Average Annual Premium
Our Top Pick
Florida is the Sunshine State, but non-sunny weather can sometimes turn ominous. It’s critical to insure your home against lightning during thunderstorms, extreme heat, wildfires and hurricanes. Florida has some of the highest home insurance rates in the country because of its inclement weather.
Whether you’re searching for a new insurance policy or have never had homeowners insurance before, we’ve gathered some important facts about home insurance in Florida. Here are our top picks if you live in the Sunshine State.
The Best Home Insurance in Florida:
- Best Overall in Florida: Kin Insurance
- Best for Home Discounts: State Farm:
- Best for Condos: Security First
- Best for Hurricane Coverage: United Property and Casualty (UPC)
- Best for High-Valued Homes: Chubb
- The Best Home Insurance in Florida:
- Average Annual Homeowners Insurance Premium in Florida
- How are Homeownersowners Insurance Rates Determined?
- Inclement Weather and Nature-Related Risks in Florida
- Most Affordable Cities for Homeowners Insurance in Florida
- Most Expensive Cities for Homeowners Insurance in Florida
- 4 Best Homeownersowners Insurance Providers in Florida
- Choose the Best Insurance Provider in Florida
- Frequently Asked Questions
Average Annual Homeowners Insurance Premium in Florida
You’ll pay an average annual home insurance premium of $1,918 if you live in Florida, the National Association of Insurance reports. That’s $700 a year more than the national average of $1,192.
Since your premiums are likely comparatively more expensive than in the rest of the country, discounts can help whittle down your costs. Whether you want to get a new policy or make changes to an existing policy, remember to ask your agent about adding on these optional discounts and credits to cut your costs:
- 55 or older: You probably qualify for a senior or mature discount except on non-hurricane portions of your policy if you or your spouse is at least 55. Some insurers offer as much as 20% off your premium for that age group.
- Military and veterans: Are you an active duty or military veteran? You can get 5% off with some insurance carriers.
- Secured and gated community: You’ll qualify for a discount on your premium if you live in a gated community because your home is more protected from vandalism and theft. That can help keep more money in your pocket.
- Burglar or fire alarm: Install a home security system to help you save money on your annual insurance premium. You must provide a current alarm certificate from the monitoring company dated within the past year to get this 15% to 20% discount. You could save even more money if you have fire sprinklers.
- Insurance score credit: You can earn an insurance discount if your insurance credit score is higher than average. Ask your agent to run your insurance score to see how much you can save.
- Wind mitigation credit: Hurricane windows and roofs that have been installed since 2002 will help you save on your insurance.
- Loyalty discounts: Stay with your insurance carrier for at least 3 to 5 years and get up to 5% off your premiums. Stick with the carrier for 6 years or longer to get a 10% discount.
How are Homeownersowners Insurance Rates Determined?
Your homeowners insurance rates are determined by how likely you are to file a claim. The higher the risk you pose, the higher your insurance premiums will be. Carriers determine your premiums by the level of coverage you want, the location of your home, its square footage, type of construction and age.
The build costs and likelihood of inclement weather in your area will also have an effect on your premium — and so will your deductible, the local crime rate and your insurance score.
Inclement Weather and Nature-Related Risks in Florida
There are many severe weather threats that harm people, property and businesses in Florida.
The biggest threat to Florida isn’t actually hurricanes — it’s lightning. Florida is the nation’s lightning capital. Lightning killed 47 people in Florida from 2008 to 2017, the National Weather Service reports.
Extreme heat is the 2nd largest severe weather risk in Florida. Heat causes more deaths each year than hurricanes, lightning, tornadoes, earthquakes and floods combined. The U.S. Centers for Disease Control and Prevention says that more than 600 people die from extreme heat each year in Florida.
It’s no surprise that Florida is at high risk for hurricanes. It’s often a bullseye for hurricanes and tropical storms because of its location. Storms develop off the coast of Africa, make their way through the Caribbean and gather more strength and speed as they head toward Florida. Hurricane Irma slammed into the state in 2017, killing 84 people and causing more than $8.6 billion in property damage.
Most Affordable Cities for Homeowners Insurance in Florida
Homeowners insurance in Florida is already expensive, but you can get the most affordable annual rates if you live in one of these cities:
- Gainesville – $1,044
- Bradenton – $1,061
- Tallahassee – $1,075
- Palm Coast – $1,086
Most Expensive Cities for Homeowners Insurance in Florida
Florida’s home insurance rates are climbing, and in some cities, have increased more than 7,000% in the past decade. These increases are mainly because contractors file insurance claims and drive up rates. Do you live in or plan to relocate to one of these 4 cities? If so, it may cost you.
- Conch Key – $11,702
- Big Pine Key – $11,684
- Big Torch Key – $11,684
- Big Coppett – $11,599
4 Best Homeownersowners Insurance Providers in Florida
We’ve done exhaustive research and categorized these 4 as the best homeowners insurance providers in Florida: State Farm, Security First, United Property and Casualty (UPC) and Chubb.
1. Best Overall in Florida: Kin
Take a serious look at Kin if you want to save money on home insurance. Kin Insurance curates data and packages policies that fit your needs exactly. The best part? You can insure your home or property in less than 15 minutes, thanks to Kin’s easy and efficient online application. Here’s why you want to take a look:
- The more your home can withstand Florida weather, the cheaper your premium will be.
- Customer service reps answer your questions right away.
- Home insurance policies offer hurricane and wind protection.
Get a custom quote with Kin Insurance and see why this up-to-the-minute insurance company satisfies Florida homeowners all across the Sunshine State.
2. Best for Home Discounts: State Farm
State Farm is 58% cheaper than the average Florida home insurance carrier, at an average cost of only $710 per year.
State Farm always has a local agent available to assist you, as well as well-regarded customer service ratings and few complaints.
State Farm has incomparable financial stability and has scored an A++ rating from A.M. Best. This means the company will be able to pay out insurance claims regardless of a widespread disaster.
3. Best for Condos: Security First
Focused on the cheapest possible rates for home insurance in Florida? Security First is the company to keep an eye on. The annual premium rate is an average of $519 a year.
That’s less than one-third of the average statewide rate — and it beats State Farm by $209. Its cheap premium is about all Security First has going for it.
Security First doesn’t offer products beyond the basics any carrier offers. Security First also has 33% more registered complaints than the average home insurance company in Florida.
4. Best for Hurricane Expertise: United Property and Casualty (UPC)
Do you live in a hurricane-prone area? You may want an insurance company that specializes in dealing with the perils of coastal living.
UPC specializes in the coverage of coastal states and the risks associated with owning a home near the ocean.
The carrier’s upper-tier package comes with water backup and refrigerated contents coverages, which handle common situations that occur after major storms.
5. Best for High-Value Homes: Chubb
Take a close look at Chubb Insurance if you have a high-priced home and impeccable customer service is important to you. Chubb offers premium coverage such as extended replacement costs.
That’s the extra cost needed to repair or replace items that increase in price more than normal. Chubb’s premium rates tend to be more expensive, but its premiums cost about 26% less in Florida compared to other carriers in the state.
Mid-income homeowners may not be able to qualify for a Chubb policy becauses of Chubb’s strict minimum requirements.
Choose the Best Insurance Provider in Florida
Be sure you know and understand all the details about your homeowners insurance coverage before you make a final decision on a policy. You don’t want to make the mistake of not buying a rider to cover repair and replacement costs after a disaster already hits. Knowing for sure will spare you any headaches and catastrophic losses that can be difficult to overcome.
It’s essential to go beyond simply looking for the best price as you consider an insurance company to protect your home. Consider customer service and financial stability, too. An affordable insurance company might undervalue your claim, provide sloppy service — or even worse — not have the money to pay out claims.
Frequently Asked Questions
1) Q: How does home insurance liability coverage work?
Most home insurance policies provide liability coverage that can help protect you and your family against several types of lawsuits or liability claims. Coverage limit options usually begin at $100,000 and can go as high as $1 million. Your liability coverage provides coverage for common mishaps, like slip and fall accidents or animal bites and can protect you even when you are away from home. However, home insurance liability coverage does not provide coverage for automobile-related liability or liability related to business activity. Get the best home coverage and policy through our top providers today.
2) Q: What are the most common types of home insurance claims?
Wind and hail claims top the list with nearly 40% of all home insurance claims due to these two acts of nature. Fire and lightning are the second most common, but claims due to fire tend to much bigger than claims dues to other types of risk. The possibility of a total loss is why it’s so important to insure your home for the full cost of rebuilding.
3) Q: If I drop my computer, will home insurance cover the cost of replacement?
Home insurance policies usually cover personal property for a specific list of risks, called named perils. These perils might include fire, theft, burst pipes, and more, but dropping your laptop or TV or spilling soda on your new game console isn’t covered. See the best home insurance providers for a custom quote.
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