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Best homeowners insurance in Florida for 2022

Updated Nov 21, 2022
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Compare the best home insurance companies in Florida for 2022

Based on the data, the following companies are our choices for the best homeowners insurance in Florida for 2022. Note that some of these companies may be unavailable for Florida homeowners in areas at higher risk for significant weather-related damage. Bankrate’s editorial team confirmed these five carriers are actively writing new Florida homeowners insurance policies. Because Florida homes face unique risks, however, coverage may be limited to certain ZIP codes, homes of a certain age or homes with specific safety features, like wind mitigation measures.

When shopping for home insurance, Florida residents may want to work with a local insurance agent for guidance. Some areas of the state 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.

State Farm
Rating: 4.7 stars out of 5
4.7
Bankrate Score
Info Hover for more
AM Best
A++
J.D. Power
829
/1,000
Average monthly premium
$128
Average annual premium*
$1,535
Read review
Chubb
Rating: 4.4 stars out of 5
4.4
Bankrate Score
Info Hover for more
AM Best
A++
J.D. Power
809
/1,000
Average monthly premium
$201
Average annual premium*
$2,406
Get a quote
Tower Hill
Rating: 4 stars out of 5
4.0
Bankrate Score
Info Hover for more
AM Best
B
J.D. Power
Not rated
Average monthly premium
$111
Average annual premium*
$1,332
Get a quote
Allstate
Rating: 3.9 stars out of 5
3.9
Bankrate Score
Info Hover for more
AM Best
A+
J.D. Power
815
/1,000
Average monthly premium
$118
Average annual premium*
$1,411
Get a quote
Kin
Rating: 2 stars out of 5
2.0
Bankrate Score
Info Hover for more
AM Best
Not rated
J.D. Power
Not rated
Average monthly premium
N/A
Average annual premium*
N/A
Get a quote
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*Premiums are for $250K in dwelling coverage

Best Florida homeowners insurance companies in detail

BEST HOME INSURANCE COMPANY FOR LOCAL AGENTS

J.D. Power:
829 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 1,535

BEST HOME INSURANCE COMPANY FOR HIGH VALUE COVERAGE

J.D. Power:
809 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 2,406

BEST HOME INSURANCE COMPANY FOR ENDORSEMENTS

J.D. Power:
Not rated
AM Best:
B
Avg. annual premium for 250k dwelling
$ 1,332

BEST HOME INSURANCE COMPANY FOR DISCOUNTS

J.D. Power:
815 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 1,411

BEST HOME INSURANCE COMPANY FOR INNOVATIVE TECHNOLOGIES

J.D. Power:
Not rated
AM Best:
N/A
Avg. annual premium for 250k dwelling
N/A

Additional Florida home insurance companies to consider

Florida Peninsula

Who this may be best for: Homeowners who want to support a local company

Florida Peninsula only sells home coverage in the Sunshine State, so it might be a good choice if you want to keep your coverage local. You might choose to keep your coverage relatively basic if budget is your primary concern, or you could choose from an array of endorsements to build a more robust policy. J.D. Power and AM Best do not rate Florida Peninsula because of its smaller market share, but the company, which is based in Boca Raton, carries an A (Exceptional) financial stability rating from Demotech.

 

Citizens

Who this may be best for: Homeowners who can’t find coverage elsewhere
 
Citizens is Florida’s “Fair Access to Insurance Requirements” (FAIR) plan carrier, which means it’s a state-backed insurance company of last resort. To qualify for coverage with Citizens, you must either show that you haven’t been able to get coverage in the private home insurance market or that the quotes you receive are more than 20 percent higher than a comparable quote from Citizens. Although Citizens may be the only option in some cases, that doesn’t mean you’ll have to sacrifice coverage. The carrier does offer a few useful endorsements, including sinkhole coverage and replacement cost on personal property. Citizens was recently approved for a 6.4 percent rate increase on home insurance policies, though, so despite being able to offer below-market rates, your premium could still be substantial.
 

How much does home insurance cost in Florida?

The average cost of homeowners insurance in Florida is $1,648 per year for a $250,000 dwelling coverage policy. This is about 19 percent higher than the national average premium of $1,383 per year for the same amount of coverage. Keep in mind that your premium will depend on your specific rating profile, which includes factors like your home’s location and features, your claims history, the insurance company you choose, and the specific coverage types and limits you select.

Average annual premium by dwelling coverage

The amount of coverage you purchase is one of the biggest factors that impacts your home insurance premium. More coverage generally costs more money but also provides more financial protection. Below are the average rates by coverage level for each of our top picks for Florida homeowners insurance.

Keep in mind, though, that dwelling coverage isn’t the only coverage type on a home insurance policy. Your dwelling coverage covers the structure of your house, while your liability coverage, for example, protects your finances from the fallout of injuries and damage to the property of others that you are found at fault for. Increasing or decreasing either coverage type — or any of the other types of home insurance coverage on your policy — will affect your premium.

$150K
$1,080
$250K
$1,535
$350K
$2,012
$450K
$2,546
$750K
$3,193
$150K
$1,997
$250K
$2,406
$350K
$4,741
$450K
$6,049
$750K
$9,260
$150K
$933
$250K
$1,332
$350K
$1,836
$450K
$2,319
$750K
$3,464
$150K
$1,226
$250K
$1,411
$350K
$1,812
$450K
$2,088
$750K
$2,947
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Florida homeowners insurance rates by city

Florida city Average annual premium for 250K dwelling
Cape Coral $1,310
Fort Lauderdale $2,476
Hialeah $3,319
Jacksonville $1,063
Miami $3,090
Orlando $1,432
Pembroke Pines $2,476
St. Petersburg $1,122
Tallahassee $1,083
Tampa $1,453

What does home insurance cover in Florida?

Understanding what your Florida home insurance covers is important when building a policy that meets your needs. Florida is a prime target for tropical storms, and the state endures more hurricane landfalls than any other state in the country. Due to the high possibility of hurricanes and flooding, Florida homeowners should consider the potential damage resulting from these occurrences when choosing their insurance coverage. Here are some of the most common types of damage that cause Floridians to file home insurance claims:

  • Floods and water damage: Heavy rains and storm surges can cause extensive flooding and water damage, even to inland locations. However, flood damage is not covered in a standard homeowners insurance policy, so you will likely need to purchase a separate flood insurance policy.
  • Wind: In Florida, wind-related damage can be incredibly costly. Home insurance typically includes windstorm coverage, and in Florida, carriers are required to cover hurricanes and tropical storms. However, a separate hurricane deductible is required for named storms and will typically be 1 to 5 percent of your dwelling coverage amount.
  • Fire: 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 accidental fire damage, but you should ensure you have enough coverage to pay for your home and belongings in the event of a total loss.

How to get cheap Florida home insurance

Florida’s complex insurance market and the intense 2022 hurricane season means that home insurance costs will likely increase. Finding cheap home insurance may be a priority for many, but understand that “cheap” is a relative term. In some parts of Florida, home insurance is hard to come by and homeowners may not be able to shop for coverage to compare home quotes. Having realistic expectations for your premium may be important as you shop for coverage. However, there are some strategies you can use to find the lowest premium possible:
 
  1. Understand your coverage needs: While finding cheap coverage may be important, price isn’t everything. Before you try to find the lowest-priced policy, be sure you know what kind of coverage and what levels of coverage you need. Undercutting your coverage to get a lower rate could leave you in a stressful situation if you file a claim.
  2. Shop around: As you can see from the average rates of our top picks, rates vary widely between companies. Shopping around and comparing quotes can help you see how different companies stack up for the coverage you need. Keep in mind, though, that in Florida’s tumultuous home insurance market, some homeowners may struggle to find any coverage and won’t have the option to shop around and compare quotes.
  3. Utilize discounts: Most insurance companies offer at least a few home insurance discounts, and these savings opportunities are often the easiest way to lower your premium. Common discounts include bundling your auto and home insurance with the same company, having security features like smoke alarms or a monitored alarm system, opting for paperless bills and statements, and having smart home devices.
  4. Maintain your roof: Newer roofs generally help qualify you for lower rates, since it’s less likely that they’ll be damaged than older roofs. In a state so prone to wind damage, having a newer roof, or at least a well-maintained roof, could help you save.
  5. Increase your deductible: Your home insurance deductible is the amount you agree to pay out of pocket if you file a claim. Increasing your deductible means you’ll pay more — and the insurance company will pay less — and that usually translates to a lower rate. Just be sure that you can afford the higher deductible amount before you make the change. Also remember that many policies have a separate hurricane deductible that you could increase separately.

Best home insurance discounts in Florida

Discounts can be a great way to lower your home insurance premium. Here are some common discounts that Florida homeowners may want to take advantage of:

Discounts and qualifications vary by insurance company, so be sure to talk to your carrier about your specific situation.

Recent news: Florida home insurance market remains volatile

Florida’s home insurance market has been incredibly turbulent in 2022. Despite insurance reform bills being passed in late May, the market continues to struggle. Insurance companies are finding it difficult, if not impossible, to remain solvent in a state where the risk of widespread damage is high and the risk of crippling litigation is higher. The companies that remain are likely to have to increase rates to maintain sufficient claims reserves to ensure they have the money to handle widespread hurricane claims. This is why it can be tough to find cheap home insurance in Florida; for many homeowners, there simply aren’t enough options available to compare rates.
Info
Here's what you need to know:
  • Many insurance carriers have voluntarily left Florida, gone insolvent or tightened their underwriting restrictions, making it difficult for many homeowners to find coverage.
  • Fraudulent roofing claims are to blame for most of the chaos in the Florida home insurance space.
  • Demotech recently announced that it was considering downgrading the financial strength ratings of 27 Florida property insurance companies, which could cause issues for homeowners with federally-backed mortgages.
  • The Florida Office of Insurance Regulation has created a reinsurance program through Citizens as a temporary solution to the downgrade issue.
  • The devastating effects of Hurricane Ian are likely to complicate the issues in the Florida home insurance market. It’s possible that more companies will go insolvent or leave the state due to the influx of claims.
  • The situation in Florida is rapidly changing. The legislature is holding a special session sometime before the end of the year. This session may produce additional legislation or other solutions aimed at stabilizing the home insurance market. Bankrate is monitoring the situation to ensure you remain informed.

How to find the best home insurance in Florida

Florida is a tough home insurance market. Understanding this before you begin requesting quotes may help you set realistic expectations. If you live in an inland area, you may have more home insurance options, but if you live in a higher-risk area, especially near the coast, your shopping process may be more challenging. These tips could help you secure coverage in the Sunshine State:

  1. Start shopping early: When shopping for home insurance in Florida, you will likely want to give yourself plenty of time to secure coverage. You may need more time to find a homeowners insurance company that fits your needs due to the nature of the market.
  2. Check with your preferred provider: Although coverage in higher-risk areas may be restricted, asking if your preferred insurance carrier writes homeowners policies in your ZIP code can’t hurt.
  3. Talk with a local agency: Local insurance agents are likely to have experience insuring homes in higher-risk zones.
  4. Work with a broker: An insurance broker works for you, not an insurance company. If you are not sure where to turn to get coverage in a higher-risk area, a broker could help you navigate the complex market.
If you cannot find homeowners insurance coverage, you may need to turn to Citizens Property Insurance Corporation as a last resort. Citizens is Florida’s “Fair Access to Insurance Requirements” (FAIR) plan carrier. Although coverage might not be as robust as a private insurer plan, Citizens typically offers standard coverage to homeowners who have no private market options, but it is not guaranteed based on your risk profile. In some cases, you may need to obtain coverage through a surplus carrier, which is a non-admitted insurer that is not regulated by the state’s Office of Insurance Regulation and can charge above-market rates.
 
 
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
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Written by
Cate Deventer
Insurance Writer & Editor
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by Insurance Editor
Reviewed by Director of corporate communications, Insurance Information Institute