Talking about Florida? Doesn’t it make an image of a sunny beach with an apartment or a house on the side? Oh an apartment. Do you have insurance for that? If not, then for the first you should know that how much is renters insurance in Florida? This may not be as difficult as you think all you have to do is explore your options.
Average Cost of Renters Insurance in Florida
The state Florida is considered as the most expensive when it comes to renters insurance. It can cost you $348 per year or $29 per month on average. This might not be constant but the range revolves around this estimate.
Renters Insurance in Florida
When you are thinking of getting a house or an apartment on rent for longer period of time, then you should first consider that how much is renters insurance?. While in Florida this is possible when you get to know the factors affecting the cost of renters insurance here.
1. Type of coverage:
There are three types of coverage provided by each and every renters insurance:
Personal Property:
Renters insurance is mainly for the coverage of personal property, if you have more property which needs to be insured than the premium annually or monthly would ultimately be high. In Florida personal belongings can range from $5,00 to $100,000 depending upon the company you are insuring from.
Liability:
Similar is the case with Liability. This is basically a personal liability coverage i.e. the insurance will pay out if you are legally responsible of accidentally doing any harm to the people or property. The range from which you can choose from is $50,000 to $500,000.
But you have to be careful because if your damage increase the limit of your selected coverage then you have to pay it out of your own pocket.
| Insurance Company | Personal Property | Liability |
|---|---|---|
| GEICO | $5,00 to $50,000 | $50,000 to $300,000 |
| Homesite | $15,000 to $30,000 | $100,000 to $500,000 |
| Progressive | $15,000 to $30,000 | $100,000 to $500,000 |
| Security First | $15,000 to $100,000 | $100,000 to $500,000 |
Additional Living Expense:
This coverage is rarely taken in other countries but when talking about Florida, then this will be surely needed by everyone. The ALE coverage provides the cover for any of the expenses that are required in case you have to temporarily move out from the rented property due to any disaster.
2. Type of Insurance Company
Insurance companies have their own policies, according to which they set their prices. Generally across the US, the average monthly cost is $16 but that is not the case with Florida. Following are the four best insurers presenting their services in Florida:
| Insurance Company | Average Cost / Month | Annual Premium |
|---|---|---|
| GEICO | $21 | $254 |
| Homesite | $25 | $305 |
| Progressive | $30 | $362 |
| Security First | $40 | $481 |
3. Amount of Deductible
Deductible is the amount that you have to pay on every claim you make on to the insurers. The options available for the deductibles are $250, $500 and $1,000. The question arises as to how this amount affect the total cost? The answer is that the amount of deductible is compensated by the premium you have to pay to buy the insurance. Larger the amount of deductible smaller will be the total cost or premium.
4. Location
When taking renters insurance location matters a lot, because some places are or cities have more risk of damage or being theft due to increase criminal rate in that particular area. Some cities with their per month cost are given as follows:
| Cities of Florida | Average per month cost |
|---|---|
| Miami | $43 |
| Jacksonville | $18 |
| Coral springs | $33 |
| West palm beach | $60 |
| Brandon | $19 |
| Hollywood | $36 |
| Melbourne | $33 |
5. Safety measures
Safety measures means the cautions which are already taken by the policy holder will help him or her in decreasing the premium. Because obviously by taking such measures there would be less risk of damage. Examples include:
- Smoke alerts preventing extra damage from fire.
- Monitored security alarm
- Impact resistant windows
- Fire extinguishers and many more.
6. Bundling
This is quite simple factor and has its affect only when you bundle your renters insurance with any other insurance policy such as you can combine it with cheap auto insurance in Florida. This combination will help you to get a discount in both of the policies.
Summary: Some other factors affecting the cost may include type of your residency, extra valuable items if any, etc. Not only this cost may increase or decrease with the passing years, all you have to do is opt carefully.
Renters Insurance Companies
Geico Renters Insurance
Geico is considered as the cheapest renters insurance in Florida. It normally covers the following items:
- Electrical appliances
- Furniture
- Clothing
- Extra expenses
- Legal fees
- Medical expenses in case someone gets injured on your property
The GEICO insurance can usually cost as low as $12 per month.
State Farm Renters Insurance
According to the State Farm, renters insurance also be called as apartment insurance is for your personal property. This insurance can provide you coverage for your belongings present inside your house or outside in your garage or in your car. Most importantly it can also cover the loss of your bike while you are away.
The average cost of State Farm insurance is also 12 dollars a month but it is not as famous in Florida.
Allstate Renters Insurance
This insurance company believes that the home is the place where you keep your things safe and they are here to help you out whenever something bad happens to those stuff. An Allstate renters insurance costs you $15 a month which when combined with the car insurance policy of the same company will be reduced to as low as $4.
Summary: Several other companies are also working in Florida among which Security First is considered as the most expensive. You could choose the type of company which suits you the best.
Frequently Asked Questions
Is renters insurance required in Florida?
No, it is not required to have renters insurance by law or by any other rule but to get it would be beneficial to you and your family. It would protect your assets your belongings saving you a whole lot during any incident.
Whereas if you’re living in Texas, then you have to know that how much is renters insurance in Texas because it is like a law there.
How much is health insurance in Florida?
Health insurance prices may vary and can be lower depending upon your health. The residents of Florida are usually expected to pay 203.19 dollars for an individual to get proper medical insurance.
Should we get renters insurance?
Speaking generally, for most of the tenant this insurance is very useful to save them from any devastating experience. So, yes you should get renters insurance and it should be compulsory for those who are going to be long term resident.
Why is renters insurance expensive in Florida?
Florida, due to its location is more prone to natural disasters such as hurricanes. That’s why there are more chances of destruction therefore the insurers would have to pay more and subsequently they cost more.
Is home insurance same as renters insurance?
No, they are not same. Home insurance include all the coverage of renters insurance plus the building and the infra structure of the house. Therefore, don’t take how much is home insurance as renters insurance.
Conclusion
To be exact the renters insurance in Florida could be up to $29 a month which is much expensive but it is according to the risk factors of this state. Therefore, unless you are buying a property, survey about how much is renters insurance in Florida before moving into this city as a tenant.