Best Landlord Insurance In Florida 2025
When it comes to landlord insurance in Florida, GEICO stands out as the top choice for many property owners. With competitive rates averaging $2,208 per year.
We’ve saved shoppers an average of $450 per year on their home insurance.
GEICO offers comprehensive coverage options that meet the unique challenges of insuring rental properties in a hurricane-prone state like Florida.
As a former licensed insurance agent with 15 years of experience, I’ve guided countless property owners in selecting the right policies to protect their investments. Florida’s market poses unique challenges, ranging from storm damage to tenant liability, but with the right policy, you can be sure your property and finances are safeguarded.
Best Landlord Insurance In Florida, 2025
Compare The Best Landlord Insurance In Florida
Overall Rating | Best For | AM Best Rating | J.D. Power Rating (Best 1000) | Have Local Company Agent or Use Independent Broker | Get A Quote | |
---|---|---|---|---|---|---|
State Farm |
|
Personalized Service |
A++ |
838 |
Local Company Agent |
Instant Quote |
Travelers |
|
Comprehensive Coverage |
A+ |
812 |
Broker |
Instant Quote |
Liberty Mutual |
|
Discounts |
A- |
809 |
Broker |
Instant Quote |
Farmers |
|
Multi-Unit Properties |
A+ |
818 |
Local Company Agent |
Instant Quote |
GEICO |
|
Best Overall |
A++ |
821 |
Broker |
Instant Quote |
Best Landlord Insurance Companies In Florida 2025
Best Overall
Key Statistics
Why We Like Them
⇅GEICO earns the top spot as the best overall landlord insurance provider in Florida. Known for its competitive rates, averaging $2,208 per year, GEICO provides comprehensive coverage tailored to the unique risks of rental properties in Florida, including hurricane and storm-related damage. The company’s policies include protection for dwelling, liability, and loss of rental income, ensuring landlords have peace of mind regardless of the circumstances.
What sets GEICO apart is its streamlined online quote process, which makes getting coverage quick and straightforward. Additionally, GEICO partners with leading underwriters to provide customizable policies that meet landlords’ specific needs. Whether you own a single rental property or manage multiple units, GEICO’s broad range of coverage options and accessible customer service make it an excellent choice.
For Florida landlords who prioritize affordability and comprehensive protection, GEICO’s policies strike the perfect balance. With the added benefit of bundling discounts, GEICO offers savings that make it a standout choice for property owners looking for reliable and cost-effective coverage.
Benefits & Drawbacks
⇅- Competitive annual rates at $2,208
- Quick and easy online quotes
- Customizable coverage options available ✓
- Policies underwritten by partners
- Limited in-person agent availability
- Fewer discounts than competitors ✘
Best for Personalized Service
Key Statistics
Why We Like Them
⇅State Farm is the go-to provider for landlords seeking a personalized insurance experience. With a network of local agents across Florida, State Farm excels in offering tailored policies that address the specific needs of rental property owners. Their agents provide in-depth consultations, ensuring you fully understand your coverage options and select a policy that aligns with your investment goals.
State Farm’s landlord insurance policies cover essential protections like property damage, liability, and loss of rental income. They also offer optional endorsements to expand your coverage, including equipment breakdown and flood insurance—critical for Florida properties. This flexibility allows landlords to build a policy that fits their unique requirements.
While their rates might not always be the lowest, the value lies in the customized service and peace of mind State Farm delivers. For landlords who prefer working with knowledgeable agents and value a hands-on approach to insurance, State Farm is an excellent choice.
Benefits & Drawbacks
⇅- Comprehensive coverage options available
- Personalized service with local agents
- Strong financial stability and reputation ✓
- Limited discounts for cost savings
- Not available in all states
- Some risks not fully covered ✘
Best for Multi-Unit Properties
Key Statistics
Why We Like Them
⇅Farmers Insurance is a top choice for landlords managing multi-unit properties. Their landlord policies are designed to cover properties with multiple dwellings, offering specialized coverage that protects against unique risks such as tenant-caused damage, loss of rental income, and liability issues.
Farmers stands out for its customizable policy options. Landlords can add coverage for items like maintenance equipment, personal property used for rental management, and even legal defense costs. This level of flexibility is particularly beneficial for owners of duplexes, triplexes, or apartment complexes, where diverse coverage needs are often required.
The company also offers valuable discounts, including savings for bundling policies or maintaining a claims-free history. Farmers’ commitment to working closely with property owners ensures that landlords with complex portfolios receive the right level of protection. For those managing multi-unit properties, Farmers provides the robust coverage needed to safeguard both property and income.
Benefits & Drawbacks
⇅- Comprehensive coverage options available
- Offers multiple policy discounts
- Strong financial stability ✓
- Premiums higher than some competitors
- Coverage availability varies by state
- Mixed customer service reviews ✘
Best for Discounts
Key Statistics
Why We Like Them
⇅Liberty Mutual is the best choice for Florida landlords looking to maximize savings through discounts. The company offers a range of discounts, including savings for bundling landlord insurance with other policies, installing safety devices like smoke detectors, and maintaining a claims-free history.
Liberty Mutual’s landlord policies provide essential protections such as property damage, liability, and loss of rental income. They also offer optional add-ons, such as coverage for property improvements or legal defense costs, ensuring landlords have access to comprehensive protection. Their policies are competitively priced, and the available discounts make them an attractive option for cost-conscious property owners.
In addition to savings, Liberty Mutual provides an intuitive online platform for managing policies and claims. Their commitment to affordability and convenience makes Liberty Mutual a standout choice for landlords who want quality coverage without breaking the bank.
Benefits & Drawbacks
⇅- Comprehensive coverage options available
- Multiple discounts for policyholders
- 24/7 claims support provided ✓
- Mixed customer service reviews
- Limited local office availability
- Coverage availability varies by state ✘
Best for Comprehensive Coverage
Key Statistics
Why We Like Them
⇅Travelers Insurance excels in providing comprehensive landlord insurance coverage, making it an ideal choice for Florida property owners seeking robust protection. Their policies cover a wide range of risks, including property damage, liability, and loss of rental income. Travelers also offers unique coverage options for additional structures, landlord-owned appliances, and maintenance equipment.
One of Travelers’ strengths is their claims handling process, which is efficient and backed by a strong reputation for customer service. Florida landlords can rest assured knowing their properties are well-protected and that claims will be handled promptly in the event of a loss.
While their rates may be higher than some competitors, the extensive coverage and excellent customer service make the investment worthwhile. For landlords who prioritize comprehensive protection and responsive claims support, Travelers is a top-tier choice in the Florida market.
Benefits & Drawbacks
⇅- Comprehensive coverage options available
- Extended liability limits offered
- Short-term rental coverage available ✓
- Quotes require agent contact
- Limited online policy management
- Coverage availability varies by state ✘
Tips For Choosing The Best Insurance Company For Your Rental Property
Selecting the right insurance company for your rental property is crucial for protecting your investment. Here are some tips to help you make an informed decision:
1. Assess Your Coverage Needs
Before shopping for insurance, determine the coverage you need. Consider factors like the property’s location, tenant occupancy, and potential risks (e.g., hurricanes, floods, or theft). Look for policies that include dwelling protection, liability coverage, and loss of rental income.
2. Compare Multiple Quotes
Don’t settle for the first policy you find. Request quotes from several insurers to compare prices and coverage options. Ensure you’re comparing similar policies with equivalent coverage levels to make an accurate evaluation.
3. Check Financial Stability
An insurance company’s ability to pay claims is vital. Research the insurer’s financial ratings through agencies like A.M. Best or Standard & Poor’s to ensure they have a strong financial foundation.
4. Read Reviews And Ask For Recommendations
Customer reviews can provide insights into an insurer’s claims process and customer service. Ask other landlords or property managers for recommendations based on their experiences.
5. Evaluate Discounts And Bundling Options
Many insurers offer discounts for features like security systems or multi-policy bundles. These can significantly reduce your premiums, so ask about available savings opportunities.
6. Consider Customer Service
Good customer service is essential when managing claims or making policy changes. Look for insurers with 24/7 claims support and positive feedback on responsiveness.
7. Review Policy Exclusions
Carefully read the fine print to understand what is excluded from the policy. Ensure the coverage aligns with your specific property risks.
How Much Is Landlord Insurance In Florida?
Landlord insurance in Florida is essential for protecting rental properties against risks like natural disasters and liability claims. The average annual premium is approximately $2,450, though this can vary based on several factors.
Average Cost By Dwelling Coverage Limit
Dwelling Coverage Limit | Average Annual Premium |
$150,000 | $3,040 |
$300,000 | $5,263 |
$450,000 | $7,019 |
Note: These figures are approximate and can vary based on property specifics and insurer.
Impact Of Location On Insurance Costs
In Florida, location significantly influences insurance premiums. Properties in coastal areas or regions prone to hurricanes and flooding typically face higher premiums due to increased risk. Conversely, inland properties may have lower premiums. Local factors such as crime rates and proximity to fire services also play roles in determining costs.
Average Costs In Different Florida Cities
City | Average Annual Premium |
Miami | $3,500 |
Orlando | $2,800 |
Tampa | $2,900 |
Jacksonville | $2,600 |
Tallahassee | $2,400 |
When evaluating landlord insurance in Florida, it’s important to consider both the dwelling coverage limit and the property’s location. Obtaining quotes from multiple insurers through Insuranceopedia can help in finding the most suitable coverage at a competitive price.
What Factors Affect The Price Of Landlord Insurance In Florida?
Landlord insurance in Florida is not a “one size fits all” proposition. There are numerous variables that come into play when calculating premiums. Here are several:
Property Location
Where your rental property is located significantly impacts the cost of landlord insurance in Florida. Coastal areas or regions prone to hurricanes, flooding, and other natural disasters typically have higher premiums due to increased risk. Conversely, properties in inland areas may benefit from lower rates. Crime rates in the area also influence costs.
Property Value And Size
The value and size of your property directly affect your insurance premium. Higher-value properties require more dwelling coverage, leading to higher costs. Similarly, larger properties tend to have more features that need protection, increasing the insurance rate.
Construction Type And Age
The materials used in constructing your property and its age play a significant role. Homes built with fire-resistant materials or modern building codes often have lower premiums. Older properties may cost more to insure due to higher repair or replacement costs and outdated systems.
Type Of Coverage
The type and amount of coverage you choose will directly affect the price. Policies with higher liability limits, additional riders, or loss of rental income protection will generally cost more. Comprehensive coverage to address Florida-specific risks like hurricanes or flooding also increases premiums.
Deductible Amount
Your deductible—the amount you pay out of pocket before insurance kicks in—can impact your premium. Higher deductibles typically result in lower premiums, while lower deductibles lead to higher costs.
Claims History
If you or your property have a history of frequent insurance claims, insurers may charge higher premiums. A clean claims record can help you secure lower rates.
Safety Features
Installing safety features such as smoke detectors, security systems, or storm shutters can lower your insurance premium. These features reduce the risk of damage or liability claims, making your property less expensive to insure.
Cheapest Landlord Insurance Companies In Florida
When seeking affordable landlord insurance in Florida, GEICO emerges as a leading option, offering policies at an average annual premium of $2,208. This competitive rate provides comprehensive coverage tailored to the needs of property owners in the state.
Below is a comparison of average annual premiums from five of the most cost-effective landlord insurance providers in Florida:
Company | Annual Rate |
GEICO | $2,208 |
State Farm | $2,398 |
Travelers | $2.512 |
Liberty Mutual | $2,641 |
Farmers | $2,767 |
What Does Landlord Insurance Cover?
Landlord insurance is designed to protect property owners from risks associated with renting out their properties. Here’s a detailed look at what landlord insurance typically covers:
- Dwelling Coverage: This covers damage to the rental property’s structure caused by covered perils such as fire, lightning, windstorms, hail, and vandalism. For Florida properties, coverage for hurricanes and tropical storms is particularly important, though some policies may require separate riders for flood insurance.
- Liability Coverage: Liability coverage protects landlords if a tenant or visitor is injured on the property and decides to file a lawsuit. It helps pay for medical expenses, legal fees, and settlements.
- Loss of Rental Income: If the property becomes uninhabitable due to a covered event, this coverage compensates the landlord for lost rental income while repairs are made.
- Personal Property Coverage: This covers items the landlord owns and uses to maintain or furnish the rental property, such as appliances, lawn equipment, or furniture in a furnished rental.
- Other Structures: Policies often include coverage for other structures on the property, like detached garages, fences, or storage sheds.
What Does Landlord Insurance Not Cover?
While landlord insurance provides broad protection, there are exclusions. Here’s what it generally does not cover:
- Tenant’s Belongings: Landlord insurance does not cover tenants’ personal property. Tenants are responsible for insuring their possessions through renters insurance.
- Normal Wear and Tear: Damage from regular use, such as worn carpets or faded paint, is not covered.
- Intentional Damage: If a tenant intentionally damages the property, landlord insurance typically won’t cover it unless vandalism is explicitly included.
- Flood Damage: Flooding from natural disasters usually requires a separate flood insurance policy. This is crucial for properties in Florida’s flood-prone areas.
- Maintenance Issues: Costs for maintaining the property, such as replacing a broken HVAC system or fixing plumbing leaks, are not covered.
Types Of Landlord Insurance
Landlord insurance policies come in several forms, depending on the level of coverage you need:
-
DP-1 (Basic Form)
The most basic landlord policy, DP-1 covers specific perils like fire and vandalism on an actual cash value basis, which deducts depreciation from the payout.
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DP-2 (Broad Form)
This policy covers more perils than DP-1, such as wind, hail, and theft. It often pays out on a replacement cost basis, offering more comprehensive protection.
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DP-3 (Special Form)
DP-3 is the most comprehensive type, covering all perils except those specifically excluded in the policy. It uses replacement cost coverage for structural damage and is ideal for landlords seeking maximum protection.
Common Landlord Insurance Discounts In Florida
Landlords in Florida can take advantage of discounts to lower their premiums. Here’s a look at common discounts and their average savings:
Discount Type | Average Savings |
Multi-Policy Discount | 10% – 20% |
Claims-Free Discount | 5% – 10% |
Security System Discount | 5% – 15% |
Storm Shutter Discount | 10% – 15% |
New Roof Discount | $5% – 20% |
Is Landlord Insurance Required in Florida?
Legally, Florida does not require landlords to carry insurance. However, if you have a mortgage on the rental property, your lender may require you to purchase landlord insurance as part of the loan agreement. Even if not required, carrying a policy is a smart choice to protect your investment from unexpected risks.
What’s The Difference Between Landlord Insurance And Homeowners Insurance?
Landlord insurance and homeowners insurance serve different purposes:
Occupancy: Homeowners insurance is designed for owner-occupied properties, while landlord insurance covers properties rented to tenants.
Coverage Types: Landlord insurance includes liability protection tailored to rental activities and loss of rental income, which homeowners insurance typically lacks.
Tenant Liability: Landlord insurance does not cover tenants’ belongings, while homeowners insurance is focused on protecting the property owner’s personal property.
Our Methodology
To evaluate landlord insurance companies in Florida, we considered several key factors to ensure a comprehensive and objective assessment:
1. Cost: We analyzed average premiums for standard coverage, focusing on affordability relative to the level of protection offered.
2. Coverage Options: We reviewed the breadth of coverage, including dwelling protection, liability, loss of rental income, and additional endorsements.
3. Customer Service: We examined customer reviews, complaint ratios, and claims satisfaction scores to evaluate service quality.
4. Financial Stability: We checked ratings from agencies like A.M. Best and Standard & Poor’s to confirm each insurer’s ability to handle claims.
5. Discounts: We identified available discounts, such as multi-policy and safety feature incentives, and their potential impact on premiums.
6. Accessibility: We assessed ease of obtaining quotes, online tools, and availability of local agents.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
Research Hours
Sources
⇅- GEICO – What is landlord insurance?