Renters Insurance in Florida (2024)
Key takeaways
- Lemonade has the cheapest renters insurance rates for Florida residents
- State Farm has the best renters insurance add-on coverage
- Allstate offers the best renters insurance discount for retired seniors
Cheapest renters insurance companies in Florida
Lemonade has the cheapest average renters insurance rate in Florida, at $17 a month, or $201 a year.
State Farm has the next lowest rate at an average of $18 a month, or $220 a year.
To compare, the average rate for renters insurance in Florida is around $20 a month, or $242 a year.
Cheapest renters insurance by company
| Company | Average annual rate |
|---|---|
| Lemonade | $201 |
| State Farm | $220 |
| Assurant | $225 |
| Allstate | $289 |
| Progressive | $323 |
Renters insurance companies consider different factors when calculating your renters insurance quote, such as:
- Your ZIP code
- Your insurance claim history
- Policy coverage limits and deductible chosen
- Credit score
Best renters insurance companies in Florida
Lemonade offers the best renters insurance rates in Florida, but State Farm has the best add-on coverage options, and Allstate has the best discounts for retirees.
Best for cheap rates: Lemonade
Lemonade has the cheapest average renters insurance quote in Florida, at $201 a year. This is 17% lower than the annual state rate of $242.
Another big benefit of Lemonade is that it pays out claims at replacement cost (the cost for brand new replacement) instead of actual cash value, which has depreciation factored in.
Pros
Cheapest average premium of companies we surveyed
Claims paid out at replacement cost
Bundling discount available
Cons
Claim filing is only online or through smartphone app
Relatively high overall complaint rate (7.74, where 1.0 is average)*
*Source: National Association of Insurance Commissioners Complaint Index 2023
Best policy add-ons: State Farm
State Farm has the best range of add-on coverage options to customize your renters insurance policy. These include:
- Umbrella insurance for personal liability, including against libel and slander
- ID restoration after identity theft
- Pet insurance
- Coverage for personal items, with payouts adjusted for inflation
- Earthquake coverage
Pros
Wide add-on coverage options
Renters insurance rates below Florida’s average cost
Cons
Few discounts
Best renters insurance for retirees: Allstate
If you are a retiree in Florida aged 55 or over, Allstate offers a discount on renters insurance shaving up to 25% of your annual renters insurance costs.
Pros
Discount for retirees 55 and older
Offers umbrella coverage as an add-on option
Bundling discount
Cons
Renters insurance rates higher than Florida average
Relatively high overall complaint rate (3.55, where 1.0 is average)*
Replacement cost coverage not included in standard policy
*Source: National Association of Insurance Commissioners Complaint Index 2023
Renters insurance in Florida by city
Of Florida’s 25 largest cities, Tallahassee enjoys the cheapest renters insurance rates, at $15 a month, or $176 a year.
Miami has the most expensive average rate of $28 a month, or $339 a year.
Renters insurance rates by city
| Company | Annual average rate |
|---|---|
| Brandon | $198 |
| Cape Coral | $212 |
| Clearwater | $238 |
| Coral Springs | $263 |
| Fort Lauderdale | $310 |
| Gainesville | $186 |
| Hialeah | $297 |
| Hollywood | $288 |
| Jacksonville | $219 |
| Lakeland | $214 |
| Lehigh Acres | $230 |
| Miami | $339 |
| Miami Beach | $183 |
| Miami Gardens | $315 |
| Miramar | $289 |
| Orlando | $195 |
| Palm Bay | $204 |
| Pembroke Pines | $288 |
| Pompano Beach | $183 |
| Port St. Lucie | $314 |
| Riverview | $201 |
| Spring Hill | $188 |
| St. Petersburg | $231 |
| Tallahassee | $176 |
| Tampa | $210 |
| West Palm Beach | $181 |
What does renters insurance cover in Florida?
A standard renters insurance coverage includes the following coverage:
Personal property
Covers belongings, including clothing, furniture and electronics, against damage or destruction from covered perils in your policy.
Liability
Covers injury and property damage to others you’re at fault for, including medical payments, and takes care of injury-related expenses for others hurt in your rental home, regardless of fault.
Additional living expenses (ALE)
Covers the extra costs of relocation while your rental home is repaired.
Frequently asked questions
Florida state law has no requirements to carry renters insurance. However, your landlord will probably require you to carry a renters insurance policy as part of the lease agreement.
You want enough personal property coverage to replace all your belongings in the event of a total loss. Make a home inventory list with the cost, description and even the serial numbers of each item —this can help speed up your claim process.
Renters insurance liability coverage usually starts at $100,000. This limit can be hit quickly if you have an extended hospital stay or court case. Anything above the limit comes out of your pocket, so consider raising your limit to at least $300,000 if your budget allows.
Due to the history of flooding in Florida, some landlords may require you to carry flood insurance. Flood coverage is not part of any standard renters insurance policy, but you may be able to get it as add-on coverage or as a separate policy with another insurer.