Factors that Affect Renters Insurance Premiums in Florida
Coverage Level
All renters insurance policies will insure you up to a certain price––often $100,000, $200,000, or even $300,000. The higher your insured coverage level, the more expensive the pricing of your premiums.
A claim costing above the coverage limit threshold for your policy may not be considered a fully covered loss by your insurance provider and policyholders may not receive full reimbursement.
Deductible
A deductible is the amount of money you have to pay out of pocket when you file an insurance claim. The lower your deductible, the higher your monthly premiums––and vice versa.
Value of Property
The greater the value of your belongings, the more expensive your personal property will be to insure. A Miami penthouse owner with a cherished collection of jewelry and racing bicycles will likely pay more for their renters insurance than a studio-dwelling college student in Jacksonville.
Residence Type
Renters living in buildings with more security measures will pay less for their renters insurance, due to a lower likelihood of vandalism or theft.
Credit Score
Renters insurance is often more expensive for those with a low credit score.
Owning Pets
Because pets frequently contribute to property damage, a furry friend may raise your renters insurance rates.
Florida Specific Factors
The average cost of Florida renters insurance is $29 per month. That’s an average of $348 per year, which makes Florida one of the most priciest states for renters insurance in the U.S.
Why is renters insurance so expensive in Florida when compared to other states like Texas or New York? One main reason is Florida ’s frequency of natural disasters––wildfires, windstorms, hurricanes, and tornadoes all afflict The Sunshine State.
Florida ’s high average premiums for renters make examining your insurance options to make sure you find the most affordable renters insurance policy all the more important.
Average Annual Cost of Renters Insurance
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