The Best and Cheapest Renters Insurance in Florida for 2022: Rankings, Reviews and Rates

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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1

Travelers

Score:94.2

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5/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability

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

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3.3/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

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

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3/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

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.

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.

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.

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.

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.

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.

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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