On average, Florida renters insurance costs between $180 and $200 per year. For that rate, you’ll get coverage for your personal property, loss of use, personal liability, and medical payments for anyone injured in your rental home.

When you sign a lease on that dream apartment, buying insurance might be the last thing on your mind. But purchasing renters insurance is one of the easiest—and most affordable!—ways to ensure financial and legal security against any kind of loss or accident in your home.

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has compiled a guide to everything you need to know about renters insurance in the Sunshine State. We’ll break down how renters insurance works, how to build a policy, and how you can save extra cash by bundling your policy with an auto policy.

What is renters insurance?

A renters insurance policy provides financial protection if your property is damaged, destroyed, or stolen, as well as personal liability coverage.

A renters insurance policy typically includes the following coverages:

Property coverage (Coverage C): This insurance covers the actual cash value (ACV) or replacement cost of your belongings if they’re destroyed by a covered peril.

Loss of use coverage (Coverage D): Also known as additional living expenses (ALE) coverage, this part of your policy pays for living expenses, like a hotel room or food delivery, incurred as a result of damage to your property.

Personal liability (Coverage E): If someone else is injured or their property is damaged in your home, your personal liability insurance will cover any amount you’re legally required to pay, including court and attorney fees.

Medical payments (Coverage F): This coverage pays for any medical expenses when someone is injured on your property.

You can calculate the amount of property coverage you need by doing an inventory of your belongings, including furniture, electronics, and art. Your landlord will probably set the requirements for liability coverage, which is usually $300,000 or $500,000.

MORE:

How to find the best renter's insurance

What does renters insurance cover?

Renters insurance covers only the perils named in the policy. These may vary from place to place, but in general, you can expect your policy to cover:

Fire

Theft

Frozen plumbing

Windstorm

Vandalism

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

Your renters policy might cover all of the above and more—or it might list fewer named perils.

Be sure to read your policy carefully so you understand what’s covered. For instance, if you live in Florida’s wind-pool area (particularly east of I-95), windstorms may not be included in your renters insurance policy. You’ll need to purchase special windstorm insurance to get full coverage for hurricane season.

MORE: What is windstorm insurance and what does it cover?

What does renters insurance not cover?

Renters insurance covers a lot, but it won’t protect everything in your home. Here are a few non-covered items to keep in mind:

Work-related items: If you run a business out of your rental home (or just work from home), it’s not automatically covered by your renters policy. Any property associated with a business, from your work laptop to your cricut machine, might need alternative coverage.

Valuables: Your grandmother’s engagement ring and your collection of limited-edition Funko Pops may not be covered by your basic renters policy. Expensive collectibles and jewelry typically require additional coverage.

Your car: Even if it’s parked on rental property, your car can’t be covered by a renters policy. You must purchase

car insurance

that meets your state’s minimum insurance requirements.

MORE:

Florida minimum car insurance laws

Key Takeaway: Renters insurance doesn’t just cover your belongings—it’s important for legal liability if an incident takes place on your property.

Is renters insurance required in Florida?

Renters insurance is not required by law in Florida. However, your landlord may require you to purchase a renters’ insurance policy. Even if your landlord doesn’t require it, renters insurance is a smart purchase, since it covers not just your property but your legal liability should an accident take place on your property.

The good news is that renters insurance is fairly cheap: although the cost varies from year to year, Florida renters insurance tends to cost slightly more than the national average of $173 per year. In other words, you can expect to pay between $15 and $18 a month for a policy that could pay out thousands of dollars in the case of an accident.

Whether your concern is hurricane season, chaotic relatives, or clumsy pets, protecting your belongings and your finances with a renters policy makes good financial sense.

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How to build a Florida renters insurance policy

It’s easy to create your renters insurance policy. Begin by conducting a personal asset inventory for each room in your home, making note of the following information for all furniture, electronics, art, and appliances:

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

Take pictures of the items you're including on your policy. Collecting this information and documenting the property will make the claims process easier if you do need to submit a claim.

Choose a personal liability limit. Your landlord may require a certain amount of liability insurance (typically $300,000 or $500,000), but you may be able to choose a lower limit, such as $100,000.

Check to see if wind damage is covered in your area. In some parts of Florida, separate windstorm coverage is required. If you’re in Florida’s wind pool, you may need to purchase a windstorm policy along with your renters insurance.

Actual cash value vs. replacement cost

You’ll need to choose between a policy that covers the actual cash value (ACV) of your belongings at the time of loss or one that covers the replacement cost.

What’s the difference? Let’s say you bought a really great TV five years ago for $1,500. One day, your cat has a little too much catnip and knocks the TV over, shattering the screen. If your renters policy covers ACV only, you’ll be able to claim whatever the TV was worth based on depreciation—maybe $500. On the other hand, if your policy covers replacement cost, you’ll be able to claim the full $1,500 to buy a comparable replacement TV.

Obviously, the coverage you get with replacement cost is more attractive—but you’ll pay more for that policy. Make the decision carefully based on your needs and the risk in your area.

MORE:

What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

Finding cheap renters insurance isn’t hard, but you can save extra by bundling your renters insurance with your auto policy. Most companies offer discounts from 5% to 25% on both policies for bundling car and renters insurance. In fact, renters insurance is so affordable that if your car insurance payment is at or above $300 per month, you could find a bundle that essentially pays you to have renters insurance!

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Is renters insurance worth it?

Yes, in most cases. Renters insurance is one of the cheapest types of insurance, and it gives you broad coverage for property damage and personal liability.

What is the average cost of renters insurance in Florida?

Renters insurance rates change from year to year, but Florida’s rates tend to be just slightly above the national average of $173 per year. You can expect to pay between $180 and $200 a year for a Florida renters insurance policy.

Average cost is $173 per year but it varies state to state and year to year. $15-18 a year. Florida tends to be just slightly above the national average, so you could expect to pay between $180 and $200 on average for renters insurance in Florida

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