Best Renters Insurance in Florida: Top 5 Companies

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As a property manager, you might find yourself wanting to require a lease stipulation for renters insurance in Florida.

The good news is that although not required by law, landlords are allowed to require renters insurance as part of a lease agreement in Florida; in this case, you might be intrigued to find out which renters insurance is best in the state.

...which is where we've got you covered in this guide.

Before we begin, let's discuss why you might want to require renters insurance for your rental property.

Why Require Renters Insurance

You have the option to require renters insurance, but is it truly a necessity? Why would you want to require renters insurance for your tenants?

Renters insurance isn’t a necessity, unlike property insurance, but not having it is a big risk for your tenants and you.

Also, most people are looking for the best renters insurance companies in the market and they want to know how much coverage they should get or how much renters insurance cost in Florida.

Here are a few ways renters insurance can protect you:

1. It protects you from lawsuits

Easily one of the biggest reasons, having renters insurance protects you from lawsuits in the event that your tenant’s belongings are damaged within your property, whether due to:

A fire
Earthquake
Or other natural disaster or catastrophic events.

And before you think your liability insurance will cover you in this type of event, it likely won’t, even if the tenant is injured due to their own actions.

2. It protects you from paying for property damage

Similar to a lawsuit, you could be asked by the tenant to pay for damages to the property in the event of an accident if they have no way of covering it.

No matter what you think of your tenants, it’s better not to assume how they’ll behave after a disaster and instead require renters insurance to cover you even further.

3. Keep your insurance premiums down

If your tenants not having renters insurance means you’re more likely to be hit with a lawsuit or damage claim, that can lead to other issues.

One issue is that being hit with a claim can increase your insurance premiums.

And rack up multiple claims? Your insurance provider could cancel your policy altogether.

4. Increase your number of applicants by accepting pets

What does renters insurance have anything to do with allowing pets?

Renters insurance can cover the property damage resulting from having pets as well as liability in the event of dog bites.

However, make sure to check the policy presented by your tenant covers dog bites as some don’t offer pet-related coverage.

You might have many questions, like:

Does renters insurance cover flooding?
What are some reliable and affordable renters insurance companies?
... we'll discuss this and more in the next section along with the popular players in Florida so you can choose the best options for your tenants.

Top 5 Renters Insurance in Florida

1. Lemonade

When it comes to getting a renters insurance policy, Lemonade emerges as a true game-changer.

As a property manager, you understand the importance of efficiency and convenience in every aspect of your responsibilities. That's where Lemonade's innovative approach to insurance comes into play, embracing the digital age to provide a seamless experience for both you and your tenants.

Here is Lemonade's renters insurance coverage:

Theft of personal belongings
Fire
Vandalism
Windstorms
Certain water damage
... and injuries sustained by visitors at your place.

Lemonade's standout feature is its commitment to digitalization.

The traditional paperwork-heavy insurance process can be time-consuming and cumbersome. Lemonade understands your need for streamlined operations.

With their digital platform, you're able to bid farewell to lengthy forms and endless waiting times. Instead, you and your tenants can navigate through the insurance journey from the comfort of your devices.

Reviews

According to some Trustpilot reviews, Lemonade, here's the full scoop:

Processes claims quickly.
If the tenant's devices are lost or stolen, they will be paid to buy new replacements
The claims process is super easy
... and they are very clear about coverage limits

2. Allstate

Allstate is a bigger insurance company widely known for its Auto insurance.

According to their website, they now also offer a package deal to get auto and renters insurance quotes together. This can be easier for some people because everything is kept under one roof; it might also be cheaper than getting both separately.

Allstate's renters insurance is designed to safeguard renters by providing the following coverage:

Personal Property Coverage: Your belongings, such as furniture, electronics, and clothing, are protected against risks like fire, theft, vandalism, and certain natural disasters.
Liability Protection: Financial coverage for bodily injury or property damage you're found responsible for, including medical expenses, legal fees, and settlements.
Additional Living Expenses: If your rental becomes uninhabitable due to a covered event, this coverage helps pay for temporary accommodations and related expenses.
Medical Payments to Others: Helps cover medical expenses for guests injured on your property, regardless of fault.
Replacement Cost Option: Offers reimbursement for belongings' current value without deducting for depreciation.
Scheduled Personal Property: Additional coverage for valuable items like jewelry and electronics.
Identity Theft Coverage: Some policies include coverage for identity theft expenses.
Discounts: Allstate offers various discounts to help lower monthly prices based on age, policy additions, and payment plans.

Reviews

A huge pro for Allstate is that they offer many discount options for different situations, but getting a quote is the only way to really know if the discounts are truly worth it.

Another pro discussed on reviews is Allstate's user-friendly website which is easy for customers to navigate.

However, according to many reviews on Trustpilot, their claim process is not very seamless and some customers say that the reimbursement process is also very difficult.

3. Nationwide Mutual Insurance

Nationwide offers renters insurance to provide protection for individuals who are renting their living space.

Their renters insurance policies are designed to cover personal belongings, liability, and additional living expenses if your rented residence becomes uninhabitable due to covered events.

Here's a brief overview of key features typically included in Nationwide's renters insurance:

Personal Belongings Coverage: Nationwide's renters insurance generally covers your personal belongings, such as furniture, electronics, clothing, and more, against risks like fire, theft, vandalism, and certain natural disasters.
Liability Protection: This coverage helps protect you financially if you are held responsible for causing bodily injury or property damage to others. It can cover medical expenses, legal fees, and settlements if you're sued.
Additional Living Expenses: If your rental unit becomes temporarily uninhabitable due to a covered event, Nationwide's renters insurance may help cover the costs of temporary accommodations, meals, and more.
Medical Payments to Others: This coverage assists in paying for medical expenses if guests are injured on your rental property, regardless of fault.
Identity Theft Coverage: Some Nationwide renters insurance policies may include coverage for expenses related to identity theft, such as legal fees and lost wages.
Brand New Belongings: If your belongings are damaged or stolen, Nationwide may offer coverage that helps replace them with new items of similar quality.
Valuables Plus: For high-value items like jewelry or electronics, you can choose to add extra coverage to ensure they are adequately protected.
8. Discounts: Nationwide provides various discounts that can help reduce your renters insurance premium, such as bundling policies, having safety features, or maintaining good claims history.

Reviews

According to some Trustpilot reviewers, Nationwide's claim processing is seamless and quick, but many people have reported horrible customer service and have complained about their agents.

4. Resident Shield

Resident Shield stands out by prioritizing personalization in the field of renters insurance.

As a property manager, you understand the individuality of each tenant's needs.

Resident Shield's customized insurance offerings not only acknowledge this reality but also offer a variety of coverage choices that align with the distinct demands of your tenants.

Here is what is covered under Resident Shield rental insurance:

Property protection
Personal liability protection
Guest medical payments
Additional living expenses

The insurance solutions they provide are tailored to match every tenant's unique circumstances and belongings.

This ensures that tenants, regardless of whether they're students, professionals, or families, can feel confident that their coverage is specifically adapted to their needs.

They even offer specific discounts for senior communities.

5. State Farm

"Like a good neighbor..." you know the deal.

State Farm offers a pretty comprehensive coverage list and the best part is that it is a well-known name- so you might already be familiar with their processes.

Here is what is covered under Resident Shield renters insurance:

Personal Property Coverage: This protects your belongings against damage or loss due to covered events like fire, theft, vandalism, or certain natural disasters.
Liability Coverage: If someone gets injured in your rented property and you're found legally responsible, liability coverage helps pay for medical expenses, legal fees, and potential settlements.
Medical Payments to Others: If a guest is injured in your rental unit, this coverage helps pay for their medical expenses, regardless of who was at fault.
Additional Living Expenses (ALE) or Loss of Use: If your rented property becomes uninhabitable due to a covered event, ALE covers extra living expenses like hotel bills, meals, and other costs.
Property Damage to Others: If you accidentally damage someone else's property, this coverage can help you pay for the repairs or replacements.

State Farm's renters insurance stands out from other providers due to its comprehensive coverage options and the company's longstanding reputation for reliability.

With a wide array of coverage choices, State Farm enables renters to customize their policies to match their specific circumstances once they request a renters insurance quote.

Reviews

State Farm renters insurance seems to have many raving fans. Some mention that it offers inflation coverage, and they have few customer complaints for a company of its size.

Bottom Line

In conclusion, when it comes to Florida renters insurance, there are many options available with many renters insurance discounts. As we discussed, requiring a renters policy is a great way to protect yourself as a property manager from potential liability issues.

If you want everything under the same roof, we recommend using Lemonade, as DoorLoop is a proud partner. Your tenant will see their renters insurance on the tenant portal and will have the option to add it.

For more information on renters insurance with DoorLoop, click here!