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29.9% of homes are rentals
Landlord insurance provides coverage for property owners who are renting out one or more residential homes, apartments or condos. If you're a landlord, you'll need protection from financial loss that could occur from damage to your rental properties after a fire, break-in or severe weather event. With this unique and necessary coverage, you'll receive compensation if one or more of your units becomes uninhabitable due to circumstances beyond your control.
Where does the insured live?
What buildings does the policy cover?
What personal property does the policy cover?
What does the liability coverage do for me?
Florida landlord insurance will protect you from a number of situations and potential financial downfalls. The most common claims are due to damage to the property, most of which is water-related in the Sunshine State. You'll also be protected from accidents and injuries that may happen on the premises. This will help with lawsuits and medical bills if a liability claim comes through. It can also cover any damage to separate garages, sheds and fences. The protection is varied and wide-reaching so you can receive 360 degrees of protection.
Pays for repairs to your home and your personal property.
Example: A tree falls on the house that you own.
Pays for accidents and injuries that occur on the premises of your rented home.
Example: A visitor to your rental trips on some debris and breaks an arm.
Average annual cost for Florida landlord insurance: $2,340
Landlord insurance is calculated by factoring in things like your home's size and building materials, and your credit score. It’s typically around 10% to 20% more expensive than homeowners insurance would be.
Average annual cost for Florida renters insurance: $202
We would also recommend that you require your renters to buy renters insurance. This is about how much it would cost them per year in Florida.
Number of Home Burglaries 2.5 million annually
Average rental cost in the US $188,900
Average landlord insurance cost: $986 year