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.

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.

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.

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.

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.

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.

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 $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

• • What are the common causes of renters insurance losses in Florida?

    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.

  • Does renters insurance in Florida cover hurricane damage?

    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.

  • Why do I need to get renters insurance in Florida?

    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.

  • 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 common losses may Florida renters face?

    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.

  • What does renters insurance cover in Florida?

    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.