Best homeowners insurance in Florida for October 2023

Allstate

Best for discounts

Rating: 3.5 stars out of 5

3.5 Bankrate Score

JD Power: 815/1,000 AM Best: A+

Average annual premium

^$ 1,602 for $250k dwelling coverage

Allstate Review Get a personalized quote

Average annual premium

^$ 1,602 for $250k dwelling coverage

Allstate Review Get a personalized quote

• Overview
• Pros and cons
• Average annual premium by city
• Additional Coverage

Why we picked Allstate: Bankrate selected Allstate as one of the best Florida home insurance companies due to its extensive list of potential discounts. It is worth mentioning that several of these discounts are easily accessible for most policyholders, such as the welcome & loyalty discount for new and renewing members, the Easy Pay Plan for members who set up automatic payments and even an early signing discount for signing up with Allstate at least seven days before your policy effective date. However, as Florida home insurance from Allstate is underwritten by a subsidiary, discount availability may vary.

 

Company details: Allstate offers Florida homeowner insurance through its Castle Key Insurance Company subsidiary. 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 can also help you purchase a flood insurance policy with the National Flood Insurance Program (NFIP).

Pros

• Numerous discounts
• Local agents available throughout the state
• Strong digital tools

Cons

• J.D. Power score is below average
• AM Best financial strength isn’t the highest on our list, although still Superior

Florida city	Allstate avg. annual premium for 250K dwelling
Fort Lauderdale	$1,560
Hollywood	$1,560
Miramar Beach	$1,144
Pompano Beach	$1,560
West Palm Beach	$1,823

Due to Florida's complex property insurance market, some Allstate home insurance endorsements may not be available in the state. For details on additional coverage options, you may want to speak with an Allstate agent. Some endorsements that may be available include:

• Business property coverage: Enhances coverage for business-related items kept in your home.
• Identity theft restoration: Provides coverage of up to 1 million dollars for costs related to fraud or identity theft.
• Musical instruments coverage: Increases coverage limit for musical instruments.
• Scheduled personal property: Enhances coverage limits for valuable items, like jewelry, furs and collectibles.
• Water backup coverage: Provides coverage for water damage due to sewer or drain backups and sump pump failure.
• Yard and garden coverage: Enhances coverage limits for landscaping and garden equipment.

Chubb

Best for high value coverage

Rating: 3.5 stars out of 5

3.5 Bankrate Score

JD Power: 809/1,000 AM Best: A++

Average annual premium

^$ 3,798 for $250k dwelling coverage

Chubb Review Get a personalized quote

Average annual premium

^$ 3,798 for $250k dwelling coverage

Chubb Review Get a personalized quote

• Overview
• Pros and cons
• Average annual premium by city
• Additional Coverage

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, valuable possessions, who have a commercial business or who even need services for equine risks. Chubb boasts 'bespoke' services 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 loss coverage, which can extend your home's replacement cost coverage over 50 percent above the policy’s dwelling coverage limit if needed and $50,000 in watercraft coverage.

Pros

• Numerous coverage options
• Coverage can be tailored to high-value homes
• Superior AM Best financial strength

Cons

• Higher-than-average premiums
• As a surplus lines carrier, rates are not regulated
• Below-average J.D. Power score

Florida city	Chubb avg. annual premium for 250K dwelling
Fort Lauderdale	$1,677
Hollywood	$1,677
Miramar Beach	$7,481
Pompano Beach	$1,677
West Palm Beach	$1,677

 

Since Chubb specializes in coverage for high-value homes, most of its home insurance policies are open peril or all-risk policies. Standard Chubb policies automatically include many coverage types offered as endorsements by other carriers, such as home assessment services, extended replacement cost and rebuilding to code. However, there are some coverage types you may want to purchase as endorsements. Here are some of Chubb's potential add-on insurance options:

• Family office insurance: Offers a range of coverage for liability, property and fraud protection for the increased risk associated with home businesses.
• Farm and ranch insurance: Offers three levels of coverage towards the unique needs of farm and ranch owners for vehicles, structures, machinery, personal property, liability and more.  
• Jewelry coverage: Covers individual jewelry pieces worldwide up to the agreed-upon value.
• Arts coverage: Provides individual coverage for interior and exterior art kept at home, in storage or a gallery, commonly without a deductible.
• Wine and spirits coverage: Offers blanket or scheduled coverage for wine and spirits.
• Your collections: Offers blanket or scheduled coverage for valuable collections
• Boats and yachts coverage: Provides physical and liability coverage for personal watercraft and pleasure boats under 35 feet long. Different endorsements available for boats and yachts depending on their size.

State Farm

Best for local agents

Rating: 3.2 stars out of 5

3.2 Bankrate Score

JD Power: 829/1,000 AM Best: A++

Average annual premium

^$ 1,722 for $250k dwelling coverage

State Farm Review Get a personalized quote

Average annual premium

^$ 1,722 for $250k dwelling coverage

State Farm Review Get a personalized quote

• Overview
• Pros and cons
• Average annual premium by city
• Additional Coverage

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. 

Pros

• Local agents available throughout the state
• Superior AM Best financial strength
• Robust mobile app

Cons

• Fewer discounts than many competitors
• Does not advertise many endorsements
• Online quotes not currently available for Florida homeowners

Florida city	State Farm avg. annual premium for 250K dwelling
Fort Lauderdale	$1,918
Hollywood	$2,216
Miramar Beach	$1,347
Pompano Beach	$1,687
West Palm Beach	$1,606

State Farm is the country's largest home insurance company and offers many potential endorsements for further policy customization. Some optional coverage types include:

• Personal articles coverage: Provides increased limits for personal property of higher value, such as jewelry, art, cameras, computers and prosthetic devices, to name a few.
• Boat insurance: Offers physical damage and liability coverage for qualifying boats, including houseboats and boat-related equipment. Some additional benefits include incidental commercial fishing and boat rental liability.
• Farm and ranch insurance: Provides physical damage, liability and personal injury protection customized for the unique needs of farms and ranches.
• Identity restoration coverage: Provides up to $50,000 for reasonable expenses due to identity theft, such as attorney fees and lost wages.

Kin

Best for innovative technologies

Rating: 2.6 stars out of 5

2.6 Bankrate Score

JD Power: Not rated AM Best: N/A

Average annual premium

N/A for $250k dwelling coverage

Kin Review Get a personalized quote

Average annual premium

N/A for $250k dwelling coverage

Kin Review Get a personalized quote

• Overview
• Pros and cons
• Additional Coverage

Why we picked Kin: Kin home insurance uses unique technology and more individualized property data to underwrite its home policies saving homeowners between $500–$780 on average.

 

Company details: Kin’s coverage is only available to homeowners in Louisiana, Mississippi, South Carolina, Alabama, Arizona 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.

Pros

• Innovative rating method
• Unique tech-forward claims tools
• Numerous discounts

Cons

• Few third-party scores
• No mobile app

Kin offers simple, streamlined policies with limited endorsements. However, some add-ons and standalone policy options include:

• Flood insurance: Unlike most other property insurers, Kin flood insurance adds flood coverage to an existing policy without requiring a separate insurance policy or deductible.
• House and property insurance: Provides customizable coverage for policyholders who rent out parts of all of their homes.
• Hurricane insurance: All Kin home policies currently cover wind damage with either a flat or hurricane deductible, depending on the location. Water damage from a hurricane is not covered unless the policyholder purchased the flood endorsement.

Tower Hill

Best for endorsements

JD Power: Not rated AM Best: N/A

Average annual premium

^$ 1,457 for $250k dwelling coverage

Tower Hill Review Get a personalized quote

Average annual premium

^$ 1,457 for $250k dwelling coverage

Tower Hill Review Get a personalized quote

• Overview
• Pros and cons
• Average annual premium by city
• Additional Coverage

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 (FSR) to B+ (Good) in April 2022.

Pros

• Florida-based company
• High-value options may be available
• Several endorsements may be available, but you will need to contact an agent for specifics

Cons

• Not rated by J.D. Power
• No online quotes
• No mobile app

Florida city	Tower Hill avg. annual premium for 250K dwelling
Fort Lauderdale	$1,694
Hollywood	$1,776
Miramar Beach	$924
Pompano Beach	$1,459
West Palm Beach	$1,320

Tower Insurance offers Florida policyholders several practical coverage options above what is typically available on a standard home policy. Some options coverage types may include:

• Flood insurance: Tower Insurance offers its own private flood insurance as well as coverage through the NFIP.
• Equipment breakdown endorsement: Provides coverage for repairing or replacing essential home appliances if they break down.
• CyberShield: Offered in three options, this endorsement may cover costs associated with identity recovery, cyber-attacks, cyberbullying and more.
• Watercraft: Provides coverage for personal watercraft, boats and yachts through its partner, SkiSafe. 

• Florida home insurance rates methodology

  Homes in Florida have an elevated risk for damage due to the state’s risks from tropical storms, hurricanes and other severe weather events, so you may want to ensure your insurance coverage fits your needs. To help you in your search, Bankrate analyzed:

  1. The average cost of homeowners insurance from each carrier
  2. Coverage types, discounts and third-party scores
  3. Policy features like mobile apps, online tools and other technology

  Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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: $150,000, $250,000, $350,000, $450,000, $750,000
  • Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
  • Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
  • Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
  • Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
  • 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.

• Bankrate score methodology

  Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 

  Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

  • Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 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 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.

Finding cheaper home insurance in the unpredictable Florida market

Finding home insurance in Florida is challenging, and finding a policy you can afford is even more so. Learning how to save money on your policy by getting multiple quotes and utilizing discounts without losing vital coverage is key. Back to top

• 1. Start shopping early.

  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. Give yourself ample time to compare Florida home quotes between providers — if you have more than one option — and secure coverage. Doing so also may allow you to take advantage of any available early shopping discounts.

• 2. Understand your coverage needs.

  When comparing home quotes, be sure you know what type of coverage and what levels of coverage you need. Remember, you are looking to insure your home at replacement cost value (RCV), not market value. RCV is the cost to rebuild your home, which can be higher or lower than its market value, which is the amount your home can sell for, depending on the market. Also, review the items in your home. Have you upgraded permanent fixtures like kitchen cabinets? Do you need extra coverage for your new engagement ring? Have you downsized? Work with your agent to get the appropriate coverage at levels right for your needs.

• 3. Utilize discounts.

  Most insurance companies will offer discount opportunities and knowing how to get home insurance discounts is often the easiest way to lower your premium. Typical discounts include bundling your auto and home insurance with the same company or being claims-free for a certain period of time. While going without a claim can be challenging in Florida, some discounts, such as opting for paperless bills and policy documents or setting up automatic payments, may be more accessible.

• 4. 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 — which usually translates to a lower rate. Make sure you can afford the higher deductible before making the change and always ask your agent for guidance. Also, remember that all insurance companies are different. You may have separate deductibles listed on your policy for each coverage type, typically available in 1, 2, 5 and 10 percent options. Moving from one to two percent can easily mean thousands of more dollars.

Insuring your Florida home

The increasing natural hazards and insurers withdrawing from the home insurance market are putting an unprecedented strain on the remaining insurance companies, causing premiums to soar. Exploring how various coverage options cover damage caused by severe weather can help you better protect your home. Back to top

• Methodology

  Bankrate utilized data from the Federal Emergency Management Agency from 1980 to 2022. These numbers include major disaster declarations, emergency declarations and fire management assistance declarations. Emergency declarations that turned into major disasters count as one event. Many declared disasters have several weather events, and each event is listed independently.

Related content:

Florida flood insurance Previously Read

Florida windstorm insurance Previously Read

When is hurricane season in Florida? Previously Read

• Climbing rates

  Inflation directly impacts the cost of labor and building materials needed to repair or rebuild homes. Along with supply chain issues, insurance companies pass these increases along to policyholders.

• Limited carrier options

  Around 2005, larger insurance providers started withdrawing from Florida, leaving homeowners with very few choices of where to purchase coverage. This led to the surge of smaller, regional insurers entering the market and filling the void. However, with so many people needing coverage from only a handful of companies, supply and demand may be another reason insurance costs are so high.

• Unable to get insurance

  Homeowners in moderate to high-risk areas, whose homes might not meet an insurer's underwriting guidelines or have had prior claims tend to have trouble securing coverage. Even policyholders who have had coverage with an insurance company for years have begun to receive nonrenewal notices due to carriers leaving the state or changing underwriting criteria to limit their financial exposure.

• Weighing the decision to move

  Between how expensive Florida homeowners insurance is and how frequent the threats of a significant catastrophe loom, Floridians are in a tough spot. Many can't afford the cost of home insurance, but also can't afford to rebuild their homes if disaster strikes while they are uninsured. Often, the only option available to some is to sell their homes and move somewhere more affordable.  

• Why is homeowners insurance so expensive in Florida?

  Florida has always been a relatively risky state from an insurance perspective. Its long coastline and subtropical climate make it susceptible to tropical storms and hurricanes, meaning that insurance companies know they’re at risk to pay out widespread and expensive claims. On top of the risk of natural disasters in the state, there has been an increase in assignment of benefits claims fraud and litigation. These schemes are putting massive financial pressure on Florida home insurance companies, which may have little choice but to substantially raise rates in an attempt to stay financially healthy enough to operate in such a tumultuous environment.

• Is home insurance required in Florida?

  Not by law, no. However, if you have a mortgage or any other type of home loan, your lender will very likely require you to purchase a home insurance policy. If your home is destroyed, your lender needs to know that you’ll have the finances to either rebuild or at least pay back the loan, which is why home insurance is required. Even if you own your home with no mortgage, home insurance is a smart purchase. Florida is a risky state for home damage, and home insurance protects your finances against unexpected repair costs.

• Will my Florida home insurance policy get canceled?

  There’s no way to know for sure, because every home insurance policy is unique. Your choice of insurer, that insurer’s financial strength, the details of your home and your claims history could all be factors of a home insurance cancellation. But even in Florida, where the home insurance market is rapidly changing, there are things you can do to lessen your risk of a home insurance cancellation or nonrenewal. Keeping your home in good shape, trimming back bushes and trees that could fall on your home, and installing wind-mitigation features may all lower your risk of losing coverage. Sometimes, though, a cancellation is out of your hands. If your insurer leaves the state or goes insolvent, you’ll be notified with time to seek out another home insurance option.

• Does Florida require earthquake or flood insurance?

  By law, no, neither earthquake or flood insurance is required in Florida. Earthquake insurance may be added as an optional endorsement to your home insurance policy, if your company offers it. However, Florida historically has an extremely low risk of seismic activity.

   

  If you have Citizens home insurance, you will be required to carry a flood insurance policy. New customers are required to purchase flood insurance as a condition of the windstorm policy. Existing policyholders may experience the rollout at different times based on the details of their policy.

   

  Additionally, your mortgage lender may require flood insurance if you live in a high-risk area. While some home insurance companies offer a flood endorsement, flood insurance is most commonly sold through the National Flood Insurance Program (NFIP) or by a select group of private insurers. Even if you aren’t required to carry flood insurance, it may be a good policy to have. Most of Florida, even inland locations, is susceptible to flooding, especially in the wake of hurricanes. A standard home insurance policy will not typically cover flood damage.

• Will my home insurance rates go up?

  Finding cheap Florida home insurance companies has always been a challenge, and rates may still increase further. Home insurance rates are rising across the county, with a national yearly increase of about 3 percent between 2022 and 2023. Florida’s average home insurance premium went from $1,648 in 2022 to $1,981 in 2023, a 20 percent increase. Your rates are specific to your situation though. You might benefit from a premium discount if you install wind mitigation features, like roof straps, for example.