Known as Florida’s Forgotten Coast, Franklin County sits on the Gulf coastline of the Florida Panhandle and is a popular vacation destination. With access to the Gulf, the Apalachicola Bay, and many other lakes and rivers, the area’s islands and beaches have become an important tourist attraction and source of economic activity for the county.
Compared to other coastline counties on in the panhandle, Franklin County has a fairly low population of only 11,736 people as of 2018. The relative income is similarly low, with a median household income of $42,855, roughly two-thirds of the national level.
Living in Franklin
Franklin County’s residents are primarily spread out between three towns, Carrabelle 4,000 residents, Apalachicola, and Eastpoint, whose populations all range between roughly 3,000 to 4,000 residents.
Much of the land in Franklin County is taken up by the Apalachicola National Forest. The county is also home to the St. Vincent National Wildlife Refuge, which is located on one of the barrier islands between Franklin County and the rest of the Gulf.
Homes in Franklin County are expensive for the Florida Panhandle, likely because there is so much access to the water. The median home value is $264,800. Scarcity of homes may also be driving up the price because about 21 percent of homes in the county are mobile homes, which is more than double the rate for Florida overall.
Home Insurance Premiums in Franklin County
Like many other counties along the Gulf in Florida, home insurance premiums are much higher compared to the rates for inland residents. Because of the heightened exposure to damage from hurricanes and other storms, having wind mitigation features in your home can make a huge difference in what insurance companies will charge you for your policy.
As is the case in many waterside areas, older homes without wind mitigation will have much higher premiums than those with mitigation and even compared to new construction homes as well. In Franklin County, average premiums for homes built before 2001 are doubled for home without mitigation compared to those that have those features.
Average Homeowners Premiums in Franklin County
| Construction Type | Home Value | Average Premium |
|---|---|---|
| Pre-2001 (No Wind Mitigation) | $150,000 | $3,179.56 |
| Pre-2001 (With Wind Mitigation) | $150,000 | $1,603.04 |
| New Construction | $300,000 | $2,834.89 |
| Overall Average | $2,539.16 |
According to the data above provided by Florida’s Office of Insurance Regulation, the overall average for Franklin County is $2,539. While high rates for home insurance can seem discouraging in your looking to purchase a home in Franklin County, you should know that you can get significant savings simply by shopping around with the available insurance companies in the area.
Although the average policy for pre-2001 homes worth $150,000 without home insurance is much more expensive than policies for other homes, you can see in the list below that, when separated by the company, the cheapest average premiums in each category aren’t as far apart in price compared to the county averages.
For $150,000 homes built before 2001 without wind mitigation, the average premium is $3,180.
We’ve listed insurers that offer cheaper rates:
- Security First – $1,461
- Stillwater – $2,031
- FedNat – $2,089
- Family Security – $2,464
List of Companies & Rates for Home Valued at $150,000, Pre-2001 Construction Without Wind Mitigation Rate in Franklin County
| Company | Annual Premium |
|---|---|
| Security First | $1,461 |
| Stillwater | $2,031 |
| FedNat | $2,089 |
| Family Security | $2,464 |
| Universal | $2,491 |
| Tower Hill Signature | $2,505 |
| Florida Peninsula | $2,580 |
| Castle Key | $2,770 |
| Tower Hill Preferred | $2,788 |
| Tower Hill Prime | $2,903 |
| First Protective | $2,922 |
| Florida Family | $2,987 |
| Southern Fidelity | $3,013 |
| First Community | $3,065 |
| American Traditions | $3,079 |
| Universal | $3,150 |
| Tower Hill Select | $3,167 |
| People's Trust | $3,378 |
| Citizens | $3,543 |
| American Integrity | $3,636 |
| ASI | $3,642 |
| St. Johns | $3,742 |
| State Farm Florida | $3,912 |
| Auto Club of Florida | $4,349 |
| Liberty Mutual | $4,465 |
| Southern Oak | $4,494 |
| Florida Farm Bureau | $5,222 |
| Average | $3,179.56 |
For $150,000 homes built before 2001 with wind mitigation, the average premium is $1,603.
We’ve listed insurers that offer cheaper rates:
- FedNat – $902
- Universal – $1,042
- Security First – $1,143
- Stillwater – $1,166
List of Companies & Rates for Home Valued at $150,000, Pre-2001 Construction With Wind Mitigation Rate in Franklin County
| Company | Annual Premium |
|---|---|
| FedNat | $902 |
| Universal | $1,042 |
| Security First | $1,143 |
| Stillwater | $1,166 |
| First Protective | $1,249 |
| Citizens | $1,324 |
| Tower Hill Signature | $1,329 |
| St. Johns | $1,366 |
| Universal | $1,402 |
| Tower Hill Preferred | $1,406 |
| Family Security | $1,430 |
| First Community | $1,487 |
| Florida Farm Bureau | $1,494 |
| Tower Hill Select | $1,513 |
| American Traditions | $1,603 |
| People's Trust | $1,639 |
| Florida Family | $1,653 |
| Castle Key | $1,658 |
| American Integrity | $1,671 |
| Tower Hill Prime | $1,713 |
| Florida Peninsula | $1,749 |
| Southern Oak | $1,902 |
| Auto Club of Florida | $2,019 |
| Southern Fidelity | $2,021 |
| ASI | $2,063 |
| State Farm Florida | $2,355 |
| Liberty Mutual | $2,983 |
| Average | $1,603.04 |
For $300,000 homes with new construction, the average premium is $2,835.
We’ve listed insurers that offer cheaper rates:
- Stillwater – $1,556
- Security First – $1,781
- Southern – $1,928
- FedNat – $1,928
List of Companies & Rates for Home Valued at $300,000, New Construction in Franklin County
| Company | Annual Premium |
|---|---|
| Stillwater | $1,556 |
| Security First | $1,781 |
| Southern Oak | $1,928 |
| FedNat | $1,928 |
| Universal | $2,078 |
| Family Security | $2,270 |
| St. Johns | $2,370 |
| Tower Hill Select | $2,422 |
| First Protective | $2,488 |
| Tower Hill Preferred | $2,495 |
| Tower Hill Signature | $2,501 |
| Castle Key | $2,536 |
| American Traditions | $2,585 |
| Universal | $2,589 |
| Florida Peninsula | $2,887 |
| First Community | $2,940 |
| People's Trust | $2,987 |
| Florida Farm Bureau | $2,999 |
| Citizens | $3,050 |
| Florida Family | $3,064 |
| American Integrity | $3,071 |
| Tower Hill Prime | $3,250 |
| ASI | $3,258 |
| Auto Club of Florida | $3,308 |
| Southern Fidelity | $4,048 |
| State Farm Florida | $4,216 |
| Liberty Mutual | $5,937 |
| Average | $2,834.89 |
Flood Insurance in Franklin County
Like many areas in Florida, Franklin has a high risk of flooding each year during hurricane season, especially because of the numerous bodies of water that surround the county. If you plan on purchasing a home here, make sure to contact companies like FedNat that offer government-backed policies through the National Flood Insurance Program (NFIP).
NFIP flood insurance policies are price-controlled so that they stay affordable for people living in areas like Franklin County, but keep in mind that you may still need extra protection. These policies have a cap of $250,000 of coverage, so if your home is worth more than that, you’ll also need supplemental, private flood insurance to make up for the gap in coverage along with your homeowners insurance.
