Florida Landlord & Rental Property Insurance

If you rent out a property in Florida — even part-time — your standard homeowners policy is the wrong policy. Homeowners insurance is written for owner-occupied residences, and carriers can deny a claim on a rented property that's insured as a homeowner policy. A landlord policy (commonly written as a DP-3 in Florida) is built specifically for rental exposure: the structure, the landlord's liability, and lost rental income if the property becomes uninhabitable after a covered loss.

DP-3 is the most common landlord form in Florida because it's open-perils on the dwelling (any cause of loss unless specifically excluded) and typically pays replacement cost. DP-1 is a cheaper, more limited named-perils form that pays actual cash value — sometimes appropriate for older, lower-value rentals but not for most modern properties. We'll walk you through which form actually fits your building.

Loss of rents (fair rental value) is one of the most important coverages on a landlord policy in Florida. If a hurricane, fire, or major water loss makes the unit unrentable, this coverage replaces the rental income you would have collected during the repair period. Without it, you're still paying the mortgage while collecting nothing.

Liability coverage matters even more on a rental than on your own home. If a tenant, guest, or contractor is injured on the property, you can be named in a claim. Standard landlord policies include a base liability limit, and umbrella coverage above the policy is often smart if you own multiple units or higher-value properties. And remember: your tenants' belongings aren't yours to insure — recommend they carry renters insurance.

Flood is separate from a landlord policy just like it is on your primary home. If your rental is in Florida — which, again, means it's exposed to flood — consider quoting NFIP or private flood at the same time. Call (850) 438-0008 or request a quote and we'll price landlord coverage across multiple carriers.