The Best Cheap Renters Insurance in Florida

NerdWallet looked at rates from more than a dozen insurers to find the cheapest options in the Sunshine State.
Sarah SchlichterJul 6, 2021

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Living in Florida has its perks — beaches, sunshine and never having to shovel your car out of the snow — but renters should also be prepared for the perils of life in the Sunshine State. Renters insurance in Florida can cover your belongings after damage from hurricanes, tropical storms, sinkholes and other disasters.

NerdWallet compared rates from more than a dozen companies across the state to find the best cheap renters insurance in Florida.

How much is renters insurance in Florida?

The average cost of renters insurance in Florida is $196 a year, or about $16 a month, according to NerdWallet’s rate analysis. That’s more than the national average of $168.

Below is the average cost of renters insurance in 25 of Florida’s largest cities. The cheapest of these is Port St. Lucie, where renters insurance is only $159 a year, on average. Those in Hialeah pay the most at $233 a year, on average.

City

Average annual premium

Average monthly premium

Boca Raton

$184

$15

Boynton Beach

$185

$15

Bradenton

$172

$14

Cape Coral

$172

$14

Clearwater

$169

$14

Coral Springs

$191

$16

Fort Lauderdale

$188

$16

Fort Myers

$176

$15

Gainesville

$173

$14

Hialeah

$233

$19

Hollywood

$188

$16

Jacksonville

$161

$13

Kissimmee

$180

$15

Lake Worth

$185

$15

Lakeland

$178

$15

Miami

$215

$18

Miramar

$190

$16

Naples

$184

$15

Ocala

$177

$15

Orlando

$188

$16

Port St. Lucie

$159

$13

St. Petersburg

$168

$14

Tallahassee

$173

$14

Tampa

$187

$16

West Palm Beach

$180

$15

Cheap renters insurance companies in Florida

NerdWallet sampled rates across the state from a variety of companies, including both well-known national insurers and smaller, Florida-based providers. Here are the companies offering the cheapest Florida renters insurance.

Company

Average annual premium

Average monthly premium

Florida Farm Bureau

$109

$9

Security First

$112

$9

Travelers

$118

$10

Citizens Property Insurance

$124

$10

Bankers Insurance

$132

$11

State Farm

$134

$11

Allstate

$142

$12

Universal

$173

$14

Universal Property

$176

$15

Tower Hill

$181

$15

UPC Insurance

$191

$16

American Strategic

$193

$16

About the cheapest companies

Florida Farm Bureau: To get renters insurance from the cheapest company in our analysis, you’ll need to become a member of your county’s Farm Bureau. To learn more, see our Farm Bureau insurance review.

Security First: You may be eligible for discounts from this Florida-based insurer if you live in a gated community, have a central burglar or fire alarm or are at least 55 years old.

Travelers: Bundling your renters and car insurance with Travelers can net you up to 5% off your auto premium. You can also save money if you haven’t filed any recent renters claims.

Citizens Property Insurance: This nonprofit entity was created by the Florida government to provide property insurance to those who can’t get it anywhere else. You can only buy insurance through Citizens if you’ve been denied by other Florida insurers or if quotes from other companies are more than 15% higher than the rate Citizens offers you.

Bankers Insurance: In addition to standard options, Bankers offers several coverage types that you can add onto your Florida renters policy, including identity fraud expense coverage, animal liability coverage up to $300,000 and extra coverage for valuable items like jewelry or bicycles.

State Farm: The country’s largest insurer, State Farm offers identity restoration coverage that you can add to your renters policy for $25 a year. This coverage helps you monitor and recover your credit after an identity theft incident and will reimburse associated expenses up to $50,000.

Allstate: Renters who are retired and at least 55 years old can save up to 25% on their Allstate renters policy. You can also save if you get both renters and car insurance through the company.

Universal: Universal North America is based in Sarasota and sells a variety of policies in Florida, including renters and flood insurance. Its renters policies include basic coverage for liability, personal belongings and additional living expenses if you need to move out during covered repairs.

Universal Property: Another Florida insurer (headquartered in Fort Lauderdale), Universal Property offers a variety of discounts, including savings for renters over age 65 or those who have centrally monitored burglar alarms.

Tower Hill: This Gainesville-based insurance company offers several ways to customize your insurance policy, including extra optional coverage for computers, identity fraud and credit card forgery.

UPC: Based in St. Petersburg, UPC specializes in insurance for coastal states prone to hurricanes and tropical storms. The company offers standard renters coverage such as liability insurance and coverage for your personal belongings.

American Strategic: If you buy your renters insurance through Progressive, this is one of the companies that might underwrite your policy (it’s a Progressive subsidiary).

Cheap Florida renters insurance from the best companies

If you prefer to buy insurance from widely available companies with a strong reputation, consider one of the following insurers from NerdWallet’s best renters insurance companies.

Company

NerdWallet rating

Annual premium

4.5

NerdWallet rating 

$118

4.5

NerdWallet rating 

$134

4.0

NerdWallet rating 

$142

What to know about Florida renters insurance

Florida is prone to certain natural disasters — hurricanes, tropical storms, sinkholes and tornadoes — and they aren’t all covered by a standard renters insurance policy.

For example, most renters policies exclude damage due to flooding. That means if you live in a ground-floor apartment and your belongings are ruined by a hurricane storm surge, your belongings likely won’t be covered unless you’ve added flood insurance to your policy.

Most renters policies do cover wind damage, but in high-risk “wind-pool areas” of Florida, you might need to purchase this coverage separately as well.

Florida is highly prone to sinkholes, and state law requires that all property insurance companies cover damage due to “catastrophic ground cover collapse.” Keep in mind, though, that this does not include less-than-catastrophic damage from sinkholes. More comprehensive sinkhole coverage is generally available at additional cost, though Citizens Property Insurance Corporation includes sinkhole loss coverage in all its renters policies.

What determines Florida renters insurance rates?

The average annual premiums listed above can give you a rough idea of what to expect, but your own renters insurance quotes will depend on several factors.

Your credit

Although insurance companies don’t use a traditional credit score to set your rates, they typically look at a similar measure called a credit-based insurance score to judge how likely you are to file a claim. Improving your credit may help you pay less for renters insurance.

Below are the five cheapest companies in Florida for those with poor credit.

Company

Average annual premium

Average monthly premium

Florida Farm Bureau

$109

$9

Security First

$112

$9

Travelers

$118

$10

Citizens Property Insurance

$124

$10

Universal Property

$176

$15

Where you live

If your home is in a coastal community that’s at high risk for hurricanes, or you live in a neighborhood with more crime than average, you may pay more for renters insurance. Your home’s proximity to fire hydrants or stations can also affect your rates.

Your claims history

If you’ve filed any renters insurance claims in the past few years, your insurer may charge you more. Below are the five cheapest companies in Florida for renters who’ve filed a recent theft claim.

Company

Average annual premium

Average monthly premium

Security First

$112

$9

Florida Farm Bureau

$117

$10

Citizens Property Insurance

$124

$10

Travelers

$129

$11

Bankers Insurance

$141

$12

Your home’s features

Do you live in a gated community or a building with a security guard? Do you have a home security system or fire alarm? Such features could earn you discounts on renters insurance.

Your deductible

Choosing a higher deductible can save you money on your Florida renters policy. Just make sure you can access enough cash to pay the deductible in a pinch.

Your coverage limits

In general, the more coverage you need, the more you’ll pay. If you have higher-end furnishings or a larger home, you’ll probably need more personal property coverage (and therefore pay more for your policy) than someone with a few pieces of secondhand furniture in a studio apartment.

Other policies

Many insurance companies offer bundling discounts if you buy both renters and auto insurance from them.

Your dog

Because renters liability insurance typically covers damages if your dog bites someone, you might pay more — or not be covered at all — if your pet is a breed that insurance companies consider to be a higher risk, such as a pit bull or a Doberman pinscher.

Florida Office of Insurance Regulation

Have complaints or questions about your Florida renters insurance? The Florida Office of Insurance Regulation may be able to help. You can call the consumer helpline at 877-MY-FL-CFO (877-693-5236) or access other services on its website.

Frequently asked questions

Do you need renters insurance in Florida?

It’s not required by law, but some landlords may require renters insurance. Even if yours doesn’t, you may want to purchase a policy anyway to cover your belongings in case of fire, theft or other disasters. See six reasons not to skip renters insurance.

Who sells renters insurance in Florida?

You can buy renters insurance in Florida from a mix of nationally known companies like State Farm and Travelers and local insurers such as the Florida Farm Bureau, Security First and Tower Hill. Shop around for renters insurance quotes to find the right company for you.

What does renters insurance cover in Florida?

A standard renters policy will cover your belongings for fires, theft and wind damage, among other disasters, but it generally won’t cover your belongings if your home is flooded. For that, you’ll need separate flood insurance.

Methodology

NerdWallet averaged rates for 30-year-old men and women from insurance companies in every ZIP code across Florida. Sample tenants were nonsmokers with good credit living in a two-bedroom apartment. They had a $500 deductible and the following coverage limits:

  • $30,000 in personal property coverage.

  • $100,000 in liability coverage.

  • $10,000 in additional living expenses coverage.

  • $1,000 in medical payments coverage.

We used the same assumptions for all other renter profiles, with the following exceptions:

  • We changed the credit tier from “good” to “poor” as reported to the insurer to see rates for renters with poor credit.

  • For renters with a history of claims, we added a single theft claim to their record.

These are sample rates generated through Quadrant Information Services. Your own rates will be different.

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