Home insurance is no small cost no matter where you live, but Floridians are known for paying more than twice the U.S average on their homeowners insurance, making Florida home insurance the most expensive out there. As a coastal state, Florida is susceptible to natural disasters such as hurricanes and sinkholes, which drives premiums sky high, so it can be hard to find the cheapest homeowners insurance in Florida.
While shopping for Florida homeowners insurance, use these tips:
- Make sure your policy includes flood and hurricane protection. If it doesn’t, buy a supplemental policy.
- Check insurance providers’ reputations on a site like Consumer Reports.
- Consider the value of your personal possessions. Most policies have a fairly low limit on personal property, so you may need to increase your coverage to protect items like engagement rings or fine art.
Best home insurance companies in Florida
There are plenty of options for home insurance in Florida, but not all are created equal. These J.D. Power ratings from the 2019 U.S Home Insurance Study will be helpful when choosing a homeowners insurance provider.
|Amica Mutual||State Farm||Auto-Owners Insurance||All-State||ASI Progressive|
|Overall Satisfaction||5 out of 5||4 out of 5||4 out of 5||3 out of 5||3 out of 5|
|Policy offerings||5 out of 5||4 out of 5||3 out of 5||3 out of 5||3 out of 5|
|Price||4 out of 5||3 out of 5||4 out of 5||3 out of 5||3 out of 5|
|Billing process and policy information||5 out of 5||4 out of 5||3 out of 5||3 out of 5||3 out of 5|
|Interaction||5 out of 5||4 out of 5||3 out of 5||3 out of 5||3 out of 5|
|Claims||5 out of 5||3 out of 5||3 out of 5||3 out of 5||3 out of 5|
Amica has ranked at or near the top of any list of home insurance providers for a number of years now. It is renowned for its quick and painless claims process, low rates regardless of the limits you’re looking for on your policy and award-winning service from expert agents. The only drawback users might point to with Amica’s offerings is the slightly limited endorsements and add-ons available on the policies.
State Farm has gained fame over the years for a variety of things associated with its insurance offerings. Among them, perhaps none are more talked about than its customer service and the army of agents standing by to help you craft a policy that’s perfect for Florida home insurance needs. The local agents ensure that your coverage are well-understood and that any risks your home might be susceptible to—including hurricanes and floods—are considered.
Annual premium rates are a bit higher for home insurance Florida policyholders, but getting localized attention for your coverage makes it worth it.
Auto-Owners Insurance is one of the most reliable providers that users seeking homeowners insurance in Florida will find. It boasts top-notch financial ratings, including an “A++” score from AM Best and over $20 billion in assets as of 2016. Apart from its stellar financials, Auto-Owners Insurance has made a name for itself by way of its 35,000 independent agents who help users build policies that provide protection for seasonal dwellings, renovated homes and residences under construction, among others.
Though its service is limited at times, as users cannot purchase a policy or process policy change requests online, the affordability of its premiums and variety of its discounts makes Auto-Owners Insurance a great option for Floridians seeking homeowners insurance.
Its size alone has made Allstate a household name in the world of homeowners insurance. As of 2018, Allstate was the second-largest home insurance provider in terms of market share, having written over $8 million in direct premiums in that year alone. Though its quotes tend to be a bit on the expensive side, Allstate stands out from many of its competitors by offering policyholders an agent that serves as a point person for any questions or policy changes that a user may have.
Allstate also offers several tools and add-ons, such as its Claim RateGuard, which keeps premium costs level after an initial claim, and mobile apps that allow policyholders to pay their bills and upload photos for a claim remotely.
American Strategic Insurance, a provider falling under the umbrella of Progressive Insurance, hangs its hat on strong financials and attractive coverage packages. Its HomeShield and HomeShield Plus packages offer coverage on things such as replacement costs, property and valuables damage and identity theft at discounted rates.
Though customer service reviews haven’t been the best for Progressive’s homeowners insurance, many of these came before Progressive’s purchase of ASI. The quality of the service should improve under the new management, making ASI an attractive option for buyers looking for home insurance in Florida, given the strength of its financial backing from Progressive.
Average homeowners insurance cost in Florida
The average cost of homeowners insurance in Florida is $3,575. There are several factors that can affect your premium. For example, expect to pay significantly more if you live in a hurricane zone. Hurricane Michael, which hit Florida in 2018, causes $8 billion in insured losses alone.
Home insurance Florida coverage options
There are several types of homeowners insurance available in Florida. The first is insurance that covers your home’s structure. Check your policy for a list of covered events; a basic Florida home insurance policy might not cover structural damage from hurricanes, floods or earthquakes.
Home insurance policies can also cover the belongings inside your home. This can be extended to certain valuable items that are lost or stolen while outside your home. Ask your insurance provider about limits and think about high-value items you may want to purchase additional coverage for.
Liability insurance is a key part of a Florida homeowners insurance policy as it covers injury or damage caused by those listed on the insurance policy, including pets. Your policy should also cover living expenses, namely accommodations and meals, in case your home becomes uninhabitable.
Common causes of home insurance losses in Florida
The most common cause of home insurance losses in the U.S. is exterior wind damage, which according to The Travelers Companies makes up 25% of all losses. Hail, fire, lightning and water damage are also common causes of homeowners insurance losses. Florida homeowners in particular should be aware of the risk of hurricanes and flooding, especially if you live in a coastal area.
Frequently asked questions
What is the cheapest homeowners insurance in Florida?
As it’s the most expensive state in the U.S. to purchase homeowners insurance, it’s not easy to find a cheap home insurance policy in Florida. Instead, ask yourself what your potential losses are in the event of a major weather event, and purchase a plan that best protects your home and your family.
What do I need to get home insurance in Florida?
To purchase homeowners insurance in Florida, you’ll need your personal identifying information and financial records. Your insurance agent will also want to know several details about the home you’re insuring, such as when it was built and what renovations or improvements have been made.
Do Florida homeowners insurance policies cover hurricanes?
In many cases, basic Florida home insurance policies do not cover hurricane damage. Check your policy and talk to your insurance provider. If you don’t currently have hurricane coverage, you should purchase a supplemental policy sooner rather than later.