- How Much Is Renters Insurance in Florida?
How Much Is Renters Insurance in Florida?
A standard renters insurance policy typically includes personal property, liability, and loss of use coverage. Just as renting can be more affordable than buying and owning a property, renters insurance costs much less than homeowners insurance — even though it has many of the same protections.
About a third of the houses in Florida aren’t owner-occupied, which means there are a whole lot of renters in the state. If you don’t have the proper coverage, you could be out of luck if disaster strikes and damages your belongings.
Renters insurance offers affordable peace of mind. But how much will it cost you in Florida?
How Much Is Renters Insurance in Florida?
But, exactly how much you’ll pay depends on a few factors about yourself and the property you’re in. That’s why it’s so important to shop around for renters insurance so you can get quotes from different providers. This way, you can see who offers you the coverage you need at a good price.
Factors That Affect the Cost of Renters Insurance in Florida
The primary aspect of renters insurance is personal property coverage. It protects your belongings from many forms of damage. So, the amount of stuff you have – and want covered – is a large factor in how much you’ll pay for renters insurance. But there are a few more factors you might not be aware of.
Amount of Coverage You Want
Most policies will offer up to $30,000 or $50,000 of coverage for your belongings, but some insurers may offer higher limits. Generally, the more coverage you want, meaning the maximum amount your insurer can reimburse you, the more you’ll have to pay.
Also, the deductible you choose can affect your premium. Insurance companies will typically reward you with a lower premium if you opt for a higher deductible.
Replacement Cost vs Actual Cash Value
Some renters policies will give you the option to choose between replacement cost coverage or actual cash value coverage. Having a replacement cost plan means your insurer will reimburse you exactly what you paid for damaged items, while actual cash value means your insurer will pay for what it’s worth minus depreciation.
So, the longer you’ve had an item, the less you’ll get paid for it. Replacement cost coverage is more costly since it almost always pays out more.
The location of your house or apartment you’re renting will also factor into your premium. The cost of renters insurance in Florida tends to be above the national average since there’s a seasonal threat of hurricanes that not every state has.
Furthermore, you could pay a higher rate in Florida if you’re in a neighborhood with a high crime rate or a poorly rated fire department. Insurers judge fire departments based on the protection they provide in certain areas, and if the one by you has a low rating, this could be reflected in a higher premium.
The age, size and construction of your building could also play a role. For instance, if you live in a new building equipped with modern safety features, like smoke alarms and sprinkler systems, you could see a discount on your renters insurance.
Your Claims History
How many claims you’ve filed in the past can influence how much you pay for insurance in the future. If you’ve filed rental insurance claims in the past, especially a lot in a short period, then you may have to pay a little more for coverage.
Insurance companies see someone with a history of filing claims as more likely to file another one than someone who has never filed before, which can affect your rate negatively.
Getting Renters Insurance Quotes in Florida
When getting renters insurance quotes in Florida, it’s crucial to shop around to guarantee you’re getting all the coverage you want at the best price. The first quote you get might not be the cheapest, and the cheapest quote you get might not be the best option for what you need.
That’s why tools like our online quoting platform are so helpful. At Clovered, we allow you to compare quotes from many of the state’s top insurance providers to find the best plan for you.
Keep in mind when looking for Florida renters insurance, endorsements and riders to your plan can offer extra forms of protection, but they may increase your premium slightly. Some possible endorsements you might find on renters policies include sewer backup, identity theft protection, scheduled personal property coverage, and limited protection from mold damage.
Averaging just $12 per month, renters insurance can protect your belongings for the cost of a few cups of coffee.