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Homeowners insurance in Fort Lauderdale averages $2,046 per year for $250,000 in dwelling coverage. To put this in perspective, this is over $600 higher than the current national average of $1,428 per year. There are a number of reasons for higher insurance rates in this beachfront city, including a greater chance of encountering volatile weather.
Even with the challenges residents may face in obtaining the right coverage, it is possible to find options for the best cheap homeowners insurance in Fort Lauderdale. Bankrate reviewed several available options and found Nationwide, ASI Progressive and Chubb all offered more affordable rates. Bankrate’s price and coverage comparison can help you choose the right homeowners insurance for you.
Best cheap home insurance companies in Fort Lauderdale
Nationwide, ASI Progressive and Southern Farm Bureau had the cheapest rates in Fort Lauderdale, according to rate information provided by Quadrant Information Services. When buying homeowners insurance though, you may want to consider other factors in addition to choosing the one with the cheapest rates. For instance, our study also considered scores from the 2022 J.D. Power Home Insurance Study.
To give you a more comprehensive overview of the qualities of a homeowners insurance provider, Bankrate assigned a score to each provider reviewed. This score is based on a five-point scale and is assigned after analyzing third-party ratings, coverage options and other essential factors. When comparing multiple providers, the Bankrate Score can help you quickly assess which ones may be a better fit for your needs.
|Home insurance company||Bankrate Score||Average annual premium for $250K dwelling coverage||J.D. Power score|
|Southern Farm Bureau||3.3||$788||Not rated|
Nationwide not only offers some of the cheapest rates in Fort Lauderdale on our list of providers, but homeowners may appreciate the numerous coverage options and discounts available. Basic coverages such as dwelling, liability, other structures coverage, loss of use and medical payments are all included. You can also add on water backup, identity theft and flood insurance (through the NFIP) to further strengthen your policy. One drawback is the lack of ability to complete an online quote, but you can go through a local agent to complete the process.
Learn more: Nationwide Insurance review
Southern Farm Bureau
Southern Farm Bureau is the second-cheapest home insurance provider in Fort Lauderdale for a $250,000 dwelling, according to the Bankrate study. In Florida, the carrier’s standard homeowners policies include coverage for dwelling, personal property, loss of use, medical payments, personal liability coverage and other structures. Southern Farm Bureau has agents located throughout Florida, so you won’t have trouble finding someone local.
Progressive partners with ASI to offer homeowners insurance in Fort Lauderdale. The provider offers basic coverage as well as add-ons such as water backup coverage. Not only does ASI Progressive offer cheap rates in Fort Lauderdale, but it also offers potential discounts for homeowners who bundle, get a quote in advance or install home security alarms. ASI Progressive does not offer an online or in-app option to start a quote. You must work with a local agent to get started. With affordable coverage and a strong J.D. Power score, ASI is one of the best cheap home insurance providers in Fort Lauderdale.
Learn more: Progressive Insurance review
Allstate offers cheap rates in Fort Lauderdale and a wide array of choices to customize your homeowners insurance policy. Adding identity theft restoration, green improvement, water backup and yard and garden are a few examples. You can also add scheduled personal property, electronic data recovery, business property, musical instruments and sports equipment coverages for greater financial protection. Although Allstate is not the cheapest option available, it does offer a range of discounts, which could help you save further.
Learn more: Allstate Insurance review
Chubb is geared towards high-end home insurance coverage, offering policies such as the Masterpiece option which automatically includes extended replacement cost coverage or the option to choose a cash settlement. Even though Chubb is available for high-value homes, it still offers options for cheap home insurance rates in Fort Lauderdale. Although you are unable to start a quote online, a local agent can assist you with starting a quote and finalizing the best policy options.
Learn more: Chubb Insurance review
Home insurance coverage options in Fort Lauderdale
While homeowners insurance is not legally required in Florida, you may be required to hold a policy if your mortgage lender stipulates it as a condition of loan approval. Having a home insurance policy in place is a great way to protect your belongings when something goes wrong; however, standard policies will not usually cover things like water backup, identity theft or contents cost replacement. This is why it is important to strengthen your policy with optional coverages, and the best homeowners insurance providers in Florida are a great place to start. The following are just some of the coverages that Fort Lauderdale homeowners may want to consider:
- Contents replacement cost: According to Fort Lauderdale police reports, property crime increased 7 percent from 2021 to 2023. With an increase in property crime happening in the area, it’s a good idea to have replacement cost coverage for your contents to ensure you have enough money to cover the cost of replacing any stolen items.
- Identity theft protection: Again, due to the high rate of property crime in the area, identity theft protection can provide the extra layer of security you need. If a thief manages to steal your credit cards or other forms of I.D., your home insurance provider can help cover costs related to the identity theft.
- Water backup coverage: Broward County reports that over 70 percent of homes in the county were built before 1970, meaning your home could have outdated plumbing installed if it was not upgraded in recent years. Standard homeowners insurance policies will not cover the cost of plumbing repairs or replacements needed due to aging equipment, so it is important to have water backup coverages in place if you feel your home is at a higher risk.
Home insurance discounts in Fort Lauderdale
With the cost of homeowners insurance in Fort Lauderdale well-above the state average and the national average, homeowners may try to take advantage of as many discounts as possible. These discounts often require little effort to earn and can add up to substantial savings over time.
- Bundling discount: By bundling your homeowners insurance policy with the same provider for other insurance products, such as auto or boat insurance, you may earn a bundling discount.
- Renovation: Insurance providers will often reward homeowners who complete a major renovation or update internal systems, such as plumbing or electrical, with discounts.
- Home security discount: Discounts are often provided for homeowners who install home security systems, fire alarms or other safety alarm systems.
These discounts, and others, can mean serious savings throughout the year. For example, the bundling discount could give you a savings of up to 20 percent off premiums by simply using the same company you are already working with.
Frequently asked questions
The best home insurance company depends on what you value most in coverage as a homeowner. You may prefer an insurance company offering a range of coverage options and add-ons to customize your policy. Perhaps you prefer a company that only offers working through an agent and not online.The best way to determine which is the best home insurance company for you is to compare quotes from multiple homeowners insurance providers. When comparing rates in Florida, shopping early and working with a broker or local agency can help you find the best rates in this tricky homeowners insurance region.
Homeowners insurance is not legally required for purchase, unlike auto insurance. However, if you apply for a mortgage, the lender will most likely require the purchase of a policy. A homeowners insurance policy provides valuable financial protection, which keeps you from having to pay enormous out of pocket expenses if there is loss due to damage from a covered peril.
The average cost of home insurance in Fort Lauderdale is $2,046 for $250,000 in dwelling coverage. This is $618 more than the $1,428 national average. There are several reasons for this above-average cost, including a higher prevalence of severe weather in Florida, such as hurricanes. However, several factors may influence the cost of home insurance, including the home’s value, its age, location and coverage limits.
Bankrate utilizes Quadrant Information Services to analyze 2023 current 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 will differ.
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.