Florida Renters Insurance (2024)

FAQs

How much does renters insurance cost in Florida? ›

The Cost of Renters Insurance in Florida

According to data collected by Quadrant Information Services in 2023, renters insurance costs $175 per year or $14.58 per month on average in the state of Florida.

Renters' insurance covers you against financial loss if your personal property (contents) is damaged or destroyed from a covered peril. A peril is something that may cause damage to or destruction of your property such as a fire, hurricane or theft.

Renters insurance coverage is almost always worth it. It is much more affordable than other policies, including home or auto insurance, and provides valuable financial protection. Even if you can save enough money to cover unexpected loss, renters insurance may be worthwhile.

Renters insurance isn't required by law in any state, but landlords and property management companies may make renters insurance mandatory as part of your lease.

As a renter in Florida, you should have renters insurance to protect your personal belongings from various perils, including hurricanes. Renters insurance is a type of policy that covers the loss or damage of your personal property due to theft, fire, vandalism, or natural disasters.

Damage Caused by Floods, Earthquakes and Sinkholes

Flooding, earthquakes and sinkholes are all examples of natural disasters that are not covered by a typical renters insurance policy.

Renters insurance isn't required by law in Florida.

In Florida- and many other states- landlord insurance is not required by law. It is, however, highly recommended- as it offers protection from significant financial loss if something significant happens.

Renters insurance is relatively inexpensive. According to NerdWallet, the average renters policy costs about $15 per month for up to $30,000 in personal property coverage. That's solid coverage for less than the cost of a few cups of coffee a week.

What is a good deductible for renters insurance? ›

Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options. State Farm has deductibles of up to $2,000, while Lemonade offers a specialized renters insurance policy with a $0 deductible.

Renters insurance can provide essential benefits to tenants, such as protecting personal belongings, liability coverage, and additional living expenses coverage. However, it has potential drawbacks, such as additional expense and limited coverage.

Many renters don't purchase renter's insurance, either because they don't think it is necessary or believe they are covered under the landlord's policy. The cost of renter's insurance is relatively low.

The landlord cannot make the late penalty too high, he cannot include provisions that make you forfeit your personal property without going to court, nor can he throw you out without going to court for nonpayment of rent. These are illegal provisions and will not be recognized by the courts.

Requiring renters insurance in a lease benefits landlords by reducing their liability and preventing them from paying for damages. Renters insurance also takes care of relocation costs, helps landlords determine which tenant is reliable and makes it easier to accommodate tenants with pets.

Insurance is all about risk, so customers that live in areas with higher risks of claims usually have to pay more for coverage. Some location-based factors that impact renters insurance rates can include: The rate of crimes, especially theft, in your ZIP code.

Typically, renters insurance deductibles are $500 or $1,000, but companies often provide a range of options. State Farm has deductibles of up to $2,000, while Lemonade offers a specialized renters insurance policy with a $0 deductible.

In most cases, yes, your insurance premiums will increase after filing a renters claim. As it recalculates your premiums in the wake of a claim, your insurance company will generally consider the type, amount and frequency of claims. The more often you file claims, the riskier you are to insure.