With the recent rise in inflation, many people are renting homes and apartments rather than buying real estate in this very steep market. With that comes the responsibility of making sure your belongings are safe in a dwelling that you yourself don't own. So how do you go about getting proper renters insurance in Florida and what does it include and cover? To help you streamline your options, we've put together a quick guide to all things renters insurance in Florida.
The population of Florida residents who rent are more than 33%, and they must have renters insurance in Florida to fulfill a lease agreement. Renters insurance provides valuable protection for your personal property and is relatively affordable.
Renters insurance in Florida is priced (on average) at around $15 per month or $185 annually, according to recent data from the Insurance Information Institute. Renters can feel secure knowing that their belongings will not be destroyed or damaged by a covered loss at a low monthly cost. This is especially for those with renters insurance in Florida, where at least one hurricane per year has struck the coast since the 1850s.
Renters Insurance in Florida - Average Costs
Each provider of renters insurance in Florida has a different way of weighing rating factors when determining the premiums. The average cost for renters insurance in Florida is just $6 less than the national average of renters insurance cost at $179 per annum. Florida is the first state to have a higher percentage of renters spending more than 30% of their annual income on renters insurance.
Florida's coast location is likely to play a significant role in the higher than average renters insurance costs. Hurricane damage in Florida is more common than that of central states like Illinois and Iowa. The strongest hurricane to hit the state was Hurricane Michael, a category five hurricane that caused approximately $25 Billion in damage to the U.S., as well as $6.6 billion in insured damage.
Renters insurance in Florida is an option to help you manage the financial consequences of a catastrophic covered loss.
What are The Most Common Causes of Loss for Those with Renters Insurance in Florida?
The state's most frequent losses are theft and weather-related damages. Burglary remains a major risk for Florida's 210,00000 residents. The Florida Department of Law Enforcement shows more than 71,000 burglaries in 2018, which further calls in the need for renters insurance in Florida.
With Florida being a state that lies directly along the coast, this means that its residence experience more hurricanes and heavy rains than others. Flooding can cause severe property damage, but with renters insurance in Florida for standard policies, it actually doesn't cover flood damage. For the required coverage, you can purchase separate policies for flood insurance specifically.
What does Renters Insurance in Florida Cover as Far as Hurricanes Go?
When it comes to renters insurance in Florida, you would need to closely go over your policy and speak with your insurance provider about damages or losses related to hurricanes would be covered (or not) and what your deductible is.
Renters insurance in Florida covers damage from hail storms. But there are exclusions within all policies as they pertain to renters insurance in Florida and can exclude other losses, such as damage from winds from a hurricane. Talking with a renters insurance agent will help you verify the full scope of coverage in your policy.
What Are The Main Benefits of Renters Insurance in Florida?
Many landlords will require renters insurance in Florida in order to rent an apartment. The lease will likely include provisions stating that it is mandatory. Even if renters insurance in Florida isn't required, the average monthly cost of a policy is such a small amount to protect your finances, that it's well worth it in case of a catastrophic loss.
In the event that a storm strikes, you could be responsible for paying more to repair the property, replace your possessions, or even have to make new living arrangements. All local renters should consider renters insurance in Florida to provide long-term financial protection, especially since Florida is susceptible to so many natural disasters.
Reach out and chat with an expert agent today and learn more about your options on coverage for renters insurance in Florida: (941) 999-3131