The Cheapest and Best Renters Insurance in Jacksonville
The Companies With the Cheapest Renters Insurance in Jacksonville
When looking at renters insurance quotes, you’ll notice that most standard policies have similar coverages at varying prices. This makes the cost a primary factor when choosing a policy.
On average, these providers have the best cheap renters insurance in Jacksonville:
- Travelers: $100 per year
- Allstate: $101 per year
Standard renters insurance policies have $20,000 in personal property coverage limits, $200,000 in liability coverage limits and a deductible of $500. Use the table below to see how the premium is affected when you change your personal property coverage limit.
Those who live outside of Jacksonville but still within Florida can find the best cheap renters insurance in the state.
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What Are the Best Renters Insurance Companies in Jacksonville?
Based on a study done by MoneyGeek, the companies that offer the best renters insurance in Jacksonville are:
- Best Overall: Travelers
- Runner-Up: Allstate
These two providers scored highest in MoneyGeek’s rating system, which looks at customer satisfaction ratings from JD Power, financial stability from A.M. Best and affordability. Top companies also often have policies that include certain coverages not offered by other insurance providers.
If you have a vehicle, Travelers gives you the option of bundling your renters insurance with coverage for your car. Getting both policies at the same time gives you a 5% discount. You can also choose to add replacement cost coverage, which replaces your lost or damaged items at full cost instead of a depreciated value.
Travelers received perfect scores on affordability and financial stability from A.M. Best. It has several coverages that you can add to your policy.
Allstate is considered one of the cheapest renters insurance companies in the country. They offer several coverages you can add to a standard policy, for example a flood policy. Your policy can even be cheaper if you waive your on-premises theft coverage. Although this means any item stolen outside your home is no longer protected, it saves you a few dollars every month.
Allstate received high marks across all categories used to compare renters insurance carriers, especially on affordability.
The Average Cost of Renters Insurance in Jacksonville for 2023
renters insurance is equal to the average.
The average cost of renters insurance in Jacksonville is $114 per year or around $8 per month. It is lower than the national average, which is $159 per year. That translates to $45 per year or $4 per month.
What Factors Impact Renters Insurance Costs in Jacksonville?
Several factors affect the cost of your renters insurance in Jacksonville. The following items impact it the most:
- Personal property coverage amount – The cost of your policy is heavily affected by the cost of the personal possessions you want to be covered. Renters often underestimate the value of their belongings. It is best to have an accurate assessment of your things and what it would cost to replace them to get the most accurate policy for your needs.
- Location within a city – Your neighborhood plays a factor in how much your policy will cost. Areas with higher crime rates often result in more expensive premiums. Weather patterns affect your premium as well. Places with a higher risk of severe weather usually have higher premiums. Renters from secure neighborhoods with fewer weather-related events will likely get a policy with a lower cost.
- Deductible – This refers to the amount you must pay out of pocket before your insurance company pays out a claim. Policies with a lower deductible have higher premiums due to insurance carriers shelling out more to reimburse your claim. Choosing a policy with a higher deductible may give you a lower premium.
- ACV vs. RCV – Insurers either use ACV (Actual Cash Value) or RCV (Replacement Cost Value) when paying out a claim. Policies with ACV plans have lower premiums because they compute for depreciation, resulting in them paying less for older items. In comparison, RCV packages reimburse for a new item of the same type and quality. Since policies with ACV plans pay a smaller amount for claims, they have lower premiums.
- Liability coverage amount – Standard policies include $100,000 of liability coverage, which is the part of your insurance that protects you from a claim someone files against you for injury or loss of physical property. The amount of coverage has a minor impact on the cost of your policy. Adding several dollars onto your premium per year increases your coverage limit by several thousands of dollars.
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Does My Jacksonville Neighborhood Impact Cost of Renters Insurance?
Where you live in Jacksonville has little effect on the cost of renters insurance policy. MoneyGeek's study shows that your premium will only change by a few dollars every month.
Understanding Renters Insurance in Jacksonville
Although renters insurance is not required in Jacksonville, some landlords may ask you to purchase a policy. Acquiring one, however, is a good idea. In fact, MoneyGeek recommends buying coverage. It becomes handy when there are cases of theft or damages caused by fire or extreme weather conditions. Having renters insurance is a low-cost way to protect your belongings.
What Does Renters Insurance Cover in Jacksonville?
When looking for the best renters insurance in Jacksonville, you should compare various renters insurance providers. Understanding what is and isn’t covered can help you get a clear idea of which insurance provider fits your needs best.
Having the right coverage gives you protection against expenses from damages caused by unexpected disasters. It may even give you protection against theft. According to the FBI, Jacksonville has a property crime rate of 3,001 per 100,000 people in 2019. In comparison to the national average, it is 59% higher.
As someone who is renting in Jacksonville, you may also consider adding coverage to your policy. This can provide extra protection against losses from fire and water damage. Insurance providers in Jacksonville usually offer renters insurance policies that include the following:
- Personal property coverage – When you have items lost or destroyed in a covered incident, personal property coverage allows you to file for reimbursement. In Jacksonville, personal property coverage includes expenses from damages from natural disasters. These include tornadoes, hail, lightning and wildfires.
- Additional living expenses – Sometimes, when a qualifying event occurs, the damage caused to your rented unit is so severe that temporary residence elsewhere is necessary. This coverage provides reimbursement for expenses when your home becomes uninhabitable.
- Liability insurance – If an accident occurs on your property and someone gets injured or their property is damaged, liability insurance protects you. It also covers the cost of legal defenses if they file a lawsuit against you.
- Medical payments coverage – When someone suffers bodily injury while on your property, medical payments coverage allows you to file for reimbursement.
What Is Not Covered by Renters Insurance in Jacksonville?
While renters insurance covers many types of instances, there are certain things it will not cover.
Your property is covered by renters insurance in Jacksonville, but the actual structure of the rented unit is not. Landlords should have their insurance coverage for that.
Although some water damage is covered, most standard insurance policies do not cover damage resulting from a flood. You may choose to increase your coverage to include this by buying incremental insurance through the National Flood Insurance Program (NFIP).
Damage or loss of personal property is covered but does not extend to possessions owned by your roommates, so they should take care of securing their own insurance.
Damage from earthquakes and those to your car are also not covered. Jewelry, as well as other items valued higher than your policy limits, are excluded.
Comparing renters insurance quotes from different companies is always good practice. Reading through different policies increases your chances of getting one that best fits your needs.
Frequently Asked Questions About Renters Insurance in Jacksonville
If you’re comparing quotes for renters insurance, look for an insurance carrier that combines both quality and affordability. Here are the most frequently asked questions regarding renters insurance in Jacksonville:
Renters Insurance in Jacksonville Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Jacksonville to help you find cheap renters insurance. The best renters insurance rankings were determined using data from JD Power, A.M. Best and our affordability metrics that are derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- USA.com. "Jacksonville, FL Natural Disasters and Weather Extremes." Accessed April 11, 2021.
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed April 13, 2021.