Best and Cheapest Renters Insurance in Florida (2020)
Updated April 13, 2022 at 12:00 PM PDT
To get the best and cheapest renters insurance available in Florida, you're going to want to compare quotes from different companies. We'll show you how.
Renting is on the rise nationally, and Floridian cities are among the nation’s top renter’s markets.
Luckily, renters insurance is much cheaper than home insurance in Florida. And that’s great news because it’s a really good idea to carry renters insurance!
Why? Renters insurance coverage is relatively inexpensive—the national average cost is just $180 per year. But the cost of replacing your stuff in the event of damage or theft would cost you thousands. Think about it: your wardrobe alone is probably more expensive than a year’s worth of insurance premiums.
If you’re going to protect all your belongings in the Sunshine State, then read on to learn more about renters insurance in Florida.
Looking to save even more on your insurance premium? Check out Insurify. Compare quotes for homeowners insurance, life insurance, and auto insurance from dozens of leading insurance companies. From Nationwide to Liberty Mutual to Allstate, get your insurance personalized for you in just minutes, without annoying spam calls. Shop with Insurify today!
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.
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.
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.
Renters living in buildings with more security measures will pay less for their renters insurance, due to a lower likelihood of vandalism or theft.
Renters insurance is often more expensive for those with a low credit score.
Because pets frequently contribute to property damage, a furry friend may raise your renters insurance rates.
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.
Here are a few easy ways to find cheap renters insurance in The Sunshine State.
One of the easiest ways to save on insurance costs is to shop around online and compare quotes.
Shopping for new insurance quotes every six months or after any major life events helps insure you’re getting the lowest premiums and not missing out on potential deals and discounts. Online quote comparison sites like Insurify use cutting-edge AI technology to make the insurance shopping process a breeze.
Known for its large size and busy highways, The Sunshine State is popular with car owners. Bundling with your auto policy is one of the easiest ways to get your renters insurance coverage at a low cost. Some companies offer price reductions as large as 25 percent! Check out top car insurance rates and bundling opportunities with Insurify.
Don’t have a car? Try bundling your policy with a life insurance plan. Many companies offer multi-product discounts, even if those policies aren’t necessarily compatible.
Many insurers will offer discounts on top of their standard coverage if renters install safety devices like sprinklers, burglar alarms, or fire extinguishers in their home.
Not only do these devices help keep you safe, but they also minimize the risk for your insurer.
Insurance providers often provide additional deals if renters are willing to pay automatically or up-front.
Call your insurance agent to see if you may be eligible for any of these simple money-saving discounts.
As one of the most populous states in the U.S., Florida offers a dazzling array of choices when it comes to renters insurance. But here are just a few of the best renters insurance companies for Florida renters.
Ranked 3rd on J.D. Power’s ranking of national renters insurance providers, Allstate is a reliable and well-established insurance company with a reputation for strong customer service.
Though other companies may offer lower premiums, Allstate is a dependable choice for Floridians in the market for renters insurance with strong customer service values and a wide range of potential discounts.
A.M. Best Rating: A+
J.D. Power Ranking: 841/1000
BBB (Better Business Bureau) Rating: A+
Though it’s only available to U.S. military active service members or veterans and their immediate family, USAA is renowned for its customer service––and its renters insurance product is no exception.
A.M. Best Rating: A++
J.D. Power Ranking: “Among the Best”*
BBB (Better Business Bureau) Rating: A-
*Because USAA only provides insurance for active or retired service members and their families, it was not found to be eligible for J.D. Power’s thousand-point scoring system.
As one of the oldest and best-known insurers in the U.S., it won’t surprise you to learn that State Farm renters insurance has received kudos for stellar customer service and quick handling of claims.
Though State Farm is a large insurance agency with millions of customers nationally, their customer service makes customers feel like they’re safe in the hands of a local agent.
A.M. Best Rating: A++
J.D. Power Ranking: 836/1000
BBB (Better Business Bureau) Rating: A+
And that’s just to start your search! Check out some other top renters insurance companies in Florida:
Many renters assume that their landlord will pay for damages, but this often isn’t the case. Landlords must be found to have personal liability for the damage done to personal property in order to have to pay to replace or repair that property. So a fire started by your downstairs neighbor or a burglar’s break-in often won’t be covered by your landlord’s insurance.
That’s why it’s so important to purchase renters insurance. Renters insurance protects you and your personal belongings from financial loss in a few specific ways. Check out the handy table below to learn more about what most renters insurance quotes do and don’t cover.
Renters insurance is a type of insurance for those who rent their homes. But what exactly does renters insurance cover?
Renters insurance usually incorporates three primary types of coverage for policyholders: liability coverage, personal property coverage, and additional living expenses (sometimes also known as loss of use) coverage.
|What a Policy Covers (Usually!)
|Exclusions: What a Policy (Usually!) Doesn’t Cover
|Provides liability protection: may cover medical payments, property damage costs, or legal fees if you accidentally damage someone else’s property or a guest hurts themselves in your residence
|Any liability costs that exceed your coverage limit, damage to your personal property, additional living expenses
|The cost to repair ( actual cash value ) or replace ( replacement cost coverage ) your personal belongings should they be damaged or stolen
|Damage to personal property over your coverage limit, liability damages, additional living expenses, medical bills due to bodily injury
|Additional Living Expenses
|Additional coverage that pays for hotel bills or other living expenses if your current residence is damaged or otherwise not habitable. Sometimes also known as loss of use coverage.
|The cost of repairing damage to your rented residence (your landlord’s insurance policy may cover that). Personal liability coverage or personal property damage.
Of course, these three coverage types aren’t the only coverage options available to renters. There’s a wide world of insurance add-on’s available for the discerning renter, that cover damage, accidents, and misfortunes ranging from water damage caused by sewer backups to flood insurance to identity theft.
There are many ways to save money on renters insurance in Florida no matter what company you choose. While some companies, like State Farm, Progressive, and Esurance, tend to have lower renters insurance rates, the cost of your insurance largely depends on you. Understanding the perils you need to cover, the discounts you’re eligible for, and the replacement value of your possessions is the key to finding cheap renters insurance. The special ingredient is comparison shopping: gathering quotes from several companies and choosing based on what company best fits your needs.
Companies that allow you to get a quote online include State Farm, GEICO, Esurance, and Progressive. Many companies will allow you to start the process online and then receive a phone call to get your quote.
Your renters insurance policy covers your possessions. It may cover damages caused by your roommates, but unless you add your roommates to your policy, their possessions won’t be covered. We generally do not recommend adding roommates to your policy unless they are relatives or a significant other.
Quote comparison sites like Insurify use cutting-edge AI technology to provide free personalized quotes in just minutes to customers. With an average user rating of 4.8/5 from 2,900+ reviews, Insurify is the #1 highest-ranked insurance comparison platform in America. And, unlike other quote comparison companies, Insurify never sells your data to scammers.
No matter where you live or how much stuff you own, there is one surefire way to get the best price on insurance: comparison shopping. Compiling a list of quotes from top companies allows you to make an informed, smart decision.
And don’t forget about bundling! Not only is bundling your auto insurance with renters insurance an easy way to get deep discounts—many companies allow for bundling your parents’ homeowners policy with your renters policy!
Luckily, you can get a head start on relieving your wallet by heading over to Insurify. Check out Insurify to learn more about getting the right coverage for you–– without breaking the bank. With Insurify, you can select different add-ons and levels of coverage to make sure that your insurance policy works for you.
J.J. Starr is a health and finance writer with a background in banking, lending, and financial advising. She holds a Series 6, FINRA, and life insurance licensure and a master's degree from New York University. Through her writing, she strives to use her decade of experience to help consumers make sound financial choices. Connect with J.J. on LinkedIn.