Best and Cheapest Renters Insurance in Florida (2024)

While Nationwide is the best for $20K in personal property coverage with an average annual premium of $118 and a MoneyGeek score of 96 out of 100, State Farm is the cheapest.

When considering renters insurance, the best provider combines customer satisfaction with competitive rates.

Nationwide stands out as the best renters insurance provider in Florida with a MoneyGeek score of 96 out of 100 and an annual premium of $118 for $20K in personal property coverage. The following are the two best renters insurance providers in Florida for the same policy:

• Nationwide: MoneyGeek score of 96 out of 100 ($118 per year)
• State Farm: MoneyGeek score of 95 out of 100 ($103 per year)

While Nationwide is not the cheapest option, it still has a good balance between customer satisfaction and affordability.

State Farm offers the cheapest renters insurance in Florida with an annual premium of $103 for $20K in personal property coverage and $1,000 deductible. The following are the top two cheapest providers in Florida for the same policy:

• State Farm: $103 per year
• Nationwide: $118 per year

Personal property coverage helps safeguard belongings like furniture, electronics and clothing against covered risks. Less expensive renters insurance plans often include lower limits on personal property coverage. While this can keep your monthly costs down, opting for higher coverage limits gives you more financial protection for your possessions.

For policies with $20K in personal property coverage and a $2,000 deductible, the top two cheapest providers in Alabama are:

• State Farm: $87 per year
• Nationwide: $114 per year

A deductible is the money you pay before your insurance company helps cover a claim. Choosing a higher deductible typically lowers your insurance premium because you're assuming more financial responsibility. Review the table below to see how changing your deductible can impact rates.

Nationwide is the best renters insurance company for service quality in Florida for $20K in personal property coverage, with an annual premium of $118. If you're seeking excellent customer service, the following providers are the top two best in Florida:

• Nationwide: MoneyGeek score of 96 out of 100 ($118 per year)
• Chubb: MoneyGeek score of 93 out of 100 ($580 per year)

Great customer service can make a substantial difference to renters, especially during stressful times like making a claim. For instance, if you suddenly experience property loss or damage, a swift and empathetic response from your insurer can provide much-needed peace of mind.

Nationwide is the best renters insurance company for renters who need extra personal property coverage in Alabama, with an annual premium cost of $345. For $100K in personal property coverage, the following providers are the best in Florida:

• Nationwide: MoneyGeek score of 96 out of 100 ($345 per year)
• State Farm: MoneyGeek score of 95 out of 100 ($240 per year)

Renters with more personal belongings often require higher personal property coverage, which is designed to protect items like furniture, electronics, and clothing from theft, damage, or loss. Even if it costs more each month, it's important to get the coverage amount you need to protect your assets — this ensures that if an unfortunate event occurs, you'll have the necessary financial protection and support to recover your losses.

The best renters insurance company for those with military backgrounds in Florida for $20K in personal property coverage is Nationwide with an annual premium of $118. The following are the top two providers in Florida for military members who need the same coverage.

• Nationwide: MoneyGeek score of 96 out of 100 ($118 per year)
• State Farm: MoneyGeek score of 95 out of 100 ($103 per year)

For military members, finding a provider means prioritizing both customer service and affordability. Balancing these factors is essential due to the unique challenges of the military lifestyle.

The best renters insurance company for those with poor credit in Florida is Nationwide with an annual premium of $146. The following providers are the top two in Florida for those with poor credit:

• Nationwide: MoneyGeek score of 97 out of 100 ($146 per year)
• State Farm: MoneyGeek score of 91 out of 100 ($210 per year)

Rates for those with poor credit are often higher, as they pose a greater risk to providers. Providers view them as higher risk because poor credit is often associated with higher claim frequency and financial distress. Improving your credit score and taking advantage of available discounts can help lower your insurance rates.

The average cost of renters insurance in Florida is $229 annually or $19 monthly, which is higher than the national average at $146 annually. These rates are based on a policy with $20K personal property limits, $100K liability limits, and a $1,000 deductible.

Renters should note that the average cost of renters insurance in Florida may vary greatly depending on the amount of personal property coverage you purchase. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance varies not only by state but also by city. For example, the average cost in Miami is $363 annually, compared to Gainesville at $151 annually.

These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, a $1,000 deductible, and a good credit score. Use the table below to see the average cost in your city.

Multiple factors impact the cost of renters insurance in Florida, including location, coverage amount, and deductible. Understanding what influences these costs is important for making informed decisions and potentially saving money. Below are key factors that affect renters insurance costs:

• Location: Areas prone to natural disasters may have higher premiums.
• Coverage amount: Higher coverage limits generally lead to higher costs.
• Deductible: A higher deductible can lower your premium.
• Credit score: Lower credit scores can result in higher premiums.
• Claims history: A history of claims can increase your insurance costs.

Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Choosing the best renters insurance provider ultimately depends on your specific needs and circumstances. To help you make an informed decision, we've compiled a list of frequently asked questions that address key aspects of renters insurance.