2. Renters Insurance

Cheapest Renters Insurance in Florida

Updated Sept. 23rd, 2020 11 mins read

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The average renters insurance premium in Florida is around $188 per year. In Florida, your renters insurance premium is impacted by factors such as your location, the amount of coverage, the fire protection class, the construction of the dwelling, and individual surcharges and credits etc.,

According to FEMA, Floridians experienced over 160 major disasters between 1953 and Sep 2020, of which fire, hurricane and storms happened the most. While you may not own the apartment or house you live in now, you likely own valuable items inside your rental home. Purchasing the right renters insurance with sufficient coverage can help prevent you from suffering a major financial loss.

The average renters insurance premium in Florida is around $188 which is slightly higher than national average. The above chart shows a comparison with four other states with close premium and the national average.

If you are wondering how much it costs for you, hit the big button below to get your free quotes.

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Why do you need Renters Insurance?

Your landlord's own insurance only covers the damage to the actual dwelling, your renters insurance will protect your belongings inside the apartment in case of fire, theft, or damage. It also covers your additional living expenses when your place becomes unlivable from a covered loss. Besides, it can protect you financially if someone is injured on your property if you are liable.

💡Takeaway: Renters insurance is not required by law in Florida, but it is a worthwhile small investment that covers your personal belongings and liability for others' injuries on your property. Click here to compare the prices for renters insurance in your area.

Coverages for Renters Insurance

The most common coverages for Renters insurance in Florida are listed below. It is your responsibility to make sure you have and maintain the adequate coverage for your renters insurance.

  • Personal Property (Coverage C)
    This is the total value of your personal stuff. It commonly includes furniture, clothing, and electronics. One thing you should be aware of is that most carriers exclude expensive items such as jewelry, art, cameras, or high-end bicycles in this coverage.
  • Personal Liability (Coverage E)
    This covers your bills or legal fees when you're responsible for some injuries that happened on your property. According to our quote data, this coverage won't impact as significant as personal property to your final premium.
  • Loss of use (Coverage D)
    When your property becomes unlivable under a covered reason. This is the max living expense you can reimburse.
  • Medical Payments (Coverage F)
    This covers medical and other related expenses for visitors who are injured through personal activities on your property.
💡Replacement cost vs. Actual cash value
If you bought an iPhone for $1,000 two years ago, it may only be sold for $500 now. Normally a renters insurance policy will pay $500 if your iPhone is destroyed which is called the actual cash value. If, however, your policy can cover the replacement cost, the policy can cover you a new iPhone with the same model.

What factors impact the Renters Insurance price in Florida?

In Florida, renters insurance price is first determined by some common factors as a base rate. Then, other rating factors are applied to determine the individual surcharges and credits. Below is a list of the most common factors.

  • The amount and type of coverage
    • The value of your personal property
    • The deductible amount
  • The neighbor your property is in
  • The construction, age, and condition of your residence
  • Your prior claims experience

What discounts are available for Renters Insurance?

Most carriers provide various discounts for renters insurance as well just like for auto insurance. Here are some most common discounts. You can also check this blog for more details.

Discount Description
Multi-Policy If you purchase both renters and auto insurance from the same company, you may qualify a discount for the auto insurance.
Secure Home If you have extinguishers, burglar alarms devices or you are in a gated community, you may qualify for the secured home discount. This averages about 5% from quite a few carriers.
Claim-free Just like auto insurance is lower for accident-free drivers, renters insurance is also cheaper for claim free tenants. If you have never reported any claims before, you will qualify for the claim-free discounts from quite a few carriers.
Age Usually, for renters insurance, older people pay less than younger people for a similar property. So, if you’re a college student and trying to find a renters policy for your apartment near school, you probably will pay more.
Good Credit A customer with a credit score higher than 700 can often get a better rate than those who don’t.
Pay-in-full If the carrier supports both monthly and yearly payment, usually paying-in-full will give you a discount. In other words, if you choose to pay monthly, you should pay attention to the extra fee charged by your carrier.
Paperless A few carriers even provide paperless discounts. But more and more new insurance carriers do not offer it probably because the overall cost has already been saved.

Other risks to consider in Florida

Unfortunately, most renter’s insurance policies do not cover damages to your personal property caused by a flood or an earthquake. Florida tenants do face the risks of natural hazards such as fire, hurricane, and freezing . Therefore, it is also a good idea to check with your insurance agent and learn more about what policies are available that cover these specific disasters.

Fire
Hurricane
Freezing

Last but not least, thanks to the increased risk of the exposure of personal information on the Internet in today’s digital world, it is also important to check if your renter’s insurance provides identity theft protection.

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Renters Insurance Rates for Cities in Florida

We compiled data about Renters Insurance rates for every city in Florida. This list is updated on Jan 06, 2020. A word of caution, as you explore the list below, there is no doubt you will find a wide price range.

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References

  1. FEMA
  2. NAIC
  3. U.S. Census Bureau

Disclaimer
Our articles are intended for informational purposes and should not be considered legal or financial advice. Our articles are not written or reviewed by insurance agents. Consult your policies with your agent or a professional for details regarding terms, conditions, coverage, exclusions, products, services, and programs.

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