Fast & Affordable Landlord Insurance in Florida (2024)

FAQs

How much is landlord insurance in Florida? ›

The average cost of landlord insurance in Florida is $2,860 per year. American Modern, Security First, and Kin all offer landlord insurance in Florida.

According to data collected by Quadrant Information Services in 2023, renters insurance costs $175 per year or $14.58 per month on average in the state of Florida. Keep in mind that the size of your rental, your specific location and any endorsem*nts or discounts will impact the cost of your unique policy.

While Florida law doesn't explicitly mandate landlords to carry rental property insurance, it's highly advisable. Given the unpredictable weather and potential for property damage in the state, landlord insurance coverage is a financial safety net.

While there's no law requiring that you purchase renters insurance in Florida, your individual landlord might specifically require it. And if your lease specifies that you need renters insurance, well… that's that.

The primary reasons for the difference in cost revolve around who is occupying the home. Insurance providers often see lower average claim amounts and fewer claims for owner-occupied homes when compared to tenant-occupied rental properties.

How much does homeowners insurance cost in Florida? The average cost of homeowners insurance in Florida is $2,625 per year, or about $219 per month. That's 37% more than the national average of $1,915. In most U.S. states, including Florida, many insurers use your credit-based insurance score to help set rates.

We at the Guides Home Team found that Lemonade stands out as one of the best homeowners insurance companies in the industry for its unique claim-filing process that uses a mobile app with artificial intelligence (AI) technology to process information and make payouts to homeowners seamlessly and hassle-free.

Renters' insurance covers you against financial loss if your personal property (contents) is damaged or destroyed from a covered peril. A peril is something that may cause damage to or destruction of your property such as a fire, hurricane or theft.

Progressive earned the No. 8 spot in our rating of the best renters insurance companies. The company offers optional water backup and personal injury coverage, as well as a discount for living in a gated community – options not provided by all insurers in our rating.

Florida law prohibits landlords from forcing tenants out without court approval. If you find yourself in a situation where eviction seems inevitable, remember to take the legal route by filing a complaint with the courts. This may seem tedious, but it's the only lawful way to protect your interests.

What insurance is required for a lease in Florida? ›

This means that if you plan on leasing a vehicle in the state, you will likely need $100,000 for bodily injury liability per person, $300,000 for bodily injury per accident and $100,000 for property damage per accident. However, Florida car lease insurance requirements may change depending on the company.

Is renters insurance required in Florida? Renters insurance isn't required by law in Florida.

Landlords in Florida cannot include provisions that waive the tenant's basic rights, such as the right to a court hearing, or provisions that allow the landlord to retain the security deposit without justification. Illegal clauses that impose excessive late fees beyond what is considered reasonable are also forbidden.

Before a Landlord can enter, they must give the Tenant reasonable notice. Florida Statute 83.53(2) defines reasonable notice as 12 hours prior to entering. This must occur between 7:30 a.m. to 8:00 p.m. However, a Tenant cannot unreasonably deny the Landlord from entering. If they do, they are in violation.

You may also be able to sue your landlord for failing to make repairs. If you want to pursue this option, you should speak to a lawyer, especially if you have physical injuries caused by the condition of your home.

While the average cost of landlord insurance across the nation is approximately $1,478 annually, it's essential to consider regional variations. In some states, the average cost might be higher or lower than the national average due to factors like property values, local regulations, and risk factors.

The Cost of Renters Insurance by Location

Insurers look closely at the property crime rate in your area, which affects your likelihood of filing a claim for stolen property. Your risk of natural disasters, such as tornadoes or hurricanes, also affects your cost of coverage.

Renters insurance is relatively inexpensive (average monthly premiums as low as $20) and can be even more affordable if associated with car or other insurance policies where multi-policy discounts are available.

Florida commercial property insurance costs will vary based on the type and extent of coverage you need. The size of your business and the value of your assets will also play a role in determining the cost. On average, business property insurance costs between $500 and $2,000 annually.