The Best and Cheapest Renters Insurance in Hialeah, FL, for 2024: Rankings, Reviews and Rates

Most insurance carriers in Hialeah have similar core coverages, so cost is an important factor to consider when buying renters insurance. Renters in the city can find the lowest rates by comparing insurance quotes from different companies.

MoneyGeek analyzed Hialeah’s renters insurance providers and found that these companies offer the cheapest policies for the average renter:

• State Farm: $113 per year
• Travelers: $133 per year

Keep in mind that the quotes used in this guide have a limit of $20,000 in personal property coverage and $100,000 in liability coverage. They also have a $500 deductible. Find how rates vary based on coverage limits using the table below.

For renters outside of Hialeah, MoneyGeek also compared rates in Florida as a whole.

Based on MoneyGeek’s analysis, the best renters insurance providers in Hialeah are:

• Best Overall: State Farm
• Runner-up: Travelers

For this study, our team used a unique scoring system that includes affordability quotes, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. Aside from getting the highest scores, we found State Farm and Travelers offer add-on coverages that aren’t usually offered by other providers.

The average cost of renters insurance in Hialeah is $144 per year. That’s $15 cheaper compared to the national average of $159 per year.

Hialeah renters insurance is 19.0% less than the U.S. average.

Renters insurance prices are affected by several factors. MoneyGeek’s research found that the following have the most impact when determining prices:

1. Personal property coverage amount. The amount of coverage of a policy significantly affects insurance cost and is one of the most important factors to consider when buying renters insurance.
2. Location within a city. A renter’s location also influences the cost of their renters insurance. If they’re living in a high crime rate neighborhood, their rates will be slightly higher.
3. Deductible. This is the amount that needs to be paid before your insurance company reimburses a claim. It’s cheaper to get a high deductible amount, but doing so results in high out-of-pocket payments when filing a claim. Meanwhile, a policyholder will have reduced out-of-pocket expenses with a low deductible amount, but their premiums will become more expensive.
4. ACV vs. RCV. Insurance companies pay for claims based on an item’s actual cash value (ACV) or replacement cost value (RCV). While ACV policies are cheaper, they consider an item’s depreciation and pay less when you file a claim. Conversely, RCV policies pay the amount that allows renters to get items of the same kind and quality, but they are more expensive each month.
5. Liability coverage amount. Liability coverage limits have a minor effect on renters insurance costs. It only takes a few dollars per year to increase coverage limits by thousands.

Your Hialeah address has a limited impact on the price of your renters insurance. MoneyGeek’s research found that the neighborhood you’re living in only affects your premium prices by a few dollars per month.

In Hialeah, renters are not legally required to be insured, but some landlords may ask for tenants to have insurance coverage. Regardless, MoneyGeek strongly recommends renters in the city purchase insurance. A renters policy is an affordable way to protect oneself against theft and damages.

To ensure you’ll get enough coverage with your renters insurance, it’s important to understand the coverages that are included in your policy.

Renters insurance includes personal property coverage, and it provides financial protection to your possessions in case of theft. If you rent an apartment or home, it’s also a good idea to get renters insurance since it pays for expenses caused by fire and water damage.

You can expect to get the following coverages from a renters insurance policy in Hialeah:

• Personal property coverage: This covers expenses caused by theft, fire, plumbing issues, electrical malfunction and some weather-related incidents.
• Additional living expenses: This pays for temporary housing costs in case your rented unit becomes uninhabitable due to a covered incident.
• Liability insurance: If an accident occurs in your rented dwelling and you’re found to be at fault, this settles legal expenses and damages.
• Medical payments coverage: This coverage helps pay for a person’s medical expenses after they’ve become injured in your rented home, regardless of who’s at fault for the incident.

Renters insurance primarily protects your belongings. It doesn’t cover damages to your rented dwelling’s structure. Insuring the building is your landlord’s responsibility.

Additionally, a renters policy may cover some types of water damage, but it usually won’t cover damages caused by an external flood. To protect your possessions from floods, it’s recommended to buy incremental insurance from the National Flood Insurance Program (NFIP).

Your renters insurance policy won’t cover your roommate’s possessions, and it doesn’t extend to damages from an earthquake, damages to your car, jewelry and items that exceed policy limits.

In order to ensure that you’re getting the coverage you need, it’s best to read your policy’s details carefully.

The best renters insurance providers in Hialeah offer a combination of affordability and quality. MoneyGeek answered some frequently asked questions to help you learn more about coverage for renters in the city.

MoneyGeek analyzed hundreds of renters insurance quotes in Hialeah to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.