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Best homeowners insurance companies in Florida for September 2024
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Reviewed by
Edited by
Reviewed by
Powered by Coverage.com (NPN: 19966249)
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.
Compare the best home insurance companies in Florida for 2024
Finding the best homeowners insurance in Florida can be a challenge due to the state’s turbulent property insurance market. Bankrate can help. Our insurance editorial team (which includes industry professionals and licensed insurance agents) uses our combined experience along with proprietary premium data from Quadrant Information Services, customer satisfaction ratings from J.D. Power and financial strength ratings from AM Best to reveal the best home insurance companies in Florida for September 2024.
Because Florida homes face certain risks, coverage may be limited based on an insurance company's eligibility criteria, which can include restrictions related to certain ZIP codes, homes of a specific age and homes lacking safety features, like wind mitigation measures. Bankrate’s editorial team confirmed these four Florida homeowners insurance companies are actively writing new policies, but note that the Florida home insurance market is rapidly changing.
|
Insurance company
|
J.D. Power
|
Average monthly premium
|
Average annual premium
|
|
|---|---|---|---|---|
|
Not rated |
$409
|
$4,906
|
||
|
801
/1,000 |
$630
|
$7,562
|
||
|
829
/1,000 |
$182
|
$2,180
|
||
|
Not rated |
N/A
|
N/A
|
Powered by Coverage.com (NPN: 19966249)
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.
Top 4 home insurance companies in Florida
Best for endorsements
4.9
4.9
Avg. premium for $300K dwelling
$409/mo
Avg. premium for $300K dwelling
$4,906/yr
Customer satisfaction
Not rated
-
Why we picked Tower Hill: Tower Hill and, more specifically, Tower Hill Insurance Exchange — its Florida-specific reciprocal — is Bankrate's choice for best endorsements due to the extensive options like landscaping coverage and trampoline liability. Coverage option availability may differ through Tower Hill Exchange, so it’s worth contacting an agent to learn how you could build out your policy.
Company details: Although Tower Hill now offers coverage in 17 states, the carrier was founded in Gainesville, Florida and is intimately familiar with the difficulties of the Florida homeowners insurance environment. However, the challenged Florida market (especially post-Hurricane Ian), has led Tower Hill to pull its personal lines from Florida and instead create the “Tower Hill Exchange,” a reciprocal insurance program. While Demotech rated Tower Hill Exchange with a financial strength rating of A (Exceptional) in late 2022, AM Best downgraded Tower Hill Prime's financial strength rating to B (Fair) around the same time.
Best for high value coverage
4.3
4.3
Avg. premium for $300K dwelling
$630/mo
Avg. premium for $300K dwelling
$7,562/yr
Customer satisfaction
801/1,000
-
Why we picked Chubb: Chubb is one of our top picks for Florida home insurance due to its Masterpiece homeowners insurance policy and other bespoke services for policyholders with high-value homes and assets that need more extensive coverage.Company details: Chubb may be a good choice for Florida homeowners with high-value homes or valuable possessions and homeowners who have a commercial business or need services for equine risks. Chubb boasts “bespoke” coverage with more than 200 products and services and 48 offices in North America. Policyholders who qualify for a Masterpiece home policy may have benefits like extended replacement cost coverage, which can extend your home's replacement cost limit over 50 percent above the policy’s dwelling coverage limit, and offers $50,000 in watercraft coverage.
Best for local agents
4.2
4.2
Avg. premium for $300K dwelling
$182/mo
Avg. premium for $300K dwelling
$2,180/yr
Customer satisfaction
829/1,000
-
Why we picked State Farm: State Farm is known to be "like a good neighbor,” and with over 19,000 local agents across the U.S., and offices in over 200 cities in Florida, there is likely to be an agent available to help with your home policy right in your neighborhood. This is one of the reasons why State Farm is Bankrate's top choice for local agents.Company details: State Farm, the largest U.S. home insurer based on market share, has local exclusive agents in more than 200 communities throughout Florida, which is convenient for policyholders who prefer doing business in person. For those in the housing market, State Farm works with Rocket Mortgage to help owners buy and insure their homes seamlessly. State Farm also offers several ways to save on your home insurance. Other State Farm products include auto, landlord and umbrella policies.
Best for innovative technologies
3.2
3.2
Avg. premium for $300K dwelling
Not available
Avg. premium for $300K dwelling
Not available
Customer satisfaction
Not rated
-
Why we picked Kin: Kin home insurance uses proprietary technology and individualized property data to underwrite its home policies. According to its website, Kin policyholders average savings around $1,005 per year on their Florida homeowners insurance.
Company details: Kin’s coverage is only available to homeowners in Louisiana, Mississippi, South Carolina, Alabama, Arizona, Virginia and Florida, states known for significant impacts from natural disasters. Kin uses an AI-driven underwriting formula to price its insurance policies compared to traditional insurers, using permit data, property records and satellite imagery to assess value and risk. The company’s standard coverage is specifically designed to protect homeowners from expensive repair costs associated with numerous perils, including windstorms, fires, smoke, lightning strikes, hail, explosion, theft and vandalism. Also unique to Kin is the offering of flood and sinkhole coverage as an endorsement to the home policy instead of being a separate policy. Kin is not rated by AM Best, but is rated A (Exceptional) by financial strength rating company Demotech.
Additional Florida home insurance companies to consider
Florida Peninsula
Who this may be best for:
Homeowners who want to support a local company
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. All new Citizens policyholders will also be required to carry a flood insurance policy, although the rollout may take place at different times for existing policyholders. Although Citizens may be the only option in some cases and policies are not necessarily apples-to-apples with private insurers, the coverage available is still better than being left completely on the hook for coverage out of pocket. The carrier does offer a few useful endorsements, including sinkhole coverage and replacement cost on personal property.
Citizens has a $700,000 dwelling limit in most counties except Miami-Dade and Monroe, where the dwelling limit is $1 million. In March 2023, Citizens' Board of Governors requested increasing premiums for all personal line policies by 12.6 percent. The original request was rejected, however a rate increase of 11.5 percent was approved in July 2023. Rate changes were effective as of December 2023 and will impact new business and renewals going forward. Then in June 2024, the company was approved for a 14 percent rate hike. The ultimate goal of higher premiums is to receive enough in premiums to pay out claims without forcing assessments on both Citizen and non-citizen policyholders.
There is also hope that Citizen's higher premiums will encourage private insurers to offer competitive prices slightly below what Citizens offers. This will move more of the burden of high-risk policies back into the public sector. As of October 2023, Citizens was able to depopulate over 300,000 policies to private insurers and several new providers have opened up to new business in the state.
Who this may be best for
Homeowners who want a fast and simple quote process
TypTap is a Florida-based insurer founded in 2016. The carrier is under the HCI Group Inc umbrella and uses proprietary algorithms and innovative technology to underwrite single family homes in Florida built between 1900 and 2016. Most home quotes are available within 30 seconds, and it has a financial stability rating of A from Demotch. TypTap is one of the participants in Citizen's depopulation process.
How Bankrate chose the best home insurance companies in Florida
Cheapest home insurance companies in Florida
Securing cheap homeowners insurance in Florida may not be an option for many homeowners. However, knowing which of the best home insurance companies in Florida offer cheaper insurance policies than competitors can start you in the right direction. Below are some of the insurance companies with the lowest average premiums in Florida. Remember that some providers cover wind loss from hurricanes, while some insurers exclude this coverage. These exclusions can vary between ZIP code and policy type, and significantly impact insurance rates.
|
Carrier
|
Monthly premium for $300k coverage
|
Annual premium for $300k coverage
|
Savings vs state avg. for $300k coverage
|
|---|---|---|---|
|
$182
|
$2,180
|
- $3,351 |
|
|
Security First
|
$329
|
$3,948
|
- $1,583 |
|
American Integrity
|
$402
|
$4,827
|
- $704 |
|
$409
|
$4,906
|
- $625 |
|
|
Florida Peninsula
|
$431
|
$5,176
|
- $355 |
How to get cheap Florida home insurance
Florida has a complex home insurance market. Finding any coverage can be challenging, let alone a cheap home insurance policy with the best coverage options. Above all, securing coverage should take priority, and it’s important to set realistic expectations around the cost of Florida home insurance before you start shopping for coverage. With insurance companies still feeling the financial impact of excessive litigation, Hurricane Ian and inflation’s significant influence on the cost of construction materials and labor, the average price of home insurance in Florida will likely continue to increase. However, there are some strategies you can use to secure home insurance coverage and potentially save money in the Sunshine State:
How to save on home insurance policy renewals
Once a policy is secured, there are even more strategies to help lower your insurance premium or offset increases at renewal time:
- Maintain your roof. Newer roofs generally qualify the home for lower rates or possible discounts since it's less likely that they'll incur severe damage than older roofs. A well-maintained roof also helps protect your home from experiencing more damage than it could, saving both you and your insurance company money.
- Maintain your credit. Credit can be a rating factor for home insurance. While there isn't a quick fix to restore poor credit, maintaining a good credit score and working to improve credit over time can help. Once your credit has moved into a better credit category, let your insurance company know as it may be able to update your policy to a better rate at renewal.
- Limit your claims. Insurance aims to provide financial support when a loss is more significant than your budget can reasonably handle. However, the more claims you make, the more expensive your policy can get. Additionally, multiple claims could lead to a policy nonrenewal. Insurance professionals recommend only submitting claims when you can not afford to pay for the repairs yourself.
- Install wind and flood mitigation updates. If a wind mitigation inspection shows your home has eligible wind-mitigation features, you could qualify for significant wind mitigation discounts from your insurer, which are required by Florida regulations. Popular updates include installing storm or hurricane shutters or retrofitting your existing roof to be more wind resistant. The Federal Emergency Management Agency (FEMA) recommends that homeowners in flood-prone zones elevate their homes above flood levels — though this choice is cost prohibitive for many homeowners. Generally, a wind mitigation inspection costs around $200. The inspector will determine if you have roof fasteners (such as clips, wraps or straps) installed, whether your windows are impact-resistant, how many nails each of your roof shingles have and how far apart they are, among other things. Once the inspection is complete, you will receive a report for your insurer to review for possible discounts.
Best home insurance discounts in Florida
Discounts can be a great way to lower your home insurance premium and might help you find the best cheap Florida home insurance for your needs. Discounts and qualifications vary by insurance company though, so be sure to talk to your carrier about your specific situation.
Here are some common discounts that Florida homeowners may want to take advantage of:
How much does home insurance cost in Florida?
The average cost of homeowners insurance in Florida is $5,531 per year for a $300,000 dwelling coverage policy. This is about 144 percent more than the national average premium of $2,270 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.
Florida homeowners insurance rates by city
- Tallahassee: $2,154 per year — 61 percent below state average
- Waldo: $2,204 per year — 60 percent below state average
- Earleton: $2,207 per year — 60 percent below state average
- Hawthorne: $2,207 per year — 60 percent below state average
- Island Grove: $2,208 per year — 60 percent below state average
- Tavernier: $12,741 per year — 130 percent above state average
- Key Largo: $12,417 per year — 124 percent above state average
- Key Colony Beach: $12,293 per year — 122 percent above state average
- Long Key: $12,293 per year — 122 percent above state average
- Marathon: $12,293 per year — 122 percent above state average
Related content:
Explore Florida average annual home insurance premium costs
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 broader financial protection. Below are the average Florida homeowners insurance rates by coverage level.
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. Your dwelling limit is also one of the most important parts of your home insurance policy, as some other coverages are calculated as a percentage of the dwelling limit.
| Coverage level | Florida's average annual premium |
|---|---|
| $150K dwelling | $3,309 |
| $300K dwelling | $5,531 |
| $350K dwelling | $6,174 |
| $450K dwelling | $7,361 |
| $750K dwelling | $9,456 |
| Deductible | Florida's average annual premium |
|---|---|
| $1,000 | $5,531 |
| $1,500 | $1,976 |
| $2,000 | $1,760 |
| $5,000 | $5,235 |
Most policies in Florida have two deductibles, a flat deductible, as you see in the table above and a separate hurricane deductible. Hurricane deductibles, also known as windstorm or named storm deductibles, are typically percentages of the dwelling coverage. The most common options are 1, 2, 5 or 10 percent of coverage A. For example, on a home insured for $300,000 in dwelling coverage, the windstorm deductible could be $2,500, $5,000, $12,500 or $25,000. Percentage deductibles allow insurance providers to offer lower premiums — or possibly offset their financial risk to continue selling insurance in the state — by decreasing the filing of nuisance claims and shifting more of the burden of risk back to policyholders.
What does home insurance cover in Florida?
Understanding what your Florida home insurance covers is important when building a policy that meets your needs. Many parts of Florida are prime targets for tropical storms, and the state has historically endured more hurricane landfalls than any other state in the country. Due to the high possibility of hurricanes and flooding, Florida homeowners may want to consider the potential damage resulting from these perils when choosing their insurance coverage. Here are some of the most common types of damage that may 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 wind damage from hurricanes and tropical storms except for when legal exclusions apply. However, a separate hurricane deductible is required for named storms and will typically be 1 to 5 percent of your dwelling coverage amount. Some homeowners may need to secure a separate Florida windstorm policy.
- 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 will likely want to ensure you have enough coverage to pay for your home and belongings in the event of a total loss.
Most common disasters in Florida
Disasters with the most substantial impact on Florida residents are floods, tropical cyclones, severe storms, tornadoes and wildfires. When forecasts indicate that an impending storm may result in catastrophic loss, the governor of the affected state or territory can submit a request to the president for an emergency declaration. Once approved, this frees up federal funds for emergency services, hopefully reducing the human impact of the disaster. The governor can also request a major disaster declaration for natural events exceeding the state's capacity to aid its residents
Climate scientists consider 1988 as the watershed year for climate change due to its record-breaking temperatures, droughts and wildfires, which finally prompted the creation of the Intergovernmental Panel on Climate Change (IPCC). The following chart uses FEMA's historical disaster declaration data from the past 35 years to show which months in Florida have the most disasters.
The Atlantic hurricane season runs from June 1st through November 30th, with August, September and October having the highest number of declared disasters associated with hurricanes and flooding. Historically, May and September have the highest number of disasters.
Hurricane season 2024
- Homeowners insurance typically covers some forms of hurricane damage but does not cover flood damage. Homes in high-risk areas may need windstorm insurance and flood insurance to avoid potential gaps in coverage. When a hurricane approaches, most insurance companies put a moratorium on increasing coverage or lowering deductibles until the storm passes.Bankrate’s hurricane resources aim to help you understand how your home insurance coverage may financially protect you from storm damage. These guides also provide tips to prepare your home for a storm and resources on how to file a claim for hurricane-related damage.
Wildfire risk in Florida
Wildfires are becoming more common in Florida. Most of Central and South Florida rates between very high and relatively moderate on FEMA's National Risk Index for wildfires. According to Triple-I, over 814,000 homes were considered at risk for extreme wildfires in 2022.
Although the 2022-2023 winter provided much-needed drought relief throughout parts of Florida, the western Florida peninsula is still experiencing extreme drought. The National Interagency Fire Center forecasts that the incoming El Nino weather pattern could turn into a Super El Nino, again increasing drought along the Gulf Coast from Texas to Florida.
Common Florida home insurance problems
The cost of Florida home insurance has never been higher, but homeowners have been dealing with a turbulent home insurance market since 2019. There are several reasons why homeowners insurance in Florida is problematic for both homeowners and insurance companies. The biggest reason is the same reason why so many Americans flock to Florida for vacation every year — location.
Why it's difficult to get home insurance in Florida
There are many reasons why a home insurance company may deny coverage for a Florida home. These may relate to a home's characteristics or your characteristics as the homeowner. Some potential reasons for home coverage denial include:
- Age of structure: Older homes with outdated electrical and plumbing systems are at higher risk for fire and water losses. Some Florida insurers are restricting home policy sales to dwellings less than 40 years old.
- Age of roof: Until recently, Florida insurance companies could deny policies if the roof of a home was over 15 years old. Due to new laws enacted last year, homeowners can get an inspection proving their roof has at least five more years of useful life to potentially increase their chance of coverage approval.
- Location: Category one and two hurricanes bring wind speeds between 74 and 110 mph, while major hurricanes can go up to 157 mph or more. Homes located in high-wind areas are more likely to have expensive and repeated wind claims. Location-related denial factors may also include theft and vandalism rates.
- Claim history of the home: Even if you were not the homeowner at the time of the loss, a home with a claim history outside of the insurer's underwriting guidelines could be denied coverage.
- Claim history of the homeowners: A homeowner who has filed multiple claims over the course of a few years may be viewed as ‘too risky’ and denied coverage.
What to do if
Securing an affordable home insurance policy may be challenging in many parts of Florida. The last thing you want to see in the mail is a cancellation letter or nonrenewal notice. Homeowner policy cancellations usually happen mid-term and must be for a specific reason, such as inaccuracies on your policy application or premium nonpayment. Nonrenewals occur before your policy renews and can happen for a multitude of reasons. In both situations, the insurer is required to give the homeowner sufficient notice before the coverage is ended with valid reasoning as to why the decision was made.
If you have received a nonrenewal or cancellation notice in regard to repairs or updates needed on your home, the best course of action may be to contact your provider right away. There is a chance the company could rescind the nonrenewal if you can provide the necessary documentation. For example, if the notice was due to your home’s maintenance, you may be able to continue coverage if you prove that the necessary repairs have been completed or have a contract showing that repairs will be started soon.
If you are unable to work with your existing carrier to continue coverage, it may be time to shop for a new policy. It can take a while to secure the best home insurance policy for your needs, and with so few carriers available in the state, you may struggle to find one on your own. If this happens, you may want to connect with a local agent for assistance. You may also need to apply for a policy with Citizens, Florida’s FAIR plan for high-risk properties.
If you are struggling to find Florida homeowners insurance, it may be beneficial to work with a local agent familiar with the specific risks and challenges that Florida insurance poses. The right licensed insurance professional may be able to provide you with information on these key topics:
- If your home is eligible for a traditional home policy
- What endorsements may benefit your unique coverage needs
- If you are in a flood zone and how to secure a flood policy
- How to find nonstandard carriers if a traditional policy is not an option
- Avoid a coverage lapse. In the event your insurer goes insolvent, pay close attention to your policy’s end date so you can establish new coverage ahead of its expiration. In most situations, FIGA will pay out homeowner claims up to $300,000 after stepping in for a failed insurer. Condo policies and other dwelling types are subject to different levels of coverage.
- Find a new insurance company. When a carrier goes insolvent, you will need to look for a new Florida homeowners insurance company that meets your needs, and you may need to reevaluate your coverage levels. It’s helpful to note that Citizens now covers dwelling coverage up to $700,000.
- Do your research. Along with price and coverage options, an insurance company's financial stability may be an important consideration when looking for Florida homeowners coverage. You could check insurance ratings with companies like Moody's, Fitch and A.M. Best for more information. For your awareness, Insurtech Slide assumed about 180,000 policies of two failed insurers (St. Johns and UPC), and most other policyholders of failed insurers landed with Citizens. Citizens now averages 30,000 new customers a month and has grown to nearly 1.3 million policyholders, giving it the largest market share in the state.
How to file a homeowners insurance claim with the Florida Insurance Guaranty Association
Policyholders can file a homeowners insurance claim with FIGA's independent claims service via mail, email, fax or phone. If you already filed a claim before your past insurer went insolvent, you do not need to refile with FIGA; FIGA will contact you with details about how your outstanding claim is being processed. Your policy number and claim number are required to access your information. FIGA covers all outstanding claims filed before the company was ordered into liquidation. Policyholders must resolve claims with FIGA within one year after the claim filing deadline. If you are not satisfied with the result of your claim, you can file suit against FIGA before the deadline.
Recent news: Florida home insurance market remains volatile
Florida’s home insurance market remains in flux even after insurance reform bills were signed into law in 2022 and 2023. Over the past year and a half, 15 insurers stopped writing new homeowners insurance policies in Florida, and seven have gone insolvent, according to Mark Friedlander, director of corporate communications for the Triple-I, in a recent Washington Post article. The companies that remain active in Florida will likely have to increase rates to maintain sufficient claims reserves to handle widespread hurricane claims.
Stabilizing an insurance market takes time, and it may be years before homeowners see relief from high-priced homeowners insurance policies or have more carrier options to choose from. Insurance companies find 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. Many in the insurance industry are hopeful that these new laws will begin to solve the Florida homeowners insurance crisis.
While rates remain high, there is a sign that change is on the horizon — Citizens Insurance was able to move over 300,000 policies to private insurers, and new insurance companies are entering the market this year.
Bankrate continues to monitor the evolving situation in the Florida homeowners insurance market to help our readers navigate this challenge. Here's what you need to know:
Florida homeowners insurance developments
-
January 2024:
New home insurance providers are entering the Florida market. New options include Condo Owners Reciprocal Insurance, Mainsail Insurance Company, Orange Insurance Exchange, Orion 180 Insurance Company, Orion 180 Select Insurance Company and Tailrow Insurance Company, which shares a parent company with TypTap Insurance.
-
December 2023:
Florida’s Insurance Commissioner Michael Yaworsky approved six new home insurance companies to help Citizens Property Insurance depopulate its book of business effective Dec. 15, 2023. Slide Insurance, TypTap Insurance, SafePoint Insurance, Florida Peninsula Insurance, American Traditions Insurance Company and Edison Insurance will make offers to Citizens policyholders, which could relieve the “insurer of last resort” of 153,000 policies.
-
June 2023:
The Farmers Group and AIG change their insurance offerings in Florida due to an increasing number of risky natural hazards and inflated rebuilding costs. Farmers is not accepting new business and nonrenewing existing Farmers-branded auto, home and umbrella policies. This action impacts about 100,000 policy holders. AIG is no longer offering home insurance on the coastline.
-
April 10, 2023:
Insurance Commissioner Michael Yaworsky approves the 1 percent emergency assessment request from the Florida Insurance Guaranty Association. The fee is the result of more than 20,000 unpaid Hurricane Ian claims from defunct UPC Insurance, and would help pay off the $750 million in revenue bonds the Guaranty Association required to honor remaining claims. It will take effect Oct. 1, 2023, and run until the bonds are paid. Policyholders can expect this fee to appear on any policies renewed or issued after Oct. 1, 2023.
-
March 24, 2023:
Gov. Ron DeSantis signs House Bill 837, a broad tort reform that eliminates one-way attorney fees and fee multipliers for all lines of insurance sold in Florida. It also addresses bad faith lawsuit provisions. In advance of this bill becoming law, more than 280,000 lawsuits were filed against Florida insurers in March. The Triple-I said this extreme level of litigation abuse will delay market stabilization and continue the trend of large annual premium increases.
-
Feb. 6, 2023:
United Property & Casualty (UPC) is the seventh insurance company placed in receivership due to insolvency after Hurricane Ian. 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.
-
Dec. 16, 2022:
Gov. Ron DeSantis holds a Special Session primarily focused on property law. Senate Bill 2A is signed into law, drastically altering the homeowners insurance claim process, regulation of insurance companies and reinsurers, flood insurance requirements and more.
-
July 27, 2022:
The Florida Office of Insurance Regulation creates a reinsurance program through Citizens as a temporary solution to the downgrade issue. However, obtaining reinsurance capacity may be a significant problem for many Florida residential insurers as they prepare for the 2023 Atlantic hurricane season.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze September 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates for our base profile are based on the following characteristics and coverage levels:
Dwelling coverage
$300,000Other structures coverage
$30,000Personal property coverage
$150,000Loss of use coverage
$60,000Liability coverage
$500,000Medical payment coverage
$1,000The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Additional profiles:
- Coverage A, Dwelling: $150,000, $350,000, $450,000
- Coverage B, Other Structures: $15,000, $35,000, $45,000
- Coverage C, Personal Property: $75,000, $175,000, $225,000
- Coverage D, Loss of Use: $30,000, $70,000, $90,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
Bankrate Scores
-
Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.
