Finding the Best Cheap Renters Insurance in St. Petersburg, FL

Renters insurance is a valuable way to protect your belongings when you live in a rental property. But in today’s economy, you want an affordable policy that fits your budget. This guide covers how to find and compare the cheapest renters insurance options in St. Petersburg, FL.

Why Do You Need Renters Insurance in St. Petersburg?

Renters insurance provides important protections that your landlord’s policy won’t cover. It includes:

• Replacement cost coverage for stolen or damaged personal property
• Additional living expenses if you can’t stay in your rental due to a covered loss
• Liability insurance for injuries or property damage you cause to others
• Coverage for theft or damage when traveling

Without renters insurance, you’d have to pay these costs out-of-pocket. A typical policy runs just $15 to $30 per month but can save you thousands in the event of an emergency.

St. Petersburg has above-average property crime rates compared to other Florida metros. And the risk of hurricane storm surge means flooding can damage or destroy renters’ belongings. That’s why renters insurance is especially critical in St. Petersburg.

Average Cost of Renters Insurance in St. Petersburg

Renters insurance premiums depend on your chosen coverage limits, deductible and insurance provider. According to 2021 rate data, the average annual renters insurance cost in St. Petersburg is:

• $177 per year ($15 per month) for a $20,000 policy with a $500 deductible
• $208 per year ($17 per month) for a $30,000 policy with a $500 deductible
• $249 per year ($21 per month) for a $40,000 policy with a $500 deductible

Of course, your actual rate will vary based on your rental location in St. Petersburg, claims history, credit score and other factors. Bundling renters with auto or life insurance from the same provider may also earn you a discount.

How to Get the Cheapest Renters Insurance in St. Petersburg

Here are some key strategies to lower your renters insurance premiums in St. Petersburg:

Shop around and compare quotes

Rates can vary significantly from one insurer to the next. Get free quotes from multiple providers to find the lowest price for your situation. National companies like State Farm and Allstate are a good place to start.

Opt for a higher deductible

Most renters insurance policies come with a $500 deductible. But you can reduce your premium by $10 to $15 per month if you choose a $1,000 or $2,500 deductible instead. Just be sure you could afford to pay that amount upfront if you have a major claim.

Insure your possessions accurately

Avoid overinsuring. Inventory your belongings or use a renters insurance calculator to estimate their replacement value. This ensures you get adequate coverage without overpaying.

Take advantage of discounts

Ask providers if they offer discounts for bundling policies, paying annually, having smoke detectors, completing a defensive driving course or being a long-term customer.

Maintain good credit

Insurers often check credit when pricing renters policies. Keeping your credit score above 700 can help secure you the lowest rates.

See if your condo or co-op includes a policy

Some shared community policies cover portions of your possessions. Make sure you know what’s included so you don’t overpay.

Top 6 Providers of Cheap Renters Insurance in St. Petersburg

#1 State Farm

• Usage-based renters insurance program to save based on habits
• New mover discount for those recently relocated
• Steady growth reward discount for long-term customers
• Robust mobile app for managing your policy

#2 Allstate

• Allstate Easy Pay Plan spreads out annual premium over time
• Claim Rates® credit applies to auto insurance for renters claims-free customers
• Discount for renters living in certain “Allstate Protection Place” complexes

#3 Lemonade

• Gives back unused premiums to charity at end of year
• Discount for intelligent home devices like water sensors, security systems
• Extremely fast digital claims process powered by AI
• Monthly plans with no contracts

#4 Farmers

• Farmers Signal® app provides discounts for completing health and safety actions
• Policy can be bundled along with Farmers auto and life insurance
• Discounted policies for students and recent graduates

#5 Travelers

• Roamly® app catalogues your possessions for easy claim filing
• Discount for renters who also have Travelers auto insurance
• Additional coverage options like identity fraud expense and water backup

#6 Nationwide

• Nationwide app makes managing your policy, payments easy
• Multi-policy discounts on renters paired with Nationwide products
• $10 off per month when you pay annually vs. monthly

Key Factors That Influence Your Renters Insurance Rates

When getting renters quotes in St. Petersburg, insurance companies take into account:

• Your credit score – Better credit can earn discounts from many insurers
• Location of rental – High property crime areas have higher base rates
• Prior claims history – Too many past claims can increase your costs
• Discount eligibility – Ask about every available money-saving discount
• Amount of personal property – More belongings mean higher replacement costs
• Deductible amount – Options like $500, $1,000 or $2,500 deductibles
• Policy limits – Typically $15,000 to $30,000 in total coverage

Is Renters Insurance Required in St. Petersburg?

Most landlords don’t require proof of renters insurance to move in. But it’s still highly recommended for your financial protection. Without a policy, you’d have to pay out-of-pocket if your belongings are damaged or stolen.

Before signing a lease, ask your landlord about any renters insurance requirements. Some may require you to add them as an additional interest or insured party.

How Much Renters Insurance Do I Need in St. Petersburg?

As a renter in St. Petersburg, experts recommend a policy with at least:

• $20,000 to $30,000 in personal property coverage to replace your belongings
• $100,000 in liability insurance for injuries or property damage to others
• $5,000 to $15,000 for additional living expenses if you can’t occupy your rental

Use an online renters insurance calculator to estimate how much it would cost to replace all of your possessions. Remember to account for high-value items like jewelry, electronics, musical instruments or collectibles.

The Bottom Line

There’s no need to pay more than necessary for quality renters insurance protection in St. Petersburg. Shopping around and comparing quotes is the key first step to finding an affordable policy for your budget and situation. Be sure to ask about any discounts you may qualify for as a new customer, good payer, student or retiree. Review the average rates and top insurers we’ve profiled here as a starting point to get the lowest premiums on renters insurance in St. Petersburg.