Protect What You Own with Florida Renter's Insurance

Florida Renter’s Insurance 

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home in Florida. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance in Florida and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen.

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen.

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills.

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers.

Is Renters Insurance Required?

No, renters insurance coverage is not required by federal or state laws. However, some landlords may require their tenants to purchase insurance as a stipulation of the lease agreement. Regardless of whether your landlord requires it, purchasing renter’s insurance is a good idea. It’s the only way to gain financial security for your belongings as well as liability protection. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage.

1. Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:
   • Fire and smoke
   • Storms, lightening, wind, hail
   • Theft
   • Vandalism
   • Explosions
   • Winter weather damage
   • Damage from infrastructure tearing, cracking, burning, etc.
   • Sudden, accidental damage from electric currents
2. Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself.
3. Loss of use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed.

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage.

Florida Renters Insurance :

Renters insurance in Florida protects you and your belongings from a range of perils. Storms are common in Florida and can damage your home and the property within. If a storm damages your personal belongings, renter’s insurance can cover the replacement or actual cash value, up to your limits and minus your deductible. Florida renters insurance can also cover legal or medical bills should an accident or injury occur to someone while at your home. 

How Much Does Renters Insurance in Florida Cost? 

How much is renters insurance for the average renter? Renters insurance quotes are easy to obtain, and fortunately, Florida’s are very affordable. In 2024, the average premium across the state is $152, or about $13 per month. This rate is only a dollar more than the national average of $12.  

Keep in mind that rates vary depending on the specifics of your policy, coverage limits, and deductible— the cheapest renters insurance company or policy will likely have a higher deductible, while more expensive options will have lower deductibles. Additionally, you could save on renters insurance if you bundle it with an existing policy. Regardless of your policy specifics, however, renter’s insurance is accessible to all renters and well worth the small cost to secure the best protection for yourself and your belongings. 

What Are the Most Common Claims in Florida?

Common renter’s insurance claims in Florida include damage due to hurricanes, heavy rain, and other storm-related damages. Florida experiences many tropical storms and hurricanes each year, particularly in the northwest part of the state. Between 1980 and 2023, Florida experienced over 20 climate disasters that have caused over one billion dollars in damage. If you are a renter in Florida, securing insurance for your belongings is an important and necessary part of renting a property. 

What Additional Policies Do I Need in Florida? 

Florida renters also need flood insurance. Florida had the third highest risk of flooding in the country between 1996 and 2019, both by total number of flood-related insurance claims filed (229,417) and by total claim dollars spent ($10,297,387,475) for flooding damage (Federal Emergency Management Agency, FEMA). Flooding often occurs along coastlines and large bodies of water during storms and heavy rainfall, but it can occur even in areas that aren’t designated floodplains.  

Florida renters should speak to an insurance agent to determine which kind of flood insurance is necessary where their rental home is located. Flood coverage is typically excluded from a standard renters policy, so a separate flood policy is required. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences in each state. 

How to Get Renter’s Insurance in Florida 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. Then, they’ll issue you renters insurance quotes with any insurance discounts that they offer. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Assurant. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable renters insurance quotes, customize your coverage, and add an additional person onto your policy at no extra cost.