Bay Park Towers Apartments: Renters Insurance Guide & What It Actually Costs

Last updated Apr 15, 2026

Thinking about renting at Bay Park Towers Apartments in Edgewater? Rent here runs $1,925 – $3,500, and renters insurance adds about $20/mo. Below we break down which carriers are cheapest for this building and what the lease actually requires.

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3301 NE 5th Ave, Miami, FL 33137

Edgewater

Built 1961 14 stories 254 units
3.9/5 ·76 reviews Google
Apt. Finder
$1,925 – $3,500 /month

Monthly Cost Breakdown at Bay Park Towers Apartments

The listed rent isn't the whole number. Here's what Bay Park Towers Apartments actually costs each month once you add required fees and insurance.

Total Monthly Cost $1,945 – $3,520
Base Rent $1,925 – $3,500
Est. Renters Insurance $20/mo

Renters Insurance at Bay Park Towers Apartments

What Affects Your Premium Here

Every building is different. These factors specific to Bay Park Towers Apartments can push your insurance cost up or down:

Older Building

Built in 1961 — older plumbing/electrical may increase risk

Gated Community

Gated access reduces theft risk — may qualify for security discount

Controlled Access

Electronic/key fob entry — reduces unauthorized entry risk

Water/Leak Issues

3 mentions in Google reviews

FEMA Flood Zone

Zone AE — High-risk flood area with base flood elevation. Flood insurance strongly recommended.

FBI UCR

Property crime rate: 2477/100K (57% above national average)

What You'll Likely Pay

$20

Est. Monthly

$235

Est. Annual

$18

With Discounts/mo

$16

State Avg/mo

How Much Coverage Makes Sense

Renters insurance has two main pieces: personal property coverage, which pays to replace your belongings if they're stolen or damaged (think furniture, electronics, clothes), and liability coverage, which protects you if someone gets hurt in your unit or you accidentally damage someone else's property. Here's what we'd recommend for Bay Park Towers Apartments based on the rent level and building features.

Personal Property

What your stuff is worth

$40,000 recommended

If you own less

$25,000

If you own more

$60,000

Liability

Covers accidental harm & lawsuits

$300,000 recommended

Pool on premises — higher liability recommended for accidents at shared amenities

How Carriers Compare for This Area

Not all carriers price the same zip code equally. Here's how the major options stack up near Bay Park Towers Apartments:

Carrier Monthly Annual
Lemonade $10/mo $123/yr
USAA $12/mo $138/yr
State Farm $15/mo $184/yr
Progressive $17/mo $200/yr
Safeco $17/mo $200/yr
Travelers $18/mo $215/yr
Allstate $19/mo $230/yr
Nationwide $19/mo $230/yr
Farmers $20/mo $246/yr
Liberty Mutual $23/mo $276/yr

Discounts You May Qualify For

Gated community
-5%
Controlled access
-3%
Claims-free (if applicable)
-10%
Pay-in-full annual
-7%
Paperless/autopay
-3%
Multi-policy bundle
-10%

Next Step

See if you can beat $18/mo

6 discounts may apply here. Real quotes show your actual price — estimates can't.

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Property Crime & Theft Risk

Renters insurance pricing is driven by property crime — theft, burglary, and vehicle break-ins — not violent crime. Here's what the FBI's Uniform Crime Reporting data shows for Miami.

Miami property crime rate

2,477

per 100K residents

57% above U.S. avg

U.S. avg is 1,578 per 100K

Breakdown per 100K residents

Burglary
232 / 200
Larceny / theft
1,994 / 1,172
Vehicle theft
252 / 206

U.S. average

Higher-than-average property crime is why insurance carriers charge more in this zip code — your premium reflects the claims frequency for the area. Bay Park Towers Apartments also has on-site security features (Package service, Controlled access, Property manager on site, Gated) that insurers recognize with discounts.

Source: FBI UCR Program, Miami (2024-12 to 2025-11)

What Residents Are Saying

Based on Google reviews, here are the issues residents mention most often — and the ones that matter when choosing your coverage. Longer bars indicate more frequent discussion.

Maintenance Issues Frequent topic
10×
Water Damage Common topic
3×
Fire Mentioned
2×
Management Issues Mentioned
1×
Slip/Fall Hazards Mentioned
1×

On-Site Security

Package service Controlled access Property manager on site Gated

Flood Risk

Standard renters insurance does not cover flood damage. FEMA maps every property into a flood zone — here's what that means for Bay Park Towers Apartments.

FEMA Zone AE — High-risk flood area with base flood elevation

Flood insurance strongly recommended — standard renters policies exclude flood damage.

What to know about flood insurance as a renter:

  • Your landlord's building policy does not cover your belongings
  • NFIP (National Flood Insurance Program) offers renters policies starting around $99/year
  • Private carriers (Neptune, Wright Flood) may offer lower rates
  • Most flood claims in this zone are for personal property, not structural damage

Flood zone data from FEMA National Flood Hazard Layer (NFHL). Zones can change — verify at FEMA Flood Map Service.

Fees Beyond Rent

These are the additional charges beyond base rent at Bay Park Towers Apartments. Some are monthly, some are one-time — all of them affect your actual cost of living here.

Required Fees

Application Fee Per Applicant

Charged per unit. Payable to 3rd Party

$150

Elevator Security Deposit

Charged per unit. Payable to 3rd Party

$250

Additional Security Deposit - Refundable

Charged per unit. Payable to 3rd Party

$500

Amenities

Special Features

Parking Tennis Court Heated Pool

Community Features

Community-Wide WiFi Laundry Facilities Maintenance on site 24 Hour Access On-Site ATM Pet Play Area Car Charging Station Public Transportation Key Fob Entry Elevator Business Center Multi Use Room Disposal Chutes Sundeck Cabana Grill Picnic Area Waterfront Fitness Center Pool Bicycle Storage Tennis Court

Floor Plan Amenities

Air Conditioning Smoke Free Tub/Shower Eat-in Kitchen Kitchen Microwave Oven Range Refrigerator Freezer Recreation Room Walk-In Closets Linen Closet Large Bedrooms Balcony Dock

Pet Policy

Bringing a pet? Here's what Bay Park Towers Apartments allows. Standard renters insurance typically covers pet-related incidents, so you usually won't need any add-on coverage for a cat.

Pet policies are negotiable.

About Bay Park Towers Apartments

Year Built: 1961
Stories: 14 stories
Units: 254
Phone: (786) 789-3406

From the property listing:

Secluded oasis in the heart of Edgewater, walking distance to Wynwood, Midtown and Design District. Building sits east of Biscayne Blvd., overlooking Biscayne Bay and Miami Beach. Community features pool, grilling area, tennis court, fitness center, recreation room, and beautifully maintained green spaces to connect with the earth. Guard gate access. Washers and dryers are not in the unit they are on each floor.

Other Options Nearby

Still weighing your choices? Other communities in Miami — compare rent and estimated insurance cost side by side.

Forma Miami Apartments

Edgewater

$3,045 - $19,500 Ins: ~$16/mo

Metro Edgewater Apartments

Edgewater

$2,804 - $5,467 Ins: ~$16/mo

Wynwood Bay Apartments

Edgewater

$3,246 - $4,611 Ins: ~$16/mo

1000 Brickell Plz Condo

Downtown Miami

$4,900 Ins: ~$16/mo
FEMA Zone AE — flood risk

1025 Metro Apartments

Hialeah

$1,957 - $3,155 Ins: ~$16/mo
FEMA Zone AH — flood risk

1050 NW 2nd Street Apartments

Little Havana

$1,243 - $2,242 Ins: ~$22/mo
FEMA Zone AE — flood risk

Frequently Asked Questions

Does Bay Park Towers Apartments require renters insurance?
We didn't find a public insurance requirement for Bay Park Towers Apartments, but that doesn't mean there isn't one. Many communities add the requirement during lease signing. It's worth asking the leasing office directly — and even if it's not required, a policy typically runs under $20/month and covers you against theft, fire, and liability.
How much is renters insurance at Bay Park Towers Apartments?
For this zip code and building type, expect to pay around $20/month ($235/year). Bay Park Towers Apartments has security features that qualify for discounts — with those applied, you could pay as little as $18/month. For context, the statewide average is $16/month, so this building is above average.
What will I actually pay per month at Bay Park Towers Apartments?
Plan for $1,945 to $3,520/month all-in. That's base rent ($1,925 – $3,500), plus roughly $20/month for renters insurance. Most apartment listing sites don't include those last two — so the sticker price can be misleading.
Does Bay Park Towers Apartments allow pets?
Pet policies at Bay Park Towers Apartments are handled on a case-by-case basis — contact the leasing office for details.
How safe is the area around Bay Park Towers Apartments?
Property crime in Miami runs noticeably higher than the national average — 2,477 incidents per 100,000 residents versus the U.S. average of 1,578. That's the metric insurance carriers care about most for renters coverage, since property crime (theft, burglary, vehicle break-ins) drives most claims. Burglary specifically is 232/100K here. On the property itself, you'll find package service, controlled access, property manager on site, gated — features that can qualify for premium discounts.
Does Bay Park Towers Apartments need flood insurance?
This property sits in FEMA flood zone AE (High-risk flood area with base flood elevation). Standard renters insurance does not cover flood damage — you'd need a separate flood policy or endorsement. The National Flood Insurance Program (NFIP) offers renters policies starting around $99/year, and private carriers like Neptune and Wright Flood may offer competitive rates.
What floor plans does Bay Park Towers Apartments offer?
There are 4 floor plans to choose from, spanning 1-bedroom, 2-bedroom, studio layouts. Rent ranges from $1,925 – $3,500. Your unit size can affect your insurance cost too — a larger unit typically means more belongings to cover.

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Disclaimer

The information on this page — including rent prices, fees, floor plans, amenities, insurance requirements, and safety data — is collected from publicly available sources and may not reflect the most current details. Apartment communities may update their offerings, policies, and pricing at any time. Always confirm details directly with the leasing office or the community's official website before making any decisions.

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