Best renters insurance in Florida
Homeowners have insurance to cover losses related to their house or condo, but what happens if you’re renting a property in Florida that experiences some sort of loss? Renters insurance works to cover your personal property from losses such as theft, fire and other perils. To help renters in the Sunshine State find the best renters insurance for their needs, Bankrate compared dozens of insurance carriers and determined the best Florida renters insurance companies based on coverage, customer satisfaction and financial strength.
The best renters insurance companies in Florida
Given the high number of fraudulent insurance claims that originate in Florida, as well as the risk associated with insuring homes there, the state is experiencing a homeowners insurance crisis. Many companies are no longer offering renters insurance policies in the Sunshine State, but residents still have a few options.
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 from J.D. Power and financial strength from AM Best, as well as coverage options, discount opportunities and average annual rates, which may help you make an informed decision when purchasing renters insurance here.
| Company | Best for | J.D. Power score | AM Best |
|---|---|---|---|
| Allstate | Retirees | 835/1,000 | A++ (Superior) |
| Lemonade | Digital insurance experience | 854/1,000 | Not rated |
| Liberty Mutual | Discounts | 848/1,000 | A (Excellent) |
| State Farm | Optional coverage | 844/1,000 | A++ (Superior) |
| Travelers | Valuables coverage | 835/1,000 | A++ (Superior) |
Allstate
Best for: Retired renters
Allstate offers standard coverage on 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 percent 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
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 an end-to-end 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 for property claims satisfaction |
| 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 is 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
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
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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 $175 per year, or just about $15 per month, according to the Insurance Information Institute’s (Triple-I) estimates. This is only $5 more than the national average cost of renters insurance, which is $170 per year, according to 2021 data from Triple-I (the most recent year is available). However, Florida ranks first in the nation for having the highest percentage of renters who spend more than 30 percent 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 here but also tends to be more devastating. 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 and $6.6 billion in insured damage. While preventing destruction 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
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There are two common causes for renters insurance losses in Florida. The first is theft or property crime. This is most prevalent in southeastern parts of the state, which see about 252,892 crimes per year. The northeastern section of the state sees far fewer — just 6,245 property crimes per year. Hurricanes are the other major cause of losses in Florida. The state is the worst state for hurricane landfall and has experienced more hurricanes than any other state in recorded history.
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Renters insurance in Florida can cover hurricane damage, depending on what damage your property sustains. Flood damage is almost always excluded from home and renters insurance. Since acquiring flood insurance from a private insurer can be challenging in Florida, renters can get a flood policy through the National Flood Insurance Program (NFIP).
Damage from windstorms is also typically covered on a renters insurance policy. Florida law requires all insurance companies to offer windstorm insurance with various deductible options. Look closely at your renters insurance contract to see if you have a flat $500 or a percentage-based deductible. This can make a big difference when it comes time to submit a claim.
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While renters insurance is not state-mandated, 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 conditions. However, even if your landlord doesn’t require renters insurance, having a policy can help you financially protect your personal property and help safeguard you from liability issues. Keep in mind that the insurance your landlord carries does not cover your personal property or personal liability concerns within the rental.
If a guest gets hurt inside your apartment or your dog bites someone, the liability coverage on your personal renters insurance policy can help. Because renters in apartment buildings live so close to other people, damage from fire and theft of property are not uncommon and renters insurance provides coverage for that too.
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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.
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While the state may be more prone to experiencing severe weather, renters insurance in Florida doesn’t only kick in after a disaster. Rather, your renters insurance policy can reimburse you for many common covered losses, called named perils. Common covered losses in a Florida renters insurance policy include fire, windstorm damage, hail damage, vandalism or theft and falling objects. While Floridians generally experience a lot of water damage from hurricanes and other major storms, water damage from flooding will likely require a separate policy.
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What renters insurance covers will depend on the coverage that you purchase. Typically, Florida renters insurance will cover damage caused by natural disasters or unexpected accidents like fires. It will also help cover losses resulting from property crime, theft and more. In most cases, renters insurance in Florida will help cover damage caused by hurricanes, but speaking with an agent can help you sort out the specifics of the policy you’re considering to ensure that appropriate coverage is in place.
It’s also worth noting that most renters insurance policies only cover the depreciated value of items, called actual cash value. You can seek out a policy that covers your items at replacement cost value — which doesn’t factor depreciation — if you want more financial protection in case of potential loss.
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