The real estate and rental market in Miami has been booming in recent years. And considering the city’s charming neighborhoods, abundant nightlife, and miles of beautiful beaches, who wouldn’t want to get in on the action by purchasing a rental property?
Whatever type of property you're renting to others, you need landlord insurance to protect your investment. We can help.
How much does landlord insurance cost in Miami?
Landlord policies, also called DP3 insurance, generally cost about 25% more than a standard homeowners policy, mainly because landlords face additional risks that make them more likely to file a claim.
But in Miami, that means your policy could be expensive. The Sunshine State ranks first in the nation for home insurance premium costs, with the average homeowner paying $2,165 for their coverage every year.
Why? Florida’s property insurance market has been impacted by increasing weather-related risks, particularly from damaging tropical storms and hurricanes. High reinsurance costs and excessive insurance-related litigation play big roles in the state’s home insurance crisis, too.
Put that all together and it means landlords in Miami probably won’t readily find bargain-priced landlord insurance.
How Kin helps landlords pay less for insurance
We’re a different kind of insurance company, and this has helped our members pay less for their landlord insurance policies. In fact, the typical Florida landlord reports saving over $500 on their DP3 policies when they switch to Kin.*
Our technology is key to getting landlords lower priced policies. By analyzing more insurance data, we’re able to better identify risk. This allows us to offer premiums based on the risks your property actually faces. We’re also a direct-to-consumer insurance provider. Bringing our coverage straight to customers helps us keep our overhead low and results in savings that we can pass on to our members.
Other ways to lower your landlord insurance premiums
Discounts are another important step to finding low cost DP3 insurance. Kin members earn discounts for:
Aside from discounts, there are other ways to lower your premium. Improving your credit score and avoiding claims can help keep your premium below the state’s average. Another option is to pick a higher deductible. Our landlord policy deductibles are:
Remember to choose a deductible you're comfortable paying even in the worst case scenario.
Frequently asked questions about landlord insurance
Getting the right coverage for your investment property is important, so it’s smart to ask questions. Here are the answers to a few we’ve heard from our members.
Is landlord insurance the same as renters insurance?
Definitely not. Renters insurance covers your tenants’ belongings and their own liability for injuries that occur in their rental unit. Landlord insurance helps you protect your building when there’s physical damage. And it helps you maintain a revenue stream when a covered claim forces a temporary loss of rental income. Read more details in What’s the difference between DP3 and HO3?
Does homeowners insurance cover tenants?
Homeowners insurance is for your primary residence, and it does not cover any commercial risk associated with collecting rent and earning income. Depending on the length of time you intend to rent it for and whether or not you still live on the property, you likely need to change your home insurance if you rent out your house. Our Kinfolk can help you decide which coverage is best for you.
How does landlord insurance in Miami work?
Miami landlord insurance is pretty straightforward if you understand the difference between problems that you are responsible for as the owner and problems that your tenants are responsible for.
For instance, let's say a tenant accidentally causes a small kitchen fire that leads to extensive smoke damage. Your landlord policy covers sudden and accidental damage caused by a tenant. In the case of a kitchen fire, your DP3 insurance may help pay for damage to the building's structure, such as the wall, floors, and cabinets.
Any damage to the tenant's possessions, however, is not covered by your landlord insurance. It will, however, be covered by the tenant's renters insurance if they have it.
The key to coverage is the “sudden and accidental” nature of the damage. Problems caused by neglect, poor maintenance, or normal wear and tear aren’t typically covered.
Resources for Miami landlords
There’s a lot more to being a landlord than you might think, with a lot of complex variables involving more than just insurance. Here are some helpful resources for Miami landlords:
How to get landlord insurance in Miami
While other insurance companies have withdrawn from offering property insurance in Florida because of the high cost of hurricanes, Kin is proud to offer affordable coverage to landlords who need it most. We’re committed to Florida for the long haul.
Getting a landlord insurance quote is easy. Just apply online or give us a call at 855-717-0022.
*Florida landlords who switched to Kin report annual savings of $574 on average. Based on Kin Customer Savings Survey conducted October 2022 - October 2023.