Landlord Insurance US Stats
Number of Home Burglaries 2.5 million annually
Average rental cost in the US $188,900
Average landlord insurance cost: $986 year
Popular Questions about Florida Landlord Insurance
29.9% of homes are rentals
Landlord insurance provides coverage for property owners who are renting out one or more residential homes, apartments or condos. If you're a landlord, you'll need protection from financial loss that could occur from damage to your rental properties after a fire, break-in or severe weather event. With this unique and necessary coverage, you'll receive compensation if one or more of your units becomes uninhabitable due to circ*mstances beyond your control.
Where does the insured live?
- Homeowners- Lives in home with or without a tenant.
- Landlord- Lives in home with a tenant or lives somewhere else.
What buildings does the policy cover?
- Homeowners- The home itself and other structures on the property.
- Landlord- The home itself and other structures on the property.
What personal property does the policy cover?
- Homeowners- Most property is covered, including furniture, clothing and computers.
- Landlord- Only covers items owned by the insured and used to service the rental property, like furniture, snow blowers and appliances.
What does the liability coverage do for me?
- Homeowners- It will pay for any covered accidents you’re responsible for regardless of where they happened.
- Landlord- It will pay only for covered accidents you’re responsible for on the rented premises.
- Does it cover my tenant's personal property?
- Homeowners- No. It does not.
- Landlord- No. We recommend you require your tenants to carry renters insurance.
- The differences between these two types of insurance lies in how you use the property and the kind of protection you need. Homeowners insurance, designed for owner-occupied residences, protects the home and the owner's personal belongings and liability. Alternatively, landlord coverage is designed to protect your investment as a landlord. When we dig deeper, you'll see that there are plenty of differences that lie in things like dwelling coverages (typically covered in both, but types of perils vary) and separate structure policies (typically automatic for homeowners, but an endorsem*nt for landlords).
Florida landlord insurance will protect you from a number of situations and potential financial downfalls. The most common claims are due to damage to the property, most of which is water-related in the Sunshine State. You'll also be protected from accidents and injuries that may happen on the premises. This will help with lawsuits and medical bills if a liability claim comes through. It can also cover any damage to separate garages, sheds and fences. The protection is varied and wide-reaching so you can receive 360 degrees of protection.
Pays for repairs to your home and your personal property.
Example: A tree falls on the house that you own.
Pays for accidents and injuries that occur on the premises of your rented home.
Example: A visitor to your rental trips on some debris and breaks an arm.
Average annual cost for Florida landlord insurance: $2,340
Landlord insurance is calculated by factoring in things like your home's size and building materials, and your credit score. It’s typically around 10% to 20% more expensive than homeowners insurance would be.
Average annual cost for Florida renters insurance: $202
We would also recommend that you require your renters to buy renters insurance. This is about how much it would cost them per year in Florida.
Average Yearly Florida Building Damage Claims
- Wind & hail damage: Amount of damage: $11,000
- Water damage: Amount of damage: $9,000
- Theft & burglary: Amount of damage: $4,000
- Boca Raton, FL
- Common Claims in Boca Raton
- A number of situations and scenarios can cause your landlord insurance to kick in. Some of the most common are weather-related, like wind, water and lightning, as you can see below. But you won't have to worry if you have the right amount of coverage. If a hurricane rolls through and brings intense winds that damage the property you rent out, you'll be protected. Or if a flood ensues as part of the aftermath, you'll be protected and compensated for the losses.
- Wind & hail damage. Amount of damage: $17,000
- Water damage. Amount of damage: $12,000
- Physical damage. Amount of damage: $3,000
- Boynton Beach, FL
- Common Claims in Boynton Beach
- Do you know what the most common claims in Boynton Beach are? Some include wind, water and physical damage. Each of these situations is pretty broad, and all of them are uncontrollable. Luckily, with comprehensive, customized and affordable landlord insurance, you, your property and your tenants will be protected. But take note: You should know what your policy does and doesn't cover so you can be informed about how to handle claims and legal obligations after one of these situations occurs.
- Wind & hail damage. Amount of damage: $11,000
- Water damage. Amount of damage: $7,000
- Physical damage. Amount of damage: $1,000
- Fort Pierce
- Common Claims in Fort Pierce
- Landlord insurance can cover a number of scenarios. Just consider the top five most common situations that warrant property claims below. Each of these will be covered in some form or fashion with your landlord insurance. That means you can have peace of mind knowing you're protected against severe weather like wind from a hurricane or unexpected theft like a burglary.
- Water damage. Amount of damage: $8,000
- Wind & hail damage. Amount of damage: $11,000
- Theft & burglary. Amount of damage: $6,000
- Fort Walton Beach
- Common Claims in Fort Walton Beach
- Accidents and bad weather can happen when you least expect it. A number of situations can cause harm to a building or property, but the most common in the Fort Walton Beach area are listed below. Landlord insurance will step in if one of these scenarios causes exterior damage to the siding and roof or interior damage to personal property, whether it's from weather or crime.
- Water damage. Amount of damage: $7,000
- Theft & burglary. Amount of damage: $2,000
- Wind & hail damage. Amount of damage: $6,000
- Gainesville, FL
- Common Claims in Gainesville
- Let's consider how your landlord insurance would respond to some of the most common claim scenarios below. Damage from weather should take priority, especially given Florida's coastal location. If your siding, roof or fence is damaged by strong winds, insurance will step in. If flooding occurs, insurance will step in. Even if a criminal breaks in and damages the structural property, landlord insurance will step in.
- Theft & burglary. Amount of damage: $2,000
- Water damage. Amount of damage: $7,000
- Wind & hail damage. Amount of damage: $6,000
- Lake Worth, FL
- Common Claims in Lake Worth
- The most common claims seen in Lake Worth include wind, water and theft. These are situations that you cannot control. But you can have comprehensive, customized and affordable landlord insurance that protects you, your property and your tenants. It's important to know what your policy does and doesn't cover so you can be informed about how to handle claims and legal obligations after one of these situations occurs.
- Wind & hail damage. Amount of damage: $10,000
- Water damage. Amount of damage: $9,000
- Theft & burglary. Amount of damage: $3,000
- West Palm Beach, FL
- Common Claims in West Palm Beach
- A wide variety of situations and scenarios can cause your landlord insurance to kick in. Some of the most common are weather-related, but other damage can result from crime, as you can see below. The good news is that you won't have to worry when you have the right amount of coverage with a Trusted Choice® independent insurance agent. If a flood happens, you'll be completely protected and compensated for the losses. Just as if a burglar were to break in when you're on vacation.
- Wind & hail damage. Amount of damage: $11,000
- Water damage. Amount of damage: $9,000
- Theft & burglary. Amount of damage: $4,000
