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). Renters can feel secure knowing that their belongings will not be destroyed or damaged by a covered loss at a low monthly cost. This can be especially beneficial in a state like Florida, where every coastline has been impacted by at least one hurricane since the 1850s.
Renters insurance is a very common need in this state. However, there are many available insurers. Bankrate compared policies from different companies in the state to help you find the best insurer and coverage.
Florida’s top renters insurance companies
There are many Florida renters insurance providers that offer a different experience to policyholders. Each renter has unique needs. Knowing how the market ranks can help you decide how well an insurer might suit your needs. We used ratings from AM Best as well as the 2020 J.D. We used the Power Home Insurance Study to make our selections, since customer satisfaction and financial strength are key indicators of a provider’s capabilities. These factors led to the Bankrate study that highlighted these companies’ offerings in Florida renters insurance.
Florida Renters Insurance Average Cost
The cost of Florida renters insurance averages $185 per annum, which is just $15 per month. Each provider has its own rating system. According to the III, however, premiums are determined differently by each provider. This is only $6 more than the national average cost of renters insurance at $179 per year. Florida is the first state to have a higher percentage of renters spending more than 30% of their annual income for renters insurance.
Florida’s coast location is likely to play a significant role in the higher than average renters insurance cost. Hurricane damage in Florida is more common than that of central states like Illinois and Iowa. Hurricane Michael, the most powerful hurricane to hit the state, was the first. It was a Category 5 hurricane and caused damage of approximately $25 billion to the United States. Insured damage of $6.6 billion was also sustained. Although you cannot prevent weather-related damage, renters insurance can reduce the financial burden that could be imposed upon you if your valuable possessions are destroyed by a covered loss.
Questions frequently asked
What are the most common causes of Florida renters insurance loss?
The state’s most frequent losses are theft and weather-related damages. Burglary remains a major risk for Florida’s 210,00000 residents. 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.
Florida is a state that lies along the coast. This means it experiences hurricanes and heavy rains. Flooding is a common disaster that can leave property damages, though renters standard policies do not include coverage for flood damage. For the required coverage, you can purchase separate policies.
What hurricanes does Florida renters insurance cover?
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 damage from hail storms. There are exclusions in some Florida renters insurance policies that exclude other losses, such as winds from a hurricane. Talking with an agent will help you verify the contents of your policy.
What are the benefits of Florida renters insurance?
Many landlords require renters insurance as part of renting an apartment. It is likely that the lease will include provisions stating the requirement if it is. Even if renters insurance isn’t required, the average monthly cost of a policy will be a small amount to protect your finances in the event of a catastrophic loss. Renters insurance is a risky way to ensure that your assets are 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. Renters should consider renting insurance to provide long-term financial protection, especially since Florida is susceptible to many natural disasters.