Average Cost of Renters Insurance in Florida
On average, renters insurance costs $16 per month in the state of Florida. The yearly average of $188 for renters insurance in Florida is slightly higher than the national average of $180 a year. However, more affordable plans are available for as little as $10 per month — a small price to pay considering the coverage offered can be helpful in the event of an emergency.
|Coverage amount||Average cost per month||Average cost per year|
|Source: National Association of Insurance Commissioners (2019)|
Coverage limit refers to the maximum amount an insurance company will pay out if you file a claim. The higher your monthly premium, the higher your coverage limit will be. There are affordable options available, but keep in mind that by spending a bit more per month, you can greatly increase your coverage amount. The value of your personal items can add up quickly, so opting for a plan with more coverage can put your mind at ease.
The cheapest renters insurance plan in Florida is $10 per month, offering $14,000 in coverage. This could be a good option and would cover most claims. However, the coverage amount increases drastically with only small increases in your monthly premium. For example, if you opt for a plan with a monthly premium of $22, you could receive up to $44,000 in coverage.
How much can you save on renters insurance in the Sunshine State?
Companies offering renters insurance in Florida
There are plenty of companies to choose from when selecting your renters insurance plan. We compiled a list of some of the options available in Florida:
|Company||2019 J.D. Power overall satisfaction (out of 1,000)||2019 NAIC Complaint Index (lower is better)|
|Universal Insurance Holdings Inc.||—||6.33|
|Citizens Property Insurance||—||8.10|
|HCI Group Inc.||—||4.90|
We used two metrics to measure customer satisfaction with different renters insurance options. The first is the J.D. Power overall satisfaction score, which rates companies out of 1,000. For this metric, the higher the score, the better. Our second metric is the NAIC Complaint Index, which compares the number of customer complaints to the size of the insurance company. With the NAIC Complaint Index, a lower score reflects higher customer satisfaction.
USAA scored well on both metrics, receiving an 895 from J.D. Power and a 0.25 in the NAIC Complaint Index. However, USAA only offers insurance for military members, veterans and their eligible family members. If you are not eligible to receive coverage from USAA, State Farm and Progressive are both options that received positive consumer reviews from J.D. Power and NAIC.
Customer satisfaction ratings are only one way to compare different companies. Price is obviously an important factor to consider when selecting a plan. If some of the plans seem a bit expensive, keep in mind that there are many ways to save on your monthly premium.
- Increase your deductible.
- Pay for your policy up front for the entire year, as opposed to monthly.
- Bundle your renters insurance with another type of insurance.
Compare rates from Florida's best renters insurance companies
Renters insurance quotes in Florida
It is very important to do due diligence when shopping for a renters insurance policy. We recommend comparing renters insurance quotes from several companies before making a decision. While the quotes may seem similar in price and coverage limits at first glance, they can actually vary quite a bit. Be sure to see what specifically is covered.
For example, under many policies, water damage from a burst pipe might be covered. However, a typical policy will not cover damage from a hurricane. This is obviously a big consideration in Florida, and it might be worth paying a bit more when the frequency of hurricanes in the state is taken into consideration.
One way in which policies can vary a lot is whether or not they offer replacement cost or actual cash value coverage. This refers to the money you will receive in the event that you have to make a claim and that claim is paid out.
- If you select a plan that offers replacement cost coverage, you will receive the price you paid for the damaged or lost item without considering depreciation of the item’s value over time.
- If you select a plan that offers actual cash value coverage, depreciation of the item’s value over time will be factored in when a claim is paid out.
For example, if a $1,500 television is stolen from your home, you will receive $1,500 under a replacement cost policy. If you file a claim and have a policy with actual cash value coverage, you may only receive $1,000 for the television after the company factors in depreciation. While actual cash value policies are typically cheaper than replacement cost policies, you might opt to pay a bit more for your plan in order to save a lot of money in the event that you have to make a claim.
Florida renters insurance laws and regulations
Renters insurance is regulated at the local level, and laws vary from state to state. Each state has its own Department of Insurance. The Florida Department of Insurance protects tenants in the state of Florida. They have regulations concerning cancellation and nonrenewal of policies, among other laws and guidelines. The department actually provides a renters insurance toolkit.
While renters insurance is not required by state law in Florida, landlords can require that tenants purchase a renters insurance policy. Also, the location of your rental unit can affect what is or is not covered, so it is important to check your quote thoroughly. For example, some areas in Florida are not eligible to receive windstorm coverage under a basic policy. Check to see if your rental unit is in the “Wind-Pool” area of Florida before purchasing your policy.
Regardless of whether or not renters insurance is required by your landlord, we highly recommend purchasing a renters insurance policy. Renters insurance is an affordable monthly investment that can save you thousands of dollars if the unthinkable happens.
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