Business Yield compiles a list of the best renters insurance companies in Florida in order to help renters safeguard their finances. Depending on your location, each of these companies may offer discounts and/or additional coverage options.
Before providing a quote, Florida renters insurance may require prospective clients to speak with an insurance representative directly.
The Best Renters Insurance Florida
#1. Lemonade Renters Insurance:
Lemonade abandons the conventional agent network business model in favor of a digital-first experience that lets you get a quote, buy a policy, and even submit a claim using its AI bot, Maya, in just a few seconds. This is perfect for Florida homeowners who may sustain greater storm-related damage and require claims to be filed and settled more promptly. Lemonade is easy to use and convenient, and its costs are among the lowest in the business.
#2. Allstate Renters Insurance
Allstate is a great alternative for those in Florida in particular, as well as for people around the country, because of its exceptional coverage, endorsements (also known as add-ons), affordability, and customer service. You must speak with an agent to obtain a quote because Florida is not served by its automated web quote feature.
#3. State Farm Renters Insurance
State Farm assists customers in Florida with the estimate process, discovering the best coverage, signing up, and policy management. They assigns each customer to a local agent. Additionally, this insurance stands out since few other firms let you choose a separate storm deductible and instead include hurricane damage in their usual deductible.
Florida renters can feel more at ease knowing that their belongings are well-protected during hurricanes thanks to Nationwide’s exceptional coverage options, which also offer comprehensive protection for you and your property. Additionally, watercraft, money, credit cards, trailers, and more are examples of additional coverage areas. Nationwide offers some of the most affordable renters insurance in the state if you choose not to purchase extra coverage.
#5. Progressive Renters Insurance
Progressive insurance lowers your rates and lets you split the deductible between your renters’ and car insurance policies. You can reduce the amount you pay during a covered event on either with the help of this same-deductible benefit. Even if you decide against bundling, you can still save money by using e-billing and pay-in-advance discounts.
Cheapest Renters Insurance Florida
Based on our investigation, the following six providers provide the lowest renter insurance prices in Florida.
Note that not everyone can obtain Citizens Property Insurance because it is the state’s last resort insurer. Only those who have been turned down by other Florida insurers or whose bids are more than 20% greater than Citizens’ are eligible to get insurance from the company.
|Company||Average annual cost|
|Citizens Property Insurance||$100|
Renters Insurance Florida Costs
In 2023, renters insurance in the state of Florida will cost an average of $156 per year, or $13.75 per month, according to data gathered by Quadrant Information Services. Remember that the price of your particular insurance will vary depending on the size of your rental, your particular location, and any endorsements or reductions. Utilizing the chart below, compare the average annual premiums of the leading renters insurance companies.
Note that the quantity of personal property coverage you require and your location can have a significant impact on the cost of renters insurance.
Factors that Affect the Cost of Florida Renters Insurance
A number of variables affect Florida renters insurance premiums. The following list includes the most typical factors:
Your premium will be greater if you reside in a city with a high crime rate or are close to the sea, where storm damage to your possessions is a common occurrence.
#2. Level of coverage:
Just like anything else, prices increase with the amount you purchase. Your premium payments will go up if you add riders to your insurance, lower the deductible, or enhance the coverage.
Similarly, being eligible for discounts might lower the insurance premium. Your premiums may decrease slightly if you combine your policy with auto insurance or install safety devices in your apartment.
#4. Insurance Provider:
Your total cost will probably vary even if you choose identical policy limits from several providers. This is so that providers can choose how much to charge clients based on their own risk algorithms.
What does Florida renters insurance cover?
Renters insurance in Floride covers:
Theft of rental units is a major target. Security measures at buildings might not be sufficient to deter unauthorized entry.
#2. Fire and Smoke Damage:
Items destroyed by smoke, fire, and other circumstances may be covered by renters insurance.
#3. Water Damage:
Like smoke and fire, certain types of water damage may be covered by your renters insurance.
#4. Temporary Living Expenses:
You might have to locate lodging if a covered loss causes damage to your flat. If you are unable to utilize your flat, several plans cover lodging costs.
#5. Liability Protection:
If someone is injured on your property, their medical expenses may be reimbursed by renters insurance. It might protect people who don’t reside with you but are hurt in your flat through medical costs coverage.
Particularly for those renting their first apartment, renters insurance can be obtained at a relatively reasonable price. Deductibles have the potential to increase or decrease the cost of your premium, so you should carefully analyze your options. An insurance premium can be reduced by having a greater deductible, but you should think about how much of a deductible you’re willing to spend in the event that you need to make a claim.
Are you required to have renters insurance in Florida?
Florida doesn’t have a requirement for renters insurance. However, if you’re moving into a house or apartment that you’re renting, your landlord might stipulate that you do so in the contract.
What company has the cheapest renters insurance?
To find the most affordable renters insurance companies on average, we examined rates from ten major providers in different states. (Keep in mind that not every business sells in every state.)
|Company||Average annual cost|
Is renters insurance a need or a want?
Renters insurance is only necessary if it’s mandated by your building or landlord. It’s a good idea to have renters insurance, even if it’s not necessary. This way, you’ll be protected financially in the event that your possessions are lost, stolen, or destroyed, or if you’re sued for injuries that occurred at your house.
Does renters insurance in Florida cover hurricanes?
In Florida, hurricane damage can be covered by homeowners’ or renters’ insurance, although the availability and scope of coverage vary depending on a number of circumstances.
What is typically not covered by renters insurance?
Not all hazards involving property damage are covered by renters insurance. Certain unique perils, including earthquakes, riots, and insect infestations, may cause damage to your personal property that your renters insurance would seldom, if ever, cover. There are a few rare exceptions, but most renters insurance policies do not cover bed bug-related damage charges.
Is renters insurance expensive in Florida?
Florida has renters insurance that is $9 more expensive per month than the $18 national average. As a result, Florida ranks fifth in the nation for renters insurance costs.
Does rental insurance cover hurricanes?
Conventional policies for renters insurance include risks including wind, hail, fire, and falling objects related to hurricanes. However, hurricane-related flood damage is not covered by renters insurance. Hurricane damage is covered by renters insurance under loss of use and personal property coverage.