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If you rent a house or apartment in Florida, having renters insurance is very beneficial. Renters insurance, also called tenant insurance, covers your personal belongings if a covered loss damages or destroys them. It also covers third-party liability claims, medical payments, and additional living expenses should you need to live away from your home after a covered event.1
In Florida, the average cost of renters insurance is $18 per month for a policy with $30,000 in personal property coverage and $100,000 in liability coverage. Even though renters insurance isn’t a legal requirement in Florida, some landlords may require you to have a policy.
How renters insurance works in Florida
Renters insurance in Florida has three main components — personal property coverage, liability coverage, and additional living expenses. Some policies also include medical payments coverage. Depending on the insurance company, extra coverage options may be available for renters, like coverage for valuables and electronics.
Most property and casualty insurance companies sell renters insurance, and the process of purchasing renters insurance is easy. Many insurers provide instant online quotes and allow you to purchase a policy on the same day you apply.
Follow these steps to get a Florida renters insurance policy:
Research insurance companies.
Choose your coverage limits and deductibles.
Get quotes from several insurers.
Buy the policy with the best coverage at the lowest price.
The cost of tenant insurance is different for everyone. Your location, the size of the home or apartment, your coverage limits, deductibles, and insurance company all affect your insurance rates.2 Some insurance companies in Florida provide renters insurance discounts that can reduce your rate as well.
Filing a claim
Filing a renters insurance claim is also a straightforward process. While the exact process may differ between insurers, you’ll generally follow these steps:
File a police report, if necessary.
File the claim online, through the insurer’s mobile app, or over the phone.
Provide information about what happened and estimate the cost of your damaged items.
Wait for your claim to get approved.
Receive compensation to replace your items.
Best renters insurance companies in Florida
Many reputable insurance companies sell renters insurance in Florida. But the best insurance company for you will depend on your situation and coverage needs.
For example, Erie offers the lowest average premium based on Insurify data, so it’s a good option for people looking for the most affordable renters insurance. If you want a renters insurance company with the best customer service, American Family is a great pick because J.D. Power rates it highly for overall customer satisfaction.3
Here, you can see some of the best renters insurance companies in Florida, including their monthly average premium and what they’re best for.
What renters insurance covers in Florida
A basic renters insurance policy in Florida covers personal property, liability, medical expenses, and additional living expenses. Here’s what each part covers:
Unique considerations for renters insurance in Florida
Renters in the state of Florida face a variety of risks. Some of the primary concerns are wildfires, windstorms, and hurricanes. If a covered peril damages your personal items, your renters insurance policy will cover the loss.
But it’s important to make sure the amount of coverage you choose will protect your belongings in the event of a claim. It can be helpful to make a home inventory of all your personal items and their estimated values. Choose a coverage limit based on the cost of your items to avoid being underinsured.
You should also make sure to read the fine print of your renters insurance policy to understand what it does and doesn’t cover. For example, standard renters insurance policies include some natural disaster coverage, but they don’t cover flooding.
If you live in a part of Florida that’s prone to hurricanes or storm surges, you might want to purchase flood insurance, which is a separate policy that covers flood damage.
How to save on renters insurance in Florida
Renters insurance is one of the most affordable policies on the market, but you may still be able to to reduce the price of your premiums even further. Here are some tips to save money on your Florida renters insurance coverage:
Bundle your policies. Many Florida insurers will give you a discount if you bundle renters insurance with another policy, like auto insurance or life insurance.
Choose higher deductibles. Choosing a higher deductible for personal property insurance will lower your annual premium because you’re taking on more of the up-front risk yourself. Just be sure not to set your deductible so high you can’t afford to pay it should you need to file a claim.
Install a security system. You can typically save money by installing a security system in your home or apartment.
Compare rates. Comparing personalized renters insurance quotes from multiple companies can help you find cheap renters insurance.