cost of renters insurance in Florida

If you rent an apartment, townhome, or home, then having renters insurance is essential. It covers your property in the event of a catastrophe or theft. According to a study by the National Association of Insurance Commissioners, the average cost of renters insurance in Florida rose 0.5 percent in 2013, followed by a 1.1 percent rise in 2014.

Average Cost of Renters Insurance in Florida

In Florida, you’ll find a diverse group of individuals renting instead of purchasing. Ranging from seasonal renters to retirees and families to families-of-one, renters insurance is necessary to protect your personal belongings. It can be confusing if you’re trying to figure out which coverage is best or the cheapest—especially if you’re strapped for cash.

Thankfully, the average cost of renters insurance in Florida is not nearly as expensive as one would expect. The typical condo/apartment renter pays approximately $18.08 per month and $217 per year for renters insurance for a condo/apartment. See below:

  • Florida – $18.08/month; $217/year
  • Georgia – $18.83/month; $226/year
  • Alabama – $19.92/month; $239/year
  • Louisiana – $20.17/month; $242/year

When compared to neighboring southern states, Georgia, Alabama, and Louisiana, the average cost of renters insurance in Florida is the least expensive. When every dollar counts, this makes all the difference.

Why Purchase Renters Insurance In Florida?

While homeowners are responsible for covering any damage to the rental unit, they are not responsible for anything that happens to your personal property. If burglars ransack your home, resulting in theft and extensive damage to your belongings, renters insurance covers it.

If a fire ravages your home, you’re responsible for having insurance to help recover the cost of the items lost in the fire but not for the home itself. Your landlord is expected to file a claim with their insurance company.

What Does Renters Insurance Cover?

It covers televisions, computers, other electronics, furniture, jewelry, clothing, and other items that you would need to replace in the event of theft or damage. Additionally, liability coverage pays for another person’s medical bills or belongings if the incident occurs in your home. Other policies include meal costs, temporary housing, and related expenses if you find your home uninhabitable due to a disaster.

Renters’ insurance rates depend on the rental location, liability coverage options (many management companies require a minimum), and optional coverage. Living in a flood zone will automatically cause your insurance rates to increase when compared to regions not susceptible to flooding.

Let’s face it, there are many obstacles in the home buying process. Not every family or young Miami professional is ready to purchase a home. Between not having a good credit score, student loans, or other existing issues, you may find buying a home is not an option at the moment, leaving you with a rental. If you’re in need of renters insurance in Florida, speak with the reputable insurance agents at E&L Insurance. We can help you navigate your way into a plan that fits your needs. Call us, today!