St. Petersburg Landlord Insurance

Your Complete Guide to St. Petersburg, FL Landlord Insurance

Find the right landlord insurance policy for you.

St. Petersburg, FL has an abundance of rental properties. From houses that are rented out to students at St. Petersburg College to condos that are leased to young urban professionals who have moved to the city for jobs, these properties need to be covered by suitable landlord insurance policies. If you own a second home that you lease to tenants, you can reach out to a local independent insurance agent for help with finding the best policy to secure your investment. Contact an insurance agent near you to learn more about landlord insurance in St. Petersburg.

What Is Landlord Insurance?

Landlord insurance is a type of homeowners insurance that was created to meet the specific needs of property owners who have tenants living in their homes.

Rental statistics for St. Petersburg

  • Percentage of homes that are renter-occupied in Florida: 36.7%
  • Percentage of homes that are renter-occupied in St. Petersburg: 43.7%
  • Average market rent in Florida: $1,449
  • Average market rent in St. Petersburg: $1,341

There are a large number of rental properties in St. Petersburg, so many different insurance companies offer this type of coverage.  You can benefit from requesting quotes from at least three providers. Make sure that your investment pays off for you by mitigating your risks with a comprehensive landlord insurance policy.

How Much Does Landlord Insurance Cost in St. Petersburg, FL?

Typically, you can expect a landlord insurance policy to cost about 15% to 20% more than a homeowners policy would cost for the same property if it were being used as a primary residence. Factors that can influence your rates include:

  • The number of tenants living in the home
  • The age, size, and value of the home
  • The type of home you are insuring (e.g., single-family detached home, condominium, multi-family home, etc.)
  • The crime rate and weather risks in the vicinity of the home

Every insurance company calculates rates in a different way, so comparison shopping is a great way to find the policy that offers the best value for your money.

Structural Coverage for St. Petersburg Rental Homes

Regardless of who is living in the home, as the property owner, you are responsible for covering the cost to repair damage to its structure. If the rental property is a condominium or townhouse, most of your structural coverage will be covered by the condo association master policy. For houses, however, it is entirely your responsibility.

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.

Residents of Florida see their fair share of natural disasters that can significantly damage homes and outlying structures like carports, sheds and detached garages. Landlord insurance can cover the repair of most of this damage when it is caused by severe weather events. In 1992, an F3 tornado touched down less than four miles from the St. Petersburg city center, causing millions of dollars’ worth of damage. 

Recently, a large brush fire shut down part of I-275 in St. Petersburg while firefighters battled the blaze. And though this city seems to have luck on its side when it comes to hurricanes, this is a very real risk in this area. Landlord insurance can cover you against all these risks, but it will not cover flood damage. Fortunately, your local insurance agent can also help you secure affordable flood insurance coverage through the National Flood Insurance Program (NFIP).

Do Landlords in St. Petersburg Need Contents Coverage?

You may think that because your tenants cover their own belongings with renters insurance, your landlord insurance policy does not need to include contents coverage. While your contents coverage needs may be low, however, they still exist. If your rental home includes appliances like a stove or refrigerator or decorative items like carpeting and light fixtures, these belongings can be covered by your insurance policy. Talk to your local independent agent for help ensuring that your contents coverage limits are sufficient.

St. Petersburg Landlords Need Extra Liability Coverage

As a landlord, one of the biggest risks you face is that of a liability lawsuit against you. Even if the courts rule in your favor, your legal defense fees and other expenses can add up quickly. That is why your landlord insurance policy will include liability coverage. Landlord liability insurance is designed to cover court costs, legal fees, and damages if you are sued for a covered event. 

Such events can include if a tenant or a guest of your tenant is injured on your property due to negligence of upkeep, or if faulty wiring in your home causes a fire that injures a tenant or destroys their property. Your local insurance agent can explain more about this important coverage and can also help you secure an affordable umbrella insurance policy if you feel that you need more liability coverage than your landlord insurance policy will allow.

Extra Coverage for St. Petersburg Landlords

Landlord insurance can cover other hazards that are unique to landlords and that a regular homeowners insurance policy will not cover. These include:

  • Loss of income caused by a tenant's failure to pay rent
  • Theft or burglary committed by your tenant or one of your tenant’s guests
  • Malicious damage or vandalism done by tenants or their guests

Your local independent insurance agent can help you review the coverage offered by a variety of different providers so that you can find the policy that offers all the coverage you want at the best available price.

Why Work with an Independent Insurance Agent?

A comprehensive landlord insurance policy can help to ensure that your rental property serves as an asset rather than a liability. Local independent insurance professionals are happy to help you comparison shop for a great policy at a competitive price. 

Find an insurance agent in or near St. Petersburg to start comparing customized landlord insurance quotes.

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