Landlord Insurance in St. Petersburg

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The most recent census data shows that about 37% of St. Petersburg’s population rents their homes. That’s a lot of opportunity for a landlord, but you can only make the most of it when you protect your investment. 

That’s where Kin comes in. We’re a different kind of insurance company, built for the future and ready to help Florida landlords get the coverage they need at an affordable price.

How much does landlord insurance cost? 

The combination of extreme weather, costly reinsurance, and excessive legislation has had a brutal effect on property insurance costs in the Sunshine State. Florida home insurance ranks as the most expensive in the nation.  

But here’s the rub — landlord policies, sometimes called DP3 insurance,  generally cost about 25% more than a standard homeowners policy. That puts the average landlord insurance premium over $2,700.

How Kin can help you save on landlord insurance

The cost of selling insurance in Florida has driven many traditional insurers out of the market. But we’re committed to helping property owners in catastrophe-prone states get landlord insurance by:

  • Using technology to better assess risk.

  • Providing insurance directly to our customers.

The first means we can fairly and accurately price our policies. The second helps us keep our costs down and pass those savings on to our members.

Other ways to make landlord insurance affordable

One of the best ways to keep your premium down is to make sure you reduce your risk for claims. If your residential rental property has fire sprinklers, burglar alarms, gated access, or other security systems, you may find your rate is lower. 

You can also lower your premium by choosing higher deductibles. In St. Pete’s, our landlord insurance come with two deductible options:

  • Standard deductible. Also called an AOP, or “all other perils” deductible, this amount applies to most of the claims you might have. Your standard deductible options are: 

    • $500

    • $1,000

    • $2,500

    • $5,000

  • Hurricane deductible. This deductible applies to wind damage caused by a named storm. You can choose a flat rate of $500 or a percentage of your Coverage A limits:

    • 1%

    • 2%

    • 5%

    • 10%

Opting for a higher deductible can lower your premium, but be smart about the amount you choose. You want to pick a deductible you can afford if you ever have to file a claim.

Frequently asked questions about landlord insurance

Here are answers to common questions about landlord insurance.

Is landlord insurance required in St. Petersburg?

No, landlord insurance isn’t required in St. Pete’s, but if you’ve got a mortgage on your rental property, your bank may require you to have it. 

What’s more, the state of Florida doesn’t require your tenants to have renters insurance, but you can require them to have it as a condition of your lease.

Does Florida 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. 

Homeowners insurance definitely doesn’t cover tenants—their personal property nor their negligence—either. You likely need to change your home insurance if you rent out your house, depending on the length of time you intend to rent it for and whether or not you still live on the property. 

Kin can help you decide which coverage is best for you.

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. Even better? Most policies help you maintain a revenue stream when a covered claim forces a temporary loss of rental income.

What's not covered by landlord insurance in St. Petersburg, FL?

Landlord insurance works by protecting your income-producing property from the costs of sudden and accidental property damage and negligence lawsuits. However, policies usually don’t cover tenants’ belongings, regular maintenance costs, or items damaged by normal wear and tear. 

Does landlord insurance cover flood damage? 

No, landlord insurance seldom covers flood damage. But with several high-risk flood zones and, like all of Florida, an increased risk for tropical storms and hurricanes, Florida flood insurance is highly recommended. 

Kin can help you get the flood insurance that St. Pete’s landlords need. Let us help!. 

Resources for St. Petersburg landlords

How to get landlord insurance in St. Petersburg, FL

While other insurance companies have withdrawn from Florida because of the high cost of hurricanes,  we’re proud to offer affordable coverage to landlords who need it most. We’re committed to Florida for the long haul. 

If you own a rental property in St. Petersburg, FL, get an online quote for landlord insurance from Kin. The process is simple, free, and quick!

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