Florida Homeowners Insurance

 
Florida Homeowners Insurance

Residents in Florida pay an average of $166 per month or $1,993 per year in home insurance premiums. 


There are  almost 9.5 million homes in the Sunshine State, sixty-five percent of which are owner-occupied.

The average monthly cost for a homeowner with a mortgage in Florida is $1,432.

Residents in Florida pay an average of $166 per month or $1,993 per year in home insurance premiums. 


There are  almost 9.5 million homes in the Sunshine State, sixty-five percent of which are owner-occupied.


The average monthly cost for a homeowner with a mortgage in Florida is $1,432.

Shop around and save.

Compare insurers to find the cheapest rates around.

 

Florida Statistics*

21,299,325

Population

$178,700

Average value of owner-occupied housing units

7,510,882

Households

$50,883

Average household income

87.6%

High school grad or higher, percent of people age 25 years +

27 min

Average travel time to work

*Data from the U.S. Census Bureau


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Florida home

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Are you looking for affordable Florida homeowners insurance? We can help you find the best providers quicker. Simply enter your Zip Code in our free online tool and you will be directed to a list of home insurers in your area.


Having a homeowners insurance may be considered crucial by Florida homeowners because of its extreme weather conditions. Being a Gulf state, it got hit in the last few years by Hurricanes Andrew, Irma, Ike and Katrina and other lesser disasters. Tens of thousands of houses were damaged. As a result, the real estate market has suffered a blow with rates dropping due to a decrease in demand. Those who own homes have been facing the highest insurance rates than any other state because of an increased demand.


It is not only hurricanes which are a risk to homeowners in Florida. In 2016 alone, the state ranked sixth for the most wildfires and seventh for tornadoes. If you are anywhere in Florida, it is vital that you research different premiums before opting for an insurance provider.

Home insurance rates: Florida vs Nationwide


According to Insurance Information Institute (III), the insurance companies with the most significant market shares in Florida are Universal, Tower Hill and State Farm. The National Association of Insurance Commissioners (NAIC) in 2017 reported that the average rate for homeowners insurance in Florida is $1,993/year, amounting to $166/month in 2015 (latest available data). The range of homeowners insurance across all states in the US ranges from $600 to $2000, while the average homeowner pays $1,173/year according to the NAIC. As evident, the average rate for Florida is among the highest throughout the US.


On average, the ten largest counties have homeowners paying $513 more than the state mean of home insurance premiums. Our research revealed that area with the cheapest homeowner insurance premium in FL was found out to be Leon County, while the most expensive area was Hernando, costing $8,912 annually.

Average Florida home insurance premiums

 201620152014
Monthly average$160$166$172
Annual average$1,918$1,993$2,055
National annual average$1,192$1,173$1,132
Rank311
Source: The annual average premiums came from the Insurance Information Institute's latest recorded data. We calculate the estimated monthly insurance costs based on the data provided.

Our best homeowners insurance companies in Florida


Many of the big insurance companies try to avoid Florida, and only a handful of companies have chosen to remain after catastrophic events hitting the state in the recent years. There are some new companies as well that saw the situation as an opportunity. Here are some of the top companies we found to be best for homeowners insurance. We reviewed the top three companies that hold the largest homeowners insurance market share in Florida based on the data provided by the III and looked further on each company’s financial strength reviews as well as customer satisfaction records.


Tower Hill


Tower Hill ranks as the second largest insurance provider in Florida not only for homes but in general as well. It provides a wide range of services and offers a lot of coverage options and add-ons to choose from. Due to the frequency of floods in the state, it offers a special flood insurance service, which provides coverage for up to $2.5 million for your home interior and up to $5 million for the structural restoration.


If you are not familiar with insurance, the Tower Hill website will help and guide you very well with all the necessary resources. The agents on the live chat are especially helpful and can aid you in deciding coverage options and walk you through company policies. A phone call with an agent offers the same benefits as the live chat, except it is easier to call for longer and more detailed discussions.


Tower Hill provides affordable policies compared to the average insurance rates, even though getting low rates in Florida’s insurance market is difficult. It provides the Imperial Shield program for homeowners who have been in business with them for quite some time. Its Emerald Endorsement package also covers many additional items.


It is very likely to pay claims. In fact, it received an A- (Excellent) financial strength rating from AM Best.


State Farm 


State Farm is the only insurance company in Florida that works on a national level and remains the go-to option because of its attractive policies. With an A++ (Superior) rating from AM Best, it is easily one of the best options for Florida homeowners. This means it is very likely to pay claims without any problems or extra interrogations.


On top of that, it provides a wide variety of coverage benefits such as identity theft coverage, personal property coverage and several natural disaster coverages. Its claim network is open 24/7 online and by phone. Its Premier Service Program puts you in touch with qualified contractors who provide flood repairs and other such services.


The website structure can be better because it does not provide a good flow for online visitors. If you try to find the HomeIndex Inventory tool, it is not easily available. The tool lets you keep track of all your coverages and lets you see how the annual premium builds up. 


Universal


Universal is the largest insurance provider in the state covering 9.8 percent of the homeowners insurance market share in-state. The company boasts an A+ rating given by the Better Business Bureau. Its policies follow the ISO standard and include additional coverage options such as mold coverage, water backup and jewelry coverage.


Its coverage values for homeowners reach up to $1 million. Furthermore, Universal is famous for covering homes that no other companies like putting their hands on. With this insurance company, you can get competitive pricing, and claims take considerably less time to be processed than other insurance providers.


However, the customer complaints are considerably high. They are mostly about products, and only a few tend to be directed toward customer service.


Its website contains a tool which gives you an accurate quote. You fill in as much details as you can about your home, and you can see the premium value build up on the right. Even though the tool is supposed to help you get a quote, it still directs you to an agent in the end.


In summary


Florida still seems to have some competitive insurance providers, which can get you a good insurance deal and are great in some respects such as extensive claim history, quicker response time on claims and overall availability of coverage add-ons. Based on our research, the insurance providers we listed live up to these qualities although it’s not possible for us to review each home insurance company in Florida. Keep in mind that a company we did not mention may provide better rates and coverage so it’s always smarter to shop around first and find the best one for you. Our free online tool is a great place to start as we provide a list of insurers in your area. Finding a home insurer is important to mitigate potential losses, especially due to the high frequency of natural disasters in the state.


Factors that impact home insurance rates

It's probably no surprise that homeowners in the state of Florida pay the highest insurance premiums in the country. Hurricanes take their toll on coastal communities, and those claims are reflected in the cost of insurance.


Many factors are considered to determine premiums for Florida homeowners insurance. The following are all part of that calculation:


Building Construction 


Instead of the value of your home, it's actually the materials in your home that determine your homeowners insurance rate. The year built, type of structure (brick, stone, cement block, wood frame, hardy plank), type of wiring, age of and material used for the roof, and whether your garage is attached or detached all impact how much you pay. Surprisingly, an older home may cost more to insure than a newer home.


Physical Location


The physical location of your home may also impact your homeowners insurance premium. Living close to a fire station is a positive move. However, living on or close to the beach or where you are likely to be directly exposed to hurricanes, storm surges, tornadoes or earthquakes is not so positive. Even simpler factors like burglary and theft statistics in your neighborhood may have a direct impact on premiums.


Security Devices 


In addition to protecting your family and your possessions, adding smoke detectors, sprinkler systems, deadbolt locks, and burglar alarm systems may save money on homeowners insurance.


Personal Habits 


Your personal habits may also impact your premiums. Smokers may pay more for Florida home insurance than nonsmokers. Maintaining a superior credit rating may lower premiums.


Past Claims


When filing insurance claims, consider what impact a claim for the garage door (that will come out of your deductible anyway) may have on future premiums. A history of excessive claims on a prior homeowners policy may be reflected in higher premiums with your next insurance carrier.

How to lower your FL homeowners insurance quotes


Before you purchase a home, consider whether you can afford the cost of living on the beach if you have no insurance to rebuild following a hurricane. If not, choose a location more inland. Check the burglary and theft statistics at the local police department before you put down a deposit. Add the safety features mentioned in #3 above. Protect your credit score. Consider the cost of smoking not just on your health but also on your insurance premium. To learn more about how to save on insurance for your home, go here.


Finding affordable premiums takes a little digging, especially if you reside in Florida, which is recorded to be the most expensive state for homeowners insurance. The easiest way to save money is to compare with as many insurance providers as you can. Our free online tool will help you get started by providing a list of insurers in your area, sorting out and making the search easier and less stressful.

For more assistance, please contact your local state department of insurance:

Florida Office of Insurance Regulation

Also check out:

Why is home insurance in Florida so expensive?


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