Florida landlord insurance is not required by law. However, it is essential to shield you against financial losses that can occur as a result of natural disasters, accidents or liability issues arising from renting your home or property to others. Lenders may require landlord insurance if you are financing a rental property.
Best Florida Landlord Insurance:
- The Hartford
- State Farm
- Liberty Mutual
Florida Landlord-Tenant Laws
Florida landlord insurance covers financial losses landlords may experience due to losses to the dwelling unit, the lot, outbuildings or land. The policy covers property damage and also liability exposures if someone is injured on the property. Loss of use coverage and loss of rental income coverage is available if the unit is unlivable after it has sustained damage from a covered peril.
Here are some Florida landlord-tenant laws covered by the Florida Residential Landlord Tenant Act you should become familiar with if you own a rental property in Florida.
- Tenant rights: Florida tenants have a right to a private and peaceful dwelling and can use the property in any lawful way once their lease is signed and rent is paid. The tenant must be notified in writing of a lease violation and given time to correct the problem. The tenant can withhold rent if the landlord has failed to meet required obligations as long as the tenant has given seven days’ written notice. The tenant also has the right to move out with proper written notice (up to 60 days before the end of the lease.
- Landlord responsibilities: The landlord must provide at least 12 hours of notice before entering to make agreed-on repairs (can be waived in emergency situations). Must provide working plumbing, hot water, heating, ensure the dwelling is structurally sound and is free of pests. Written notice of lease violations must be provided with adequate time to fix the problem. Security deposits must be returned within 15 days after the tenant leaves or the tenant must be provided written notice within 30 days if the deposit won’t be returned.
- Terminating a lease: The landlord has the right to terminate the lease in the following situations: tenant fails to keep the residence clean; fails to use electrical, plumbing, heating and other facilities in a reasonable manner; tenant damages, destroys, or defaces property; tenant fails to pay rent on time.
Landlord Insurance Definition
Landlord insurance covers the building and any contents at the property that belongs to the landlord. It does not cover the tenant’s property. Landlord insurance also offers liability protection relating to the rented premises.
Landlord Insurance vs Homeowners Insurance
Landlord insurance and homeowners insurance are similar in a way but different in their purposes. Landlord insurance covers the landlord’s interest in a property he is renting out to others while homeowners insurance covers an individual’s home and contents.
Landlord Insurance vs Rental Property Insurance
Rental property insurance is another name for landlord insurance. They are one and the same.
Landlord Insurance vs Renters Insurance
Renters Insurance and landlord insurance are two separate policies with very different purposes. Landlord insurance covers the landlord if anything happens to a building he is renting out while renters insurance covers the renter’s contents while he is living in a rental unit.
What Does Landlord Insurance Cover?
Common coverages for a landlord insurance policy include:
- Dwelling: Coverage includes the costs of repairing a rented home, condo, or apartment from covered perils like fire, wind, or hail damage.
- Other structures: Pays to repair damage to detached structured on a rental property like a fence or detached garage.
- Personal property of the landlord: Covers property of the landlord used to service the rental property such as a lawnmower or snowblower.
- Landlord liability: This pays for another person’s medical expenses if they are injured on your rental property.
- Optional coverages: Optional coverages can be added to a landlord insurance policy for an additional fee including vandalism, burglary, coverage for building codes and rental property under construction.
Common named perils
A named-perils policy lists out the risks that are covered by your policy. The most common named perils include:
- Fire and lightning
- Windstorm and hail
- Riot and civil commotion
- Volcanic eruption
- Malicious mischief
Your landlord policy provides no coverage for these items:
- Renters’ belongings: Your tenant’s personal belongings are not covered by your landlord’s insurance. The renter will need to purchase his own renter’s insurance policy.
- Equipment breakdown and maintenance: Your landlord policy does not pay for equipment breakdowns like a furnace breaking or an air conditioning unit going out.
- Shared property: If you live in a home and rent out a part of it to a tenant, it is not covered by landlord insurance. You cannot live in the home you rent out.
Florida Landlord Insurance Provider Reviews
Benzinga has done the research to help you find the best Florida landlord insurance. Get started now with our review.
Steadily: Best for Users of Smart Devices
Steadily began offering property insurance coverage to landlords in underserved markets in 2020. One of the best features of Steadily’s rental property insurance coverage is the ability to purchase coverage through a mobile device without the use of an agent.
In addition, Steadily uses mobile technology to help landlords complete landlord insurance quotes in only minutes.
The company offers coverage for many types of rental properties including single-family, multi-family, apartments, vacation rentals, condos and manufactured homes. Coverage is also available for AirBNBs and VRBOs. Coverage protects against these risks:
- Windstorm, hail and lightning
- Water damage from broken pipes and appliance leaks
- Liability protection against lawsuits
- Vandalism and theft
- Riot and civil commotion
- Injury protection
The Hartford: Best for Bundling Options
The Hartford has been in business for over 200 years and has a long record of financial stability. The company is widely recognized for its excellent customer service and policy offerings. Landlord insurance with The Hartford allows you to add landlord coverage to your existing homeowners policy and receive a bundling discount.
Landlord insurance policy options available through the Hartford include dwelling coverage to protect the rental unit and attached structures, fair rental value coverage, other structures coverage, personal property coverage, medical payments coverage and premises liability coverage.
State Farm: Best for Customizing Coverage
State Farm has been insuring customers for over 100 years and provides personal and business coverage in all 50 U.S. states. In addition, State Farm's rental property insurance policy allows you to customize coverage to find an affordable policy to protect your property.
State Farm's basic landlord policy covers the building property and other structures, general liability, loss of income, equipment breakdown, tenant move back expenses (expenses to move your tenants back in after repairs), heat or air conditioning loss reimbursement. Add-on coverages include data compromise and identity restoration, life insurance buy-sell agreements, and costs to upgrade buildings due to local ordinance.
Liberty Mutual: Best for Discounts to Help You Save
Liberty Mutual gives landlords the option to tailor a rental property policy to meet their specific insurance needs. The landlord policy from Liberty Mutual offers dwelling, premises liability coverage, wind and hail protection and fair rental value, which covers lost rent while repairs are being made.
Liberty Mutual also offers inflation protection as an add-on coverage. This protects you from rises in inflation that would cause contracting repair costs to rise. With this added buffer, you are covered should you suffer a total loss.
Liberty Mutual offers 3 landlord insurance discounts to help you save:
- Companion Home: This discount is available when you insure your home and your rental property through Liberty Mutual
- Claims-Free: Available to property owners who have not filed a claim with their previous insurance carrier for five years or more
- Early Shopper: If you request a rental property insurance quote before your current policy expires, you qualify to receive the early shopper discount
- Ability to tailor coverage
- Attractive discounts
- Low J.D. Power overall satisfaction rating
AM Best Rating: A
Landlords Need Added Protection
A homeowners insurance policy will not protect you from property damage or liability exposures if you rent your home or property out to others. However, a rental property insurance policy will cover you from unexpected losses when renting out your property to tenants.
Whether you are searching for your next Florida real estate investment or are a landlord searching for property insurance, you can visit Benzinga to learn the latest about insurance and real estate investing.
Frequently Asked Questions
Do I need homeowners insurance for a rental property in Florida?
If you own a property or home that you lease to others, it is wise to purchase Florida landlord insurance. A homeowners or condo policy does not protect landlords from damages that can occur as a result of renting or leasing a home you own to others. Landlord insurance protects your property from damage like wind, hail, theft or vandalism and also offers liability coverage to protect you from tenant lawsuits.
How much is rental property insurance in Florida?
The cost of rental property insurance in Florida varies by location, value of the property, your limits of coverage and your prior claims history among other factors. The Insurance Information Institute says landlords can expect to pay 25% more than a homeowners policy with the same coverage limits.
Does Florida landlord insurance cover flooding?
Landlord insurance coverage does not cover flooding. If you live in a flood zone you may be required to purchase a separate flood insurance policy from the National Flood Insurance Program (NFIP). FEMA provides a flood map service center where you can check your property’s address to see if it is located in a high-risk zone.