Rental Property Insurance in Hillsborough County

Updated 2026 · 7 min read

If you rent out a home in Hillsborough County, you cannot insure it with a standard homeowners policy. Homeowners policies are written for owner-occupied homes. If the insurer discovers you're renting the property, they can deny claims — or cancel the policy entirely.

What you need is a DP-3 landlord policy. Here's what it covers, what it costs in , and how to keep the premium manageable.

What a DP-3 Landlord Policy Covers

A DP-3 is the standard landlord insurance policy. It covers:

  • The dwelling itself: Structure, roof, walls, attached structures
  • Other structures: Detached garages, fences, sheds
  • Loss of rents: Reimbursement for lost rental income if the property becomes uninhabitable after a covered loss (typically 12 months)
  • Liability: Claims from tenants or visitors injured on the property
  • Personal property (limited): Appliances you provide, lawn equipment — usually capped at $2,500–$5,000

What it does not cover: Your tenant's personal belongings. Tenants need their own renters insurance (HO-4).

Cost in Hillsborough County

DP-3 premiums in Hillsborough County in typically run:

  • Small single-family rental (under 1,500 sq ft, Zone X, newer roof): $1,800–$2,600/year
  • Median rental (1,500–2,200 sq ft): $2,600–$3,800/year
  • Larger or higher-risk properties: $3,800–$5,500/year
  • Short-term rentals (Airbnb, VRBO): 30–60% higher — requires a commercial policy in most cases

Landlord policies run 15–30% higher than comparable homeowners policies because rental properties statistically have more claims and because carriers see landlords as having less direct stake in maintaining the property.

Short-term rental warning: If you rent your Hillsborough County property for less than 30 days at a time (Airbnb, VRBO), standard DP-3 policies will not cover claims. You need a commercial short-term rental policy, which typically costs 30–60% more.

How DP-3 Differs from HO-3

  • Occupancy requirement: HO-3 requires owner-occupancy. DP-3 is for tenant-occupied properties.
  • Contents coverage: HO-3 covers your personal property fully. DP-3 provides minimal contents coverage (usually $2,500–$5,000 for landlord-owned items).
  • Loss of use vs. loss of rents: HO-3 pays for your temporary housing if your home is uninhabitable. DP-3 pays you the rent you would have collected.
  • Vacancy clause: DP-3 policies typically require the property be rented or actively marketed. Extended vacancy (usually 30–60 days) reduces coverage.
  • Liability: DP-3 liability covers injuries on the property, including tenant claims.

How to Lower Your Landlord Premium

  1. Get a wind mitigation inspection. Same discounts as homeowners — roof shape, straps, opening protection. See our wind mitigation guide.
  2. Replace aging roofs before they trigger non-renewal. Same 15-year rule applies to landlord policies. See our roof rules guide.
  3. Raise your deductible. Going from $2,500 to $5,000 can cut premiums 15–20%.
  4. Require tenants to carry renters insurance. Many carriers offer a discount when all tenants have HO-4 coverage, and it protects you from claims you'd otherwise absorb.
  5. Bundle multiple rental properties. If you own 2+ rental units, ask about portfolio discounts or commercial package policies.
  6. Avoid short-term rentals on a DP-3. If you're doing short-term rentals, get the right policy. Claim denials in this category are common.

For the broader insurance picture, see our insurance costs guide. For non-renewal issues, see our non-renewal guide.

Bottom line: Landlord insurance in Hillsborough costs $1,800–$5,500/year for a DP-3 policy. Never use a homeowners policy for a rental — it can void your coverage. Short-term rentals need a commercial policy. Wind mitigation and newer roofs lower premiums the same as owner-occupied homes.