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CheapRenters InsuranceFloridaThe Best and Cheapest Renters Insurance Companies in Florida for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceFloridaThe Cheapest Renters Insurance in Florida
Cheap Renters Insurance Companies in Florida
Cost is one of most important consideration when purchasing a policy. Based on average premiums, Florida's most affordable carrier is Travelers. On average, Travelers costs $110 annually or $9 per month. Allstate is the second cheapest provider, with plans costing $123 per year or $10 monthly.
These average monthly and yearly quotes are based on premiums across various Florida ZIP codes for a policy that includes $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
Personal Property Coverage:
$20,000
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In this guide, MoneyGeek ranked the best renters insurance companies in Florida to help you find the cheapest option that fits your needs. We rated the companies based on their affordability, financial strength and customer service.
Cheapest Renters Insurance Companies in Florida by City
MoneyGeek researched the cheapest renters insurance companies in six Florida cities to help renters find the cheapest policy based on their location in the state. We found that Allstate, State Farm and Travelers offer the most affordable policies in different cities.
Companies With the Cheapest Renters Insurance in Florida by City
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- CityCheapest CompanyAverage Annual Premium
- State Farm$113
- Travelers$100
- State Farm$132
- Allstate$82
- Allstate$88
- Travelers$100
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Best Renters Insurance Companies in Florida
MoneyGeek’s research shows that Travelers offers the best renters insurance in Florida, with a score of 98 out of 100. We ranked this company after analyzing its affordability, customer service scores from JD Power and financial stability ratings from AM Best.
While Travelers may not be the cheapest company in the state, it’s the option that best balances cost and service quality. It’s important to consider these factors when choosing a company, as you will be filing a claim during a stressful time and want fair processing.
1
Travelers
Score:98
MoneyGeek found out that Travelers offers the best renters insurance in Florida. The company ranks the highest for affordability and financial stability, while it has the third-highest customer service ratings. Travelers offers personal property replacement cost coverage to its customers.
More About Travelers
Travelers provides renters insurance in all U.S. states except Alaska. The company offers unique coverages like personal property replacement cost coverage, refrigerated property coverage and decreasing deductible.
Travelers offers four discount options. For instance, you may be eligible for a discount if you have made on-time payments for the last 12 months.
The company offers a personalized quote on its website for customers interested in buying a policy. It also has a mobile app that you can use to manage your policy online.
Read MoneyGeek's Travelers renters Insurance Review2
Allstate
Score:76
Allstate is one of the best renters insurance companies in Florida. The company ranks second for affordability and has the second-highest customer service and financial stability score. With this company, you can get personal injury and flood insurance coverage.
More About Allstate
Allstate’s renters insurance policies are available in all 50 U.S. states and Washington, D.C. The company offers four additional coverage options and five discount opportunities.
For instance, it offers a personal umbrella policy, which protects you against the cost of large liability claims that exceed the liability limits of your renters insurance policy. With Allstate, you can get flood coverage which covers the replacement cost of your items in case of floodwater damage. You might also be eligible for a discount on setting up automatic payments. Allstate offers a quick online personalized quote for individuals interested in buying a policy.
Read MoneyGeek's Allstate renters Insurance Review3
State Farm
Score:75
State Farm, the third-best renters insurance provider in Florida, has the highest customer service and financial stability, but ranks third for affordability. The company offers personal injury liability coverage to its customers.
More About State Farm
State Farm is widely available all across the U.S., offering renters insurance in all U.S. states and Washington, D.C. The company offers a personal liability umbrella policy, protecting against personal claims like character defamation, libel and slander.
With State Farm, you have two discount opportunities and five additional coverage options. You might be eligible for a discount if you combine your renters insurance policy with its auto insurance policy. It also discounts your policy if you have installed security devices like a fire alarm or a smoke detector in your home. The company has a mobile app that lets you efficiently manage your payments and other insurance details online.
Read MoneyGeek's State Farm renters Insurance ReviewMONEYGEEK EXPERT TIP
Sometimes, it's better to opt for a company that does not offer the most affordable renters insurance. Such companies usually have great customer service and offer quick and fair processing, helping you save money in the long run.
Largest Renters Insurance Companies in Florida
Universal Property insurance has the highest market share percentage in Florida. While shopping for a policy, it can be beneficial to choose a company that has a large market share. Such companies are financially stable and often invest more in improving their customer service and user experience, which can significantly impact the processing of your claims.
Company | Market Share | |
|---|---|---|
1. | Universal Property | 9.8% |
2. | State Farm | 6.4% |
3. | Tower Hill Insurance | 5.8% |
4. | Citizens Property Insurance Corporation | 5.2% |
5. | USAA | 4.0% |
6. | FedNat | 3.9% |
7. | UPC | 3.8% |
8. | Progressive | 3.7% |
9. | Heritage Insurance | 3.7% |
10. | Security First Insurance | 3.5% |
Average Cost of Renters Insurance in Florida
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The average cost of renters insurance in Florida is $119 per year, which is $40 cheaper than the average cost across the U.S.
MoneyGeek analyzed these rates based on an average consumer with $20,000 in personal property coverage, liability coverage of $100,000 and a deductible of $500.
However, the cost of your renters insurance will depend on the amount of personal property coverage you'll need to add to your policy.
You can use MoneyGeek's calculator below to help you estimate how much insurance coverage you'll need based on the value of your personal property.
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Total: $0
MONEYGEEK EXPERT TIP
If you’re looking to save a lot of money on renters insurance, you should shop around and compare quotes from different companies in Florida. Our average shopper could save $15 per year by choosing Travelers, the cheapest provider in the state, instead of State Farm, the most expensive option.
What Factors Impact Renters Insurance Cost in Florida
The cost of renters insurance in Florida depends on various factors, such as where you live and the amount of coverage you need. Keep these in mind when shopping for a policy.
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Renters Insurance in Florida: What You Need to Know
Renters insurance is a great way to protect your belongings at an affordable cost. It can safeguard your property during events like burglary, fire and severe weather conditions.
In Florida, 33.7% of the population are renters and the average cost of rent is $1,238 per month. A standard policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible policy costs an average of $10 per month. This is 0.80% of the price of rent.
What Renters Insurance Typically Covers in Florida
When buying renters insurance, it is important to know what is covered and what is not. Most plans cover personal property, additional living expenses, liability insurance and medical payments. You may need to pay more if you want extra protection.
Renters insurance in Florida typically covers damages caused by certain natural disasters. These may include hail, tornadoes, lightning and wildfires.
What Renters Insurance Typically Does Not Cover in Florida
When purchasing an insurance policy, it is crucial to read and understand the fine print. You should also ask your agent if you have any questions to avoid misunderstandings or issues when you file a claim.
Many emergencies are covered by renters insurance. However, it does not provide protection for all unexpected events. Here are some of the most common issues that renters insurance does not cover.
MONEYGEEK EXPERT TIP
If you need more information about how renters insurance works in Florida, the Florida Department of Insurance is your best resource. It can help you understand how a policy works, give you more information about the state’s regulations regarding insurance or help you file a complaint against a company.
You can get in touch with this department through the following channels:
- Consumer Helpline: (850) 413-3140
- Email Address: Consumer.Services@Myfloridacfo.com
- Office Address: 200 E. Gaines St., Tallahassee, FL 32399
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FAQs About Renters Insurance in Florida
MoneyGeek researched the most commonly asked questions about renters insurance in Florida to help renters understand how insurance works in the state.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Florida Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from three of the top insurance companies in Florida that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Florida. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- FLOIR. "Contact the Florida Office of Insurance Regulation." Accessed March 31, 2022.