Having renters insurance is essential to protecting your household items, especially in a state with a volatile climate like Florida. And with some landlords requiring renters insurance now, it’s becoming a necessity for many Florida renters.
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. Below, in no particular order are some of the best renters insurance providers in the state:
- State Farm
- Allstate Insurance
- Geico Insurance
- Traveler’s Companies
- Liberty Mutual
- Assurant Group
- The Hartford
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 costs being around $150 annually. 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.
When you rent an apartment, your landlord will likely have insurance to cover their building, but that protection doesn’t extend to your belongings; this is why you need renters insurance.
Renters insurance comes with different features. The first, and most important is liability protection. This 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 includes 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. As you can imagine, this saves you thousands in out of pocket expenses.
Along with liability protection, your renters insurance includes protection if your items become damaged due to fire, vandalism, flooding and other approved causes. Upon one of these causes happening, you file a claim with your insurance company. And once approved, you receive 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.
Meanwhile, for Florida residents, 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 damage resulting from the weather, most notably flooding.
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.
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 less than $15 a month. That’s much cheaper than having to replace all of your items if someone breaks into your home or if a hurricane hits your area.