Tampa Landlord Insurance

Your Complete Guide to Tampa, FL Landlord Insurance

Perhaps you own a multi-family home in Tampa’s Hyde Park neighborhood that you lease to young couples. Or maybe you own a house that you rent out to students attending the University of South Florida. No matter what you do with your properties, if you own homes that are occupied by tenants, you need to cover them with landlord insurance.

Independent insurance agents can help you find the best policy to meet your specific coverage needs. These agents can obtain customized landlord insurance quotes from multiple insurers so you can be sure you are getting the coverage you want at a competitive price. Find an insurance agent near you to get started. 

Why Own a Rental Property in Tampa, FL?

Tampa is an ideal location for landlords. More than half of the residences in this city are occupied by renters, so it should be easy to find tenants and minimize vacancies.

Rental statistics for Tampa

  • Percentage of homes that are renter-occupied in Florida: 36.7%
  • Percentage of homes that are renter-occupied in Tampa: 53.2%
  • Average market rent in Florida: $1,449
  • Average market rent in Tampa: $1,309

Although you have the opportunity to make a lot of money by owning rental properties, this investment is not without its risks. Fortunately, a comprehensive landlord insurance policy can shield you from many potential losses. 

What Is Landlord Insurance and How Much Does It Cost in Tampa?

Landlord insurance is a very specific type of homeowners insurance. It is designed to meet the unique coverage needs of rental property owners. Most insurance companies will require you to carry this type of coverage if you have tenants living in a home you own. 

Landlord insurance typically costs about 15% to 20% more than a traditional homeowners policy would for the same property if it were a primary residence. This is mainly because you have larger property damage and liability risks when your house is occupied by tenants. 

Landlord Insurance Covers Property Damage in Tampa

Because most of the items in your rental homes likely belong to your tenants and will therefore be covered by their renters insurance, you will not have very high contents coverage needs. Your policy will cover contents such as appliances, light fixtures, flooring, and any furniture you provide with the home.

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.

Your policy’s property coverage can pay for you to repair or rebuild the structure of your rental home if it is damaged by a covered event like a tornado or a fire. While this city has not yet experienced a direct hit from a hurricane, the risk is real. The storm surge from a hurricane making landfall in Tampa would be devastating. 

Be aware, however, that like homeowners insurance, your policy will not cover certain risks like sinkholes and floods. Be sure to ask your agent for more information about adding a supplementary sinkhole insurance or flood insurance policy.

Property Crimes in Tampa Are Covered by Landlord Insurance

The burglary rate in Tampa is slightly higher than the state rate. Your landlord insurance policy can cover loss and damage caused by property crimes.

Tampa property crime statistics:

  • Burglary rate per 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 Tampa: 5.09
  • Average annual number of burglaries in Tampa: 1,911

Although your tenants are responsible for covering their own property with renters insurance, you may still face losses following a burglary. This can include loss or damage of property such as doors, windows, and fixtures. Your landlord insurance policy can cover the cost to repair this damage and replace your own lost belongings.

Your policy can also cover the cost to repair or replace property if it is maliciously damaged by your tenants. You can talk to your local independent agent to learn more about how your landlord insurance policy can protect you against losses related to property crimes like theft, vandalism, and arson.

Coverage Against Liability Lawsuits for Tampa Landlords

Owners of rental properties face high liability risks. Landlord insurance includes liability coverage, which can mitigate this risk. Landlord liability insurance is designed to cover court costs, legal fees, and damages for many potential lawsuits. Examples of times that this coverage may prove valuable include:

  • One of your tenants is severely injured after falling down the basement stairs because of a loose railing.
  • A faulty light fixture in your rental home overheats and causes a fire that destroys some of your tenants’ property.
  • Your failure to clear out a wasps’ nest on your property leads to a severely allergic tenant being hospitalized after being stung.

Most landlord liability policies will not cover lawsuits related to wrongful eviction or discrimination, so it is important to always act within the confines of the law when dealing with tenants.

If you wish to have liability coverage in an amount that is higher than your landlord insurance policy will allow, be sure to ask your local independent agent for help finding an affordable umbrella insurance policy. This is an affordable way to significantly boost your liability coverage.

Why Work with an Independent Agent?

Independent insurance agents are free to shop around for coverage so they can obtain quotes from a variety of insurance providers. That way, they can save you time and money by helping you in your search for the best insurance to cover your rental property. 

Contact an insurance agent in or near Tampa to learn more about finding comprehensive, yet competitively priced, landlord insurance.

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.

Now, who's ready to get their insurance problems solved?