Florida Landlord Insurance (What It Covers + Best Providers)

Landlord insurance protects landlords like yourself from the risks associated with renting out a property. While your coverage may vary depending on the insurance provider, landlord insurance safeguards your investment and pocket in the event of a natural disaster or other issue.

Read on to learn everything you need to know about Florida landlord insurance. The Sunshine State is an interesting one, and whether you’re a first-time property owner or renting out your 10th home, we hope this article answers critical questions about what landlord insurance covers.

Key Takeaways

• Landlord insurance isn’t required in Florida but is highly recommended to safeguard your assets and protect the structure of your home.
• It is crucial for Florida property owners because of the high risk of storms, flooding, and other natural disasters.
• While not landlord insurance, landlords can gain peace of mind when their tenants carry renters insurance.
• Although TurboTenant is not a landlord insurance provider, we are a Steadily partner. We’ve got you covered if you need to find the right insurance for your rental property.

Florida Landlord Insurance: Why It’s Essential

It’s essential to carry landlord insurance, regardless of the state, because homeowners insurance only applies to a property you live in. To cover your rental properties, you need landlord insurance, and it’s particularly important in Florida due to the state’s high risk of hurricanes and floods.

Hurricane season lasts from June 1 until November 30, with most hurricanes occurring between the middle of August and the end of October. These natural disasters can cause substantial damage due to gale-force winds, which can tear off roofs, garages, and other structures not directly attached to a home. Of course, flooding is also a significant risk in Florida.

Aside from natural disasters delivered by menacing storms, a foe with a much smaller stature can still wreak havoc—pests. Due to the humid weather, insects and rodents are common, and they can lead to costly repairs.

Finally, while we’re on the subject of why insurance is essential, requiring renters insurance for your tenants is a wise move. Without diving too deep, when renters insurance covers your tenant, you reduce your risk of lawsuits, slash relocation costs, and increase security for both parties.

For the full scoop, check our article, “How Landlords Benefit from Renters Insurance.”

Types of Landlord Insurance Coverage

Florida landlords have three main coverage types (DP-1, DP-2, and DP-3) available. If you’re wondering what the DP stands for, it means “dwelling policy.” Insurance companies created these policies to cover homes.

Each covers a range of named perils. If you’re wondering what a peril is, it’s what insurance companies call common events that damage rental properties.

It’ll make more sense in just a second.

DP-1

The first insurance tier provides standard rental coverage for fires, explosions, and other perils. It does not include damages or losses in the event of a theft or if someone vandalizes your property. While this can be an affordable landlord insurance option, it doesn’t cover you completely.

Here’s a list of what DP-1 covers:

• Fire and lightning
• Internal and external explosions
• Windstorms
• Hail
• Riots
• Smoke
• Aircraft
• Vehicles
• Volcanic explosions

DP-2

The second tier of landlord insurance goes the extra step by protecting against theft, vandalism, fires, and other issues. Under this coverage, you can have your property replaced at its existing value. The coverage is moderately affordable and more comprehensive than DP-1, making it a good middle ground between DP-1 and DP-3.

Additional perils DP-2 covers include:

• Cracking or bulging appliances
• Freezing pipes
• Vandalism or burglary damage
• Damage from snow weight
• Electrical damage
• Broken glass
• Collapse
• Water or stream
• Falling objects

The key benefit of selecting a DP-2 policy is the ability to recover lost rental income if you miss out on it due to any of these perils affecting your rental property.

DP-3

The most comprehensive landlord insurance policy offers various coverages with higher premiums than DP-1 and DP-2.

The policy applies to the dwelling and often includes liability and coverage for personal property. You can also get additional coverage and endorsements if needed. A DP-3 policy is an open-peril policy, meaning that insurance companies generally cover losses resulting from just about any peril.

But, there are some exceptions. They include:

• Neglect
• Power failure
• Earthquakes
• Mold and mildew
• War
• Ordinance or law

How to Choose the Right Landlord Insurance in Florida

Choosing the right landlord insurance doesn’t have to be complicated. Here are some tips to help you select the best landlord insurance in Florida for your needs:

Determine Your Needs

While landlord insurance should protect the home’s structure, it may not cover unattached structures like garages. Consider the property as a whole to see what coverage you need in case the worst happens.

Also, due to the high risk of natural disasters in Florida, it’s a good idea to find landlord insurance that includes loss of rental income so that you continue bringing in revenue if the home undergoes repairs due to a tropical storm or other natural disaster.

Other coverages you may want to include in your policy include flood insurance, earthquake insurance, and tenant damage coverage, which all policies don’t cover.

Get More Than One Quote

Request a quote from multiple insurance providers to compare your options. That way, you can ensure the insurance coverage meets your needs while staying within your budget.

Consider What Your Policy Doesn’t Cover

Not all insurance policies are the same. Read the exclusions and limitations carefully so that you know what would not fall within your policy and that you know how to plan.

Top Landlord Insurance Providers in Florida

Steadily

We can’t recommend Steadily enough for landlord insurance. Florida is just one of many states the company serves; the five-star reviews speak for themselves. 

Pros:

• Specialize in landlord insurance, so they’re highly knowledgeable
• Customizable to your needs
• Exceptional, personalized service

Cons:

• Can’t bundle with other types of insurance

State Farm

State Farm is a well-known insurance name that offers rental property insurance and many other types of insurance, making it a one-stop shop.

Pros:

• Discounts for bundling
• Great reputation

Cons:

• Relatively high premiums, according to reviews
• Can be challenging to manage claims online

Obie

Obie is a relatively new, nationwide landlord insurance provider (including Alaska and Hawaii) that prides itself on offering some of the best rates in the industry. 

Pros:

• Convenient online quotes
• Serves all 50 states

Cons:

• Can’t meet agents in person at this time
• Limited reviews likely due to newness

Farmers Insurance

With Farmers Insurance, you can bundle multiple insurance policies, saving yourself time and money. 

Pros:

• More comprehensive tenant screening with SmartMove
• Multi-policy discounts

Cons:

• Mixed reviews
• Cost more than many other kinds of landlord insurance

Liberty Mutual

Liberty Mutual offers various types of insurance and is one of the largest property insurers worldwide. 

Pros:

• Many ways to save (bundling, going paperless, etc.)
• Comprehensive insurance

Cons:

• Mixed reviews
• High premiums in some instances

Cost of Landlord Insurance in Florida

Florida landlord insurance costs approximately $1722 annually.

Some factors that can affect the cost of insurance include the provider, location, property age, type of rental property, and risk of a natural disaster.

How TurboTenant Can Help

TurboTenant does not provide landlord insurance in Florida. However, we are proud to collaborate with Steadily, an affordable landlord insurance provider that helps protect landlords like yourself in Florida.

Sign up for a free TurboTenant account today to improve your property management experience.

We offer services such as tenant background checks, property marketing, state-specific lease templates, online rent payments, and more.

Florida Landlord Insurance FAQs