The Sunshine State may be a gorgeous place to live, but its residents also face several hazards each year. As a coastal state, Florida is susceptible to natural disasters, such as hurricanes and sinkholes, which drives premiums sky high, and yet flood insurance often is not included with the average Florida homeowners insurance policy.
The average annual home insurance premium in Florida is $1,736, significantly more than the national average rate of $1,477 per year. While there are dozens of companies on the market, rates in Florida can still vary significantly, making it that much more important for you to shop your options to find the best homeowners insurance in Florida for your home.
Best home insurance companies in Florida
There are plenty of options for home insurance in Florida, but not all are created equal. Each year, the J.D. Power & Associates U.S. Home Insurance Survey evaluates top insurance providers based on customer satisfaction. As a regional provider, Security First Insurance is not included in the survey, but all other companies make an appearance, with Allstate and State Farm receiving the highest scores from our picks.
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power customer satisfaction score|
|Allstate||$1,410||829 / 1000|
|Chubb Insurance||$1,417||778 / 1000|
|Security First Insurance||$451||Unrated|
|State Farm||$1,404||829 / 1000|
|Travelers||$918||803 / 1000|
Allstate is excellent for in-person support, offering an extensive network of local agents throughout Florida. They will help you buy coverage through the National Flood Insurance Program (NFIP) if you live in an area that requires flood insurance. There is also its exclusive HostAdvantage®, which provides coverage for home-shares, something especially important amongst Florida’s many vacation properties.
There are generous discounts available, such as up to 20% when you maintain a claims-free history and up to 25% off with a multi-policy discount when you bundle your homeowners insurance with your auto insurance or renters insurance. If you need to file a claim, the process is easy with the Allstate Mobile App, available on the App Store and Google Play.
Chubb Insurance provides the kind of home insurance that you need when you live in a high-risk state, such as Florida. Home insurance policies include extended replacement cost coverage, which guarantees that your home is repaired or rebuilt to its original condition, regardless of policy limits, and in accordance with current building codes. Homeowners also have the option to choose a cash payout instead.
Chubb also offers risk consultants who will personally assess your losses to decide how best to handle your claim. Plus, home insurance in Florida comes with all sorts of extras like lock replacement and tree removal after storms, for coverage that really goes above and beyond.
Security First Insurance
Though a regional provider, Security First offers an easy claims process that’s available via phone, web or mobile app, plus all of the coverage you need while living in Florida. There are special discounts for new construction, along with special coverage for older homes.
There are all the basic but important coverages, including flood insurance, equipment breakdown, and identity theft protection. Then, there are Florida-specific types of coverage, like protection for hurricane-screen enclosures and carport coverage. Security First also offers a host of optional protections, such as water backup and sump overflow, dog liability and golf cart physical damage and liability.
There are plenty of local agents to help throughout the state of Florida for personal support, plus the added benefit of its app for mobile claims filing and tracking. It also receives top scores from AM Best for its financial stability, which means that its claims are reliable and efficient.
Homeowners can choose the optional flood insurance provided through NFIP for extra convenience, saving you a step. State Farm offers several options for home insurance discounts, including savings for home security and impact-resistant materials on your roof. It also offers additional savings when you opt for its higher deductible program.
Travelers is a great pick for new homebuyers, offering discounts for new homebuyers, loss-free discounts when you are claims-free, a protective device discount and a green home discount. Your Travelers home insurance policy can include additional coverage like a personal articles floater for high-value items, identity fraud, and green home coverage.
There are excellent mobile tools, even integrating with Alexa to simplify your life. Independent insurance agents can help you identify the right coverage for your property. You can also bundle with auto insurance, condo insurance, landlord insurance, and even boat and yacht insurance – a must for many Florida residents.
Additional companies to consider
American Strategic Insurance
American Strategic Insurance (ASI) is an insurance provider worth your consideration when you live in a high-risk area. It’s a partner of Progressive, providing all of the resources of the powerhouse provider. This means that you also have access to Progressive Home, its home and auto insurance bundle. ASI offers coverage for additional living expenses, flood insurance through NFIP, and coverage for seasonal and investment home insurance.
Kin Insurance is one of the newer providers available on the market today, but it’s one that is worth a closer look. It’s mostly available to homeowners in Florida and California, two states known for their many hazards. Kin uses a different formula to price its insurance policies, using local market values, property records and satellite imagery to assess value and risk. Its coverage is specifically designed to protect homeowners from hurricanes, sinkholes, and floods for extra peace of mind.
Average homeowners insurance cost in Florida
The average cost of homeowners insurance in Florida is $1,736 per year for a $250,000 dwelling.
There are several factors that can affect your Florida insurance premium. For example, expect to pay significantly more if you live in a hurricane zone. Hurricane Michael, which hit Florida in 2018, caused $8 billion in insured losses alone. Your home’s location may have the most significant impact on your home insurance rate. However, your age, gender, marital status, credit score and claims history will also impact your insurance rate.
Home insurance coverage options in Florida
There are several types of homeowners insurance available in Florida. The first is insurance that covers your home’s structure, which is called dwelling insurance. In your policy, you’ll find a list of perils that your insurance covers, such as wind and hail damage, fire, theft, falling objects and vandalism.
Most Florida home insurance policies do not cover structural damage from hurricanes, floods or earthquakes, instead requiring additional, a la carte coverage. Flood insurance is one kind of coverage that is most recommended for Florida residents since the state borders both the Gulf of Mexico and the Atlantic Ocean, leaving it at considerable risk.
Home insurance policies also cover the belongings inside your home, which is called personal property insurance. Personal property insurance covers everything from your clothing to electronics to furniture. 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 that may want additional coverage.
The last major portion of your home insurance is liability insurance. 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 additional living expenses, which pays for hotel and restaurant expenses in the event that your home becomes uninhabitable.
Common causes of home insurance losses in Florida
Homeowners insurance claims are frequent in Florida, especially for homes along the coastline. Here are some of the most common losses that Florida homeowners face.
Floods and water damage
Floods happen often in Florida because of the state’s coastal location. According to the Federal Emergency Management Agency (FEMA), Florida homeowners were paid for 34,995 flood claims in 2019. After a major hurricane, it’s possible for heavy rains and storm surges to cause extensive flooding and water damage. However, standard home insurance doesn’t cover flood damage, so you’ll need to purchase a separate flood insurance policy.
High winds and wind-related damage are most commonly associated with hurricanes and tropical storms. In Florida, wind-related damage can be incredibly costly. There are about 2,830,201 Florida homes that are at risk of getting damaged or destroyed by a category 5 hurricane, the most severe type. Home insurance does cover wind damage, but homes located in hurricane zones may be exempt from coverage. In that case, you would need to purchase a hurricane policy.
House fires are surprisingly common in Florida. Every day, firefighters respond to more than 209 house fires across the state. Additionally, hurricanes and extreme weather can cause damage to your home’s electrical system, which can start a fire. The good news is, standard home insurance policies cover fire damage. However, it’s important to ensure you have enough dwelling coverage to rebuild your home if it gets destroyed by a fire.
Frequently asked questions
What is the cheapest homeowners insurance in Florida?
As 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 Florida 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. There will also likely be some discussion regarding your home’s resistance to hurricanes and whether there may be additional types of coverage or discounts needed.
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. Some home insurance policies may include wind coverage, but Florida homeowners may face higher deductibles because of the increased risk of hurricanes.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and carriers in all 50 states and Washington, D.C. 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: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- 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 may be different. Rates are determined based on 2020 Quadrant Information Services data.