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The Best and Cheapest Renters Insurance Companies in Florida for 2022: Rankings, Reviews and Rates
If you want to protect your personal property from unexpected damage or loss at an affordable price, renters insurance can help. MoneyGeek’s research shows that the cheapest renters insurance in Florida costs $9 per month. By shopping around and comparing quotes, Florida renters can save about $15 each year.
MoneyGeek ranked the top renters insurance companies in Florida to help you find the best policy at the most affordable price. Scores were calculated based on affordability, financial strength and customer service.
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Last Updated: 4/19/2022
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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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Companies With the Cheapest Renters Insurance in Florida by City
City | Cheapest Company | Average Annual Premium |
|---|---|---|
Hialeah, FL | State Farm | $113 |
Hialeah, FL | Travelers | $133 |
Hialeah, FL | Allstate | $187 |
Jacksonville, FL | Travelers | $100 |
Jacksonville, FL | Allstate | $101 |
Jacksonville, FL | State Farm | $142 |
Miami, FL | State Farm | $132 |
Miami, FL | Travelers | $133 |
Miami, FL | Allstate | $187 |
Orlando, FL | Allstate | $82 |
Orlando, FL | Travelers | $100 |
Orlando, FL | State Farm | $110 |
St. Petersburg, FL | Allstate | $88 |
St. Petersburg, FL | Travelers | $100 |
St. Petersburg, FL | State Farm | $114 |
Tampa, FL | Travelers | $100 |
Tampa, FL | Allstate | $102 |
Tampa, FL | State Farm | $112 |
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Best Renters Insurance Companies in Florida
Cost is not the only factor to consider when shopping for the best renters insurance in Florida. You want to make sure to choose a company that can support you with timely and effective service.
To rank the best renters insurance companies in the state, MoneyGeek evaluated providers based on affordability, customer service scores from J.D. Power and Associates and financial stability ratings from AM Best.
According to this research, Travelers ranked first with a score of 94 out of 100. Allstate ranked second with 74 points.
1
Travelers
Score:94.2
More About Travelers
Travelers offers replacement cost coverage and protection for jewelry and other valuables to policyholders who want additional coverage options. Discounts are available to customers who bundle their policies or have a protective device in their home. It’s easy to get a quote on the Travelers’ website. You can also check out their tools and resources to learn more about coverage.
2
Allstate
Score:73.8
More About Allstate
Allstate provides standard renters insurance in Florida. For an extra cost, policyholders can add more coverage for perils like identity theft and floods. Customers who are claim-free, bundle policies or have security systems can get discounts on their premiums. Allstate also offers a feature where you can create a photo log of your possessions. You can use this feature to figure out how much coverage you actually need.
3
State Farm
Score:71.4
More About State Farm
Aside from the standard renters insurance policy, State Farm also offers customized options. These include coverage for situations like earthquakes and identity theft. It is easy to get a personalized quote through State Farm’s online tool. They also provide helpful resources on renters insurance if you want to learn more about maintaining a safe home, coverage and more.
Largest Renters Insurance Companies in Florida
According to market share data, the largest renters insurance companies in Florida are Universal Insurance with 10% of the market share, State Farm (6%), Tower Hill (6%), Citizens Property Insurance (5%) and USAA (4%). These five companies make up over 31% of all renters insurance policies in Florida.
Buying a policy from a larger insurance company can give you the confidence that your policy is backed by a financially stable provider that can pay out your legitimate claims.
- CompanyMarket Share
- 1.Universal Property9.8%
- 2.State Farm6.4%
- 3.Tower Hill Insurance5.8%
- 4.Citizens Property Insurance Corporation5.2%
- 5.USAA4.0%
Average Cost of Renters Insurance in Florida
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renters insurance is equal to the average.
The average cost of renters insurance in Florida is $119 annually, which is $40 cheaper than the annual national average. These rates are based on an average consumer with $20,000 in personal property coverage, liability coverage of $100,000 and a deductible of $500.
To save money, you should try to compare renters insurance quotes from various companies. For example, you could save $13 per year by choosing Travelers, the cheapest provider in Florida, instead of State Farm, the most expensive option.
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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.
- Location: Your ZIP code impacts the cost of your insurance since every neighborhood has different weather patterns and crime rates. Renters living in neighborhoods with a history of property theft or severe weather are more likely to have higher premiums.
- Coverage Amount: The amount of coverage you need will influence your rates. Doing a home inventory before getting a quote can help you determine how much coverage you actually need to replace your belongings.
- Deductible: Your deductible is the amount you will pay when your insurance company approves a claim. If you have higher deductibles, then your monthly premium will be lower. A lower deductible is pricier, but your insurance company will pay more if you file a claim.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): Insurance companies reimburse policyholders according to actual cash value (ACV) or replacement cost value (RCV) calculations. ACV policies cost less but account for the depreciation of the value of your property. This means that your insurer will pay less if you file a claim. RCV policies pay for the cost of a new item of similar kind and quality. However, these policies have higher premiums.
- Credit Score: When calculating insurance premiums, companies consider credit scores. Renters with low credit scores are more likely to have higher rates than renters with high credit scores. This is because research shows that people with low credit scores are more likely to file a claim.
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: 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
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.
- Flooding: Renters insurance typically covers damage caused by broken pipes or water mains. It doesn’t usually cover damage caused by natural flooding. You may want to consider buying flood insurance from the National Flood Insurance Program (NFIP).
- Earthquake Damage: Damages due to earthquakes are generally not included in renters insurance. If you want this type of coverage, you need to add it to your policy.
- Structural Damage: Renters insurance is only for your personal property. Your landlord is responsible for any damage to your rental’s frame or structure.
- Roommate Property: Unless your roommate is included in your policy, their belongings won’t be covered. If your roommate wants coverage, they should consider purchasing their own policy.
- Expensive Items: High-end or expensive items are not usually covered by standard renters insurance policies. You may want to purchase an additional rider to protect your electronics, jewelry or other luxury items.
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.
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FAQs About Renters Insurance in Florida
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Renters Insurance in Florida Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from 3 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.
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