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July Del Toro Insurance linkedin

One of our Managers at Del Toro Insurance has just joined to our Distinctive Franchise System becoming in the owner of her own business !!! Congratulations on this great partnership!!.

July Del Toro Insurance linkedin

A Friday 12th of wonderful news!! A new franchisee joined our Distinctive Franchise System. The Chilean Community Welcome to the Del Toro family!.

July Del Toro Insurance linkedin

On the eve of July 4, what better news than continuing to expand our Distinctive Franchise System in West Palm Beach. Welcome to the Del Toro family.

June Del Toro Insurance linkedin

Second new franchisee of this blessed Tuesday, join our Distinctive Franchise System. Welcome to the Del Toro family.

June Del Toro Insurance linkedin

Another new franchisee has joined right now to our Distinctive Franchise System. Welcome to the Del Toro family.

June Del Toro Insurance linkedin

Just a few minutes ago, a new franchisee joined our Distinctive Franchise System. The Ecuadorian community welcomes the Del Toro family.

June Del Toro Insurance linkedin

The family continues to grow, minutes ago other new franchisees have just joined our Distinctive Franchise System. Welcome to Del Toro family.

June Del Toro Insurance linkedin

Today, as part of our participation in the Annual Convention of the Florida Association of Insurance Agents (FAIA) held in Orlando, Del Toro Insurance held a seminar this morning to promote the growth of the insurance industry through franchises. Entrepreneurs and business owners participated in the event.

May Del Toro Insurance linkedin

Taking a big step and adding new services, two entrepreneurial businesswomen join our family. Welcome Gordon & Oropeza to Del Toro Insurance family.

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Del Toro Insurance

Fomentando el camino hacia la industria de los seguros

América TV captó todo lo que fue el fórum y la celebración de los 25 años de Del Toro Insurance. Con Del Toro Insurance tienes todo lo que necesitas para estar bien asegurado y además crecer profesionalmente con tu propia franquicia. Si eres emprendedor y quieres asegurar tu futuro empresarial con una marca consolidada!! Esta es tu oportunidad, completa el formulario y uno de nuestros agentes se estará comunicando contigo con todas las dudas que tengas para emprender tu negocio.

Annual Convention of the FAIA
June, 2024

Del Toro Insurance 25th Anniversary

Del Toro is a family business and that has defined much of the path it has traveled to this day. The main reason for starting out in this industry has been to contribute to a community that needs us and with which we feel an eternal commitment. Growth would not have been possible without the support and permanent exchange with our community whom we have tried to serve with immense respect.
On the other hand, we have tried to provide a service that is also deeply rooted in family values because we consider that targeting the well-being of families in a society that is transforming day by day is essential. We have simply delivered transparency, honesty, trust and loyalty, which I believe have really been the key to being able to treasure the preference of our clients over the years.
Time really passes very quickly. We began our journey in a small office located in the west of the county. Today we are a solid company with a commercial presence throughout the state of Florida and an increasingly large group of franchisees who have opted to be part of the Del Toro family, making our business model their own. To our pride, the vast majority have been families that have turned to entrepreneurship and that, today, replicate those values of transparency, honesty, trust and loyalty to their clients.

Does Homeowners Insurance Cover Renters?

Does Homeowners Insurance Cover Renters?

Feb 17, 2023

If you are a homeowner, you most likely have your home protected by an insurance policy. However, suppose you are renting the unit out to another individual. In that case, you may wonder if your homeowner’s insurance will cover any damage that occurs due to the renter. 

This article discusses the basics of homeowners and renters insurance. It will help you understand whether your homeowner’s policy covers a renter too, or if additional coverage must be purchased either by you or the tenant to be fully protected

What Homeowners Insurance Covers

In the event of damage to your home or its contents, a typical homeowners insurance policy in Florida will cover the costs of repairs and replacements. In most cases, that includes damage caused by fire, smoke, theft, or vandalism and damage caused by lightning, wind, or hail. 

There are other types of covered damage, such as those caused by external forces, such as falling trees. As part of that coverage, you will be protected against damage to your heating and air conditioning systems and your kitchen appliances, furniture, clothing, and other possessions. 

You can also get coverage for outbuildings on your property, such as a garage, barn, or shed, as well as grills, fireplaces, swing sets, walls, or fences. Some policies will also cover high-ticket items such as swimming pools or hot tubs. However, it is important to note that this usually comes with extra costs and must be opted for during your policy setup. 

Depending on the insurance policy, you may also be able to claim living expenses if you have to find alternative housing while your home is being rebuilt. For example, suppose you and your family need to relocate to a hotel or another rental. In that case, you can expect that to be protected by your homeowner’s policy. 

Lastly, homeowners insurance covers liability too, meaning that if an individual was injured in a fire or natural disaster in your home, their medical bills and potential lawsuits would also be covered.

What Renters Insurance In Florida Covers

Renters insurance is a specific type of insurance that aims to safeguard renters from financial loss in case of damage to their personal property or liability claims. In Florida, it covers a range of areas such as personal or individual property, liability, and additional living expenses. 

Individual property coverage typically includes items like furniture, electronics, clothing, and other personal belongings in the event of damage, loss, or theft. Liability coverage provides protection if someone is injured while on your rental property and sues you for damages.

Additional living expenses coverage helps to cover costs like hotel stays and meals if you are unable to live in your rental unit due to damage. Moreso, some renters’ insurance policies may include medical payments coverage, which can help cover medical expenses if someone is injured on your property. However, although these are the most common areas in which renters insurance can provide support, talking to an insurance agent is the only real way to identify what your specific policy covers.

Does Homeowners Insurance Cover Renters?

Although they are similar in many ways, in general, homeowners insurance does not cover renters insurance. It is rare for homeowners insurance to cover renters insurance, except in certain circumstances, like if a renter is related to the homeowner. 

To break it down even further, homeowners insurance protects the physical structure of the home and any belongings that are owned by the homeowner. Renters insurance, however, is designed to protect the personal property of the renter and provide liability coverage in case of an accident. Renters need to have their own renter’s insurance policy to protect themselves.

Why a Tenant Needs Their Own Policy

Renter’s insurance is not a luxury — it’s a necessity. Tenants need renters insurance to protect themselves financially in case of unexpected events. 

Here are a few reasons why renters insurance is important:

Protection for Personal Property: Renter’s insurance can cover the cost of replacing or repairing personal property, such as furniture, electronics, clothing, and other personal belongings in case of damage, theft, or loss.

Liability Coverage: Renter’s insurance can protect tenants against liability claims and the cost of legal defense if someone is injured while on the rental property and sues the tenant.

Additional Living Expenses: If the rental unit becomes uninhabitable due to damage and repairs need to be made, renters insurance can cover the cost of temporary accommodations, such as a hotel room until the rental unit is restored.

Required by landlords: Some landlords may require tenants to have renters insurance as part of the lease agreement, which can provide additional protection and security for both parties.

Who Pays for Renters Insurance?

Renter’s insurance in Florida is usually sold on a monthly basis, with annual plans available. The cost of renters insurance varies depending on several factors, including how much coverage you want and what features are included in the policy. But who Pays for Renters Insurance?

Usually, it’s up to the renter to purchase renters insurance policies. However, some landlords will cover some or all of the cost of renters insurance in their rental agreements. If this is not specified in your lease agreement, then it’s up to you to decide whether or not you should purchase a policy.

It is important to note that even if renters insurance is not something required by your landlord, it is a very affordable and wise investment to make. You never know when disaster will strike and an insurance policy can be the difference between a happy and sad bank account. 

The Cost Difference in Homeowners and Renters’ Insurance

Homeowners insurance is typically much more expensive than renters insurance. But it’s important to understand the difference in cost between homeowner’s and renter’s insurance.

Homeowners insurance covers your home, its contents, and any outbuildings on the property. It also provides liability protection against lawsuits from people who are injured on your property or whose property is damaged by you or a member of your family while they are over at your house.

Renters insurance covers your personal belongings and liability. It doesn’t cover damage to the actual building where you live; only the landlord’s structure. That’s why it’s called “tenant” coverage rather than “homeowner” coverage.

The Average Costs

Homeowner’s insurance can be expensive. The average annual premium for a standard homeowners policy was $1,347 in 2015, according to the National Association of Insurance Commissioners. That’s up from $1,169 in 2014 which is an increase of nearly 15 percent.

Renter’s insurance is cheaper on average than homeowners insurance, roughly half the amount. The average annual premium for renters insurance in 2015 was $487, also according to the NAIC. That’s up slightly from $480 in 2014, an increase of about 1 percent.

Factors that Contribute to Premium Cost

The cost of homeowners insurance can vary based on several factors, including the location of the property, the age and condition of the home, the type of coverage and deductibles chosen, and the homeowner’s credit score and claims history. 

Other factors, such as the presence of a swimming pool or a dog breed that’s considered high risk. Homeowners can often lower their premiums by taking steps to mitigate risks, such as installing security systems, making home repairs, or increasing deductibles. 

When it comes to renters insurance, the location of the rental property can impact the cost of the renter’s premium. For example, higher crime rates or natural disaster risks in the area may lead to higher premiums.

The amount of coverage needed by the renter can also affect the cost of renters insurance. You can expect a higher coverage limit will typically lead to a higher premium. Likewise, choosing a higher deductible can lower the premium, but may result in higher out-of-pocket costs if a claim is made.

The Bottom Line

Having homeowners or renters insurance is an important consideration for protecting your property and finances against unexpected events. The cost of insurance can vary based on several factors, but it is often a relatively affordable way to gain peace of mind and protect against financial loss.

You should consider Del Toro Insurance if you are looking for a reliable insurance provider. Providing homeowners and renters insurance for over 25 years, we offer a variety of insurance products. As an independent insurance agency, we provide personalized service and work with clients to find the insurance options that best suit their financial needs.

Del Toro Insurance also offers competitive rates and a commitment to customer satisfaction, and we have a reputation for providing high-quality coverage and support, making us a top choice for those looking for reliable insurance coverage.

Whether you’re a homeowner or a renter, choosing Del Toro Insurance can give you the peace of mind and protection you need. Contact our team of agents today to learn more about our insurance offerings and find the coverage that works best for you.

Insure your property or rental today and rest assured you are protected with Del Toro! 

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