How much is renters insurance in Florida? [2024]

Renters insurance is a type of insurance that protects tenants from financial losses caused by unexpected events, such as fire, theft, vandalism, or water damage. It also provides liability coverage in case someone is injured in your rental property and sues you.

Average Cost of Renters Insurance in Florida

The average cost of renters insurance in Florida is $152 per year, or about $13 per month. This is slightly higher than the national average of $148 per year.

What are the factors that affect on cost of renters insurance in Florida?

Here are some of the factors that can affect the cost of renters insurance in Florida:

• Your location: Renters insurance rates are typically higher in urban areas than in rural areas.
• The type of apartment you live in: Condos and apartments with fewer units tend to have lower rates than apartments with more units.
• Your credit score: Renters with good credit scores typically qualify for lower rates than renters with poor credit scores.
• Your coverage limits: The higher your coverage limits, the higher your premium will be.
• Your deductible: The higher your deductible, the lower your premium will be, but you will be responsible for paying more out of pocket if you file a claim.

How to get renters insurance in Florida:

• Get quotes from multiple insurers. This will help you compare rates and find the best deal.
• Choose the right coverage limits. You should choose coverage limits that are high enough to protect your belongings, but not so high that you are overpaying for coverage you don't need.
• Consider a higher deductible. A higher deductible can save you money on your premium, but you will be responsible for paying more out of pocket if you file a claim.
• Bundle your renters insurance with your car insurance. This can save you money on both policies.
• Ask about discounts. Some insurers offer discounts for things like having a security system or being a member of certain organizations.

Also read: Why is car insurance so expensive in Florida?

What does renters insurance cover in FL?

Renters insurance in Florida typically covers the following:

• Personal property: This covers your possessions, such as furniture, clothing, electronics, and appliances, in the event of theft, fire, or other damage.
• Liability: This covers you if someone is injured in your rental property and sues you. It also covers damage to other people's property that you cause.
• Loss of use: This covers your additional living expenses if you are forced to move out of your rental property due to a covered loss.
• Flood insurance: This covers damage caused by flooding, which is a major risk in Florida.
• Earthquake insurance: This covers damage caused by earthquakes, which are also a risk in some parts of Florida.
• Personal umbrella insurance: This provides additional liability protection beyond the limits of your renters insurance policy.

Benefits of having renters insurance in Florida:

• Protects your belongings: Renters insurance can cover your personal belongings in the event of theft, fire, or other damage.
• Provides liability coverage: Renters insurance can also cover you in the event of a lawsuit filed against you by a guest who is injured in your rental property.
• Can help you recover lost rent: If you are forced to move out of your rental property due to a covered loss, renters insurance can help you recover lost rent and additional living expenses.
• Is relatively affordable: Renters insurance is typically very affordable, and the peace of mind it provides is well worth the cost.

Do I need renters insurance in FL?

Renters insurance is not required by law in Florida, but it is strongly recommended. While it might not be a legal obligation, it is a wise investment to protect your belongings and personal liability. Renters insurance can cover a wide range of damages, including:

• Fire, smoke, and lightning damage
• Water damage from burst pipes or other occurrences
• Theft or vandalism
• Personal liability claims

If you don't have renters insurance, you'll be responsible for paying for these damages out of pocket, which could be a significant financial burden. In addition, renters insurance can also provide coverage for medical expenses if someone is injured in your rental property.

Also read: How much is flood insurance in Florida?

Most common What is the most common amount for renters insurance?

amount for renters insurance coverage is $30,000 for personal property and $100,000 for liability. This is a good starting point for most renters, as it will provide enough coverage for most situations. However, you may need to adjust your coverage limits depending on your individual needs.

For example, if you have a lot of valuable belongings, you may want to increase your personal property coverage to $40,000 or $50,000. And if you are concerned about liability risks, you may want to increase your liability coverage to $200,000 or $300,000.

Here is a table of common renters insurance coverage amounts:

Does renters insurance in Florida cover hurricanes?

Yes, renters insurance in Florida typically covers damage caused by hurricanes, including wind, hail, fire, or falling objects associated with hurricanes. Standard renters insurance policies include coverage for perils such as fire and lightning, non-flood water damage, falling objects, and wind and hail, according to The Law Place.

Also read: Average Cost of car insurance in Florida in 2024