The Best and Cheapest Renters Insurance in Hialeah, FL, for 2024: Rankings, Reviews and Rates

bestrenters insuranceHialeah

2024

The Cheapest and Best Renters Insurance in Hialeah

Cheapest renters insurance in Hialeah - State Farm

Best renters insurance in Hialeah - State Farm

Most insurance carriers in Hialeah have similar core coverages, so cost is an important factor to consider when buying renters insurance. Renters in the city can find the lowest rates by comparing insurance quotes from different companies.

MoneyGeek analyzed Hialeah’s renters insurance providers and found that these companies offer the cheapest policies for the average renter:

• State Farm: $113 per year
• Travelers: $133 per year

Keep in mind that the quotes used in this guide have a limit of $20,000 in personal property coverage and $100,000 in liability coverage. They also have a $500 deductible. Find how rates vary based on coverage limits using the table below.

For renters outside of Hialeah, MoneyGeek also compared rates in Florida as a whole.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

State Farm

Score:95

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COMPARE QUOTES

by MoneyGeek

5/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

State Farm is our top pick for Hialeah, earning excellent scores for affordability, stability and customer service. They provide identity restoration coverage as an add-on.

More About State Farm

State Farm has consistently been one of the most affordable renters insurance companies across the United States. Beyond their cheap pricing, they have unique riders for their policies. Their identity restoration coverage pays for expenses due to identity fraud, while their inflation coverage automatically increases personal coverage limits. They also allow policyholders to increase limits when insuring high-value items, displaying price ranges while getting a quote.

2

Travelers

Score:88

-

COMPARE QUOTES

by MoneyGeek

4.5/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

Travelers has an excellent score for affordability and stability, and it’s our runner-up pick in Hialeah. They offer replacement cost coverage as an add-on.

More About Travelers

Travelers allows renters in Hialeah to include rare coverages on their policies. Notably, this company has replacement cost coverage, an optional rider that pays for damaged items at a replacement cost. Additionally, policyholders who bundle their renters policy with a Travelers car insurance policy get an up to 5% discount.

The average cost of renters insurance in Hialeah is $144 per year. That’s $15 cheaper compared to the national average of $159 per year.

Renters insurance prices are affected by several factors. MoneyGeek’s research found that the following have the most impact when determining prices:

1. Personal property coverage amount. The amount of coverage of a policy significantly affects insurance cost and is one of the most important factors to consider when buying renters insurance.
2. Location within a city. A renter’s location also influences the cost of their renters insurance. If they’re living in a high crime rate neighborhood, their rates will be slightly higher.
3. Deductible. This is the amount that needs to be paid before your insurance company reimburses a claim. It’s cheaper to get a high deductible amount, but doing so results in high out-of-pocket payments when filing a claim. Meanwhile, a policyholder will have reduced out-of-pocket expenses with a low deductible amount, but their premiums will become more expensive.
4. ACV vs. RCV. Insurance companies pay for claims based on an item’s actual cash value (ACV) or replacement cost value (RCV). While ACV policies are cheaper, they consider an item’s depreciation and pay less when you file a claim. Conversely, RCV policies pay the amount that allows renters to get items of the same kind and quality, but they are more expensive each month.
5. Liability coverage amount. Liability coverage limits have a minor effect on renters insurance costs. It only takes a few dollars per year to increase coverage limits by thousands.

Calculate How Much Renters Insurance You Need

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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Your Hialeah address has a limited impact on the price of your renters insurance. MoneyGeek’s research found that the neighborhood you’re living in only affects your premium prices by a few dollars per month.

In Hialeah, renters are not legally required to be insured, but some landlords may ask for tenants to have insurance coverage. Regardless, MoneyGeek strongly recommends renters in the city purchase insurance. A renters policy is an affordable way to protect oneself against theft and damages.

To ensure you’ll get enough coverage with your renters insurance, it’s important to understand the coverages that are included in your policy.

Renters insurance includes personal property coverage, and it provides financial protection to your possessions in case of theft. If you rent an apartment or home, it’s also a good idea to get renters insurance since it pays for expenses caused by fire and water damage.

You can expect to get the following coverages from a renters insurance policy in Hialeah:

• Personal property coverage: This covers expenses caused by theft, fire, plumbing issues, electrical malfunction and some weather-related incidents.
• Additional living expenses: This pays for temporary housing costs in case your rented unit becomes uninhabitable due to a covered incident.
• Liability insurance: If an accident occurs in your rented dwelling and you’re found to be at fault, this settles legal expenses and damages.
• Medical payments coverage: This coverage helps pay for a person’s medical expenses after they’ve become injured in your rented home, regardless of who’s at fault for the incident.

Renters insurance primarily protects your belongings. It doesn’t cover damages to your rented dwelling’s structure. Insuring the building is your landlord’s responsibility.

Additionally, a renters policy may cover some types of water damage, but it usually won’t cover damages caused by an external flood. To protect your possessions from floods, it’s recommended to buy incremental insurance from the National Flood Insurance Program (NFIP).

Your renters insurance policy won’t cover your roommate’s possessions, and it doesn’t extend to damages from an earthquake, damages to your car, jewelry and items that exceed policy limits.

In order to ensure that you’re getting the coverage you need, it’s best to read your policy’s details carefully.

The best renters insurance providers in Hialeah offer a combination of affordability and quality. MoneyGeek answered some frequently asked questions to help you learn more about coverage for renters in the city.

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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