The Cheapest and Best Renters Insurance in Tampa
The Companies With the Cheapest Renters Insurance in Tampa
Since most insurers offer similar insurance coverage, the cost is a major criterion for selecting a renters insurance policy in Tampa. The following are the cheapest renters insurance companies in Tampa for the average tenant, according to MoneyGeek's research:
- Travelers: $100 per year
- Allstate: $102 per year
MoneyGeek calculated the costs using insurance policies with personal property coverage limits of $20,000, liability coverage limits of $100,000 and a deductible of $500. The cost of insurance can vary depending on the amount of coverage and deductible you choose. The table below illustrates how rates differ based on how much personal property is covered.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
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What Are the Best Renters Insurance Companies in Tampa?
The following two are rated the top renters insurance companies in Tampa, according to MoneyGeek's scoring system:
- Best Overall: Travelers
- Runner-up: Allstate
MoneyGeek's unique ranking system took into account affordability data, J.D. Power's customer satisfaction ratings and AM Best's financial stability ratings. Additionally, MoneyGeek found that these companies offer exclusive coverages not available from other renters insurance providers in the region.
With Travelers, you can save up to 5% on your renters insurance by bundling it with your auto insurance. The company also allows you to go for replacement cost coverage for your assets to ensure that they are replaced with similar quality assets.
Travelers, our top pick, earned a 94.2 out of 100 rating and is highly rated in many categories, including MoneyGeek's affordability ratings.Read MoneyGeek's Travelers renters Insurance Review
Allstate's identity theft coverage is an advantage, considering how important it is to protect your identity. You can add it to your renters insurance policy to keep track of your digital footprint and cover the costs of identity theft. Allstate renters insurance can also save you a few dollars monthly by waiving your off-premises theft coverage, but if you do, Allstate will not cover anything stolen outside your home.
With a strong score in MoneyGeek's affordability metric, Allstate is MoneyGeek's runner-up for the best renters insurance companies in Tampa.Read MoneyGeek's Allstate renters Insurance Review
The Average Cost of Renters Insurance in Tampa for 2023
renters insurance is equal to the average.
Renters in Tampa pay an average of $105 a year in insurance costs or around $9 per month. This is $54 less per year than the national average renters insurance cost of $159.
What Factors Impact Renters Insurance Costs in Tampa?
While there are several factors that impact your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount - When looking for the best renters insurance in Tampa, consider how much personal property you want to cover and how valuable it is. The amount of personal property coverage you choose is the most important factor in deciding the rental insurance cost.
- Location - The cost of insurance is also influenced by a location's crime rate. Cities with high crime rates have higher insurance rates. However, your location within Tampa will only have a minimal effect on your premiums.
- Deductible - A deductible is a fee that you pay out of pocket to the insurer when filing a claim. After subtracting the deductible from the total claim, the insurer will pay you the rest of the claim amount. If you have a higher deductible, your insurance premiums will be lower, and vice versa.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV) - An ACV insurance policy takes asset depreciation into account. It offers less payout for the damage or loss of older items. An RCV insurance policy reimburses you for the cost of replacing lost or damaged assets with similar products at current market value. Because of the higher premium payout, an RCV insurance policy will be more expensive.
- Liability coverage amount - The amount of liability insurance coverage will have a small effect on insurance costs. A typical policy will provide $100,000 in liability coverage. However, for a few extra dollars per year, you can add thousands of dollars of coverage to your insurance plan.
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Does My Tampa Neighborhood Impact Cost of Renters Insurance?
Unlike most other forms of insurance, renters insurance premiums are not significantly impacted by where you live. According to MoneyGeek's study, the neighborhood you live in changes your monthly rental insurance costs by only a few dollars per month.
Understanding Renters Insurance in Tampa
Florida's state law does not require renters to procure an insurance policy when renting a home in Florida. MoneyGeek strongly advises you to buy a policy because it is a smart and cost-effective way of protecting your property from theft and damages.
It is best to understand what the policy covers and what it excludes when buying renters insurance. A basic renters insurance policy in Tampa covers personal property, extra living expenses, liability insurance and medical payments.
What Does Renters Insurance Cover in Tampa?
If you're looking for renters insurance in Tampa, make sure you purchase enough coverage to protect your belongings. A renters insurance policy is an ideal way to protect your belongings from theft. According to the FBI, the city's property crime rate in 2019 was 1,498 per 100,000 residents, 21% below the national average.
Tenants in Tampa apartments and homes may find it necessary to cover themselves against threats such as fire and water damage, which can occur anywhere. Most insurers in Tampa offers renters insurance plans that provide the following coverages:
- Personal property coverage - Personal property coverage protects the assets in your rental home against risks including fire, burglary and weather-related damages. Typically, items such as furnishings, appliances and clothing are covered. For valuable assets such as jewelry, you may need additional coverage.
- Additional living expenses - If your home is uninhabitable due to the aftermath of a covered risk, having additional living expenses coverage will help. It will pay the costs of your temporary accommodation, including meals and hotel rooms.
- Liability insurance - If someone is injured or their property is damaged in your rental home and you are held liable, this coverage would shield you from financial liability.
- Medical payments coverage - If anyone is hurt while on your rental property, this coverage will support the medical expenses incurred due to the accident, regardless of who is at fault.
What Is Not Covered by Renters Insurance in Tampa?
Even the best renters insurance in Tampa just covers your personal items and not the home’s structure. It is your landlord’s responsibility to insure the building against structural damage. Furthermore, most renters insurance does not cover all potential risks.
Water damage caused by a burst pipe, for example, is covered by most renters insurance policies. However, many standard renters insurance policies do not cover damages incurred by weather-related flooding. If you live in a flood-prone region, you can buy flood insurance from the National Flood Insurance Program (NFIP).
Keep in mind that renters insurance in Tampa does not cover earthquake-related damages, damage to vehicles or the loss of valuable objects that exceed policy limits, such as jewelry. However, not all insurance plans have the same types of coverage. Before completing your purchase, read the policy thoroughly to ensure that you have the correct coverage.
Frequently Asked Questions About Renters Insurance in Tampa
It's a smart idea for renters to compare quotes and find a company that offers affordability and quality service. Here are some regularly asked questions about renters insurance in Tampa.
Renters Insurance in Tampa Analysis: Methodology
Moneygeek analyzed hundreds of quotes in Tampa 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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