Hurricane Irma held the world transfixed as Florida’s beautiful beaches were battered by relentless rain, whipping winds and tons of flooding. The category-4 hurricane created over $50 billion worth of destruction that is still in repair today, and it is an event that remains fresh in the minds of renters and homeowners alike.
Hail, hurricanes, flooding and high winds are all widespread in Florida. That creates a need for a different kind of renters insurance with specialized features that cover things like sinkholes, lightning and hurricanes. Florida has a weather system all its own, so renters must be diligent in ensuring maximum coverage for all types of events.
The Florida Housing Finance Corporate reports in a new study that the number of renter households in 2017 exceeded 2.5 million. With so many renters and so many potential natural disasters, renters insurance is a necessity to protect your home and all of your belongings inside.
Best renters insurance companies in Florida
As tourism continues to rise, visitors are more common. It is essential to ensure your belongings are covered, as well as theirs. Renters insurance will protect your home, your belongings and any guests on the property.
The cheapest renters insurance companies in Florida
There are many excellent insurance options for Florida residents, and here we have the best renters insurance companies in the state for 2019:
- Castle Key
- Citizens
- Peoples Trust
- Security First
- State Farm
To assess each company, we examined their ratings. Both J.D. Power and the Better Business Bureau judge customer satisfaction on price, claims processing and overall customer service. AM Best uses a grading system to judge a company’s financial strength.
J.D. Power and AM Best ratings are not available for all Florida insurance companies, but we include Demotech financial ratings where possible.
These companies are not only the cheapest renters insurance companies but also come highly recommended by their customers.
Rankings for cheapest renters insurance companies: Florida
| Company | J.D. Power | AM Best | BBB | Demotech |
|---|---|---|---|---|
| State Farm | 3 out of 5 | A++ (Superior) | A+ | A (Exceptional) |
| Security First | N/A | N/A | A+ | A (Exceptional) |
| Citizens | N/A | A (Excellent) | A+ | A (Unsurpassed) |
| Peoples Trust | N/A | N/A | N/A | A (Exceptional) |
| Castle Key | 2 out of 5 | B (Fair) | C | A (Unsurpassed) |
Best Florida renters insurance for best claims service: Castle Key
Castle Key is a specialized division of Allstate that provides renters insurance to Floridians. Allstate is already a well-respected renters insurance company, with excellent claims service and extra protections that will come in handy with Florida’s unpredictable weather. Allstate has 5 out of 5 rating from J.D. Power for how it handles claims.
Best Florida renters insurance company for discounts: State Farm
State Farm offers good insurance coverage in a variety of areas, which means you can save on your renters insurance by bundling it with your auto insurance and get more discounts for both kinds of insurance. State Farm helps you save if you have safety features like smoke alarms or a security system.
Best Florida renters insurance company for private coverage: Citizens
Citizens is available exclusively to Florida residents as a not-for-profit government organization. It is a popular solution for those who cannot find private coverage, and Citizens offers exclusive savings like discounts for homes with storm windows and shutters and homes in compliance with Florida Building Codes.
Cheapest Florida renters insurance company: Security First
Security First is also a Florida-based renters insurance company with unique coverage and affordable pricing. While most companies feature discounts for adults 65 and older, Security First offers discounts for those 55 and older. It also offers discounts for wind-resistant homes, similar to Citizens renter insurance. While your rates will be unique to you, Security First often offers the lowest insurance rate.
Florida is on par with the national average cost of renters insurance, costing about $185 per year, while the national average is $181 annually.
These are the average rates for the best Florida renters insurance companies:
- Security First: $142
- Citizens: $160
- Peoples Trust: $170
- Castle Key: $175
- State Farm: $181
Given the specific needs of Florida renters, companies have worked to adapt their policies for better coverage. With several services exclusive to Florida only, it helps to ensure better customer service, fast claims processing and, most importantly, greater affordability for better coverage.
Frequently asked questions
How much renters insurance do I need in Florida?
Renters insurance is especially prevalent in Florida, given its propensity for damaging storms. Consider extra protections based upon where you live. Areas closer to shore will need flood insurance more than someone living near Disney. Florida also experiences strong winds from frequent storms, and areas closer to shore could require more coverage than other areas. Some companies provide wind coverage, but not all. Determine how much risk you have and how much coverage you’d need to replace your belongings to find out how much insurance you need.
What is the best renters insurance company in Florida?
Unlike other states, there are many Florida renters insurance companies that specifically cater to the changing Florida landscape. Where you live will significantly determine the kind of coverage that you need, and that, in turn, will help determine which company is right for you.
Why do I need Florida renters insurance?
Florida has more lawsuits than other states, so renters insurance will provide the extra protection you need. Renters insurance can also protect your belongings from the storms Florida tends to get. Also, many landlords require renters insurance, so check your lease. While your landlord’s policy covers the building, your belongings inside are not covered unless you pay for an insurance policy.
Will renters insurance cover roommates?
Renters insurance only covers the individuals listed on the policy. If your roommate is not on your policy, he or she is not included. If they have coverage and you are not listed on their policy, you are not covered. Roommates should provide their own coverage.
The post The Cheapest Renters Insurance Companies in Florida 2019 appeared first on The Simple Dollar.
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