Table Of Content
- Average cost of homeowners insurance in Florida by city
- Cheapest Homeowners Insurance in Florida (2024 Rates)
- Average home insurance cost in Florida by coverage level
- How much is homeowners insurance in Florida?
- Save up to $717 by comparing quotes from the top 100+ insurance companies
- Best homeowners insurance companies in Florida for April 2024
Hurricanes are covered by your homeowners insurance in a similar fashion as just about any other claim. The main difference between a hurricane claim in Florida and a run-of-the-mill home insurance claim is the deductible. While the cheapest homeowners insurance in Florida varies each year by company, the cheapest counties to get homeowners insurance stays relatively similar each year. So let’s first take a look at the cheapest counties in Florida to get a policy.
Average cost of homeowners insurance in Florida by city
MoneyGeek scores for homeowners insurance in Florida were calculated using a scaled and weighted average of J.D. Power Property Claims and Customer Satisfaction Scores, actual homeowners insurance quotes and financial stability ratings from A.M. Power scores 60%, affordability 30% and financial stability 10%, adjusting weightings in the sections focused specifically on affordability and service experience. Aside from Catastrophic Ground Cover Collapse coverage, which is included in a standard policy at no additional cost, Citizens offers a few additional coverages that not all providers offer. For example, they have Sinkhole Loss coverage, which insures Florida homeowners in the event of structural damage caused by ground subsidence. For instance, Travelers offers discounts to homeowners who bundle auto and home insurance policies, stay claims-free or have security devices at home.
Cheapest Homeowners Insurance in Florida (2024 Rates)
Florida law caps individual Citizens rate increases to 12%, but premiums can be higher because of inflation in the labor and building materials markets. Citizens can also increase rates by as much as 50% for non-primary residences, according to Citizens. The decision won’t impact group business by Farmers subsidiaries Bristol West, Foremost Signature, Foremost Choice and Foremost-branded personal property lines, which include home insurance.
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Average home insurance cost in Florida by coverage level
The state Senate’s Banking and Insurance Committee voted favorably on the bill, 8-0, on April 5, but it still has to go through both houses to become law. Tailrow Insurance is owned by HCI Group, which also operates Homeowners Choice and TypTap Insurance. The move comes after Florida officials, including Gov. Ron DeSantis, have raised concerns about the size of the insurer of last resort. Experts warn that the state insurer may struggle to handle a major weather event.
If you need or want more than those amounts, contact private companies. Tower Hill offers the best and cheapest homeowners insurance in Florida, with rates that average $2,443 a year (or $204 a month). Homeowners insurance coverage is an important responsibility of owning a home in Florida.
One of the best ways to find out how much a policy will cost for you is to compare home insurance quotes from a number of companies. While these are some of the recommended coverages for Florida homeowners, it's essential to consult with an insurance agent to tailor a policy that fits your specific needs and risks. The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market.
The Legislature approved insurance reforms earlier this year in hopes of stabilizing the home insurance market, but insurers continue to look for ways to shed costs in Florida. Citizens has grown to 1.3 million policyholders as insurance companies have left the state, stopped selling policies or went out of business. Florida home insurance companies often face a no-win situation when they fight an insurance claim in court, thanks to the state’s Assignment of Benefits (AOB) law. AOB allows a homeowner to turn his or her claim over to a contractor instead of dealing with the insurer.
Common Florida home insurance problems
ZIP codes in Pensacola and Siesta Key are among the most expensive places to insure a home in Florida. Tallahassee has the least expensive neighborhoods for home insurance costs. Insurance.com analyzed home insurance rates from major insurance companies in nearly every ZIP code in Florida.
Most & least expensive ZIP codes for homeowners insurance in Texas
If you're looking to lower your premium, increasing a policy’s deductible from $500 to $2,000 decreases the annual cost of home insurance in Florida by 17%. The list of covered perils depends on the type of homeowners policy you have. Let’s use the same county of Miami-Dade, the most expensive premiums in the state for $300,000 homes. Like the in-depth breakdown of $150,000 houses, we also created a county-by-county breakdown for houses worth $300,000. Many areas in the U.S. experience catastrophic and expensive flooding, but these events may not have been declared a federal disaster. Most people who have flood insurance buy it through the National Flood Insurance Program (NFIP), a federal program.
They also offer Increased Limits for Ordinance or Law, which can help cover costs in the event of changes to the law or building codes. To provide you with quotes you can rely on, MoneyGeek collected home insurance quotes from providers that are writing new policies in the Sunshine State. These quotes were balanced against property claims ratings and customer satisfaction scores from J.D. In order to find the best home insurance options in Florida, MoneyGeek examined 10 providers within the state based on their customer satisfaction, claims ratings, financial stability and affordability. Florida is one of the few states that also has a separate hurricane deductible for some homeowners.
We believe everyone should be able to make financial decisions with confidence. Lisa McArdle is an insurance editor who joined the Bankrate team in 2023. She has more than 15 years of experience writing, editing and managing content in a variety of industries, including insurance, auto news and pop culture. “More than 100,000 property claim lawsuits were filed against Florida home insurers in 2021, equating to more than 80% of property claim lawsuits filed in the United States. In fact, no other state has more than 900 property claim lawsuits filed last year,” says Friedlander. ZIP codes in Spring Hill are the cheapest, with ZIPs having an average annual rate of $1,554.
Due to hurricane-force winds faced by nearly every square inch of the Sunshine State, premiums differ greatly depending on whether you’ve taken steps to help prevent wind damage to your home. Officially, taking these steps is called wind mitigation, and it includes things like installing storm shutters and other wind-resistance openings and certain roof attachments. Homeowners insurance is also referred to as home insurance, property insurance and hazard insurance, so don’t get confused if these terms are used interchangeably.
Insurance fraud, natural disasters, and a dwindling insurer market are all making Florida home insurance more expensive than the national average. You may want to increase your dwelling coverage if you have a high-value home, but remember any coverage increase will increase your premium. Dwelling coverage applies to your personal residence and attached structures, like a home with an attached garage, deck, patio, or porch. Even if your mortgage lender requires a minimum amount of dwelling coverage, you have the option to increase it.
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