Owning a rental property in Florida could be a worthwhile investment. According to Steadily, an estimated 2.64 million of the 19 million people residing in Florida are renters. That consists of 13.3% of the state’s population.
However, due to the Sunshine State’s unique geographic location, the region has become one of the most vulnerable states in the U.S to natural disasters like hurricanes, tropical storms, and flooding.
These harsh weather events often result in significant damage and losses to rental properties for homeowners. Aside from these events, homeowners can also face disputes with tenants and liability claims. For these reasons, having the best landlord insurance becomes a necessity for most if not all Florida landlords.
We will highlight some of the best and cheapest landlord insurance companies in Florida, looking at what their policy covers, their average price and plans, and how you can quickly enroll with them.
How much does landlord insurance cost in Florida?
Homeowners in Florida can expect to pay around $1,250-$2,000 per year for landlord insurance in Florida. The actual rate may vary depending on the coverage level, location of the property, and many more.
Also read: AGI Renters Condo Insurance By Assurant Review
Best Landlord Insurance Companies for Florida Homeowners
- State Farm: Best overall landlord insurance company with a wide range of coverage options and affordable rates.
- GEICO: Best for accessibility and online quoting.
- Allstate: Best for personalized coverage and a wide range of add-ons.
- Farmers Insurance: Best for multiple-unit properties and affordable rates.
- American Family Insurance: Best for commercial coverage and discounts for bundling policies.
- Steadily
State Farm: Best overall landlord insurance company with a wide range of coverage options and affordable rates
Founded in 1922 and headquartered in Bloomington, Illinois, State Farm is the largest property, casualty, and auto insurance provider in the United States.
Rated “the best overall” insurance company for small businesses, State Farm is one provider that you might consider to protect your residential property and assets in Florida. Their packages start with the basic coverage that landlords need for their rental space.
In addition, homeowners can also customize their policy to fit their unique needs, while offering a competitively great rate.
What State Farm landlord insurance covers
Here is what State Farm apartment insurance covers:
- Building Property: This coverage includes protection for the apartment building you own and other structures on the premises (garages, storage buildings, swimming pools, fences, etc.). It also covers personal property used to maintain or service the building and premises.
- Comprehensive General Liability: This coverage protects you against covered claims or lawsuits when someone is injured on your property.
- Loss of Income: This covers the actual loss of rental income you experience from covered property damage that causes a suspension of your rental operations.
- Equipment Breakdown: Coverage safeguards against harm to covered property due to mechanical breakdown, artificially generated current, steam boiler explosions, or loss of steam/hot water boilers.
- Tenant Move-Back Expenses: The policy reimburses relocation expenses for tenants who are temporarily displaced due to a covered loss.
- Heating or Air Conditioning Loss Reimbursement: Tenants can receive compensation for expenses related to heating or air conditioning system malfunctions caused by covered mechanical breakdowns or electrical failures.
Additional coverages: If you need additional coverage to deal with increased risk, State Farm agents are there to assist you in the process.
State Farm Landlord Insurance Cost
The actual cost of State Farm Landlord insurance cost could vary based on the location of your rental property, the level of coverage desired, and the deductible amount. State Farm does not explicitly release the price of their landlord policy except if you have enrolled for a plan where you can get the actual cost of your policy.
However, you can expect to pay an average of $1,478 per year for State Farm landlord insurance.
Pros and cons of State Farm Landlord insurance
Pros:
- Wide range of coverage options for landlord insurance, so you can customize your policy to meet your specific needs.
- Affordable rates that provide policies to keep you covered at a surprisingly great rate.
- Excellent ratings for financial strength
Cons:
- Higher premiums for high-risk properties: Add-ons can cause your premium to rise
- Limited discounts
How to sign up for State Farm landlord insurance
You can enroll for a landlord insurance quote by visiting the State Farm website to get started today.
Also read: Sure Renters Insurance Reviews
GEICO: Best for accessibility and online quoting
GEICO is a well-known insurance company, that offers a variety of insurance products, including homeowners and renters insurance. If you own a property in Florida, you might want to consider GEICO.
Geico Landlord insurance includes coverage for structure damage, liability situations, and additional out-of-pocket expenses,
In addition, you can get a long-term rental (more than 6 months) and also an occasional short-term rental for your rental property with GEICO.
What GEICO landlord insurance covers
Property Investment: Geico property investment covers damages to your residence, as well as coverage for damage to permanent structures on the property or onsite property maintenance equipment (such as lawnmowers owned by you).
Personal Protection: In the event of a covered loss, Geico personal protection can help cover:
- Lost rent payments if property repairs result in a temporary vacancy.
- Liability coverage if someone is injured on your property.
Extra Options: If you need more than just a basic landlord coverage, Geico gives you the flexibility of adding extra coverage to your policy like vandalism damage or costs associated with making necessary repairs or improvements to a damaged structure so that it meets the current building codes and regulations enforced by local authorities.
What may not be covered by Geico
- Flood damage
- Short-term or vacation rentals
- Water back-up
Geico landlord insurance cost
Policyholders can pay an average of $1000 per year for the basic GEICO landlord insurance coverage. Keep in mind that this rate is a mere estimate as you can only get an actual rate when you commit to a policy with GEICO.
There you can discuss the pricing with their agents to know the exact fee.
Pros and cons of GEICO landlord insurance
Pros:
- Wide range of coverage options
- Customize your policy
- Quick access to quotes
- Excellent ratings for financial strength
Cons:
- Not all policies are underwritten by GEICO
- Coverage add-ons can cause your premiums to rise
How to sign up for GEICO landlord insurance
You can simply find a local GEICO agent near you today to get started or reach out to a sales agent at (800) 841-3005.
Allstate: Best for personalized coverage and a wide range of add-ons
Allstate is a renowned insurance provider in the U.S. The company is headquartered in Glenview, Illinois. Allstate Landlord Package Policy typically covers a range of perils, including the following:
- Fire and smoke
- Windstorm or hail
- Falling objects
- Water damage from plumbing, water heater, or burst pipes (except sump pumps)
Also, for customers who have more than one rental property or other types of insurance policies, Allstate will offer them multi-policy discounts.
What Allstate landlord insurance covers
Below is a look at some of the coverages provided by a standard Allstate landlord insurance policy for homeowners.
- Dwelling protection
Covers the rental property your tenants live in and other structures attached to it such as a garage, porch, or deck. - Liability coverage
Covers you if you’re sued after an accident, damage, or loss related to your property. - Other structures protection
Covers stand-alone garages, sheds, and other buildings that are separate from your rental property. - Premises medical protection
This coverage can help pay for medical expenses if a guest is injured on your rental property. - Fair rental income coverage
In case your rental property becomes uninhabitable due to a covered loss and your tenants have to move out, rental income may be lost. But, you can keep the money coming in for up to 12 months while the unit is being repaired or rebuilt. This solution helps to pay the rental income that would otherwise be lost.
Optional landlord insurance coverage:
- Vandalism coverage
- Burglary coverage
- Building code coverage
- Rental property under construction coverage
What is not covered by Allstate
- Breakdowns in the rental property: Breakdowns in the rental property for example water heater cracks may not be replaced by your Allstate policy.
- Personal property: Items owned by your tenants like electronics, clothes, or other personal belongings won’t be covered under your policy. Your tenants may need to buy renters insurance to cover for such perils.
- Floods, earthquakes, and water backup
Allstate landlord insurance cost
Allstate does not publicly disclose its average landlord insurance rates, but based on quotes obtained from the company’s website, the standard landlord insurance policy for a single-family home in Orlando, Florida was around $160 per month.
However, getting a quote from the company is one way of getting an accurate cost for your policy.
Pros and cons of Allstate landlord insurance
Pros:
- Get a discount for bundling policies
- Financial strength
- Customizable options with optional coverages
- Ability to select your deductibles and limits
Cons:
- Discounts only available for bundling policies
How to sign up for Allstate landlord insurance
You can find an agent on Allstate today to request a quote.
Also read: Allianz Long-Term Care Insurance – This Is What to Know
Farmers Insurance: Best for multiple-unit properties and affordable rates
Irrespective of the rental property you own, whether it is a single-family home or several multi-unit complexes, Farmers landlord insurance allows homeowners to personalize coverage and get the right insurance they want.
What Farmers landlord insurance covers
- Property
- Liability
- Crime
- Auto
- Workers’ Compensation
- Umbrella
Optional coverage includes:
- Loss of rents: If your property becomes uninhabitable by a covered event like a fire or storm this coverage will help cover the loss of your rental income.
- Personal property: In the event that your personal properties in your space are damaged or stolen, this coverage will kick in.
- Personal injury: This coverage helps you evade the costs of wrong eviction if you are sued.
Farmers landlord insurance cost
Farmers landlord insurance is around $1,300 per year. Note that this is just an estimate, the actual cost may vary based on several factors like your location, coverage level, and many more.
You will have to enroll for a policy and discuss your policy with an agent to get the real cost.
Pros and cons of Farmers landlord insurance
Pros:
- Stress-free tenant screening with SmartMove™ Solution
- Multi-unit complexes coverage
- Personalized coverage
Cons:
- Some customers report high premium rates
How to sign up for Farmers landlord insurance
You can buy landlord insurance at the Farmers by getting in touch with an agent near you or call 1-888-938-2121 for a quote today.
American Family: Best for commercial coverage and discounts for bundling policies
American Family often times called AmFam is a U.S. insurance company that specializes in property, casualty, and auto insurance. AmFam has a DIY service where landlords can get quick pricing and coverage options online, while also working with the perfect agent for you.
Let’s take a look at their policy coverage for Florida homes.
What does American Family landlord insurance cover
- Building Coverage: AmFam building coverage helps you to quickly rebuild or repair if your properties are damaged.
- General Liability coverage: This helps cover bodily injury, personal injury, property damage, and other general liabilities.
- Commercial Umbrella Liability: This coverage helps add extra coverage to your existing landlord policy
- Medical expense damage: This coverage kicks in to help you when someone is hurt on your property. It helps pay for the medical expenses of the injured person.
- Auxiliary structure coverage: Get coverage for structures that support your business.
- Flood Insurance: This isn’t covered by a standard AmFam landlord insurance policy but could be added as an add-on to mitigate the risks and costs of flood damages.
American Family Landlord insurance cost
You can visit AmFam today or enroll for a quote to get an actual cost for landlord insurance. Keep in mind that the premiums could go up depending on your coverage level, location, and deductibles.
Pros and cons of American Family landlord insurance
Pros:
- Quick, easy landlord quotes
- Customizable coverage for your unique need
- Expert support for all your questions
Cons:
- Add-ons could increase premiums
How to sign up for AmFam landlord insurance
To get started on this, you can find an agent on the AmFam website to sign up for landlord coverage for your Florida home.
Also read: 10 Best Roofing Companies That Offer Financing to Homeowners
Steadily
Teadily is a new insurance provider that is headquartered in Austin, Texas. While the name may not be popular amongst the rest, it still has some of the best coverage plans and prices for Florida homeowners. The company boasts of insuring more than $312 million in property in Florida.
Steadily also offers multi-unit coverage for different homes.
Properties covered by Steadily and typical premium
- Single Home: $1,985
- Multi-family: $2,127
- Vacant or restoration: $1,345
- Condo units: $1,142
- Manufactured: $1,856
What Steadily landlord insurance covers
Steadily covers a wide range of risks like:
- Water
- Fire
- Windstorms, hail, & lightning
- Lawsuits
- Vandalism & theft
- Riot and civil commotion
- Injury
- Bonus coverages
Steadily landlord insurance cost
You can pay an average of $60 a month for the standard Steadily landlord insurance. Despite this, you should visit the Steadily website today or talk with their agent to get the full cost of their landlord policy in Florida.
Also read: How to Find Out Homeowners Insurance By Address
Pros and cons of Steadily landlord insurance
Pros:
- Multi-unit complexes coverage
- Excellent ratings on Trust Pilot
Cons:
- Not really known in the industry
How to sign up for Steadily landlord insurance
You can request a quote today at the Steadily website to buy a policy from the company.
Final Verdict
Based on our picks, you can now find some of the top insurance providers you can enroll with to get the best coverage for your property in Florida.
While there are still many providers out there, our list points out the best to give personalized insurance that you need along with good value for money. Regardless of your home type, you will certainly find one provider that will satisfy you.
Frequently Asked Questions (FAQs)
What factors can affect the cost of landlord insurance in Florida?
Several factors can impact the cost of landlord insurance in Florida, including the location of your property, its age and condition, the type of coverage you select, your deductible, etc.
What is not covered by landlord insurance?
The only way to know that for sure is to read the terms and conditions of the policy. But then, most policies do not cover disasters like Floods, earthquakes, and water backup.
Is flood insurance included in standard landlord insurance policies in Florida?
Flood insurance is typically not included in standard landlord insurance policies. Just like other states, in Florida, you may need to purchase a separate flood insurance policy.
Can I save on landlord insurance in Florida by bundling it with other insurance policies?
Yes, many insurance providers like Allstate and American Family offer discounts for bundling landlord insurance with other policies, such as auto or homeowners insurance.
Can a landlord require renters insurance in Florida?
No, Florida laws do not mandate this on tenants, however, landlords generally have the legal right to require renters insurance as a condition of leasing a property.
