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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.
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.
|National annual average||$1,192||$1,173||$1,132|
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 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 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 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.
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.
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