Who Has the Best Cheap Renters Insurance in Florida?
Assurant offers the cheapest renters insurance quotes in Florida. A policy costs $21 per month, or $247 per year, on average.
Compare cheap renters insurance options in Florida
When shopping for renters insurance, it's important for Florida tenants to choose an insurer that combines cheap rates, useful coverage and reliable customer service. To help you find the best, most affordable company in Florida, we gathered over 130 quotes from some of the state's largest renters insurance providers.
The average cost of renters insurance in Florida is $321 per year, or $27 per month.
Finding cheap renters insurance in Florida
The cheapest renters insurance in Florida is Assurant, which sells policies for $21 per month. That's $74 per year cheaper than the Florida state average.
Renters insurance in Florida costs $9 more per month than the national average, which is $18 per month. That makes Florida the fifth-most expensive state in the country for renters insurance.
Compare cheap renters insurance options in Florida
Renters looking for a cheap rate should consider comparing quotes from Lemonade. A policy costs $258 per year, which is only $11 more per year than Assurant.
Cheapest renters insurance companies in Florida
Company | Monthly rate | |
|---|---|---|
| Assurant | $21 |
| Lemonade | $22 |
| Geico | $23 |
| Florida Peninsula | $28 |
| Security First | $33 |
| State Farm | $34 |
Florida renters may find it difficult to compare quotes online. Many insurers require Floridians to contact an agent to get a quote, especially if you live near the coast or on a lake or river. However, it's important to contact several renters insurance companies near you to compare prices and make sure you get the best deal.
Best renters insurance for most people: Lemonade
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Editor rating
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Average monthly rate
$22 ?
Pros and cons
Lemonade has the second-cheapest renters insurance quotes in Florida, at $258 per year, or $22 per month. Although renters can find better rates from Assurant, a policy from Lemonade costs 20% less than the Florida average.
Renters are generally happy with the service they receive from Lemonade. The company receives fewer complaints than other insurers of a similar size, according to the National Association of Insurance Commissioners (NAIC). Lemonade earned first place on J.D. Power's annual customer satisfaction survey as well.
Lemonade renters insurance coverage is typical of the industry. In addition, there are a few add-ons that can bolster your standard coverage, including extra protection for valuables like jewelry, art, musical instruments and bikes.
It's important to note that you will have to pay a separate hurricane deductible if your property is damaged by a storm.
This is standard for most insurers, but is especially relevant for Floridians who live on the coast.
Best for coastal homes: Assurant
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Editor rating
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Average monthly rate
$21 ?
Pros and cons
Assurant offers the cheapest renters insurance rate in Florida. At $247 per year, or $21 per month, a policy costs $74 per year less than the state average. In addition, renters from across the state can easily get quotes from Assurant — many insurers don't offer policies in coastal towns, or require renters who live along the coast to contact an agent by phone to get a quote.
In addition, Assurant offers useful coverage options that Florida renters can use to customize their policy. Renters can purchase pet coverage from Assurant, which pays to replace belongings damaged by your pets. The company also offers unemployment insurance, which pays a portion of your rent if you're unemployed for a month or more.
The main downside of Assurant is the poor quality of its customer service. It receives nearly twice as many complaints as other insurers of the same size, according to the NAIC. Most complaints against Assurant are regarding delays in the claims process, claim denials and unsatisfactory settlement offers.
Best customer service: State Farm
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Editor rating
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Average monthly rate
$34 ?
Pros and cons
State Farm provides the best renters insurance for Floridians who value customer service. The company receives only 3% as many complaints as other similar-sized insurers, according to the NAIC, which means that Florida renters and homeowners are satisfied with the service they receive. In addition, State Farm ranked second in J.D. Power's customer satisfaction survey.
Unfortunately, State Farm has the most expensive renters insurance rate we found in Florida. A policy costs $412 per year, or $34 per month, which is 28% more expensive than the state average — a difference of $91 per year.
Florida renters living on the coast may find it difficult to compare quotes from State Farm. The company requires you to contact an agent to get rate information for many coastal cities. In some areas, State Farm limits the age of the homes it will cover, so people who rent an older home or apartment may not be able to purchase a policy.
Coverage options available with each insurer
A standard renters insurance policy includes four basic coverages: personal property damage, personal liability, medical payments to others and loss of use. In addition, many companies offer a variety of ways to customize your protection.
What are these coverages?
Some of the most common renters insurance coverage add-ons are:
- Water backup pays for damage caused by backed-up drains and sump pumps.
- Identity theft protection covers expenses arising from identity theft, cyber crime or credit card fraud cases, including restitution and recovery services.
- Replacement cost coverage helps replace damaged belongings with brand-new ones by paying out the purchase price for your items, without factoring in depreciation.
- Scheduled personal property increases coverage for specific types of belongings or individual items, especially high-value items like jewelry, bicycles and electronics.
It's important to note that many renters insurance companies charge a separate deductible for claims related to hurricanes and tropical storms. In most cases, this deductible is a percentage of your personal property coverage, and is higher than your standard deductible.
Florida renters insurance rates by city
Renters in Pompano Beach pay the highest rate in Florida, while Tampa has the cheapest rate in the state.
The cost of renters insurance fluctuates significantly in Florida from one city to the next. Renters in Pompano Beach pay twice as much for insurance as those living in Tampa — a difference of $241 per year.
City | Average annual rate | Difference from state average (%) |
|---|---|---|
| Brandon | $277 | -14% |
| Cape Coral | $290 | -10% |
| Clearwater | $292 | -9% |
| Coral Springs | $363 | 13% |
| Fort Lauderdale | $456 | 42% |
Best renters insurance companies in Florida
The best-rated insurance company in Florida is State Farm.
The company received an excellent rating from our editors based on the value it offers customers, quality of service and rates. According to the NAIC, State Farm receives very few customer complaints, which means policyholders are happy with the experience the company provides. In addition, it earned an above-average score from J.D. Power, which studies customer satisfaction among renters insurance companies.
Floridians can also find great customer service with Florida Peninsula and Security First.
Company |
Rating
|
|---|---|
| USAA | |
| Florida Peninsula | |
| State Farm | |
| Security First | |
| Lemonade | |
| Geico | |
| Assurant |
Active-duty members of the military, veterans and their family members can also receive outstanding service from USAA. However, not all Florida renters are eligible to purchase a policy.
Frequently asked questions
How much is renters insurance in Florida?
The average cost of renters insurance in Florida is $27 per month, or $321 per year. That's 49% more expensive than the national average, which is $215 per year.
Who has the cheapest renters insurance in Florida?
Assurant offers the cheapest renters insurance quote in Florida. At $21 per month, a policy from Assurant is 23% cheaper than the Florida average.
How much is renters insurance in Miami?
Renters insurance in Miami costs $35 per month, on average — 31% more expensive than the statewide average. In comparison, renters insurance in Orlando costs $22 per month, which is 17% cheaper than the Florida average.
Is renters insurance required in Florida?
No, renters insurance is not required by law in Florida. However, your landlord or property management company may require you to purchase a policy.
What does renters insurance cover in Florida?
Florida renters insurance includes basic coverage options, like personal property damage, personal liability protection, guest medical payments and additional living expenses. Some companies offer extra coverage for an additional fee, like flood insurance, water backup coverage or identity theft coverage.
Is Lemonade insurance in Florida?
Yes, Lemonade sells renters insurance in Florida. In fact, it's our top recommendation for most Florida renters. A policy costs $22 per month, which is 20% cheaper than the state average.
Does renters insurance in Florida cover hurricanes?
There are a number of ways that hurricanes can cause damage, including wind and flooding. Many Florida renters insurance companies cover wind damage. However you usually pay a separate deductible for these claims, which is generally higher than your standard deductible.
Renters insurance does not cover flooding, so you will need to purchase a separate policy to protect your belongings from this peril.
Methodology
To compare renters insurance rates in Florida, we collected quotes from addresses across the 25 largest cities in Florida. Quotes are based on a 25-year-old single man with no history of claims.
Rates are based on the following coverage limits:
Coverage | Limit |
|---|---|
| Personal property | $30,000 |
| Personal liability | $100,000 |
| Medical payments | $1,000 |
| Deductible | $500 |
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.