fact, Florida law requires           with several properties in the        Lacey Arnold is an experienced
          the insurance agent to use           same area this could lead to          insurance representative
          a state-approved program to          financial ruin. Can you imagine       helping homeowners and
          determine the rebuild cost of        paying $60,000 in hurricane           landlords protect their
          the home.                            deductibles? Check your               investments.

                                                                                                          (904) 285-5585
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