Best Renters Insurance in Florida 2021

Last modified: September 10, 2021

You may not be fully satisfied with your new home, but you probably value your belongings and the balance in your bank account. If so, consider obtaining a renters insurance policy. 

A renters insurance policy isn’t the first thing that pops into your head when you move into a new home. Well, even though a renters policy may seem like it is just another bill to pay, the best renters insurance in Florida will keep you from handing out major cash in the event that your valuables get damaged or stolen. 

In addition, most rental properties in Florida are protected by insurance policies. Most landlords only shortlist tenants who have renters insurance. If you are looking for affordable renters insurance outside of Florida- make sure to check out our list of best renters insurance companies in the US.

On average, renters insurance in Florida can cost $29 per month, which may be a tad bit higher than the national average. But price alone isn’t a sufficient metric to distinguish the best renters policies from the rest.

Don’t worry, though; we’ve done all the research for you and we’re about to list the best yet most affordable renters insurance companies in Florida based on their:

  • Coverage options
  • Ratings 
  • Customer support 
  • Value for money

If you’re having trouble interpreting all the technicalities in our review, you can look through our buyer’s guide to make an informed decision on how to find the best renters insurance in Florida.

How to Choose the Best Renters Insurance in Florida?

When you’re searching for the best renters insurance in Florida, you’ll likely first evaluate the price. It’s quite understandable, but we recommend carefully sifting through the coverage options and, more importantly, the insurance provider’s customer rating. 

In a nutshell, it wouldn’t be such a great idea to sacrifice value while blindly pursuing the cheapest renters insurance in Florida

That said, you can generate quotes on the renters insurance companies in Florida that offer:

  • Personal property coverage
  • Liability coverage
  • Additional living expenses coverage 
  • Medical payment coverage
  • Deductible and loss of use coverage

You can also take additional coverage options into consideration, for instance:

  • Personal property – $20,000
  • Liability – $100,000
  • Medical payment -$1,000
  • Deductible – $500
  • Loss of use – 0

Best Companies for Renters Insurance in Florida

State Farm Renters Insurance

Coverage Details

  • Personal property: 0
  • Liability: $100,000 to $1,000,000
  • Medical payment: $1,000 to $5,000
  • Deductible: $500 to $2,000
  • Loss of use: 0

Optional Coverage

  • Computers
  • Jewelry
  • Waterbed
  • Earthquake damage
  • Identity restoration
  • Incidental business liability
  • Additional business property
  • Additional liability coverage

Financial Strength and Customer Support Ratings

  • NAIC Ratio: 0.35
  • JD Power: 836/1000
  • AM Best: A++
  • BBB: A+

Cost per month

State Farm monthly cost for renters insurance in Florida can be as low as $7.58 and their deductibles stand at $1,000.

Pros

  • No limit on personal property coverage
  • Offers multiple optional coverages
  • Cheapest renters insurance with respect to the national average 

 Cons

  • Doesn’t offer customer service round-the-clock

GEICO Renters Insurance

Coverage Details

  • Personal property: $25,000 to $150,000
  • Liability: $100,000 to $500,000
  • Medical payment: $1,000 to $5,000
  • Deductible: $250 to $1,000
  • Loss of Use: 0

Optional Coverage

  • Business merchandise 
  • Incidental business liability 
  • Coverage for disasters
  • Replacement cost 

Financial Strength and Customer Support Ratings

  • NAIC Ratio: 0.18
  • JD Power: #1 
  • AM Best: A++
  • BBB: N/A

Cost per Month

If you opt for a renters insurance policy from GEICO, you will pay as low as $12/month, depending on the coverage you purchase.

Pros

  • Offers the cheapest rates on average
  • Has a wide range of coverage limits for personal property 

Cons

  • Receive a lot of customer complaints 

Security First Renters Insurance

Coverage Details

  • Personal property: $15,000 to $100,000
  • Liability: $100,000 to $500,000
  • Medical payment: $1,000 to $5,000
  • Deductible: $250 to $1,000
  • Loss of use: 0

Optional Coverage

  • Additional insurance for roommates
  • Sump overflow and water backup
  • Personal injury
  • Dog liability
  • Protection from identity theft
  • Equipment breakdown 

Financial Strength and Customer Support Ratings

  • NAIC Ratio: N/A
  • JD Power: N/A
  • AM Best: N/A
  • BBB: A+

Cost per Month

At $40/ month, Security First has one of the most expensive rates in the insurance industry; however, it is still lower than Florida’s average.

Pros

  • Reasonable premiums
  • Online platforms
  • A simple quoting process

Cons

  • Reviewed by past customers as an ‘average’ service provider.

Allstate Renters Insurance

Coverage Details

  • Personal property: $25,000 to $150,000
  • Liability: $100,000 to $500,000
  • Medical payment: $1,000 to $5,000
  • Deductible: $250 to $1,000
  • Loss of Use: 0

Optional Coverage

  • Flood 
  • Umbrella 
  • Scheduled coverage
  • Additional coverage for business properties
  • Identity theft 

Financial Strength and Customer Support Ratings

  • NAIC Ratio: 0.81 
  • JD Power: 835/1000
  • AM Best: A+
  • BBB: A+

Cost per Month

This insurance provider may not be the cheapest with a $23 per month starting cost. Still, they certainly qualify for the best renters insurance that Florida has to offer due to the value they offer in exchange for that price tag.

Pros

  • Retired or older renters can avail up to 25% on premiums
  • 15% discount for installations of safety equipment
  • Plenty of optional coverage options

 Cons

  • Rated poor in terms of customer service

USAA Renters Insurance

Coverage Details

  • Personal property coverage – $25,000 to $750,000
  • Liability coverage – $100,000, $300,000, $500,000, and $1,000,000
  • Medical payments for others (guests) – $5,000
  • Deductible options for USAA renters insurance are $250, $500, $1,000, and $2,500.

Optional Coverage

USAA allows the customers to buy additional personal property coverage for valuable items, including tablets and computers.

Financial Strength and Customer Support Ratings

  • NAIC Ratio – N/A
  • JD Power – 5/5
  • AM Best – A++
  • BBB – B+

Cost per Month

USAA’s monthly installment for renters insurance can begin from as low as $10 per month, making it a great option.

Pros

  • The standard renters insurance policy includes the option to opt-out of personal property and personal liability coverage
  • Earthquake and flood insurance is included 
  • Members get additional benefits, such as travel deals and discounts on car rental

Cons

  • Only available to military personnel and their families
  • Does not allow you to customize medical payments for other coverage options

Buyers Guide

Now, you’re probably wondering how to find good renters insurance out of all the providers mentioned above. Well, let’s quickly go over some key considerations before you make a decision.

How Does Renters Insurance Work in Florida?

A renters insurance policy provides coverage for a lot more than just your rental property. Granted, renters insurance isn’t a legal requirement in Florida, but it saves you from so many perils, like theft, property damage claims, extreme weather, etc. All you need to do is match your choice of renters insurance quote with the average cost of renters insurance in Florida and you’ll be on your way. 

Additionally, landlord-tenant law in Florida states that it will be the renter’s obligation to hand over their rental unit back to the landlord in the condition they received it in before signing the lease. 

On the flip side, tenants have a right to legal action against their landlord in the event that they experience a breach of privacy or, perhaps, less-than-average living conditions. Either way, even the cheapest renters insurance in Florida acts as a safety net for all against property damage claims or even damage to your personal property.

Renters also often wonder whether their insurance is still applicable when they move. Your personal property coverage may cover the cost of replacing the original rental unit. But keep in mind that it wouldn’t provide for the costs of moving to a different location while repairs are still underway. 

Types of Renters Insurance in Florida

Most renters insurance providers in Florida offer 2 types of insurance policies, Broad and Comprehensive. Each of the 2 policies offers clients coverage for predetermined losses except those already excluded by their insurance provider. This is known as ‘Named Perils’. 

Comprehensive insurance policies are slightly different. They offer to reimburse their clientele for ‘All Perils’, which covers most property damage and liability claims except, of course, named exclusions. 

What Does Renters Insurance Cover in Florida?

Even the best renters insurance in Florida would be able to protect from all risks. For example, your insurance policy wouldn’t cover:

  • Damages to your car
  • Your roommate’s valuables
  • Sinkholes
  • Pests or bed bugs
  • Earthquakes
  • Floods
  • Tornadoes

Additionally, your coverage will be very limited for valuable items, including jewelry, antiques, watches, etc.

Renters Insurance Coverage

Generally, insurance providers will provide renters with protection with 4 main types of coverage:

  • Personal property damage: If your personal property gets damaged in a covered peril, they will provide coverage for damages up to the predetermined limits of your policy.
  • Personal liability: If a neighboring property is damaged or if someone is injured and you are to blame, your renters policy will provide coverage for liability costs, which include hiring a legal defense. 
  • Additional living expenses: If your rental unit becomes uninhabitable due to a peril that is covered by your policy, your insurance provider will pay for your normal living expenses elsewhere.
  • Medical payments: This provides limited coverage for the medical costs incurred by a guest that is injured on your property.

When combined, all of these coverages provide Floridian renters with substantial protection from unexpected financial burdens. This is also why you need to understand what your insurance provider covers and excludes from renters policies.

Optional Coverages

Also referred to as ‘additional protection’, optional coverages provide coverage for perils that aren’t automatically covered by your insurance policy.

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

What factors impact the renters insurance premium?

Your renters insurance premium can be affected by the following factors:

  • Type of rental unit
  • Deductibles
  • The number of covered belongings
  • Loss of use coverage or additional living expenses
  • Pets
  • Cost of liability coverage
  • The true value of your rental unit as opposed to its replacement value

How much is renters insurance in Florida?

The average cost of renters insurance in Florida is $348/year and $29/month.

Is flood damage and wind damage covered under renters insurance in Florida?

Even though most insurance companies don’t provide coverage for flood damage, don’t be surprised if you find it as additional coverage in some of the options we reviewed in this article. 

On the other hand, if your insurance policy covers tornados, this wouldn’t automatically mean that it covers wind damages as well.

Does Florida renters insurance cover liability outside the house?

The answer to this question depends on what was damaged outside your rental unit. You see, most insurance providers give coverage for theft, whereas liability coverage will cover damages that a renter may have caused outside their home.

What is home inventory and why do you need it?

A ‘home inventory’ is the name given to a list of all of your belongings in your rental unit. 

This helps to make it easier for you to file insurance claims, purchase the right kind and appropriate amount of insurance coverage, and even reduce your financial losses due to tax concerns or when you decide to opt for financial assistance.

Is renters insurance required by law in Florida?

Florida law doesn’t explicitly state that landlords should require their tenants to hold renters insurance policies. Still, it is best to obtain renters insurance in Florida to secure your financial situation and get additional benefits.