Homeowners have insurance to cover losses related to their home or condominiums, but what happens if they are renting property in Florida that has experienced any loss? Renter insurance works to cover your personal property from losses such as theft, fire, or other risks. To help Sunshine State renters find the best tenant insurance for their needs, Bankrate has compared dozens of insurers and determined the best tenant insurance companies in Florida based on coverage, customer satisfaction and financial strength.
Best Renter Insurance Company in Florida
Not only is the number of fraudulent claims in Florida, but the risks associated with ensuring homes there, the state is experiencing a homeowner insurance crisis. Many businesses no longer offer rental insurance in Sunshine State, but residents still have a few options.
To help you find the best Florida tenant insurance for your needs, consider the company attributes included in the list below. Bankrate analyzes dozens of Florida rental insurance companies and compares customer satisfaction from JD Power and customer satisfaction from AM Best, as well as coverage options, discount opportunities and average annual fees.
| company | It’s perfect for | JD Power Score | It’s the best |
|---|---|---|---|
| USAA | Customer Service | 724/1,000 | A++ (top) |
| lemonade | Digital insurance experience | 682/1,000 | Not rated |
| State Farm | Optional coverage | 679/1,000 | A++ (top) |
| All State | Retired | 639/1,000 | + (top) |
| progressive | Bandling | 619/1,000 | + (top) |
USAA
It’s perfect for: Customer Service
USAA is a consistently high scorer in JD Power’s customer satisfaction survey despite the fact that there is no physical agency location for face-to-face services. Eligibility requirements hinder the rankings, but USAA scored the highest score in JD Power’s 2024 Renters Insurance Study. Importantly, the USAA is only available to the military and its qualified families, so it may not be accessible to anyone. Its basic policy is robust – automatically includes flood, earthquake and identity theft coverage. Additionally, personal belongings can be insured with replacement costs at no additional cost.
| Benefits | Disadvantages |
|---|---|
| Advertises low rates as low as 33 cents per day | Available to active duty veterans, veterans and qualified families |
| Military equipment and uniform coverage | There is no physical store agent location |
| Electronics is approved for up to $10,000 |
Outstanding features:
- Top-class customer satisfaction
- Includes coverage for earthquakes, identity theft and some floods
learn more: USAA Insurance Review
lemonade
Best: Digital insurance experience
Renters may be able to purchase lemonade renter’s insurance for just $5 a month. This is relatively inexpensive for non-bundled insurance. If you are not aiming to insure your car at the company, Lemonade can have the cheapest Florida tenant premiums for airlines listed. Additionally, lemonade is entirely online based and offers an end-to-end, modern digital experience for those who don’t need an agent to help them purchase and manage their policies. According to the company, tenants could receive compensation in just 90 seconds.
| Benefits | Disadvantages |
|---|---|
| Get coverage within 2 minutes | There are no agents available for policy questions or support |
| Cheap rate | Dog breed restrictions may apply |
| A completely digital shopping experience |
Outstanding features:
- Fast and easy claims process
- Websites or apps are available for all your policy needs
learn more: Lemonade Insurance Review
State Farm
Best: Optional coverage
State Farm stands out among Florida insurance companies because of its optional coverage. Florida tenants can personalize rental insurance coverage with options such as ID repair, earthquake compensation, contingent business liability, and additional business assets. Business owners renting in Florida may find that state farms meet all their needs in one place for coverage for both personal and business. Another perk from state farms is that the policy usually does not have breed restrictions on dogs.
| Benefits | Disadvantages |
|---|---|
| Many Coverage Personalization Options | It might be expensive |
| There are no restrictions on variety | Limited discounts |
| Evaluation of “Excellent” Financial Strength from AM Best |
Outstanding features:
learn more: State Farm Insurance Review
All State
Best: Retired tenant
Allstate offers standard coverage for renters’ insurance and the option to add an extra fee to replace the contents portion of the insurance contract. Allstate only offers a few tenant discounts (as you buy multiple policies and set up automatic payments), but additional discounts may be available to retirees over the age of 55.
| Benefits | Disadvantages |
|---|---|
| Content options exchange cost | Below average JD power score |
| Retirees can save up to 25% on insurance premiums | Some discounts |
| “Super” is the highest financial strength rating. |
Outstanding features:
- 55 and retirement discounts
- Select ACV or RCV in Content Exchange Coverage
learn more: Allstate Insurance Review
progressive
It’s perfect for:Bandling
Progressive may be a good option for Florida renters who want to enjoy the benefits of bundle discounts. The company promotes savings average of $733 for policyholders who switch to progressively and bundle car and tenant insurance. They may also appeal to tenants who prefer to manage their policies online. JD Power 2024 US Insurance Digital Experience Study, with above average progressive rank in both service and shopping categories. However, its policy is rather simple and doesn’t offer as many optional add-ons as some other national insurance companies.
| Benefits | Disadvantages |
|---|---|
| Highly rated digital tools | Low score for JD Power Study for Renter Insurance |
| Generous bundle discount | Less approvals than some competitors |
| Advertise low prices |
Outstanding features:
- Multiple discounts available
- Advertise big savings on new car and tenant bundles
learn more: Progressive Insurance Review
Average cost of rental insurance in Florida
According to premiums (Triple-I) estimates, each provider has different rating factors when determining premiums, but on average, Florida renter insurance costs $175 a year, or about $15 a month. This is only $5 more than the national average cost of renter insurance, $170 a year, according to Triple-I 2021 data (latest year data available).
Coastal locations in Florida can play a major role in higher than average tenant insurance costs. Compared to central states such as Iowa and Illinois, hurricane damage is not only common here, but also tends to be more devastating. Hurricane Michael was the most powerful hurricane to land in the state in the 21st century. A Category 5 hurricane totaled around $25 billion in losses and $6.6 billion in victim losses. Preventing destruction from weather-related outbreaks is largely out of your control, but purchasing rental insurance can help alleviate the financial burden you may face if catastrophic, covered losses destroy your valuable belongings.
What does your renter’s insurance cover in Florida?
Renter insurance consists of several core coverage types.
- Personal property: Financial protection against personal belongings if the covered cases cause damage to them. Expensive items such as art and jewelry may be subject to certain sublimitations. Renter insurance typically covers items around the world, including storage units and items during holidays.
- Personal responsibility: If someone is injured in your rental space and it turns out you are legally liable for their injuries, this part of your tenant’s policy can assist with relevant legal and medical expenses.
- Loss of use: It is also known as the additional cost of living. This will help cover accommodation and other related expenses if you are unable to live in the rental space due to covered losses.
- Medical Costs: If a guest is injured in your rental space, this will help with medical expenses, even if you are not at fault.
As a tenant, you are not responsible for damaging the physical structure of your apartment. For example, if a hurricane rolls and breaks a window, the insurance policy for the building is on the hook to fix them, not you.
It is also worth noting that most tenant insurance policies only cover the depreciation amount of items called actual cash value. If you need more financial protection, you can look for a policy that covers the item at the value of the replacement cost.
