What type of insurance do I need for a rental property in Florida? Renters or homeowners?

7 years ago - 6 answers

Best Answer

Chosen by Asker

Do you live in it, or rent it out? If you rent it out, you need "dwelling" coverage as opposed to "homeowners". But when you talk to an agent there, you're going to find out it's probably going to end up in the state fund anyway, because no one is writing new property policies in Florida.

Renters insurance, is also called "tenant homeowners", if YOU are the renter. It covers your stuff, and your liability, in your rental - whether it's a house, condo, or apartment.

Homeowners insurance is for owner occupied homes.

Dwelling insurance is for a house that you own, but rent out to others.

Condo insurance covers condos, and the same policy works if you're occupying the condo yourself, or renting it out to others. You just have to declare the occupancy when you get the policy.


7 years ago

Other Answers

renters, if you're the tenant

and even that is expensive

if you're the owner, please consult your agent. Homeowners maybe applies if it is a 1-4 family property, but commercial insurance is required for larger properties.

and if you're new to owning here, you'll be shocked at the costs.


by Spock (rhp) - 7 years ago

Are you the owner of the property? If yes, then you need a homeowners policy. The policy should be written as non owner occupied rented to others.

If you are the renter, then you should purchase a renters policy.


by thx1138too - 7 years ago

You need a Landlord Protector policy on a rental property. You will want to require anyone who rents from you to carry renters insurance to protect your interests as the landlord and name you as the "additional insured" on the policy.


by Country Girl - 7 years ago

Neither. You'll need a Rental Dwelling Property Policy (assuming you own it and rent it out).

Be prepared for $30-70 per unit per month to cover it.

Call an agent or Broker in the area and them to quote up several options for your property.

by saberhilt - 7 years ago

Renters insurance protects your personal property and not the real estate. If you own the real estate, then you need homeowners insurance which protects it all.

by Richard_CA - 7 years ago