Tampa Renters Insurance

Your Complete Guide to Tampa, FL Renters Insurance

Find the right renters insurance policy for you.

Approximately 53% of Tampa’s homes are rental properties. There are a number of great reasons to rent your home. You have fewer maintenance costs, it is easy to move quickly if a new job opportunity opens up, and it costs less to insure your property. Renters insurance can protect your finances, and it is cheaper than you may think. 

Though not required by law, renters insurance is required by some of Tampa’s landlords. You can quickly and easily start comparing customized quotes for this coverage by consulting an independent agent. These local professionals are free to shop around to find you the best policy. Find an insurance agent near you to get started.

How Much Does It Cost to Rent a Home in Tampa?

The average market rent in the city of Tampa is $1,309. This is lower than the average rent in the state of Florida, which is $1,449. The most expensive rentals are in downtown Tampa and Harbour Island, while the most affordable rental homes can be found in the Lowry Park and Sulphur Springs neighborhoods. Regardless of which part of Tampa you are living in, or how much you are paying for rent, you can find an inexpensive renters insurance policy to cover your property. A local independent insurance agent can help you get your coverage at the best price.

How Much Does Renters Insurance Cost in Tampa, FL?

In Florida, renters insurance costs are among the highest in the country. Even so, this coverage is surprisingly affordable. In Tampa, the average cost for a policy that provides $20,000 worth of property coverage and $100,000 worth of liability coverage with a $500 deductible is $259 a year. That is just $22 a month for the peace of mind of knowing that your property is covered. Of course, your actual rate may be a little higher or lower than this average amount, depending on how much coverage you wish to buy and details about the home you are renting, but this figure can give you a rough estimate of what it will cost you.

Property Coverage for Tampa Renters

Tampa is vulnerable to disasters like hurricanes and tornadoes. Also, if you are renting an apartment in a multi-family building, you have an increased risk of fire damage. While your landlord is responsible for repairing structural damage caused by these disasters, if your personal property is damaged or destroyed, the responsibility lies with you. Happily, your renters insurance provides contents coverage for your belongings. It can pay to repair or replace your belongings once your deductible is met. In addition to damage caused by severe weather events and fires, your policy can also cover losses due to burglaries. 

There are about 2,000 burglaries in Tampa each year, so this coverage can be very useful. Be aware that flood damage is not covered by renters insurance. If you live in a ground floor apartment or are otherwise at risk for flood damage, your insurance agent can also help you secure an affordable flood insurance policy through the National Flood Insurance Program (NFIP).

Renters Insurance Includes Liability Coverage

In addition to property coverage, your policy includes renters liability insurance. This is designed to cover expenses such as court costs, legal fees, and damages if you find yourself on the wrong end of a liability lawsuit. This personal liability insurance can prove invaluable if you are sued because you, your child, or your pet has caused injury or property damage to a third party while:

  • You are at home
  • You are outside your home, such as at a park
  • You are playing sports
  • You are online, if something you posted is seen as libelous

Be aware that some insurance companies exclude pet-related damage from their renters insurance coverage. If you are a pet owner and you want to be sure that you’ll be protected if your pet gets loose and hurts someone, be sure to specify that you want a policy that will provide this coverage.

Renters Insurance Can Cover Temporary Housing Expenses

What would you do if the home you were renting was rendered uninhabitable by a major disaster? You would need to seek alternative housing while your landlord makes repairs and gets the building back up to code. Your landlord is not responsible for covering the cost of your temporary living arrangements. Spending several weeks as a resident of a Tampa hotel can be very expensive. You would also face additional costs such as the need to eat out for all your meals. Fortunately, if you have renters insurance, your policy can cover these expenses until you are able to return to your home.

Why Work with an Independent Insurance Agent?

A reliable renters insurance policy can protect you against financial losses caused by disasters. Independent insurance agents can ensure that you are getting all the coverage you want at a great price. Your agent may be able to save you even more money by bundling your coverage with an auto or life insurance policy. 

To get one-stop shopping for all of your insurance needs, and to start comparing customized renters insurance quotes, contact an independent insurance agent in Tampa today.

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