Florida rentals account for more than 33% of Sunshine State residents, who are typically required to have renters insurance to satisfy the lease agreement. But more than just a requirement, renters insurance offers valuable financial protections for your personal property at relatively low monthly costs. Florida renters insurance costs about $15 monthly, or $185 per year, according to the latest data from the Insurance Information Institute (III). At this low monthly cost, renters can gain peace of mind that the replacement cost of belongings destroyed or damaged in a covered loss does not fall solely on their hands. This can be especially beneficial in a state like Florida, where every coastline has been impacted by at least one hurricane since the 1850s.
While renters insurance is a prevalent need in this state, the number of available insurers is also abundant. To help in your search for the best coverage and insurer, Bankrate assessed policies from companies across the state, including third-party agency ratings, to narrow down the best renters insurance options available to date.
The best renters insurance companies in Florida
There are numerous Florida renters insurance companies, each offering a unique experience for policyholders. While each renter has different needs, knowing how an insurer stacks up in the market can be helpful in judging how well it might meet your needs. We included ratings from AM Best and the 2020 J.D. Power Home Insurance Study in our selection process, as customer satisfaction and financial strength tend to be key indicators of a provider’s capabilities. Based on these factors, the following companies stood out in our Bankrate study in their offerings for renters insurance in Florida.
|Provider||J.D. Power score||AM Best|
|Assurant Group||Not rated||A (Excellent)|
|Geico||Not rated||A++ (Superior)|
|Liberty Mutual||825/1,000||A (Excellent)|
|State Farm||836/1,000||A++ (Superior)|
|The Hartford||824/1,000||A+ (Superior)|
Average cost of renters insurance in Florida
Each provider weighs rating factors differently when determining premiums, but on average, the cost of Florida renters insurance is $185 per year, or just about $15 per month, according to the III. This is only $6 more than the national average cost of renters insurance at $179 per year. However, Florida ranks first in the nation for having the highest percentage of renters who spend more than 30% of their annual income on renters insurance.
Florida’s coastal location likely plays a large part in its higher-than-average renters insurance costs. Compared to central states like Iowa or Illinois, hurricane damage is not only common, but more devastating in the Sunshine State. To date, Hurricane Michael was the strongest hurricane to make landfall within the state. As a Category five hurricane, it totaled about $25 billion in damage for the U.S. and $6.6 billion in insured damage. While preventing damage from weather-related occurrences is largely out of your control, purchasing renters insurance can help mitigate the financial burden you might face after a devastating covered loss destroys valuable belongings.
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. For Florida’s population of over 21,00,000 people, burglary still poses a high risk. The Florida Department of Law Enforcement indicates more than 71,000 burglary events occurred in 2018, although data indicates theft is down significantly since 1998.
Since Florida is a coastal state, it often experiences heavy rain falls and hurricanes. Flooding is a common disaster that can leave property damages, though renters standard policies do not include coverage for flood damage. However, separate policies can be purchased for the necessary coverage.
Does renters insurance in Florida cover hurricanes?
Yes, it does, but you may want to check with your insurance provider to better understand how coverages apply to damage or losses associated with hurricanes, and what the deductible is. Renters insurance covers certain perils, including damages caused by hail from hurricanes. Some Florida renters insurance policies make exclusions for other causes of loss, such as those relating to winds from a hurricane. Speaking with an agent is the best way to verify what your policy includes.
Why do I need to get renters insurance in Florida?
Many landlords require renters insurance as part of renting an apartment. If it is required, there will likely be provisions in the lease indicating the requirement. However, even if renters insurance is not required, the average cost of a policy is a nominal monthly cost to ensure you are not financially compromised in the case of a devastating loss. Without renters insurance, you are risking not having any of your property financially protected. You could end up paying much more in the event of a storm to replace your belongings or establish living arrangements after being temporarily displaced. Especially since Florida is prone to a lot of natural disasters, it is important for renters to consider renters insurance for long-term financial protection.