Tallahassee Landlord Insurance

Your Complete Guide to Tallahassee, FL Landlord Insurance

There are many landlords in Florida’s capital city. Maybe you own a house that you rent out to students of Florida State University. Or perhaps you are the owner of a multi-family home that you rent to young families in Astoria Park. Whatever type of property you own in Tallahassee, if it is occupied by tenants, it needs to be covered by landlord insurance

Independent insurance agents are available to help you find the best policy to meet your specific coverage needs. These agents can obtain a variety of customized landlord insurance quotes so you can be sure you are getting the coverage you need at a competitive price. Find an insurance agent in or near Tallahassee to get started. 

What Is Landlord Insurance?

Landlord insurance is a specific type of homeowners insurance. It was created to meet the unique coverage needs of property owners who rent to tenants.

Rental statistics for Tallahassee

  • Percentage of homes that are renter-occupied in Florida: 36.7%
  • Percentage of homes that are renter-occupied in Tallahassee: 63.5%
  • Average market rent in Florida: $1,449
  • Average market rent in Tallahassee: $1,332

The majority of homes in Tallahassee are renter-occupied. If you are among this city’s many landlords, you will want make sure that your investment pays off for you. You can reduce your risk of large financial losses by purchasing a comprehensive landlord insurance policy.

How Much Does Landlord Insurance Cost in Tallahassee, FL?

In most cases, you can expect your landlord insurance policy to cost you about 15% to 20% more than a traditional homeowners policy would cost for the same property if it were not a rental home. Some of the many factors that can affect your rates include such things as:

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

Every insurance company has a different way of calculating rates, so comparison shopping is a good way to find a policy that offers the coverage you want at a great price.

Structural Coverage for Tallahassee Rental Homes

As the property owner, you are responsible for repairs to to the home’s structure if it is damaged due to a severe weather event, accidental fire, or other hazard. Your landlord insurance can provide coverage for most of the risks you face as a property owner in Tallahassee.

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 Tallahassee see their share of natural disasters. These severe weather events can significantly damage homes and outlying structures like carports, sheds and detached garages. 

In 1985, Hurricane Kate significantly damaged more than 1,200 structures in Tallahassee. In 2018, Hurricane Michael caused less severe but still very expensive damage to area homes. Also, in 1995, a severe thunderstorm caused a great deal of damage in downtown Tallahassee and spawned a tornado that damaged many local houses and apartment buildings.

Landlord insurance is designed to cover the costs associated with risks such as these. However, it will not pay for flood damage, even if the flood is the direct result of a covered hurricane. Fortunately, your local insurance agent can also help you secure an affordable flood insurance policy through the National Flood Insurance Program (NFIP).

Do Landlords in Tallahassee Need Contents Coverage?

You may assume that because your tenants are responsible for covering their own belongings with renters insurance, contents coverage does not need to be included as part of your landlord insurance policy. However, although your contents coverage needs may be low, they still exist. Whether you wish to include this coverage is up to you.

If your rental home includes furnishings such as a kitchen table, appliances like a stove or refrigerator, or decorative items like carpeting, light fixtures and wallpaper, these items can be covered by your landlord insurance policy. Talk to your local independent agent for help ensuring that your contents coverage limits are sufficient.

Tallahassee Landlords Need Liability Coverage

Landlord insurance can also protect you against the large financial losses that can be brought about by a liability lawsuit. We live in a litigious society, so this coverage can prove particularly important. Even if the courts rule in your favor, your legal defense fees, court costs, and other expenses can add up quickly. 

Landlord liability insurance is designed to absorb your costs if you are sued for a covered event. This may happen if a tenant or one of their guests is injured on your property due to negligence of upkeep, or if defective wiring in your home causes a fire that causes your tenants to suffer injuries or property loss. 

Your local insurance agent can explain more about the many ways that liability coverage can help you. Your agent can also help you find an affordable umbrella insurance policy if you want even more liability coverage than your landlord insurance policy will allow.

Extra Coverage for Tallahassee Landlords

Landlord insurance policies sometimes include coverage against additional hazards that are unique to landlords. Some insurers may offer optional coverage such as:

  • Rent guarantee coverage: To cover loss of income due to tenant failure to pay rent.
  • Loss of income coverage: To cover the rent lost if your property is damaged by a covered event.
  • Malicious damage coverage: To cover the costs if your house is damaged or vandalized by your 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 best meets your coverage and budgetary needs.

Why Work with an Independent Insurance Agent?

A comprehensive landlord insurance policy can help increase the chances that your rental property will serve as an asset rather than a liability. Local independent agents are ready to help you compare customized quotes so you can choose the policy that is offered at the most competitive price. 

Find an insurance agent in or near Tallahassee to get started.

Sources © 2019, Consumer Agent Portal, LLC. All rights reserved.

https://www.fema.gov/data-visualization-disaster-declarations-states-and-counties
http://www.neighborhoodscout.com/
http://www.city-data.com/

© 2019, Consumer Agent Portal, LLC. All rights reserved.

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