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Best homeowners insurance in Florida for 2023

Written by
Cate Deventer
Edited by
Angelica Leicht
Reviewed by
Mark Friedlander
Updated Mar 15, 2023
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Compare the best home insurance companies in Florida for 2023

Finding the best homeowners insurance can be a challenge, especially in Florida’s turbulent market. Bankrate can help. Our insurance editorial team (which includes three licensed insurance agents) uses our almost 50 years of combined industry experience — along with our proprietary premium data, customer satisfaction ratings from J.D. Power and financial strength ratings from AM Best — to reveal the best home insurance companies in Florida for 2023.

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 Florida homeowners insurance companies are actively writing new policies, but the situation in the Florida home insurance market is rapidly changing. Because Florida homes face unique risks, coverage may be limited to certain ZIP codes, homes of a certain age or homes with specific safety features, like wind mitigation measures.

Allstate
3.5
Bankrate Score
Info
AM Best
A+
J.D. Power
815
/1,000
Average monthly premium
$134
Average annual premium*
$1,602
 Get a quote
Chubb
3.5
Bankrate Score
Info
AM Best
A++
J.D. Power
809
/1,000
Average monthly premium
$317
Average annual premium*
$3,798
 Get a quote
State Farm
3.2
Bankrate Score
Info
AM Best
A++
J.D. Power
829
/1,000
Average monthly premium
$144
Average annual premium*
$1,722
 Read review
Kin
2.6
Bankrate Score
Info
AM Best
Not rated
J.D. Power
Not rated
Average monthly premium
N/A
Average annual premium*
N/A
 Get a quote
Tower Hill
AM Best
Not rated
J.D. Power
Not rated
Average monthly premium
$121
Average annual premium*
$1,457
 Get a quote
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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.

*Premiums are for $250K in dwelling coverage

Top 5 home insurance companies in Florida

Allstate

Best for discounts

3.5 Bankrate Score
JD Power: 815 AM Best: A+

Average annual premium

$ 1,602 for $250k dwelling
Allstate Review Get a personalized quote

Allstate offers Florida homeowner insurance through its Castle Key Insurance Company subsidiary. The carrier may offer the best Florida homeowners insurance for discounts, such as savings for being a new home buyer or having a good payment history. With exclusive and independent agents in nearly 200 cities throughout the Sunshine State, there’s likely an Allstate agent close to you who may be able to help you with your Florida home insurance needs. Allstate agents may also be able to help you work with an insurance broker if they cannot write your policy.

Chubb

Best for high value coverage

3.5 Bankrate Score
JD Power: 809 AM Best: A++

Average annual premium

$ 3,798 for $250k dwelling
Chubb Review Get a personalized quote

Chubb may be a good choice for Florida homeowners with high-value homes. 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. Chubb offers numerous extras included in its policies, which could benefit homeowners, such as tree removal and home inspections. Although its coverage comes at a higher-than-state-average price tag, Chubb offers some of the most robust protection in the state.

State Farm

Best for local agents

3.2 Bankrate Score
JD Power: 829 AM Best: A++

Average annual premium

$ 1,722 for $250k dwelling
State Farm Review Get a personalized quote

State Farm, the largest U.S. home insurer based on market share, has local exclusive agents in more than 100 communities throughout Florida, which might be appealing if you like handling your insurance needs in person. State Farm also offers several ways to save on your home insurance. For example, if you take extra precautions by installing impact-resistant roofing materials, you may qualify for a discount.

Kin

Best for innovative technologies

2.6 Bankrate Score
JD Power: Not rated AM Best: N/A

Average annual premium

N/A for full coverage
Kin Review Get a personalized quote

Kin’s coverage is only available to homeowners in Florida and Louisiana, states known for significant impacts from natural disasters. Kin uses a unique 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. Flood and sinkhole coverage can be purchased separately as endorsements. Kin is not rated by AM Best but is rated A (Exceptional) by financial-strength rating company Demotech.

Tower Hill

Best for endorsements

JD Power: Not rated AM Best: N/A

Average annual premium

$ 1,457 for $250k dwelling
Tower Hill Review Get a personalized quote

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. The company offers standard policies and options for high-value homes with its Prime Plus and Spire programs. Homeowners may be able to choose from multiple endorsements to personalize their coverage, including screened enclosure coverage, which could come in handy for Florida homeowners with screened porches or patios.

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. In the near future, homeowners will also be required to carry a flood insurance policy to qualify for Citizens, although the rollout is happening in several stages. 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 Bankrate chose the best home insurance companies in Florida 

Bankrate’s insurance editorial team has followed the turbulence in the Florida home insurance market since it started, and we know how difficult finding coverage can be. We want to make shopping for homeowners insurance in Florida as easy as possible by providing up-to-date and reliable information. In our quest to find the best Florida homeowners insurance companies, we started by analyzing average rates from Quadrant Information Services for the largest companies in Florida by market share. 
 
Price isn’t everything, though, especially in a state like Florida that is facing an insurance crisis. We also analyzed coverage offerings and discounts that may be appealing to homeowners in the Sunshine State, third-party ratings and scores, digital tools, availability and corporate sustainability programs. We combined these metrics into a Bankrate Score on a scale of 0.0 to 5.0. Our Bankrate Score model may help you quickly see how the various companies stack up.
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46
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122
carriers reviewed
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ZIP codes examined
Dollar Coin
1.2M
quotes analyzed

How much does home insurance cost in Florida?

The average cost of homeowners insurance in Florida is $1,981 per year for a $250,000 dwelling coverage policy. This is about 39 percent higher than the national average premium of $1,428 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

In every state, home insurance rates will vary by city. This is especially true in Florida, because some areas of the state are at a much higher risk for damage than others.
 

What are the five cheapest states for homeowners insurance?

Although the cheapest cities in Florida aren’t significantly cheaper than the state average, they do tend to have lower rates than other areas. Moving for lower insurance rates might not be practical, but if you’re considering a move already, these five cities have the lowest average home insurance rates in Florida:
 
  • Loxahatchee: $1,798 — 9 percent below the state average
  • Wellington: $1,804 — 9 percent below the state average
  • Canal Point: $1,807 — 9 percent below the state average
  • Belle Glade: $1,808 — 9 percent below the state average
  • Pahokee: $1,808 — 9 percent below the state average
*Rates are for $250,000 in dwelling coverage
 
 

What are the five most expensive states for homeowners insurance? 

Just like some areas are cheaper than others, some areas are far more expensive. These five cities have the highest average home insurance premiums in Florida, based on our data. This could be due to a higher likelihood of claims, a higher cost of claims or both.

  • Pensacola: $2,292 — 16 percent above the state average
  • Panacea: $2,161 — 9 percent above the state average
  • Saint Marks: $2,156 — 9 percent above the state average
  • Hallandale: $2,111 — 7 percent above the state average
  • Dania: $2,085 — 5 percent above the state average
*Rates are for $250,000 in dwelling coverage

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 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.

Coverage level Florida's average annual premium
$150K dwelling $1,290
$250K dwelling $1,981
$350K dwelling $2,675
$450K dwelling $3,375
$750K dwelling $5,608

Average annual premiums by deductible levels in Florida

With expensive average home insurance rates in Florida — and a turbulent insurance market that may push rates higher — you may be wondering how to control your premium. Increasing your deductible will generally lower your rates, since it means that you’re willing to pay more out of pocket in the event of a claim. Be mindful of your deductible level in relation to your overall financial health. Increasing your deductible for a cheaper premium could backfire if you don’t have the money to comfortably pay your share of a loss out of pocket. The table below shows the average rate for several common deductible levels.
Deductible Florida's average annual premium
$1,000 $1,981
$1,500 $1,976
$2,000 $1,760
$5,000 $1,679

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, the financial devastation caused by Hurricane Ian and the continuing effects of inflation mean 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.

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.

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 homeowners insurance in Florida for your needs. 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 was incredibly turbulent in 2022. Despite insurance reform bills being passed in late May, the market continued to struggle throughout the year. Additional reform bills were passed in December 2022 that may stabilize the market in the long term, but are unlikely to cause premium decreases for homeowners in the short term.

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 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.
  • Senate Bill 2-A was signed into law on December 16, 2022. While there are numerous provisions included, the focus of the bill is on banning the assignment of benefits forms that allowed roofing scams to become so common. The bill also abolishes one-way attorney fees. When a court ruled in favor of a plaintiff (an insurer or contractor), these fees meant that the insurer had to pay for the plaintiff’s attorney fees. In Florida, where fraudulent litigation was becoming increasingly problematic, this meant insurers were not only paying fraudulent claims, they were paying for the fraudulent actor’s attorney fees as well. The combination of these two changes is expected to help stabilize the market, although premiums will likely remain high for the time being.
Bankrate continues to monitor the evolving situation in the Florida homeowners insurance market to help our readers navigate this challenge.

Learn more: Will 2022 bring the collapse of the Florida home insurance market?

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.

Frequently asked questions

Learn more:

 

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
Angelica Leicht
Insurance Editor
Reviewed by
Mark Friedlander
Director of corporate communications, Insurance Information Institute