Property, Homeowner and Renter Coverage – Insurance 101

Preparation is key. If you take the time now to understand what is required by Florida Law and determine if the minimum limits are enough, you’ll be well prepared in the event you end up the victim, or the cause, of an accident or injury.

On that note, we’ll continue our basic overview of the various types of insurance. This week’s topics are property damage (PD), homeowner’s, and renter’s insurance.

What is Property Damage (PD) Insurance?

What exactly is PD insurance? In a nutshell, your PD liability is the portion of your auto insurance policy that will pay out if you cause an accident and damage someone else’s car or other property.

Under Florida law, you are required to carry a minimum of $10,000 in PD insurance. In most cases, the damage is mainly to the vehicles. However, bear in mind that PD covers other items too. For instance, if you cause an auto accident and the other driver had a bicycle or wheelchair mounted to the rear of their vehicle and it got damaged – your PD would cover the repair or replacement of that item. Sometimes accidents end up damaging much more than just the vehicles involved. For example, we’ve seen walls, fences, light poles, and lawn furniture damaged because of a car accident. The required minimum of $10,000 doesn’t go too far in those cases. If it’s affordable for your monthly budget, you should buy much more than the $10,000 minimum requirement. You might be surprised how inexpensive it is to increase the PD coverage on your current auto insurance policy.

What are Homeowner’s and Renter’s Insurance?

As we all know, automobile accidents aren’t the only types of accidents that we are likely to experience in our lifetime. For instance, what if you are injured on private property because of someone else’s negligence? That’s when their homeowner’s or renter’s insurance kicks in to help cover expenses. As an example, renter’s or homeowner’s insurance would apply if you were injured at someone’s house because you tripped and fell over an item that they left in the walkway. As another example, suppose you visit a friend’s house and their ceiling fan, which they did not properly install, came crashing down on you….homeowner’s or renter’s insurance would apply to help pay for your medical bills and injury. (Yes, this has actually happened to one of our clients in the past. Actually, more than one!)

Call Carey Leisure Carney for Legal Services in Clearwater, FL

As with all injury cases, you should consult with a lawyer as soon as possible. A good personal injury lawyer will know what types of insurance apply to your particular case. Be safe. Be prepared.

Contact us at (727) 799-3900 for a free no-obligation consultation and case evaluation.