With more hurricanes and other natural disasters causing extensive damage across Florida, many rental property owners have been scrambling to manage costly repairs and rising property insurance premiums. Several insurers have also left the state, making it harder for landlords to find a good provider at a reasonable cost. 

That’s why we compiled this list of the top insurance companies for Florida landlords. This guide can help you understand your choices and access the coverage you need, offering you peace of mind amid the stormy uncertainties of owning a rental property in Florida.

Steadily

Steadily offers comprehensive landlord insurance designed to meet the needs of rental property owners and investors across Florida.

Committed to efficiency, Steadily can help you get an affordable quote in as little as half an hour, so securing coverage is quick and seamless. Its policies cover a wide range of property types, from single-family homes to multi-unit properties. No matter what kind of rental property you own, Steadily may be able to help you get coverage.

One of Steadily’s standout features is the flexibility and customization of their insurance policies. You can choose extensive coverage that includes protection against common risks, such as fires, windstorms, water leaks, and vandalism. Alternatively, you can select more limited coverage to suit your budget without sacrificing essential protection.

This personalized approach allows you to tailor your insurance to fit the unique needs of your property and financial goals.

In addition to covering typical risks, some of Steadily’s policies offer protection against less common but potentially devastating events, including riots, explosions, and malicious mischief. Steadily also typically provide liability protection, which covers the cost of defending and settling claims from tenants and guests injured on your property.

Steadily’s user-friendly website and stellar customer service make it easy to navigate the insurance process. Customers consistently praise the company for its responsive communication and knowledgeable representatives.

Its dedication to excellent service and competitive rates with no hidden cancellation fees make Steadily a standout choice for landlord insurance in Florida.

Key features of Steadily:

• Customizable insurance policies to fit your budget and coverage needs
• Quick and easy quote process, often within half an hour
• Comprehensive coverage options for fires, windstorms, water leaks, and vandalism
• Protection against riots, civil commotion, and malicious mischief
• Liability protection for injuries sustained by tenants and guests on your property
• Coverage for broken pipes and appliance leaks, which are common and costly damages
• Straightforward policy management with no hidden cancellation fees
• Competitive rates nationwide
• Coverage for a wide range of property types, including single-family, multi-family, vacant or restoration, apartment buildings, condo units, manufactured homes, and vacation rental properties
• Partnered with Stessa for additional support and resources for property investors
• Highly rated customer service with knowledgeable and responsive representatives
• User-friendly website for easy policy management and claims processing
• Additional optional coverages such as riot coverage and injury protection for enhanced security

Trustpilot rating: Excellent (4.4 stars out of 5 from 1,021 reviews as of August 2024)

Allstate Insurance Company

Allstate, known for its “You’re In Good Hands” slogan, offers assorted insurance coverage, including car, home, rental, and more. While they don’t focus exclusively on landlord insurance, their extensive suite of products and services makes them worth considering for property owners seeking comprehensive coverage.

Key features:

• Offers a broad range of coverages outside landlord insurance, including auto, home, and life insurance
• Provides 24/7 claims support to help you get life back on track swiftly after an incident
• Features an app that aids in managing policies, tracking gas savings, and assessing property climate risks
• Allows customers to manage their policies, pay bills, and access ID cards conveniently online

Trustpilot rating: Bad (1.2 stars out of 5 from 442 reviews as of August 2024)

American Modern

American Modern Insurance Group specializes in tailored insurance solutions for unique and specialty properties, such as rental properties, seasonal homes, and manufactured homes. With a strong focus on flexibility, they offer several coverage options to meet the diverse needs of property owners.

Key features:

• Includes actual cash value for dwellings and other structures, with the option to upgrade to full repair cost
• Offers protection for a wide range of property types, including up to four-family properties and properties under construction
• Provides additional coverages like water damage, identity theft recovery, and home equipment breakdown protection
• Features up to 10 available discounts, potentially saving policyholders 20% or more on premiums

Trustpilot rating: Average (3.2 stars out of 5 from 1 review as of August 2024)

Farmers Insurance

With over 90 years of experience, Farmers Insurance offers personalized landlord insurance policies designed to meet the unique challenges of residential real estate investments. Their extensive offerings include various optional coverages and a commitment to customer service.

Key features:

• Offers comprehensive property coverage for damage caused by storms or other weather events
• Provides named-peril coverage for specific risks like water damage from burst pipes
• Includes optional landlord liability coverage for tenant injuries occurring on the property
• Features a stress-free tenant screening solution through TransUnion, providing in-depth reports within minutes

Trustpilot rating: Bad (1.4 stars out of 5 from 178 reviews as of August 2024)

Florida Family Insurance

Florida Family Insurance has supplied home, condo, rental, and flood insurance in the state for over 25 years. Specializing in affordable and comprehensive coverage tailored to Floridians’ needs, they offer a range of customizable policies through a network of independent agents.

Key features:

• Offers comprehensive rental property insurance that includes coverage for single-family homes, multi-unit properties of up to 4 units, and condominiums
• Provides flexible coverage options that can be adjusted based on property type, location, age, and condition for both short-term vacation rentals and long-term leases
• Includes optional coverages, such as protection for personal possessions, liability for accidental injuries to others, and medical expenses for injuries sustained on the property
• Partners with authorized independent agents throughout Florida for personalized service and expert recommendations tailored to local market conditions

Trustpilot rating: Not rated (as of August 2024)

Florida Peninsula

Florida Peninsula Insurance Company combines the experience of a large insurer with the personalized, customer-focused service of a small company. They offer a range of customizable home and landlord insurance policies tailored to the unique needs of Florida property owners, striving to provide comprehensive protection at competitive rates.

Key features:

• Specializes in DP-3 policies for rental properties, including those owned by corporations, trusts, LLCs, and partnerships
• Provides broad coverage against adverse events, such as hurricanes, lightning, hail, fire, vandalism, theft, and loss of rental income
• Offers flexible and customizable insurance options for a wide variety of properties, including seasonal homes and short-term rentals listed on platforms like Airbnb and Vrbo
• Utilizes in-depth coverage valuations, giving property owners substantial protection at a lower cost, with a network of trusted agents across Florida

Trustpilot rating: Not rated (as of August 2024)

Kin

Kin Insurance leverages cutting-edge technology to provide landlords in Florida with efficient and customized insurance solutions. Their direct-to-consumer model simplifies the process, offering substantial savings and comprehensive coverage against natural disasters and other risks.

Key features:

• Utilizes a direct-to-consumer model that simplifies the insurance process, enabling quick and easy online coverage
• Offers tailored landlord insurance that includes coverage for dwellings, personal property, and additional living expenses if the home becomes uninhabitable due to a covered event
• Provides “fair rental income” coverage to help maintain income streams when properties are temporarily unfit for occupation due to a covered event
• Includes options for endorsements, such as sinkhole insurance and hurricane wind damage, for protection against Florida-specific natural disasters

Trustpilot rating: Excellent (4.6 stars out of 5 from 3,912 reviews as of August 2024)

Liberty Mutual

Liberty Mutual, a trusted name in the insurance industry for over 100 years, offers customized insurance solutions for auto, home, renters, and more. Known for their motto, “Only Pay for What You Need,” they offer flexible and personalized policies to meet individual needs while ensuring robust protection.

Key features:

• Offers customizable landlord insurance policies with coverage for dwelling structures, personal property, and loss of rental income due to covered events
• Provides special discounts for customers who bundle home and rental property insurance or choose electronic document delivery
• Features optional coverages like water backup and premises liability coverage, addressing specific risks landlords may face
• Boasts a user-friendly mobile app for policy management, claims support, and easy access to ID cards and other essential documents

Trustpilot rating: Bad (1.1 stars out of 5 from 412 reviews as of August 2024)

Security First Insurance

Security First Insurance has established itself as a reliable, customer-focused provider of homeowners and landlord insurance in Florida. With comprehensive coverage options and exceptional customer service, the company notes they are consistently recognized for their hurricane protection efforts.

Key features:

• Offers the Dwelling Fire Landlord policy (DF3-DL), with flexible coverage options tailored to rental property owners, including those with homes that have older roofs
• Provides optional coverages, such as fair rental value, additional living expenses, premises liability, and medical payments
• Recognized as the Best Pick for Hurricane Protection in Florida by MarketWatch Guides Home Team for 3 consecutive years (2022, 2023, and 2024)
• Features a user-friendly mobile app for managing insurance policies, filing claims, and paying invoices quickly and securely from anywhere

Trustpilot rating: Not rated (as of August 2024)

State Farm

State Farm, a leader in the insurance industry for over 100 years, offers a broad range of coverage options, including auto, home, life, and more. With personalized service and a commitment to customer satisfaction, they provide tailored insurance solutions to meet diverse needs.

Key features:

• Offers comprehensive rental dwelling and rental condo unit policies to protect properties, shield landlords from liability claims, and cover lost rental income due to covered events
• Provides significant savings opportunities through personalized bundles and discounts for multiple policies, aiding customers in customizing their coverage to fit their unique needs
• Utilizes a future-forward approach by continually developing products and solutions to meet the ever-changing needs of their policyholders
• Includes the services of a dedicated agent for personalized service and support to all policyholders directly through the State Farm mobile app or their extensive agent network

Trustpilot rating: Bad (1.7 stars out of 5 from 628 reviews as of August 2024)

Tips for choosing a good insurance company for a Florida rental property

After reviewing Florida’s top landlord insurance companies, knowing how to choose the best provider for your specific needs is key. Here are some practical tips to guide you:

• Evaluate coverage options: Ensure the policy covers common risks in Florida, such as hurricanes, flooding, and wind damage. Look for comprehensive coverage that protects your rental’s physical structure and also protects you from potential liability issues.
• Check deductibles: Keep in mind that high deductibles can lower premiums but may result in higher out-of-pocket expenses when filing a claim.
• Assess customer service: Research customer reviews and ratings to gauge an insurer’s reputation for handling claims efficiently. A company with a solid support system can make a big difference during stressful situations.
• Consider additional endorsements: Evaluate whether the insurer offers endorsements for specific needs like vandalism, loss of rental income, or extended replacement cost coverage. These add-ons can provide extra protection tailored to your rental property.
• Compare premiums: Obtain quotes from multiple insurance providers and compare the premiums against the coverage offered. Avoid simply choosing the cheapest option; balance cost with the quality of coverage.

FAQs about Florida landlord insurance

What does landlord insurance typically cover in Florida?

Florida landlord insurance generally covers property damage, liability claims, and loss of rental income due to covered events like hurricanes or fires. Policies may also include coverage for vandalism and theft.

Is landlord insurance mandatory for rental property owners in Florida?

While not required by law in Florida, most mortgage lenders mandate purchasing landlord insurance, and having insurance is strongly recommended to protect your investment from potential risks and liabilities.

How is landlord insurance different from homeowners insurance?

Landlord insurance provides additional protection specific to rental properties, such as coverage for tenant-related damages and liability issues. Homeowners insurance primarily protects owner-occupied residences.

Are there specific risks that Florida landlord insurance should cover?

Given Florida’s climate, landlord insurance should specifically cover natural disasters like hurricanes, flooding, and wind damage to help ensure comprehensive protection for your rental property.

What factors affect the premium rates for landlord insurance in Florida?

Some factors influencing premium rates include the property’s location, age, construction type, coverage limits, and the presence of safety features, like storm shutters or security systems.

Do I need flood insurance separately from landlord insurance in Florida?

Yes, landlord insurance typically does not cover flood damage, so purchasing a separate flood insurance policy is essential, especially in flood-prone areas of Florida.

Are there any discounts available for landlord insurance in Florida?

Many insurers offer discounts for installing security systems, bundling multiple policies, maintaining a claims-free history, or implementing storm-resistant features.

Can landlord insurance cover short-term rentals or Airbnb properties?

Yes, some landlord insurance policies can cover short-term rentals or Airbnb properties, but you may need to add a specific endorsement to help ensure adequate coverage for these scenarios.

What additional endorsements or riders are available for landlord insurance in Florida?

Common endorsements include coverage for loss of rental income, vandalism protection, extended replacement cost, and liability coverage for tenant-related injuries.

Are there any exclusions common in Florida landlord insurance policies?

Common exclusions may include flood damage, intentional tenant damage, and certain types of mold or pest infestations. Always review your policy to understand specific exclusions.

How can I ensure my policy is compliant with Florida state regulations?

Consult an insurance broker specializing in Florida landlord insurance to help verify your policy meets any state requirements and adequately covers the unique risks associated with owning rental property in Florida.

Steadily: The reliable choice for landlord insurance in Florida

Whether it’s the threat of hurricanes, water damage, or liability issues, having a reliable insurance policy can help mitigate your financial risks and protect your rental income. Steadily can help you find an insurance plan with the right coverage so you can focus on growing your investment portfolio and maximizing your returns.

Keep your investment secure and your mind at ease by getting the coverage you need and the protection your property deserves. Enter your rental property address here to get a quote for fast, affordable landlord insurance with Steadily.