Find the Best Landlord Insurance Rates & Companies in Florida 

Florida draws hundreds of thousands of new residents every year. From the state's inviting natural scenery and climate to its many tourist draws, it's understandable why so many people choose to rent here. Just remember that if you're a Florida landlord who rents out your property to tenants, you must have protection against losses due to property damage or tenant lawsuits.

Luckily, a Florida independent insurance agent can help you find the right landlord insurance. They'll get you matched to the ideal policy for your needs. But for starters, here's a deep dive into Florida landlord insurance requirements, average costs, and more.

Best Landlord Insurance Companies in Florida

You can find landlord insurance from many different carriers in Florida, but you're understandably looking for the best coverage available. To help you save time while shopping for coverage, we've included some of our top recommendations for the best landlord insurance companies in Florida.

  1. Progressive: This insurance company sells landlord insurance and many other types of personal insurance and business insurance. Progressive has excellent financial strength ratings and offers numerous discounts and 24/7/365 customer service.
  2. SLB Group: This insurance company offers landlord insurance and other types of business insurance as well. SLB Group has an outstanding Better Business Bureau (BBB) rating and offers certain types of coverage nationwide.
  3. REinsure Pro: This insurance company sells landlord insurance and many other types of property insurance. REInsure Pro has an excellent rating from the BBB and is known for its fast claim responses.

A Florida independent insurance agent can compare landlord insurance quotes from each of these top-rated carriers and others who offer coverage near you.

What Is Landlord Insurance?

Your landlord insurance policy is fairly similar to a homeowners insurance policy. Both types of coverage can reimburse you for damage or destruction to your property, specifically the dwelling or structure. 

Further, both types of coverage provide liability protection, which can pay for lawsuit expenses if a third party sues you over bodily injury or personal property damage claims. Landlords have a greater risk of getting sued and of getting their property damaged than homeowners, however, so their coverage must account for this fact.

How Is Landlord Insurance Different from Home Insurance?

You'll find a key aspect of business insurance is also in landlord insurance. Loss of income coverage can reimburse landlords for income lost during temporary periods in which tenants cannot stay in their rental properties due to covered disasters like fire damage. This coverage can replace the typical income the landlord would've generated during this time, as well as provide a continuation of coverage for other expenses. 

Is Landlord Insurance Required in Florida?

Landlord insurance isn't required by any state laws in Florida. Many landlords decide the cost of coverage is well worth it, though. 

Without a policy, you could have to pay to repair your rental units on your own after a storm or incident of tenant damage. You also could endure hefty lawsuit expenses if a tenant or another third party sues you.

What Landlord Insurance in Florida Can Cover

Florida landlord insurance can be customized according to your specific needs. Many carriers offer the following coverage options to choose from:

  • Loss of income coverage: Covers lost rental income and provides a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire. 
  • Dwelling coverage: Covers repairs to your rental property's dwelling and attached structures in case fire, smoke, vandalism, windstorms, hail, or tenants cause damage or destruction.  
  • Liability insurance: Covers tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
  • Premises medical protection coverage: Covers medical expenses if a tenant gets injured in a covered event while living at your rental property. 
  • Other structures coverage: Covers losses related to the damage or destruction of detached structures against the same perils as dwelling coverage.
  • Optional coverage: A few optional coverage options for landlords to choose from include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.

A Florida independent insurance agent can work with you to create the ideal landlord insurance policy.

What Landlord Insurance in Florida Will Not Cover

Florida landlord insurance comes with certain exclusions that you should be aware of before ever attempting to file a claim. Landlord insurance tends to exclude the following incidents and expenses:

  • Loss, theft, damage, or destruction of your personal property
  • Flood or earthquake damage or destruction
  • Water or sewer backup damage or destruction
  • Intentional or malicious acts to third parties
  • Routine maintenance costs due to wear and tear

Often, you can purchase endorsements to increase your landlord insurance policy's coverage. You can usually buy endorsements for things like flood damage or sewer backup damage. Just keep in mind that as they come, policies don't typically cover these hazards.

landlord

Save on Landlord Insurance

Our independent agents shop around to find you the best coverage.

Average Cost of Landlord Insurance in Florida

Florida currently ranks second in the U.S. for the most expensive landlord insurance rates. Landlord insurance averages $2,450 annually in Florida. However, the cost of your coverage might differ depending on the following criteria:

  • The number of rental units you own
  • The age, size, and condition of your rental units
  • The presence of possible risk features at your rental units, such as pools
  • Your claims history
  • The exact location of your rental units

The good news is, most carriers offer several Florida landlord insurance discounts that can help you bring down the cost of your premiums. Be sure to ask about any discounts you may be qualified to earn.

Popular Questions about Florida Landlord Insurance

State laws in Florida don't require landlord insurance. However, going without this coverage may not be wise, as you could have to pay for lawsuit expenses and other huge losses on your own.

In Florida, landlord insurance covers tenant damage to the structure of your rental properties. However, it doesn't cover incidents of tenant damage to their own property or your personal property.

Florida has the second-highest landlord insurance rates in the country this year. Landlord insurance costs an average of $2,450 annually or $204.16 monthly in Florida.

Our finding was that Progressive has the best landlord insurance in Florida this year. Progressive offers outstanding customer service, excellent financial strength, great coverage options, numerous discounts, and competitive rates.

Landlords in Florida aren't required to cover their renters' property. So, you may want to require your tenants to purchase their own renters insurance.

Florida landlord insurance doesn't tend to cover eviction costs. Sometimes, you can find this coverage is available as an endorsement or a separate policy, though.

Florida independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. 

They'll shop and compare landlord insurance quotes from several carriers for you. And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Tampa or wherever you reside.

https://www.simplyinsurance.com/landlord-insurance-rates-by-state/