Homeowners have insurance to cover losses related to their house or condo, but what happens if you’re renting a property in Florida that experiences some sort of loss? Renters insurance works to cover your personal property from losses such as theft, fire and other perils. To help renters in the Sunshine State find the best renters insurance for their needs, Bankrate compared dozens of insurance carriers and determined the best Florida renters insurance companies based on coverage, customer satisfaction and financial strength.
The best renters insurance companies in Florida
Given the high number of fraudulent insurance claims that originate in Florida, as well as the risk associated with insuring homes there, the state is experiencing a homeowners insurance crisis. Many companies are no longer offering renters insurance policies in the Sunshine State, but residents still have a few options.
To help you find the best Florida renters insurance for your needs, consider the attributes of the companies included in the list below. Bankrate has analyzed dozens of Florida renters insurance companies, comparing third-party agency rankings for customer satisfaction from J.D. Power and financial strength from AM Best, as well as coverage options, discount opportunities and average annual rates, which may help you make an informed decision when purchasing renters insurance here.
| Company | Best for | J.D. Power score | AM Best |
|---|---|---|---|
| USAA | Customer service | 724/1,000 | A++ (Superior) |
| Lemonade | Digital insurance experience | 682/1,000 | Not rated |
| State Farm | Optional coverage | 679/1,000 | A++ (Superior) |
| Allstate | Retirees | 639/1,000 | A+ (Superior) |
| Progressive | Bundling | 619/1,000 | A+ (Superior) |
USAA
Best for: Customer service
USAA is a consistent high scorer in J.D. Power’s customer satisfaction studies, despite the fact that it doesn’t have physical agency locations for in-person service. Although its eligibility requirements preclude it from ranking, USAA earned the highest score in J.D. Power’s 2024 renters insurance study. Importantly, USAA is only available to the military and their qualifying family members, so it may not be accessible to everyone. Its base policies are robust — flood, earthquake and identity theft coverage are automatically included. Plus, your personal belongings are insured at their replacement cost value at no extra cost to you.
| Perks | Drawbacks |
|---|---|
| Advertises rates as low as 33 cents per day | Only available to active-duty military, veterans and their qualifying family members |
| Coverage for military gear and uniforms | No brick-and-mortar agency locations |
| Electronics covered for up to $10,000 with an endorsement |
Standout features:
- Top-rated customer satisfaction
- Earthquake, identity theft and some flood coverage come included
Learn more: USAA Insurance review
Lemonade
Best for: Digital insurance experience
Renters may be able to purchase Lemonade renters insurance for as little as $5 per month, which is comparatively cheap for a non-bundled policy. If you aren’t also aiming to insure your vehicle with the company, Lemonade could have the cheapest Florida renters insurance premiums of the carriers listed. In addition, Lemonade is completely online-based, offering an end-to-end modern digital experience for those who don’t require an agent to help with purchasing and managing a policy. According to the company, renters could get coverage in as little as 90 seconds, which could be appealing if you’re in a time crunch.
| Perks | Drawbacks |
|---|---|
| Get coverage in under 2 minutes | No agents available for policy questions or support |
| Cheap rates | Dog breed restrictions may apply |
| Fully digital shopping experience |
Standout features:
- Fast and easy claims process
- Website or app available for all policy needs
Learn more: Lemonade Insurance review
State Farm
Best for: Optional coverage
State Farm stands out among Florida insurers for optional coverage. Florida renters can personalize their renters insurance coverage with options like identity restoration, earthquake coverage, incidental business liability and additional business property. Business owners who rent in Florida may find State Farm meets their needs the most for both personal and business coverage all in one place. Another perk from State Farm is that policies typically have no breed restrictions on dogs.
| Perks | Drawbacks |
|---|---|
| Numerous coverage personalization options | May be expensive |
| No breed restrictions | Limited discounts |
| “Superior” financial strength rating from AM Best |
Standout features:
Learn more: State Farm Insurance review
Allstate
Best for: Retired renters
Allstate offers standard coverage on its renters insurance policies, with the option to add replacement cost for the contents portion of the policy for an additional fee. Although Allstate only has a few renters discounts (for buying multiple policies and setting up automatic payments), retirees over 55 may have access to an additional discount — saving up to 25 percent on premiums by insuring their belongings with Allstate.
| Perks | Drawbacks |
|---|---|
| Optional replacement cost on contents | Below-average J.D. Power score |
| Retirees could save up to 25% on premiums | Few discounts |
| “Superior” AM Best financial strength rating |
Standout features:
- 55 and retired discount
- Choose ACV or RCV on contents replacement coverage
Learn more: Allstate Insurance review
Progressive
Best for: Bundling
Progressive may be a good option for Florida renters who want to reap the benefits of a bundling discount. The company advertises an average of $733 in savings for policyholders who switch to Progressive and bundle their auto and renters insurance. It may also appeal to renters who prefer to manage their policies online; Progressive ranked above average in the J.D. Power 2024 U.S. Insurance Digital Experience Study in both the service and shopping categories. However, its policies are fairly simple, and it doesn’t offer as many optional add-ons as some other national insurance companies.
| Perks | Drawbacks |
|---|---|
| Highly rated digital tools | Low score in J.D. Power study of renters insurance |
| Generous bundling discount | Fewer endorsements than some competitors |
| Advertises low rates |
Standout features:
- Multiple discounts available
- Advertises significant savings for new auto and renters bundles
Learn more: Progressive Insurance review
Average cost of renters insurance in Florida
Each provider weighs rating factors differently when determining premiums, but on average, the cost of Florida renters insurance is $175 per year, or just about $15 per month, according to Insurance Information Institute (Triple-I) estimates. This is only $5 more than the national average cost of renters insurance, which is $170 per year, according to 2021 data from Triple-I (the most recent year data are available).
Florida’s coastal location likely plays a large part in its higher-than-average renters insurance costs. Compared to central states like Iowa or Illinois, hurricane damage is not only common here but also tends to be more devastating. Hurricane Michael was the strongest hurricane to make landfall within the state in the 21st century. As a category five hurricane, it totaled about $25 billion in damage and $6.6 billion in insured damage. While preventing destruction from weather-related occurrences is largely out of your control, purchasing renters insurance can help mitigate the financial burden you might face if a devastating covered loss destroys valuable belongings.
What does renters insurance cover in Florida?
Renters insurance policies are made up of a few core coverage types:
- Personal property: Financial protection for your personal belongings in the event a covered incident damages them. Expensive items like art and jewelry may be subject to certain sub-limits. Renters insurance usually covers your belongings anywhere in the world, such as those in a storage unit or items when you’re on vacation.
- Personal liability: If someone is injured in your rented space and you are found legally liable for their injuries, this part of your renters policy can help with the associated legal and medical expenses.
- Loss of use: Also called additional living expenses, this can help cover lodging and other related expenses if you’re unable to live in your rented space due to a covered loss.
- Medical payments: If a guest is injured in your rented space, this can help with their medical expenses, even if you’re not at fault.
As a renter, you are not responsible for damage to your apartment’s physical structure. For instance, if a hurricane rolls through and cracks your windows, your building’s insurance policy would be on the hook for fixing them — not you.
It’s also worth noting that most renters insurance policies only cover the depreciated value of items, called actual cash value. You can seek out a policy that covers your items at replacement cost value— which doesn’t factor depreciation into payout after covered losses — if you want more financial protection.
Frequently asked questions
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