The Sunshine State may be a gorgeous place to live, but Florida homeowners can face several hazards each year. Having a proper home insurance policy is crucial to your financial health. While there are dozens of companies on the market, Florida rates and coverage options can vary significantly by insurance company, making it important for you to shop your options to find the best homeowners insurance in Florida. Some of the best home insurance companies in Florida include Travelers, Chubb and Security First, according to Bankrate’s review of average annual premiums, available coverage and third-party industry ratings.
As a coastal state, Florida is susceptible to numerous natural disasters. The risk of catastrophic weather-related incidents in Florida, like hurricanes, can drive up home insurance costs. The average annual Florida home insurance premium is $1,353, slightly more than the national average rate of $1,312 per year. Depending on how close your Florida residence is to the coast, you may see much higher costs.
Best home insurance companies in Florida
As a Florida homeowner, you have a range of insurance companies to choose from. To help you find the insurance company that is right for you, Bankrate reviewed satisfaction scores from the J.D. Power & Associates U.S. Home Insurance Survey, which evaluates top insurance providers based on customer satisfaction. Quadrant Information Services was also used to identify current 2021 quoted Florida premiums. Based on the data analyzed, below are our choices for the best homeowners insurance companies in Florida.
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power customer satisfaction score|
Our editorial team confirmed these five carriers do write Florida homeowners insurance policies. However, because of the unique risks that Florida homes face, coverage may be limited to certain ZIP codes, homes of a certain age or homes with specific safety features, like wind mitigation measures.
If you need home insurance in Florida, you may need to contact a local agent. Some areas of Florida present a particularly high risk of weather-related claims, which means that a local company representative may need to be involved in the quoting and application process.
Between having agents in well over 150 cities in Florida and its convenient mobile app that allows users to take full advantage of their policies, Allstate is an excellent home insurance provider for homeowners in the state. There are multiple ways to save on your premium, such as being a new home buyer or having a good payment history. As Florida can be a popular location for vacation home rentals, Allstate’s HostAdvantage home-sharing insurance could come in handy, which offers coverage for damage and theft caused by renters.
Learn more: Allstate Insurance review
Chubb homeowners insurance offers extensive coverage for Florida homeowners. A few of its policy highlights include extended replacement cost coverage to rebuild your home or a cash settlement option if you decide not to rebuild after a covered loss. For a storm-heavy state such as Florida, Chubb’s pre-included “extras” could also benefit homeowners with tree removal and home inspections to prevent problems before they escalate.
Learn more: Chubb Insurance review
Security First is not only a Florida-based insurance company, which may be appealing to those looking to keep their coverage local, but it also offers the lowest average premium on our list. You can choose your insurance based on your home’s age and receive discounts for living in a secured community and having wind-resistant home features. Security First also has a host of optional coverages, including flood, golf cart coverage and coverage for screened enclosures.
State Farm has local agents in more than 100 locations throughout Florida. Homeowners looking for an in-person insurance experience might appreciate these local agencies. Although the company’s average premium is higher than Florida’s average, State Farm offers several ways to lower your rate. For example, if you take extra precaution by installing impact-resistant roofing materials, you may qualify for a discount.
Learn more: State Farm Insurance review
Travelers offers home insurance well below the Florida average premium at $918 per year. For homeowners looking for even more savings, there are discounts available for having protective devices installed, a green-certified home and being loss-free for a period of time. Travelers also has optional coverage for water backup and sump pump failure.
Learn more: Travelers Insurance review
Additional companies to consider
American Strategic Insurance
American Strategic Insurance (ASI) is a Florida-based insurance provider worth your consideration when you live in a high-risk area. The provider specializes in catastrophe claims and since being acquired by Progressive, has joined forces with the third-largest carrier to make bundling a home and auto policy available to an even larger consumer base. ASI offers coverage for additional living expenses, flood insurance through the National Flood Insurance Program (NFIP), and coverage for seasonal and investment home insurance.
Kin Insurance is one of the newer providers available on the market today, but it is one that is worth a closer look if you are looking for an insurer familiar with the coastal risks that impact homeownership. It is available to homeowners in Florida, Louisiana and California, states known for their many weather-related hazards. Kin uses a different formula to price its insurance policies, using local market values, property records and satellite imagery to assess value and risk. Its coverage is specifically designed to protect homeowners from hurricanes, sinkholes and floods for extra peace of mind.
Learn more: Kin Insurance review
How much is home insurance in Florida?
The average cost of homeowners insurance in Florida is $1,353 per year for a home with $250,000 dwelling coverage. This rate may vary drastically depending on your proximity to the coast. For example, homes that are nearer Florida’s coastlines have an increased likelihood of experiencing wind damage, making them riskier for providers to insure.
There are several factors that can affect your Florida insurance premium. For example, you can expect to pay significantly more if you live in a hurricane zone. Hurricane Michael, which hit Florida in 2018, caused $7.4 billion in insured losses. Your home’s location may have the most significant impact on your home insurance rate. However, your age, gender, marital status, credit score and claims history can also impact your premium.
Home insurance in Florida
Florida’s location between the Atlantic Ocean and the Gulf of Mexico is a prime location to be hit by storms. Due to the high possibility of hurricanes and flooding, it is important for homeowners to consider the potential damage that can result from these occurrences when choosing their coverage.
Homeowners insurance claims are frequent in Florida, especially for homes along the coastline. Here are some of the most common losses that Florida homeowners face.
Common causes of loss in Florida
Understanding the common causes of home damage could help you choose appropriate coverages. Some common home insurance losses in Florida include:
- Floods and water damage: Floods often happen in Florida because of the state’s coastal location. According to the Federal Emergency Management Agency (FEMA), Florida homeowners were paid for 34,995 flood claims in 2019. After a major hurricane, it is possible for heavy rains and storm surges to cause extensive flooding and water damage. However, flood damage is generally not covered in a standard home insurance policy, so you will need to purchase a separate flood insurance policy.
- Wind: High winds and wind-related damage are most commonly associated with hurricanes and tropical storms. In Florida, wind-related damage can be incredibly costly. There are about 2,830,201 Florida homes that are at risk of getting damaged or destroyed by a category 5 hurricane, the most severe type. Home insurance does cover wind damage, and in Florida, carriers are required to cover hurricanes. However, a separate hurricane deductible may apply.
- Fire: House fires are not uncommon in Florida. In 2020, FEMA indicates Florida saw 69 home fire fatalities. Additionally, hurricanes and extreme weather can cause damage to your home’s electrical system, which might start a fire. The good news is, standard home insurance policies cover fire damage. However, you may want to consider whether you have enough dwelling coverage to rebuild your home if it gets destroyed by a fire and personal property coverage to replace your items lost from a fire.
Home insurance coverage options in Florida
Most Florida homeowners insurance policies come with standard coverages such as dwelling coverage for your home’s structure, detached structures coverage, personal property and loss of use coverages, as well as liability and medical coverage. Common perils such as theft and fire are included with basic coverage as well. However, to be best prepared for state-specific losses, Florida homeowners will likely want to consider purchasing additional coverage.
Some coverages for homes in Florida that may be worth considering include:
- Flood insurance: Although floods can be widespread in Florida, coverage for it typically has to be purchased separately. Flood coverage can be purchased through the NFIP to cover flood-related water damage to your home and personal contents.
- Guaranteed replacement cost: Losses can be difficult to plan for and can happen at any time. Similarly, the expense to repair or replace your home may exceed your coverage limits, especially if widespread damage causes labor and material costs to increase in an area following a tropical storm or hurricane. To help plan ahead for extensive loss, Florida homeowners may consider home insurance companies that offer guaranteed replacement cost.
Because of the state’s position and storm frequency, homes in the Sunshine State may be at a greater risk of damage than homes elsewhere in the country. Talking to an agency or representative from your company may be a good way to identify what coverages you should purchase.
Frequently asked questions
What is the cheapest homeowners insurance in Florida?
The cheapest home insurance company will vary based on a number of factors. Because rates in this state tend to be higher than the national average, homeowners may be primarily interested in finding a cheap home insurance policy in Florida. However, it is important to ask yourself what your potential losses are in the event of a major weather event and purchase a plan that best protects your financial investments. If budget is a concern, getting quotes from several insurance companies may help you find a lower rate.
What do I need to get home insurance in Florida?
Buying insurance in Florida is a relatively simple process. You can often get a quote online, or you can call a company and visit a local agency. You will need some basic information, like your name, address and date of birth. You may also be asked for your Social Security number. Your insurance agent will also want to know some details about the home you are insuring, such as when it was built and what renovations or improvements have been made. There will also likely be some discussion regarding your home’s resistance to storm damage and whether there may be additional types of coverage or discounts needed. Once you have received a quote and decided to purchase a policy, your agent will walk you through the next steps.
Do Florida homeowners insurance policies cover hurricanes?
Hurricanes are required to be covered in standard Florida homeowners insurance policies. However, it could be a good idea to check your policy and add additional coverage for non-hurricane storm-related losses if needed. To avoid being stuck with significant out-of-pocket expenses following a storm, discuss policy limit recommendations with your agent when you purchase a policy. It is important to know that homeowners may also face higher or separate deductibles for hurricane losses.
Can I receive a home insurance discount for wind-resistant features?
Florida requires that insurance companies offer discounts on the hurricane windstorm portion of insurance premiums for Florida residents who install hurricane-resistant materials or take similar precautions to reduce the risk of hurricane damage. Features like hurricane shutters, roof straps or wind-resistant building materials may qualify for a discount.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.