The Cheapest and Best Renters Insurance in Miami
The Companies With the Cheapest Renters Insurance in Miami
While looking for the best renters insurance in Miami, cost should be one of the considerations you make since the majority of the companies provide similar coverage. Comparing quotes from different insurance companies can help you find the lowest rates within the city.
MoneyGeek discovered that, on average, the cheapest renters insurance in Miami comes from:
- State Farm: $132 per year
- Travelers: $133 per year
The costs in this analysis are for a policy with $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. You may pay more or less based on factors such as your location. Use the calculator below to compare costs between different property coverage limits. If you stay outside Miami but within Florida, you can still compare renters insurance costs across the state.
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What Are the Best Renters Insurance Companies in Miami?
Based on the MoneyGeek scoring system, the best providers of renters insurance in Miami are:
- Best Overall: State Farm
- Runner-Up: Travelers
MoneyGeek scored renter insurance providers using a unique rating system that comprises J.D. Power’s customer satisfaction and affordability scores, as well as financial stability ratings from AM Best. From the study, MoneyGeek discovered that the top insurers provide exclusively unique coverage.
State Farm is not only highly-rated among insurers in Miami but is also one of the companies that covers the cost of replacing valuable items in case of damage at an added cost. Renters can have restoration coverage included on their package at an additional $25 per year if they wish to get identity fraud protection.
State Farm is the best company overall and a provider of consistently cheap renters insurance in Miami.Read MoneyGeek's State Farm renters Insurance Review
Aside from standard renters coverage, Travelers also provides replacement cost coverage at an extra cost. This means that policyholders get a replacement for damaged items of similar quality as the ones listed in their plan.
Travelers is the second runner-up in Miami, with excellent affordability scores. Renters can save up to 5% if they combine renters and car insurance.Read MoneyGeek's Travelers renters Insurance Review
The Average Cost of Renters Insurance in Miami for 2023
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The average cost of renters insurance in Miami is $151 per year or $13 per month. This is about $8 less than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Miami?
Several factors influence the cost of renters insurance in Miami. However, the biggest determinants of what you will pay include:
- Personal property coverage amount – The amount of property you include in your renters insurance policy can impact the cost significantly. While shopping around for the best coverage within the city, it is essential to choose the right amount of coverage for your needs.
- Location – Where you live partly determines how much you pay for renters insurance. Incidents such as crime and harsh weather conditions cause an increase in your premiums. If you reside in a neighborhood that is prone to theft and other crimes, you will pay more for your insurance.
- Deductible – This is the amount you pay out of pocket when your insurer agrees to pay your claim. Renters insurance companies that charge lower monthly premiums have higher deductibles on their coverage plans, while insurers that charge higher monthly premiums feature a lower deductible because they pay more to replace your items.
- ACV vs. RCV – Once your items get damaged, insurers replace them either using the actual cash value (ACV) or replacement cost value (RCV) method. ACV policies reimburse less for old items whose value has depreciated over time. RCV policies do not consider depreciation when calculating reimbursement costs. ACV policies are good if you wish to save on your monthly premiums but may cover a smaller percentage of reimbursement costs. RCV policies reimburse more, but they are more expensive.
- Liability coverage amount – The coverage level you choose slightly influences the cost of your renters insurance. Renters can add thousands more to their standard coverage for only a few extra dollars per year.
Calculate How Much Renters Insurance You Need
Does My Miami Neighborhood Impact Cost of Renters Insurance?
While your neighborhood can play a significant role in the cost of other types of insurance, it does not have a huge impact on your renter's insurance cost. MoneyGeek discovered that where you stay impacts your renter's insurance premium by only a few dollars per month.
Understanding Renters Insurance in Miami
Renters insurance is a cheap way of protecting your property against damage from incidents such as theft, fire or harsh weather conditions. While it’s not a legal requirement, MoneyGeek recommends that apartment and home renters purchase one.
What Does Renters Insurance Cover in Miami?
Choosing the right coverage for your needs can help you get the best renters insurance in Miami. A policy provides a cheap way of insuring your property against unexpected damage and theft.
Based on 2019 research from the FBI, Miami has a property crime rate of 3,328 per 100,000 residents, which is 76% higher than the national average.
Renters of homes and apartments within Miami can also purchase additional coverage for protection against various other unexpected risks such as water damage and fire. Most policies within the city often include:
- Personal property coverage – This covers the items within your rental home from incidents like theft, fire, electrical malfunctions, vandalism and listed weather-related damage.
- Additional living expenses – If your rented house becomes uninhabitable after unexpected damage, this coverage accommodates the cost associated with your temporary housing and may include hotel bills.
- Liability insurance – This covers legal expenses and court judgment payments in case an accident occurs in your rental property and causes injuries to other people.
- Medical payments coverage – This covers medical expenses for those who get injured on your property regardless of who is at fault.
What Is Not Covered by Renters Insurance in Miami?
In Miami, renters insurance covers personal items but excludes the cost of repairing the structure of the property since that is considered the responsibility of the landlord. Several other incidents are not covered in your renters insurance policy.
For example, certain water damage may be covered but not those that occur due to flooding. If you wish to get flood insurance, you will need to purchase separate insurance through the National Flood Insurance Program (NFP).
Additionally, renters insurance policies do not include the possessions of your roommates as well as jewelry and other valuable items whose value is higher than your coverage limits. Damage from earthquakes and damage to your car is also excluded.
Since policy limits differ from one insurer to the next, be sure to read through the guidelines carefully to understand what is covered and what is not.
Frequently Asked Questions About Renters Insurance in Miami
While shopping around for renters insurance, it is best to choose a plan that combines quality and affordability. Some of the most common questions about renters insurance in Miami include:
Renters Insurance in Miami Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Miami 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
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed April 13, 2021.