Does Rental Property Insurance in Florida Cover Flood Damage?

April 12, 2020

The rental property insurance is also called the landlord’s insurance, and it covers the risk taken in renting out the property for a long period. The property can be a house you are renting, a condo, a vacation home, or even an investment property. There are many benefits of buying rental property insurance Florida, with the most important benefit being the safeguard against any financial risk that is associated with tenants living in the property.

What Does Rental Property Insurance Cover?

Rental property insurance coverage varies, and will generally cover the following:

  • It covers the physical damage caused to the dwelling or structure of the property caused by a covered peril, such as fire or lightning damage.
  • It covers the items left on-site by the owner, such as an AC, lawnmower, among others. It does not cover the personal property of the tenant.
  • It protects the owner or insurance holder from legal and medical costs associated with the injury caused on their property that they are deemed responsible for.
  • It protects against the loss of rent payments due to uninhabitable property caused by a covered peril.

Rental property insurance is different from renter’s insurance policy that covers some form of water damage to their personal property but does not cover flood damage caused to personal property caused by weather. 

Flood insurance is a separate entity that is not covered under the renter’s insurance policy or the rental property insurance Florida. Flood insurance is a policy that covers the rental home in the event of damage or destruction caused by the flood. It is a policy that covers the actual cash value of the physical structure of the property, electrical, plumbing, heating systems, cabinets, as well as a detached garage, if any. 

It is a misconception that many people believe that their homeowner’s insurance policy covers damage caused by flood. It does not! It is vital for homeowners in Florida to buy a flood insurance policy to protect their homes. The Florida flood insurance rates for the flood zones Pinellas county is available to every homeowner for their benefit. The Florida flood insurance rate map can be accessed before homeowners invest in flood insurance in Florida.