Rental properties have seen an increase in popularity across the country over the last few years, and Florida is no exception. Whether you’re renting out your property in the long term (like a yearly lease) or the short term (such as a home listed on AirBnB), you’ll need to have the right insurance coverage in place to make sure you’re fully protected in case of damage or liability issues.
What companies offer landlord insurance in Florida?
Several insurance companies offer rental property insurance in Florida, including American Modern, Security First, and Kin. But coverage availability may vary by ZIP code, so you’ll need to get a quote to know for sure which companies offer the landlord coverage you need.
Landlord insurance companies in Florida
Here are some of the most popular insurance companies offering landlord insurance in Florida in 2024:
American Modern
4.9
Why we chose it
American Modern is one of the best rental property insurers in Florida, offering coverage for short- and long-term rentals and streamlining coverage for multiple properties by combining everything into one policy with one renewal date and payment schedule.
Pros and cons
Pros
Covers high-risk homes that have been denied coverage by other standard insurers due to age, location, or claims history
Offers a slew of policy add-ons and coverages for different types of homes, including mobile, vacation, and vacant homes
Received 20% fewer customer complaints than other companies of its size
Cons
No online quote tool
Kin
5.0
Why we chose it
Kin is one of our top choices for landlord insurance in Florida because it offers short- and long-term rental coverage, along with online quotes, claims filing, and customer service. Kin partners with service providers to make repairs easier after a claim.
Pros and cons
Pros
Available in high-risk areas of Florida, when many insurance companies are pulling out of the state
Covers both short- and long-term rental properties
Offers private flood insurance endorsement
Cons
No local agents to meet with in person
Can’t bundle your landlord and auto insurance
Security First Insurance
4.1
Offers flood insurance
Offers extended replacement cost
Wind/hail deductible
Insures older homes
Why we chose it
Security First Insurance comes with cheap rates that are below the state average in Florida. It also stands out thanks to the large amount of coverage it offers, with up to $1 million in dwelling coverage for your rental property.
Pros and cons
Pros
Cheap rates that are below the state average
Multiple add-ons and endorsements available
Insures homes that are more than 30 years old
Cons
Received 13 times the number of complaints than other home insurance companies of its size, according to the NAIC Complaint Index
Can’t bundle your home and auto insurance
More details
Why Security First Insurance is the best company for affordable rates in Florida
Security First Insurance is one of the cheapest landlord insurance companies we've seen not just in Florida, but nationwide. They also offer a variety of add-ons for landlord coverage, including coverage for aluminum screened enclosures & carports, identity theft protection and monitoring, ordinance or law coverage, personal property theft, equipment breakdown, and water back up/sump overflow coverage.
How to get a quote
Online or by contacting an agent
What is the average cost of landlord insurance in Florida?
The average cost of landlord insurance in Florida is around $2,860 per year. We estimated this cost based on research from the Insurance Information Institute (III) and Policygenius rate data.
According to the III, the cost of landlord insurance is about 25% higher than the cost of a traditional homeowners insurance policy. [1] With the average cost of home insurance in Florida around $2,288 per year, our estimate puts landlord insurance in Florida just over $2,800 annually.
6 factors that affect the cost of landlord insurance in Florida
The average cost of rental property insurance in Florida is just that — an average. Some property owners will pay more than average for landlord insurance and others will pay less based on a number of factors, such as:
Size of your property: Someone renting out a cottage will pay less for insurance than someone renting out a mansion.
Value of your property: How much your property is worth, which is partially based on things like materials, age, and upkeep, is a good indicator of how much you’ll pay for rental property insurance.
Crime levels: You’ll pay lower rates for landlord insurance on property in a low-crime neighborhood and higher rates for rental insurance if your property is in an area with more criminal activity.
Environmental factors: Property located in areas that are prone to flooding, hurricanes, wildfires, or other natural disasters will be more expensive to insure.
Coverage level: How much coverage you choose to purchase will have an impact on your premium, so expect to pay more for landlord insurance if you add endorsements to your policy.
Tenants: You’ll likely pay less for landlord insurance if you have long-term tenants renting your property because they’re more invested in the regular maintenance and upkeep of the property.
Landlord insurance discounts
Insurance companies typically offer discounts to lower the cost of landlord insurance, including:
Multi-policy: Bundling two or more types of insurance with the same insurer.
Claims-free: Going a minimum amount of time without filing a claim — typically three to five years.
Paperless: Signing up to receive statements and other notices electronically through email or text.
Pay in full: Paying your premiums in full at the start of your policy instead of quarterly or monthly.
Just remember that each company has their own unique approach to discounts. Those listed above are just a sample of what you might find with your own insurance company. Check with your insurance representative to make sure you're taking advantage of all possible discounts available to you.
Is landlord insurance required in Florida?
Florida residents are not required by law to have landlord insurance for their rental properties. However, if you have a mortgage, you may be required by the terms of your loan to purchase rental insurance. Regardless, experts recommend that anyone who owns a home, apartment, condo, or other unit they’re renting out to other people should have insurance in place to protect their investment.
What does landlord insurance cover in Florida?
Landlord insurance provides several types of coverage, including:
Dwelling coverage: Covers the structure of the home or building, including the floor, walls, and roof.
Other structures coverage: Covers other structures on the property, like a shed or garage, that aren’t attached to the dwelling itself.
Loss of rent coverage: Replaces lost rental income if your property can’t be rented out due to a covered peril. For example, if your rental house catches fire and the structure takes two months to rebuild, your insurer would pay you two months’ rent so you aren’t expected to pay for the lost rental income out of pocket.
Liability coverage: Pays for legal, medical, and repair bills if someone is injured or their property is damaged, and you’re found to be at fault. For example, if a dead tree on your property that you neglected to have chopped down fell on your neighbor’s car during a storm, your liability coverage would pay to repair or replace your neighbor’s vehicle.
Medical payments coverage: Pays for small medical bills, typically between $1,000 and $5,000, if someone is injured on your property, no matter who is at fault.
Landlord insurance also covers some types of personal property owned by the landlord that are for use in the rental property, like kitchen appliances, lawn mowers, and other equipment used to maintain the property.
What does landlord insurance not cover in Florida?
Because landlord insurance is only meant to protect the property owner, there are some types of coverage that are not included in a landlord insurance policy, such as:
Personal property coverage: This pays to repair or replace your personal belongings, like furniture and clothing, if they are damaged by a covered peril. Because a landlord policy is only meant to protect the property owned by the landlord, renters need to purchase separate renters insurance coverage to protect their personal belongings.
Loss of use coverage: This coverage pays for renters to live somewhere else while their rental property is being repaired after a covered loss. A landlord insurance policy doesn’t cover these expenses because they’re incurred by the renter, not the landlord. Renters should purchase renters insurance to protect themselves from the costs associated with a temporary living situation after a covered loss.
Some extreme weather: Some weather events, like floods, are never included on a standard insurance policy, so property owners will need to consider purchasing an endorsement or separate coverage for these types of coverage. There are also certain areas of Florida where windstorms (which are usually included in your coverage) may be excluded from your policy, requiring you to purchase a separate windstorm policy.
How to choose the best landlord insurance for you
There are a number of factors to consider when choosing the best landlord insurance policy for your needs.
Consider the type of property you own. The type of landlord insurance necessary for a single-family home is different from the type of coverage required for someone who owns an entire apartment complex or multiple office buildings. When it comes to choosing a landlord insurance policy, working with an insurance expert at Policygenius is a good way to make sure all of your needs are met.
Think about your coverage needs. There are lots of additional types of coverage that can be added to your policy for an additional fee, such as equipment breakdown, rental property under construction, building code, and vandalism coverage.
Compare options from multiple insurers. Every insurance company is unique, so each one will offer different rates and discounts, levels of protections, and additional benefits. Comparing quotes from multiple companies is the best way to ensure you have all of the coverage you need while paying the lowest possible rate.
Frequently asked questions
Do tenants need to purchase their own home insurance?
Yes, tenants are responsible for purchasing their own renters insurance policy to protect their personal belongings.
Do landlords need to pay for renters insurance?
No, landlords don’t need to pay for renters insurance; this is the responsibility of the tenant to purchase. Landlords only need to pay for rental property insurance that protects the physical structure of the property they're renting out, as well as their liability in case someone is injured or their property is damaged and they’re found legally responsible.
What is an HO-4 policy?
An HO-4 policy is a contents broad form policy, which is better known as renters insurance. Renters insurance covers your tenant’s belongings in case of damage or theft, but provides no coverage for the physical structure of your property.
