Based on our in-depth analysis, we’ve chosen Lemonade, State Farm and Nationwideas the best renters insurance companies in Florida. We assessed them on cost, coverage, add-on options, customer service and other factors. Although Florida renters are not legally obligated to buy insurance, a landlord or management company can make it mandatory. People looking to purchase coverage in Florida pay an average of $13.92 a month, based on data from Quadrant Information Services.
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The Top 5 Renters Insurance Providers in Florida
We rated multiple companies on a number of factors and determined the following five to be the best and most affordable providers of renters insurance in Florida.
- Lemonade: Best for Florida renters
- State Farm:Best for localized support
- Nationwide: Best for customizable coverage
- Allstate: Best for industry experience
- Progressive:Best for bundling
Lemonade: Florida’s Top-Rated Renters Insurance Company
Lemonade Renters Insurance
Best for Florida renters
4.6
Cost: 4.3/5
Customer Experience: 4.7/5
Industry Standing: 4.1/5
Coverage: 4.4/5
Our Review
A.M. BestNRJ.D. Power854/1000
MONTHLY COST$13.33
Why We Choose Lemonade
Lemonade topped our list as the best renters insurance provider in Florida due to their fast and simple sign-up and claims processes and their affordable pricing. Using AI technology, Lemonade has an entirely digital process for signing up for a renters insurance policy. It also provides fast claims resolution and allows you to file a claim using its mobile app. This insurer might be more affordable than other providers — its basic policy starts at $5 per month.
However, Lemonade does not provide an endorsem*nt for severe weather events, which are significant risks for Florida residents.
Pros and Cons
Pros Offers a fast digital process Provides quick claims resolution using AI Basic policy starts from $5 per month Cons Does not offer endorsem*nt against severe weather events No AM Best rating
Discounts and Endorsem*nts
Lemonade can help you save on your policy through these two discounts:
- Bundling
- Protective devices
If you want to extend your policy’s coverage, you might be able to buy extra coverage for:
- Equipment breakdown
- Expensive jewelry
- Pet damage to belongings
- Water backup damage
- Water damage
What Customers Think of Lemonade
Our team analyzed customer reviews about Lemonade on Trustpilot and the Better Business Bureau (BBB) to find out the common likes and dislikes of Lemonade’s customers.
What Customers Like
- User-friendly application: Several policyholders, such as this one, praised the ease with which they could submit a claim using the provider’s mobile app.
- Exceptional customer service: A customer was grateful for the outstanding support provided by the insurer’s customer service team.
What Customers Don’t Like
- Insufficient protection: Many customers like this one expressed dissatisfaction and said Lemonade did not deliver sufficient coverage for water damage.
- Cancelation of policy: A policyholder was upset with the insurer for ending a policy despite the absence of any claims.
We reached out to Lemonade for comment on its negative customer reviews but did not receive a response.
The Cost of Renters Insurance in Florida
According to data collected by Quadrant Information Services in 2024, renters insurance costs $167 per year or $13.92 per month on average in the state of Florida. Keep in mind that the size of your rental, your specific location and any endorsem*nts or discounts will impact the cost of your unique policy. Compare the average annual cost of the top renters insurance providers using the chart below.
The cost of renters insurance can vary greatly based on your location and the amount of personal property coverage you need. Use the chart below to find out how much you can expect to pay in your area before getting a quote from your preferred providers.
Florida’s Cheapest Renters Insurance Companies
It’s essential to prioritize policy costs when buying renters insurance, but it should not be your only consideration. Make sure the policy you want delivers sufficient coverage in areas where you have the most need. Nationwide offers the cheapest renters insurance in Florida on average with policies running around $9.42 per month.
How To Save on Renters Insurance
You might save on renters insurance in Florida if you reduce the risk of damage to your property and shop around when choosing your provider. There are a few key steps you can take to help lower your costs:
- Protect your property against weather events: Severe weather events like hurricanes, torrential rain, floods and tornadoes are a significant risk in Florida. Renters can use impact-resistant windows or storm shutters and elevate valuable items off the floor to reduce the risk of damage, which might lead to lower rates.
- Improve your home’s security: If you live in an urban area like Tampa, you may face a higher risk of theft and vandalism. You can save on your policy costs when you protect your property against these risks by installing burglar alarms and security cameras.
- Compare rates: Since every insurer looks at your application differently, shop around and get quotes from at least three companies. You can then compare their coverage and pricing to choose the one that best fits your needs.
Other Top Florida Renters Insurance Companies
State Farm Renters Insurance
Best for Localized Support
4.6
Cost: 4.6/5
Customer Experience: 5/5
Industry Standing: 4/5
Coverage: 4.4/5
Our Review
A.M. BestBJ.D. Power844/1000
MONTHLY COST$10.10
Why We Chose State Farm
State Farm might be an affordable choice for Florida renters among the providers we reviewed because the company provides cheaper quotes for people who live in apartment buildings. However, your rates will vary based on your situation, which makes it important to get a direct quote. You can also lower your premium using the bundling and home security devices discount.
State Farm also has a robust network of helpful local agents who can help you identify your area’s specific risks and find suitable coverage for your needs.
Pros and Cons of State Farm
Pros Wide network of local agents Provides a convenient online estimate process Scored above average in J.D. Power’s customer satisfaction study Cons Endorsem*nt against flood damage is not available Does not offer many discounts
Discounts and Endorsem*nts
State Farm does not offer many discounts on renters insurance policies. However, those who want to lower their policy cost might qualify for these two:
- Bundling
- Home security devices
You can extend your policy’s coverage by adding these endorsem*nts:
- Earthquake damage
- Identity restoration
- Personal liability umbrella policy
- Pet medical insurance
What Customers Think of State Farm
Our team assessed customer reviews on Trustpilot and the BBB to understand if State Farm offers quality service and to identify the common likes and dislikes.
What Customers Like
- Helpful agents: Several customers, such as this one, praised the quick and efficient help provided by the insurer’s customer service agents.
- Efficient claims handling: Many customers, such as this reviewer, appreciated State Farm’s fast and uncomplicated approach to processing claims.
What Customers Don’t Like
- Policy cancellation: A customer was upset because the company canceled their insurance policy following a claim related to roof damage.
- Substantial premium increase: Many policyholders, such as this one, expressed dissatisfaction with the significant rise in insurance costs.
We reached out to State Farm for comment on its negative customer reviews but did not receive a response.
Nationwide
Best for Customizable Coverage
4.4
Cost: 4.2/5
Customer Experience: 4.6/5
Industry Standing: 4.4/5
Coverage: 4.6/5
Our Review
A.M. BestAJ.D. Power852/1000
MONTHLY COST$9.42
Why We Chose Nationwide
Nationwide can be ideal for renters insurance if you want an insurer that lets you choose from many endorsem*nt options to help you tailor your policy according to your needs. The company offers its Brand New Belongings coverage, which enables you to get reimbursed for actual replacement costs of your damaged items without considering depreciated value.
However, the insurer requires you to contact an agent for a quote. That fact makes the company a lesser option for renters looking for a quick estimate.
Pros and Cons of Nationwide
Pros Lets you purchase many valuable endorsem*nts Received an above-average customer satisfaction score Provides a separate flood insurance policy Cons Must contact an agent for a quote Does not offer many discounts
Discounts and Endorsem*nts
You can save money on a policy with Nationwide if you qualify for one of these discounts:
- Claims-free
- Multiple policies
- Protective devices
You can extend your policy’s limits through these valuable endorsem*nts:
- Earthquake
- New belongings
- Theft extension
- Valuables plus
- Water backup
What Customers Think of Nationwide
Our team analyzed customer reviews on Trustpilot and the BBB and identified common themes to help you understand what Nationwide’s customers think about its service.
What Customers Like
- Streamlined claims process: Multiple policyholders, such as this one, praised the company for its transparent and easy-to-navigate claims procedure.
- Fast customer support: Many customers, including this one, appreciated the insurer’s prompt attention to their concerns.
What Customers Don’t Like
- Disorganized service agents: Several policyholders, such as this one, were upset with the company because its agents failed to respond to quote inquiries.
- Significant price increase: A number of customers, such as this one, expressed dissatisfaction with the company for significantly increasing the cost of their policies upon renewal.
We reached out to Nationwide for comment on its negative customer reviews but did not receive a response.
Allstate Renters Insurance
Best for Industry Experience
4.4
Cost: 4.5/5
Customer Experience: 4.8/5
Industry Standing: 4.2/5
Coverage: 4/5
Our Review
A.M. BestA+J.D. Power835/1000
MONTHLY COST$9.83
Why We Chose Allstate
Allstate is an ideal option for senior renters in Florida because it allows seniors to save on their premiums with its 55-and-retired discount. Seniors can get up to 25% off by qualifying for this discount. However, the renter must not work full-time or seek full-time employment and must be over 55 years old to qualify.
However, Allstate did not score well in J.D. Power’s customer satisfaction study, which could be indicative of it not providing quality service or adequately resolving complaints.
Pros and Cons of Allstate
Pros Lets seniors get up to 25% off on premiums Makes it easy to bundle your policy Provides many additional coverages Cons Offers a limited number of discounts Scores poorly for customer satisfaction
Discounts and Endorsem*nts
Florida renters might not get many saving opportunities with Allstate, as the company only offers these discounts:
- 55-and-retired discount
- Bundling
The insurer lets you add these additional coverages to your policy:
- Blanket jewelry coverage
- Flood insurance
- Identity theft restoration
- Scheduled personal property coverage
What Customers Think of Allstate
Our team read customer reviews on Trustpilot and the BBB to get an idea of Allstate’s customer satisfaction level.
What Customers Like
- Dependable agents: One customer praised the company’s customer service agents for providing support after a fire damaged their property.
- Knowledgeable representatives: Several policyholders, such as this reviewer, commended the company’s agents for their expertise.
What Customers Don’t Like
- Long claims procedure: A policyholder was upset with the prolonged duration of the company’s claims handling.
- Insufficient coverage: Many policyholders, such as this one, complained about Allstate’s insufficient roof-damage coverage.
We reached out to Allstate for comment on its negative customer reviews but did not receive a response.
Progressive Renters Insurance
Best for Bundling
4.3
Cost: 4.4/5
Customer Experience: 4.7/5
Industry Standing: 4.1/5
Coverage: 3.8/5
Our Review
A.M. BestA+J.D. Power804/1000
MONTHLY COST$18.09
Why We Chose Progressive
Progressive is a sound option for Florida residents looking to bundle their renters policy. The insurer makes it easy to buy a bundled policy by letting you choose your desired bundle. It also provides a significant discount on bundling.
However, because coverage can vary based on the underwriting company, discounts and coverage might not be available in each location. It’s better to contact the insurer directly for the most accurate information.
Pros and Cons of Progressive
Pros Offers a significant bundling discount Provides additional coverage against natural disasters Offers many helpful resources on its website Cons Coverage might vary depending on the underwriting company Scored below average in J.D. Power’s customer satisfaction study
Discounts and Endorsem*nts
You can lower the cost of your renters insurance with Progressive because the company offers many discounts. These discounts include:
- Bundling
- Pay in full
- Quote in advance
- Received documents by email
- Secure/gated community
The insurer provides few endorsem*nts. Those looking for additional protection may desire these coverages:
- Personal injury
- Water backup
What Customers Think of Progressive
We looked at Progressive’s Trustpilot and BBB reviews to understand the common likes and dislikes of its customers.
What Customers Like
- Knowledgeable representatives: Many customers, including this one, praised the insurance provider for having agents who provided all the essential information.
- Affordable pricing: A customer highlighted the insurer’s competitive pricing as being more favorable than other companies.
What Customers Don’t Like
- Inefficient support: Many customers, such as this one, did not like how the insurer provided inadequate customer support.
- Lack of helpful resources: A client was upset with the insurer due to inaccurate information on its website.
We reached out to Progressive for comment on its negative reviews but did not receive a response.
Common Florida Renter Claims
Because landlord insurance covers the property that tenants live in, renters are not financially responsible for the same types of property damage that homeowners are. However, it doesn't mean that renters are entirely exempt from risks. Here are some common losses that renters in Florida may experience.
Hazardous Weather
Floridians, especially those near the coast, know all too well the risks posed by hurricanes, heavy rain and other extreme weather events. Renters insurance in Florida may pay for damaged personal belongings due to most weather-related incidents. While wind, hail, snow and ice collapse are usually covered perils, flooding and earthquakes are not covered by renters insurance. According to our 2024 survey of 1000 renters, more than half of Florida renters have flood insurance and 73% of residents have filed a water damage claim. Make sure you are covered by adding a flood insurance endorsem*nt to your renters insurance policy or signing up for a separate flood insurance policy with the National Flood Insurance Program (NFIP).
Crime
Property crimes, whether theft or vandalism are a common claim across the country. After a break-in, any destruction of your home’s structure would fall under your landlord’s policy. However, you would be responsible for damaged or stolen property.
Renters Insurance Hurricane Coverage in Florida
You should be covered under a policy from any of these providers if your property is damaged due to a hurricane. If your policy includes a separate hurricane deductible, you’ll have to pay up to that amount when filing a claim, even if your standard deductible has already been reached. Notably, State Farm and USAA don’t have separate hurricane deductibles and include named storm wind damage under their standard deductible. You may also be eligible for discounts if your building has wind mitigation features.
Is Renters Insurance in Florida Worth It?
It can be worth purchasing renters insurance in Florida since the state faces a significant risk of severe weather events, especially from hurricanes. These events can cause costly damages. Although you’re not legally required to buy coverage, having a policy can protect you against high repair costs.
Savings With Insurance
We’ve listed the average repair cost with a policy with $25,000 in personal property coverage and a $500 deductible to help you understand how much you could save on damages if you have renters insurance coverage.
| Common Reasons for Claims | Cost To Repair | Cost With Insurance |
|---|---|---|
| Water damage | $1,300 | $500 |
| Burglary | $2,661 | $500 |
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Frequently Asked Questions About Florida Renters Insurance
On average, a Florida renter will pay about $14 for a policy in the state. However, this is an average cost, and your actual premium can differ based on the value of your personal property and many other factors.
Nationwide has competitive rates compared to our reviewed providers, offering a policy at an average monthly cost of around $9.42. Get an estimate from at least three different insurers to get the best deal for your unique situation.
Renters insurance is not mandatory in Florida, but you’ll have to buy it if your landlord makes it a condition of the lease agreement. There are also many benefits to purchasing coverage, such as protecting your finances against significant damage.
A renters insurance policy in Florida can pay for the repair or replacement cost of your personal items and liability claims. It also covers temporary living expenses if your property becomes uninhabitable because of a covered loss.
Methodology: Our System for Ranking the Best Renters Insurance Companies in Florida
To identify the best renters insurance companies in Florida, we conducted a comprehensive analysis of 14 insurers. This involved gathering estimates for an apartment building in the state to understand the quote process, looking at customer reviews on third-party sites such as Trustpilot and the BBB, and assessing discounts and endorsem*nts based on the specific needs of Florida renters.
We then rated the providers based on these factors:
- Cost: 40%
- Availability and ease of use: 25%
- Coverage: 20%
- Brand trust: 15%
We update this data regularly so you can access the most up-to-date information. Read our full methodology to learn more.
AM Best Disclaimer
How We Gather Cost Data
We at the MarketWatch Guides Team gathered renters insurance quotes for the providers in this article using data from Quadrant Information Services. Quadrant is a leading source of property and casualty insurance solutions and data.
The sample renter our quotes are based on is a 30-year-old single male with good credit and no prior claims history. Our sample policies featured a $1,000 deductible and the following coverage and limits:
- Personal property: $25,000
- Loss of use: $7,500
- Liability: $100,000
- Medical payments: $500
For each provider, we gathered a quote for 50% of the ZIP codes in every state the provider is licensed in. We used the most populous ZIP codes for our study. We took the average of these individual quotes to calculate a national average premium per provider.
In some cases, cost data for a top renters insurance company isn’t offered in Quadrant’s database. To gather price information for these providers, we manually pulled quotes directly from insurers’ websites or representatives. We used the same sample homeowner demographics and comparable policy details for more than 20 ZIP codes across the U.S.
Our sample rates are for informational purposes only. Actual premiums will vary.
*AM Best rating accurate as of September 2024.AM Best disclaimer
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
