Hialeah Landlord Insurance

Find the right landlord insurance policy for you.

Written by Meg Stefanac
Written by Meg Stefanac

Financial blogger and business owner, Meg Stefanac, has more than 15 years experience working in the financial services industry and enjoys helping individuals make solid financial decisions. Meg has extensive experience writing about insurance and finances and is a key contributor to TrustedChoice.com.


Are you a landlord in Hialeah, FL? If so, a traditional homeowners insurance policy will not be sufficient to cover your rental properties. Instead, you will need landlord insurance. Whether you are renting out a house in beautiful Miami Lakes or you own an apartment building in Hialeah’s city center, there is a landlord insurance policy that is right for you. 

Independent insurance agents are available to help you find the best policy to meet your coverage and budgetary needs. Find an insurance agent near you to start comparing a selection of customized landlord insurance quotes. 

Why Own a Rental Property in Hialeah, FL?

Many residents of Hialeah are renters, and the average rent in this city exceeds the state rate. This makes Hialeah an excellent location for landlords. 

Rental statistics for Hialeah

  • Percentage of homes that are renter-occupied in Florida: 36.7%
  • Percentage of homes that are renter-occupied in Hialeah: 54.7%
  • Average market rent in Florida: $1,449
  • Average market rent in Hialeah: $1,556

Of course, owning rental properties is not risk-free. A solid landlord insurance policy can cover you against many of the potential losses you may face as a landlord in Hialeah. 

How Much Does Landlord Insurance Cost in Hialeah?

You can expect your landlord insurance policy to cost about 15% to 20% more than a traditional homeowners policy would for the same property if it is used as a primary residence. 

This is mainly because when you have tenants, you have higher property damage and liability risks. Therefore, a house that costs $2,000 a year to insure as a primary residence may cost about $2,300 to $2,400 to insure as a rental property. Rates can be influenced by factors such as the age, size, and value of the house and the number of tenants living in it.

Obviously, most of the items in your rental homes will belong to your tenants and will therefore be covered by renters insurance, which your tenants are responsible for purchasing on their own. As a landlord, you will not have significant contents coverage needs. 

Your landlord insurance policy can cover contents such as appliances, light fixtures, flooring, and any furniture you provide with the home. Your policy’s property coverage can also pay for you to repair or rebuild the structure of your rental home if it is damaged by a covered event like a tornado, hurricane, or fire

Catastrophic events in Florida

  • Number of federally declared disasters in Florida: 122
  • Most common reasons for disasters in the state: Wildfires and Hurricanes
  • Average number of tornadoes per year in Florida: 54.6
  • Average amount of property damage per year in FL: $3.45 billion
  • 1 in 15 insured homes has a claim each year.

Be aware, however, that your landlord insurance policy will not cover flood damage, even if it is the result of a covered hurricane. Be sure to ask your agent for more information about adding a supplementary flood insurance policy so that your property is fully covered.


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Property Crimes in Hialeah Are Covered by Landlord Insurance

The burglary rate in Hialeah is lower than the state rate, but the risk still exists. Your landlord insurance policy can cover losses caused by property crimes.

Hialeah property crime statistics:

  • Burglary rate for 1,000 homes in the US: 4.69
  • Burglary rate per 1,000 homes in Florida: 4.87
  • Burglary rate per 1,000 homes in Hialeah: 1.94
  • Estimated annual number of burglaries in Hialeah: 465

Even though your tenants are responsible for covering their own property with renters insurance, as the property owner, you may still face losses if your rental home is targeted by burglars. During a break-in, burglars may damage doors or windows and may steal property that belongs to you, such as copper piping, appliances, or fixtures. Your landlord insurance policy can cover the cost to repair the damage and replace any of your personally-owned belongings that may have been taken. 

Some policies also offer the option to cover property that has been maliciously damaged by your tenants. Be sure to ask your local independent agent about the many ways your landlord insurance policy can protect you against losses related to property crimes like theft, vandalism, and arson.

Coverage against Liability Lawsuits for Hialeah Landlords

Owners of rental properties have high liability risks. Landlord insurance includes liability coverage, which can prevent a lawsuit from causing you large financial losses. Landlord liability insurance is designed to cover court costs, legal fees, and damages for many of the lawsuits you could potentially face. Examples of times that landlord liability coverage may prove valuable include:

  • A tenant is severely injured after falling down a flight of stairs because of a loose floorboard.
  •  A badly wired light fixture in your rental home overheats and causes a fire that destroys some of your tenant's valuable property.
  • The locks on your rental home’s windows do not work properly and your tenant sues you after being robbed.

If you wish to have liability coverage in an amount that is higher than your landlord insurance policy will allow, your local independent agent can also help you find an affordable umbrella insurance policy. 

Why Work with One of Hialeah's Independent Agents?

Independent insurance agents don’t work for a specific insurance company, so they are free to shop around for the best policy. These agents can obtain customized quotes from a variety of insurance providers on your behalf. That way, you can be sure that you are covering your rental property with a competitively priced policy. 

Contact an insurance agent in or near Hialeah to learn more about your options when it comes to landlord insurance.

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