The average cost of renters insurance in Orlando, Florida, is $97 per year or $8 per month. Shopping around can help renters save up to $2 per month. The cheapest option, Allstate, has an average rate of $7 per month, while the most expensive, State Farm, costs about $9 monthly. For Orlando renters looking for a balance between affordability and quality service, MoneyGeek ranked the best renters insurance providers in the city.
The Best and Cheapest Renters Insurance in Orlando, FL for 2021: Rankings, Reviews and Rates
The Cheapest and Best Renters Insurance in Orlando
The Companies With the Cheapest Renters Insurance in Orlando
Since most companies provide the same set of core coverages, the cost of renters insurance in Orlando can become an important factor for residents while choosing a carrier. You can compare renters insurance quotes from different providers to find the ideal policy. If you want affordable renters insurance, the cheapest options in Orlando for the average consumer, according to MoneyGeek, are:
- Allstate: $82 per year
- Travelers: $100 per year
The prices used in this study are based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Actual costs will differ for individual customers. Please check the table below for different personal property coverage limits and see how prices change.
Florida residents living outside Orlando can also compare renters insurance for Florida as a whole.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Orlando?
MoneyGeek ranked the best renters insurance in Orlando and found that the best companies for renters in the city are:
- Best overall: Allstate
- Runner-up: Travelers
For the final scores, MoneyGeek used a unique rating system that considers affordability data, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. Also, MoneyGeek found that these providers offer unique coverages that many other providers do not
Allstate renters insurance includes some unique options. You can opt to add identity protection to your policy to monitor your digital footprint and cover the costs of identity theft. If you are not concerned about objects being stolen outside your home, you can make your policy cheaper by waiving off-premises theft coverage.
With excellent ratings across the board and a perfect affordability score, Allstate is our top pick for renters insurance in Orlando. While renters insurance does not usually cover flood damage, you can purchase flood insurance through an Allstate agent.
With Travelers, you have the option of adding replacement cost coverage to your policy. You can also save up to 5% on your premiums by bundling your renters policy with car insurance from Travelers.
Our second pick is Travelers, with good scores across the board and a perfect score for financial stability.
The Average Cost of Renters Insurance in Orlando for 2021
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On average, renters in Orlando pay about $97 per year or $8 per month for renters insurance. This is $62 less than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Orlando?
While several factors influence your renters insurance costs, the following are the most likely to have a major impact on how much you will spend.
- Personal property coverage amount - While looking for the best renters insurance in Orlando, consider how much coverage you want to purchase. How much property you cover is a key factor determining the cost of a policy.
- Location - Where you live in Orlando can have some impact on the cost of renters insurance. Areas with higher crime rates tend to have higher insurance costs.
- Deductible - This is the fee you pay to your insurance company to cover a claim. Plans with higher deductibles usually have lower premiums since you pay more out of pocket for each claim.
- ACV vs. RCV - According to your chosen type of insurance, you can get reimbursed based on the actual cash value (ACV) or the replacement cost value (RCV). ACV policies calculate reimbursement value taking into account depreciation over time, while RCV policies reimburse the equivalent cost for you to buy a replacement item of similar type and quality without considering depreciation. Since RCV policies pay more, they cost more than ACV policies.
- Liability coverage amount - This has a small impact on the cost of renters insurance. Usually, a standard policy includes $100,000 worth of liability coverage. However, you can add thousands more for only a few extra dollars per year.
Calculate How Much Renters Insurance You Need
Does My Orlando Neighborhood Impact Cost of Renters Insurance?
Neighborhood locations have minimal impact on the price of renters insurance. According to the data studied by MoneyGeek, the neighborhood you live in would only affect your premiums by a few dollars per month.
Understanding Renters Insurance in Orlando
Renter insurance in Orlando is not mandatory. However, MoneyGeek strongly encourages renters to purchase a policy to protect their assets against damage or theft at a low cost. Also, some landlords might require it.
What Does Renters Insurance Cover in Orlando?
When you shop for renters insurance in Orlando, get enough coverage to meet your needs. It is a low-cost way of protecting yourself from possible expenses arising from theft or property damage. According to FBI data, property crimes in Orlando reached about 4,391 cases per 100,000 residents in 2019, about 132% more than the national average.
Renters in Orlando can also choose coverage for unexpected risks that can happen anywhere, including damage resulting from fires and water. Usually, insurance carriers in Orlando offer renters insurance policies that include:
- Personal property coverage - This covers the contents of your rental home against events like fires, theft, vandalism, plumbing issues, electrical issues and certain weather-related damages.
- Additional living expenses - Your rental unit might become uninhabitable after a covered event. In such cases, this coverage takes care of your temporary housing expenses.
- Liability insurance - This protects you if an accident in your rental home causes damage or injury to other people. It can cover legal expenses and court payments.
- Medical payments coverage - If someone gets injured while on your rental property, this coverage can help with the resulting medical expenses no matter who is at fault.
What Is Not Covered by Renters Insurance in Orlando?
Orlando renters insurance covers your personal property but not the building’s structure, which the owner needs to get insurance for. There are also specific events not covered by renters insurance for which you might choose to purchase additional coverage.
For example, most kinds of water damage are usually covered by renters insurance. However, water damage caused by floods is not covered under most standard policies. If this is a concern for you, consider purchasing incremental insurance through the National Flood Insurance Program (NFIP).
Several other things are typically excluded from renters insurance policies. These may include your roommate’s possessions, earthquake damage, damage to your car and valuables (like jewelry) that cost more than the policy limit. Not all policies have the same terms. Please read the policy carefully before purchasing to understand the scope of your coverage.
Frequently Asked Questions About Renters Insurance in Orlando
For those looking to purchase renters insurance, it is a good idea to choose a company that balances affordable costs and quality service. Here are some common questions about renters insurance in Orlando.
Renters Insurance in Orlando Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Orlando 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 derived from a comprehensive analysis of quotes provided by Quadrant.
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