For new renters who haven’t had an insurance policy before, finding the best renters insurance company can be challenging. The This Old House Reviews team put together this guide to help Florida residents with the insurance buying process.
Best Renters Insurance Companies in Florida
In order to narrow down the best renters insurance providers in the state, we looked at personal property and liability coverage, discounts, benefits, customer service, and pricing.
1. State Farm
State Farm offers the best personal property and liability coverage out of the providers in this review, providing unlimited personal property coverage and up to $1 million worth of liability coverage.
Here are some other benefits of a State Farm policy:
- Offers a unique add-on for a waterbed
- Has an average monthly premium of $12, which is lower than the national average of $15
- Available in all 50 states
Allstate offers liability, personal property, loss of use, and medical payments to others coverage. However, one of Allstate’s defining features is its customer service. Allstate is the only provider in this review that has customer service representatives available 24/7 to answer your policy and claims questions.
Here are a few other Allstate highlights:
- Provides up to 25% off for the 55 and retired discount
- Offers an online tool to help you determine how much your personal property is worth
- Has an endorsement that protects any business property you keep at home
USAA has the most affordable starting price for a renters insurance policy. Your policy starts at $10 per month and may increase depending on your level of coverage, personal information, and building information. With this policy, you’ll receive medical payments to others, liability, and personal property coverage.
Take a look at some other benefits you can expect from USAA:
- Has a claims center open 24/7
- All personal property coverage is replacement cash value (RCV), which means you get money to replace your damaged items as if they were new
- Offers flood and earthquake protection in all policies
Note: While USAA is available throughout the country, you can only purchase a policy if you’re eligible for a USAA membership. Only military members, veterans, and their immediate family can become a member.
Florida Renters Insurance Coverage
There are four areas of coverage included in most Florida renters insurance policies:
- Liability—If you cause an event that injures your neighbor or damages their belongings, your policy will pay for their medical bills or replacement costs. This type of coverage is usually required by landlords so that they don’t have to pay for these events.
- Medical payments to others—If you’re responsible for injuring a guest in your home, your policy will cover their medical bills.
- Personal property—This area of your renters insurance policy covers the personal belongings you own in your rental. When an event damages them, your provider will either give you enough money to pay for new items in an RCV policy or enough money to cover what the items are worth after depreciation in an actual cash value policy (ACV).
- Loss of use—Your provider will reimburse you for additional living expenses when you have to temporarily live elsewhere during major repairs to your apartment. Examples of items that would be covered include a hotel stay or meals.
Note: Insurance providers also offer additional coverage options called endorsements that allow you to customize your policy. Common endorsements include identity theft protection, earthquake coverage, and jewelry protection.
How Much Does a Renters Insurance Policy Cost in Florida?
The average cost of renters insurance in Florida in 2017 was $188 per year, or about $15.5 per month, according to the Insurance Information Institute. It is the 12th-most expensive state in the country for renters insurance.
Factors to Consider Before Buying Renters Insurance
Before you begin your search for a renters insurance policy, consider how these factors will affect the type of coverage you need and the cost of your policy:
- Hurricanes—Florida is susceptible to water damage from hurricanes and coastal flooding. We recommended USAA as a top provider for Florida residents because its policies include flood coverage, which isn’t usually a covered peril in renters insurance policies. If you aren’t eligible for a USAA policy, look for a company that has a flood endorsement or separate flood insurance policy.
- Bundling—For major insurance companies that offer more than just renters insurance, you can get a discount for bundling your renters insurance policy with another policy, like life insurance or auto insurance. Consider getting a quote from your auto insurance provider to see how much you can save.
- Pets—Oftentimes, pets are included under liability coverage, but if you have an aggressive breed or a dog that’s been destructive in the past, you may have to purchase an endorsement or separate pet insurance policy.
- Named-peril vs. all-risk policies—Renters insurance policies are either named-peril or all-risk. Named-peril policies list only the events that are covered, while all-risk policies cover all events except for the ones listed as exclusions.
Compare Renters Insurance Coverage Options
If you’re not sure which renters insurance policy is best for you, compare the providers below.
Compare Renters Insurance Companies
|Types of coverage||Personal property, loss of use, liability, medical payments to others||Personal property, loss of use, liability, medical payments to others||Personal property, liability, medical payments to others|
|Personal property coverage limits||No limit||$25,000–$150,000||$25,000–$750,000|
|Liability coverage limits||$100,000, $300,000, $400,000, $500,000, $750,000 or $1,000,000||$100,000, $200,000, $300,000, or $500,000||$100,000, $300,000, $500,000, or $1,000,000|
|ACV or RCV||ACV or RCV||ACV or RCV||RCV|
|Monthly price||About $12||About $16||As low as $10|
|Unique add-ons||Waterbed, computer||Scheduled personal property, uninsured/underinsured motorist||Computer and tablet|
|Customer service||Hours vary by department||24/7||24/7 for claims; limited for sales and service|
State Farm, Allstate, and USAA offer affordable renters insurance policies for Florida renters. Before buying a Florida renters insurance policy, consider getting renters insurance quotes from all three providers to compare coverage and pricing.
Frequently Asked Questions About Renters Insurance in Florida
How much personal property coverage do I need?
To determine how much personal property coverage you need, take inventory of your belongings and estimate their value. You can also use the estimation tool that Allstate and Geico have on their website.
Should I get more than one renters insurance quote?
Yes. We recommend getting at least three quotes so that you can compare the pros and cons of several companies and find a policy that fits your coverage and budget needs.
Will my renters insurance policy change next year?
Yes. Even if you stay in the same apartment, certain factors may have changed in the last year, affecting your policy. For example, if your credit score improved and you were claims-free, your premium may be lower for the following year.
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