Florida is a great place to live. You can enjoy the sunshine, beaches and not having to shovel snow out of your car. But renters need to be ready for the dangers of living in Florida. Florida renters insurance can protect your belongings from damage caused by hurricanes, tropical storms, and sinkholes.
NerdWallet compared rates across more than a dozen Florida companies to find the lowest renters insurance.
What is the cost of renters insurance in Florida
According to NerdWallet rate analysis, the average cost for renters insurance in Florida is $196 per year or $16 per month. This is more than the $168 national average.
Below is an average cost for renters insurance in 25 major Florida cities. Port St. Lucie is the cheapest, with renters insurance costing an average of $159 per year. The average renters insurance premium for Hialeah is $233 per year.
Florida renters insurance companies that are affordable
NerdWallet compared rates from several companies across the state, including large national insurers as well as smaller providers based in Florida. These are the top-rated Florida renters insurance companies.
The cheapest companies
Florida Farm Bureau: In order to get renters insurance from Florida’s cheapest company, you will need to join your county’s Farm Bureau. To learn more, see our Farm Bureau insurance review.
Security First: If you are 55 or older, you may be eligible to receive discounts from this Florida-based insurance company.
Travelers: You can save up to 5% on your auto premium by bundling your renters insurance and your car insurance with Travelers. If you don’t have any renters claims, you can save even more money.
Citizens Property Insurance: This non-profit entity was established by the Florida government to offer property insurance to people who cannot get it elsewhere. Citizens insurance is only available to you if your application has been denied by any other Florida insurers, or if the rates offered by Citizens are higher than those provided by Citizens.
Bankers Insurance: Bankers has a variety of coverage options that can be added to your Florida renters insurance. These include identity fraud expense coverage, animal liability coverage to $300,000. Additional coverage for valuable items such as jewelry and bicycles.
State Farm: This is the country’s biggest insurer. You can add $25 per year to your renters policy and get identity restoration coverage. This coverage will help you recover and monitor your credit after an incident of identity theft and reimburse any expenses up to $50,000.
Allstate: Renters over 55 who are eligible for a 25% discount on their Allstate renters insurance can enjoy a savings of up to 25% Renters who have both car and renters insurance can save even more.
Universal: Universal North America, based in Sarasota, sells a range of policies in Florida including flood and renters insurance. The renters policies provide basic coverage for liability, personal property and additional living expenses in the event that you have to move during repairs.
Universal Property: Universal Property is another Florida insurance company, headquartered in Fort Lauderdale. They offer a variety discounts for renters over 65 and those with centrally monitored burglar alarms.
Tower Hill: This Gainesville-based insurer offers many options to personalize your policy. These include additional coverage for identity fraud, credit card forgery, and computers.
UPC: UPC is based in St. Petersburg and specializes in insurance for coastal areas that are vulnerable to tropical storms and hurricanes. Standard renters coverage is offered by the company, including liability insurance and protection for personal property.
American Strategic: Progressive renters insurance policy may be underwritten by American Strategic (it’s a Progressive subsidiary).
Florida Renters Insurance: What you need to know
Florida is susceptible to natural disasters such as hurricanes, tropical storms and sinkholes. These are not all covered by standard renters insurance policies.
For example, most renters policies exclude damage due to flooding. That means if you live in a ground-floor apartment and your belongings are ruined by a hurricane storm surge, your belongings likely won’t be covered unless you’ve added flood insurance to your policy.
While most renters policies cover wind damage, in high-risk areas like Florida’s “wind-pool area”, you may need to buy this coverage separately.
Florida is highly prone to sinkholes, and state law requires that all property insurance companies cover damage due to “catastrophic ground cover collapse.” Keep in mind, though, that this does not include less-than-catastrophic damage from sinkholes. Citizens Property Insurance Corporation offers sinkhole loss coverage to all its renters policies at an additional cost. However, this coverage is usually more comprehensive than what you would get with standard sinkhole coverage.
What is the Florida Renters Insurance Rate?
The average annual premiums listed above can give you a rough idea of what to expect, but your own renters insurance quotes will depend on several factors.
Although insurance companies don’t use a traditional credit score to set your rates, they typically look at a similar measure called a credit-based insurance score to judge how likely you are to file a claim. Renters insurance can be cheaper if you improve your credit score.
Wherever you live
Renters insurance may cost more if your home is located in a high-risk area for hurricanes or in a community with higher crime rates than the average. Rates can also be affected by the proximity of fire stations or hydrants to your home.
Your claim history
Your insurer might charge more if you have filed renters insurance claims within the last few years. Here are five of the cheapest Florida renters who have filed a recent claim for theft.
The features of your home
Are you a resident of a gated community? Are you equipped with a fire alarm or a home security system? These features can help you get discounts on renters’ insurance.
Choosing a higher deductible can save you money on your Florida renters policy. You should make sure that you have enough cash on hand to cover the deductible.
Limits of coverage
The more coverage you require, the more you will pay. You will pay more for personal property coverage if you have more expensive furnishings and a bigger home than someone who has just a few pieces of furniture in a small apartment.
Many insurance companies offer bundling discounts if you buy both renters and auto insurance from them.
Because renters liability insurance typically covers damages if your dog bites someone, you might pay more — or not be covered at all — if your pet is a breed that insurance companies consider to be a higher risk, such as a pit bull or a Doberman pinscher.
Florida Office of Insurance Regulation
Are you having problems with your Florida renters insurance policy? The Florida Office of Insurance Regulation might be able to assist you. You can call the consumer helpline at 877-MY-FL-CFO (877-693-5236) or access other services on its website.
Questions frequently asked
Are you looking for renters insurance in Florida
Although it is not required by law to have renters insurance, some landlords may require it. You may still want to buy a policy to protect your belongings in the event of theft, fire, or other natural disasters. See six reasons not to skip renters insurance.
Florida Renters Insurance: Who is it?
Renters insurance can be purchased in Florida from several nationally recognized companies such as State Farm and Travelers, and local insurers like the Florida Farm Bureau and Security First. Shop around for renters insurance quotes to find the right company for you.
What is Florida renters insurance?
Standard renters policies will cover your belongings in the event of fires, theft, wind damage and other catastrophes. However, it won’t cover you if your home floods. For that, you’ll need separate flood insurance.