Best renters insurance in Florida

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Having renters insurance is essential to protecting your household items, especially in a state with a volatile climate like Florida. Since Florida is a coastal state, it is prone to hurricanes and severe storms. Since the 1850s, every coastline in Florida has been impacted by at least one hurricane.

The hurricanes in Florida are known to cause devastating damages and impact to homes, where some homes are left in complete ruins from strong winds and heavy flooding. This not only impacts the exterior of the home, but also the furniture and people’s personal belongings inside their homes.

In addition to geographical considerations, most landlords require renters insurance in Florida. Renters insurance protects your belongings in the event that they are damaged by a covered loss. In a state with such a high likelihood of catastrophic natural disasters, renters insurance is highly recommended to protect your belongings.

The best renters insurance companies in Florida

When searching for the best providers in the state, we looked at factors such as customer reviews, AM Best ratings, product offerings and cost to find the best options for you. Here are some of the best renters insurance providers in the state:

Provider J.D. Power Rating AM Best
Allstate 841/1000 A++ (Superior)
Assurant Group NA A (Excellent)
Geico NA A++ (Superior)
Liberty Mutual 825/1000 A (Excellent)
MetLife NA A- (Excellent)
State Farm 836/1000 A++ (Superior)
The Hartford 824/1000 A+ (Superior)
Travelers 807/1000 A++ (Superior)

Average cost of renters insurance in Florida

Many factors influence costs such as the level of coverage options you choose, your dwelling type and the requirements outlined by your landlord – if there are any. On average, you’ll pay $12 a month for $100,000 of liability protection (this is the standard liability policy some landlords require renters to have) and $30,000 of property coverage, which covers items like your TV, clothes and computers.

Florida residents can pay more for renter’s insurance than residents of other states, with the average annual cost being around $179 annually, according to the Insurance Information Institute (III). A big reason for the higher costs over states like Utah or Kentucky is due to the weather. With high winds and water damage being a common issue during the hurricane season, those who live in Florida are more susceptible to experiencing property damage at some point due to a hurricane or other strong storm.

That said, surprisingly Florida residents pay less than the national average for renter’s insurance. According to the National Association of Insurance Commissioners, the average price per policy ranges between $15 and $30 a month, placing Florida’s at the cheaper end of the spectrum.

Florida renters insurance coverage options

When you rent an apartment, your landlord will likely have insurance to cover their building, but you should still obtain renters insurance since that protection doesn’t extend to your belongings. Renters insurance comes with different features. Liability protects you in the event someone incurs an injury when they’re in your apartment and decides to sue you for damages. On many policies, it may include a provision that provides up to $1,000 for medical payments to those affected by the claim.

In addition to medical expenses, liability protection can pay for legal fees, which can add up to thousands in out-of-pocket expenses. Along with liability protection, renters insurance includes protection on items damaged from fire, vandalism, flooding and other approved causes. You can file a claim with your insurance provider and once approved, you will receive the money to replace your items after you pay your deductible.

There are two types of renters insurance that affect the amount you receive. With actual cash value, you’ll receive reimbursement for the fair market value of the items damaged at the time of the loss. On the other hand, replacement cost coverage provides the money to replace the items damaged or stolen.

Essentially, under actual cash value, if you have an older TV stolen or damaged you might not receive much for it. With replacement cost coverage, they’ll give you the money needed to replace the item.

If you’re a Florida resident, make sure you have sufficient coverage for contents, especially if you live near coastal areas. Also, double-check with your insurance provider to ensure hurricanes are covered under their policy, and if so, what the deductible is.

It’s also important to note that there might be some items your insurance provider won’t cover under renters insurance. For instance, if you operate a home-based business and have company-related items damaged or stolen, your policy might not cover them.

Moreover, some valuables such as expensive jewelry might not have protection under your policy. If you operate a home-based business or have expensive jewelry on hand, ask your insurance provider what coverages you need.

Frequently asked questions

What are the common causes of renters insurance losses in Florida?

The most common causes for losses throughout the state continue to be theft and weather- related damages. In 2018, the III reported 5.7% of home insurance claims were related to theft. Since Florida is a coastal state, it often experiences heavy rain falls and hurricanes. Flooding is a common disaster that can leave homes damages, causing renters insurance loss.

Does renters insurance in Florida cover hurricanes?

Yes, it does. You should check with your insurance provider to better understand which coverages they offer for hurricanes and what the deductible is. Renters insurance covers perils. Damages caused by flood and hail from hurricanes fall under perils. So any property damages related to flood and hail will be covered under renters insurance in Florida.

Why do I need to get renters insurance in Florida?

Many landlords require it as part of renting an apartment–they’ll even have provisions in the lease stating this. And even if they don’t, the average cost of a policy is less than $15 a month. Without renters insurance, you are risking not having any of your property protected. You could end up paying much more in the event of a storm to replace your belongings. Especially since Florida is prone to a lot of natural disasters, it’s important to obtain renters insurance for protection in the long run.