Best cheap homeowners insurance in Fort Lauderdale

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.

Nationwide

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.

ASI Progressive

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

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

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

Methodology

Bankrate utilizes Quadrant Information Services to analyze 2023 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.