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Best Renters Insurance In Florida

Last modified: Sep 29, 2022

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:

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:

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

Best Companies for Renters Insurance in Florida

State Farm Renters Insurance

Coverage Details

Optional Coverage

Financial Strength and Customer Support Ratings

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

 Cons

GEICO Renters Insurance

Coverage Details

Optional Coverage

Financial Strength and Customer Support Ratings

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

Cons

Security First Renters Insurance

Coverage Details

Optional Coverage

Financial Strength and Customer Support Ratings

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

Cons

Allstate Renters Insurance

Coverage Details

Optional Coverage

Financial Strength and Customer Support Ratings

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

 Cons

USAA Renters Insurance

Coverage Details

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

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

Cons

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:

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:

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.

FAQ

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.

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