As a renter in Florida, you may think your landlord’s insurance provides all the financial protection you need. However, your belongings and liability are not covered by landlords insurance. While many homeowners insurance companies are leaving Florida because of claim risk and other factors, renters insurance in Florida doesn’t cover the building and is therefore less risky for insurers to provide. This means most renters should still have ample opportunity to secure beneficial coverage. Bankrate’s research can help make the renters insurance shopping process easier.
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- The best renters insurance companies in Florida
- Allstate
- Farmers
- Lemonade
- Liberty Mutual
- State Farm
- The Hartford
- Travelers
- Average cost of renters insurance in Florida
- Frequently asked questions
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If you’re a renter in Florida and you don’t have renters insurance, the coverage it provides may be well-worth the nominal cost. We’ve compared dozens of insurance carriers and collected our findings in this review of the best Florida renters insurance companies.
The best renters insurance companies in Florida
Despite the Florida homeowners insurance crisis, a number of the best renters insurance companies in Florida are still available. To help you find the best Florida renters insurance for your needs, consider the attributes of the companies included in the list below. Bankrate has analyzed dozens of Florida renters insurance companies, comparing third-party agency rankings for customer satisfaction and financial strength, coverage options, discounts and average annual rates, which may help you make an informed decision on the best renters insurance in Florida.
| Company | Best for | J.D. Power score | AM Best |
|---|---|---|---|
| Allstate | Retirees | 833/1,000 | A++ (Superior) |
| Farmers | Basic coverage | 831/1,000 | A (Excellent) |
| Lemonade | Digital insurance experience | 870/1,000 | Not rated |
| Liberty Mutual | Discounts | 823/1,000 | A (Excellent) |
| State Farm | Optional coverage | 866/1,000 | A++ (Superior) |
| The Hartford | Claims satisfaction | Not rated | A+ (Superior) |
| Travelers | Valuables coverage | 815/1,000 | A++ (Superior) |
Allstate
Best for: Retired renters
Allstate offers standard coverage in its renters insurance policies, with the option to add replacement-cost for the contents portion of the policy for an additional fee. Although Allstate only has a few renter’s discounts (for multi-policy and setting up automatic payments), retirees over 55 may be privy to an additional discount. Retirees can save up to 25% on premiums by insuring their belongings with Allstate.
| Perks | Drawbacks |
|---|---|
| Optional replacement cost on contents | Below-average J.D. Power score |
| Retirees could save up to 25% on premiums | Few discounts |
| “Superior” financial strength rating |
Standout features:
- 55 and retired discount
- Choose ACV or RCV on contents replacement coverage
Learn more: Allstate Insurance review
Farmers
Best for: Basic coverage
If you’re looking for standard renters coverage, Farmers may be the right choice for your Florida renters insurance needs. Farmers offers renters the option to include replacement cost on belongings and identity theft protection. You could get a discount for purchasing multiple policies, not smoking and having a fire alarm or security system installed in your rental. Farmers also ranks second in the 2022 J.D. Power U.S. Property Claims Satisfaction Study, which quantifies its commitment to ensuring a positive claims experience.
| Perks | Drawbacks |
|---|---|
| High ranking claims satisfaction process | Few discounts |
| Non-smokers get cheaper rates | AM Best rating not as strong as other insurers |
Standout features:
- Replacement cost on belongings
- Identity theft coverage
Learn more: Farmers Insurance review
Lemonade
Best for: Digital insurance experience
Renters may be able to purchase Lemonade renters insurance for as little as $5 per month, which is cheap for a non-bundled policy. If you aren’t also aiming to insure your vehicle with the company, Lemonade could have the cheapest Florida renters insurance premiums of the carriers listed. In addition, Lemonade is completely online-based, which offers a total modern digital experience for those who don’t require an agent to help with purchasing and managing a policy. Those interested in Lemonade could get coverage in as quick as 90 seconds, which may be appealing to renters who need a policy on short notice.
| Perks | Drawbacks |
|---|---|
| Get coverage in as little as 90 seconds | No agents available for policy questions or support |
| Cheap rates for non-bundled policy | Dog breed restrictions may apply |
| Digital insurance experience |
Standout features:
- Fast and easy claims process
- Website or app available for all policy needs
Learn more: Lemonade Insurance review
Liberty Mutual
Best for: Discounts
Besides basic coverage, Liberty Mutual offers optional add-ons for jewelry coverage, personal property replacement cost and earthquake damage. Liberty Mutual also has stackable discounts to help Florida renters save even more on insurance costs. Discounts include those for being claims-free, having more than one policy, buying online and setting up automatic payments, among others.
| Perks | Drawbacks |
|---|---|
| Various discounts for renters | Not as strong of an AM Best financial strength rating |
| Blanket jewelry protection doesn’t require an appraisal or deductible | Below-average J.D. Power score |
| No depreciation on belongings when you upgrade to replacement cost coverage |
Standout features:
- Blanket jewelry coverage
- Earthquake coverage
Learn more: Liberty Mutual Insurance review
State Farm
Best for: Optional coverage
State Farm stands out among Florida insurers for optional coverage. Florida renters can personalize their renters insurance coverage with optional protections, such as identity restoration, earthquake coverage, incidental business liability and additional business property. Business owners who rent in Florida may find State Farm meets their needs the most for both personal and business coverage under one policy. Another perk from State Farm that policies typically have no breed restrictions on dogs.
| Perks | Drawbacks |
|---|---|
| Numerous coverage personalization options | May be expensive |
| No breed restrictions | Limited discounts |
| “Superior” financial strength rating from AM Best |
Standout features:
- No dog breed restrictions
- Business add-on coverages
Learn more: State Farm Insurance review
The Hartford
Best for: Claims satisfaction
The Hartford offers standard renters insurance coverage, including replacement cost on contents at no additional charge. If you’re looking for a carrier with a great claims process and customer experience, The Hartford tied with Amica for first place in the 2022 J.D. Power Property Claims Satisfaction Study, earning 886 out of 1,000 points. However, The Hartford only offers two discounts: one for bundling home and auto and one for having 24-hour monitored security, like a gated community or uniformed guard protection. While it scores highly for property claim satisfaction, J.D. Power did not include it as a ranked insurer for renters in the 2021 Home Insurance Study.
| Perks | Drawbacks |
|---|---|
| Top property claims satisfaction score from J.D. Power | Only two discounts |
| Replacement cost built in | Did not rank for renters insurance in the 2021 J.D. Power Home Insurance Study |
Standout features:
- Tied for first place in J.D. Power Property Claims Satisfaction
- Replacement cost on contents
Learn more: The Hartford Insurance Review
Travelers
Best for: Valuables coverage
Florida renters with valuable items, like jewelry, musical instruments, computers and fine arts, may want to consider Travelers for a renters insurance quote. Travelers doesn’t require an appraisal or listing individual items for coverage. Instead, you provide a dollar amount of coverage for your valuables and Travelers will include the coverage on your policy for an additional cost, depending on the amount of coverage. Travelers offers a few discounts on renters insurance, including multi-policy, claims free and protective devices.
| Perks | Drawbacks |
|---|---|
| No appraisal or lists required for valuables add-on coverage | Few discounts |
| Can upgrade contents to replacement cost coverage | Below-average J.D. Power study scores |
| “Superior” financial strength rating from AM Best |
Standout features:
- Contents replacement cost
- Valuable items
Learn more: Travelers Insurance review
Average cost of renters insurance in Florida
Each provider weighs rating factors differently when determining premiums, but on average, the cost of Florida renters insurance is $180 per year, or just about $15 per month, according to the Insurance Information Institute’s estimates. This is only $5 more than the national average cost of renters insurance at $174 per year. However, Florida ranks first in the nation for having the highest percentage of renters who spend more than 30% of their annual income on renters insurance.
Florida’s coastal location likely plays a large part in its higher-than-average renters insurance costs. Compared to central states like Iowa or Illinois, hurricane damage is not only common, but tends to be more devastating in the Sunshine State. To date, Hurricane Michael was the strongest hurricane to make landfall within the state. As a Category five hurricane, it totaled about $25 billion in damage for the U.S., and $6.6 billion in insured damage. While preventing damage from weather-related occurrences is largely out of your control, purchasing renters insurance can help mitigate the financial burden you might face if a devastating covered loss destroys valuable belongings.
Frequently asked questions
-
- What are the common causes of renters insurance losses in Florida?
The most common causes of renters insurance losses in Florida are storms — mainly hurricanes and theft. Florida is the number one state for hurricane landfall, which can increase the amount of contents claims renters file after a loss. Property crime in Florida is also prevalent, with the southeastern part of Florida seeing around 194,000 property crimes a year, while the northeastern part, around 6,100 annually.
- Does renters insurance in Florida cover hurricanes?
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 certain perils, including damages caused by hail from hurricanes. Some Florida renters insurance policies make exclusions for other causes of loss, such as those relating to winds from a hurricane. Speaking with an agent is the best way to verify what your policy includes.
- Why do I need to get renters insurance in Florida?
Many landlords require renters to have insurance as part of the rental agreement. If it is required, there will likely be provisions in the lease indicating the requirement. However, even if renters insurance is not required, the average cost of a policy is a nominal amount to ensure you are not financially compromised in the case of a devastating loss. Without renters insurance, you risk not having any of your property 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. Especially since Florida is prone to a lot of natural disasters, it is important for renters to consider renters insurance for long-term financial protection.
- How do I purchase renters insurance in Florida?
You can purchase renters insurance in Florida online, over the phone or in person, depending on the insurance company. Florida renters should understand their rights under Florida landlord/tenant law before signing a contract for a rental agreement. Landlords in Florida can require you to purchase renters insurance, which will have minimum coverage requirements you should adhere to as a condition of the rental contract.
- What are the common causes of renters insurance losses in Florida?
