Hurricane Season and Renters Insurance: What Miami Tenants Need to Know

A hurricane doesn’t have to destroy your apartment to devastate your finances. For renters, the gap between a manageable setback and a financial crisis can come down to whether or not you have insurance before the storm arrives.

Understanding Loss of Use Coverage

Imagine a hurricane causes roof damage severe enough that your building is declared uninhabitable. Loss of use coverage, also called additional living expenses coverage, can pay for temporary housing, meals and other costs when you are displaced by a covered event. Tenants without this coverage can be left paying for hotel stays and meals out of pocket while waiting on repairs.

Note that this may apply only when the displacement results from a covered peril, such as wind damage. If flooding or storm surge causes displacement, a separate flood insurance policy may be required to trigger that benefit.

Key Considerations for Florida Renters

Tenants in hurricane-prone areas should review their policies carefully before the season begins. A few things to keep in mind:

• Personal property coverage can financially protect your belongings from wind damage, up to your policy limits. Flood damage from storm surge or rising water is not covered under a standard renters policy and requires a separate flood policy. Some policies may also exclude wind or hail damage in certain coastal areas.
• Liability coverage can help pay for relevant expenses if someone is injured in your unit during or after a storm event.
• Deductibles may vary depending on the type of event. Florida renters policies may also carry a separate hurricane deductible.
• Inventory your belongings before a storm and store documentation in a cloud-based location you can access from anywhere.

Prepare Your Policy Today

Don’t wait until a storm is named to think about your coverage. Insurers may not allow you to start or change a policy once a hurricane watch or warning is issued for your area. Our team at Las Margaritas Insurance Corp is here to help you review your current limits and verify that you are ready for whatever the season brings.

Contact us today for a personalized quote.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.