Landlord Insurance Florida - FAQs
What Are Florida's Rental Property Laws?
You can avoid most liability by knowing Florida rental property laws. Relevant Florida landlord statutes are in Chapter 83, Part Two. These statutes list landlord and tenant duties, procedures when tenants break the lease, and notice periods, among other rules. We summarized them below.
Can a Landlord Require Renters Insurance in Florida?
Yes. Florida law allows a landlord to require tenants to secure Florida renters insurance to cover their personal belongings.
Does Tenant Contents Insurance Cover the Landlord's Fixtures and Fittings?
No. Contents insurance is the specific provision in renters insurance policies covering their personal property. It applies to their electronics, jewelry, furniture, clothing, bikes, and anything else that is moveable. Since fixtures and fittings are attached to the rental home or condo unit, the tenant's contents insurance does not cover them.
What are Florida Tenants' Rights When a Landlord Sells the Property?
If you are selling your property, tenants have the following rights:
- Florida landlord notice of entry law if anyone is visiting to view the home or condo. It is best if you give the tenant at least 12 hours' notice of entry. If you show up without notice, tenants can refuse.
- Florida landlord notice of tenancy termination law. For a month-to-month lease, landlords must give at least 15 days' notice before the end of the month. For a year lease, landlords must provide 60 days' notice before termination. A 30-day notice applies to quarter-to-quarter leases.
How Often Should or Can a Landlord Inspect the Property in Florida?
Property owners may inspect the premises to monitor the condition of the property and address maintenance issues. But you cannot be excessive or perform inspections to harass your clients. Once a day could be extreme, but every three to six months is the general practice.
Drive-by inspections are allowed at any time. Just as with repairs and showing the property, you must give 12-hour notice for a property inspection.
Can a Landlord Come on to the Property Without Notice in Florida?
You can only enter the unit without notice if there is an emergency or the tenant consents to your visit. If you wish to inspect the property or make routine repairs, please give the tenant 12 hours' notice.
Do I Need Landlord Insurance in Florida?
Florida law does not require you to secure landlord insurance. However, lenders require it if you are financing a rental property. Also, homeowners insurance does not cover damages if you move out and rent your home. Instead, you must convert your homeowners insurance to landlord insurance.
Suppose you do not take out a landlord policy. That leaves you financially responsible for:
- Damages from a natural disaster
- Personal belongings you keep in the house for tenant use (like appliances and furniture)
- Legal fees for lawsuits filed against you
Have your renters include a non-negotiable indemnity or hold-harmless clause that protects the landlord from any injury incurred or damage to your property.
How Much Landlord Insurance Do I Need in Florida?
Discuss this question with your insurance agency. The amount of coverage required depends on:
- Unique risks with your property
- How much of your personal property remains for tenant use
- Liability factors individual to your property
- Your level of risk aversion
- Landlord insurance endorsements you add
Is Landlord Insurance Tax Deductible in Florida?
Yes, your Florida rentals are business endeavors, therefore your landlord insurance monthly premiums are tax-deductible. Tax deductions include your rental property’s paid expenses, including landlord insurance policies for personal belongings, your buildings, and liability.
Should I Check My Tenants Credit and Background Information?
Yes, absolutely. We recommend you gather the following information before renting to anyone:
- National criminal report (OFAC/Terrorist searches and 50-state sex offender checks)
- Renter Fraud Checks
- Renter identity verification
- Credit reports with credit scores
- Rental address history
Should You Move Your Rental to an LLC?
You can add your rental to a Limited Liability Corporation (LLC). It can limit access to your assets if renters or other people sue for damages that happen on your property. An LLC is helpful when lawsuit judgments are more than what your coverage pays.
Hope that helps!
At your service,