Find the Best Homeowners Insurance Rates & Companies in Florida
The average cost of homeowners insurance in Florida is about $1,951 per year. Overall, Florida has the second highest home insurance rates in the nation, only falling behind Louisiana. The national average cost of a home insurance policy is only $1,211 per year.
The current average home price in Florida is $407,000, and the average condo and townhouse price in Florida is $305,000. When paying so much for your property, it's critical to protect it with the right coverage. That means getting a home insurance policy that incorporates all aspects of your home.
An independent insurance agent can help you get equipped with the right home insurance policy for your needs. But first, read on for a deeper breakdown of home insurance in Florida.
Best Homeowners Insurance Companies in Florida
You can find homeowners insurance from many different carriers in Florida, but that doesn't mean each of these companies offers the coverage you need. We've gone ahead and compiled a list of a handful of our top recommendations for the best home insurance companies in Florida. An independent insurance agent can help you further explore these options, and others.
- Progressive: Progressive offers home insurance as well as a myriad of other products. The carrier boasts a high financial strength rating, 24/7/365 customer service, and tons of discount options.
- PURE: PURE offers home insurance along with several other types of personal coverage. The carrier also has excellent financial strength and 24/7 claims reporting.
- Stillwater: Stillwater offers home insurance and coverage for just about any other type of personal property you could need it for. The carrier has excellent ratings for financial strength as well as overall by the Better Business Bureau (BBB) and offers 24/7 claims reporting.
- Florida Peninsula: Florida Peninsula offers home insurance as well as flood coverage and others for residents of Florida. The carrier holds solid financial strength and an excellent rating by the BBB and is one of Florida's largest home insurance companies.
- SLB Insurance Group: SLB Insurance Group offers home insurance as well as several other types of personal and business products. The carrier also holds excellent ratings in financial strength and from the BBB.
An independent insurance agent can help you browse homeowners insurance coverage for your Florida home from any of these trusted carriers.
What Homeowners Insurance in Florida Can Cover
Hurricanes and tropical storms are the most common natural disasters that occur in the state of Florida. Both of these natural disasters have the potential to completely destroy your home and other property. Without the right type of coverage, you could be left paying for repairs and replacement out of your own pocket. However, a basic home insurance policy won't be sufficient if one of these natural disasters occurs, since flood damage caused by natural water sources is excluded.
The basic coverages included in a Florida home insurance policy are:
- Personal property: This covers your personal belongings like clothing against many disasters like theft, fire, etc.
- Dwelling: This covers your home's structure against many disasters like lightning strikes, fire damage, vandalism, etc.
- Loss of use: This covers your extra expenses if you must stay somewhere else while your home is being repaired after a covered disaster like a fire.
- Personal liability: This covers your legal expenses like attorney fees if you get sued by a third party for personal property damage or bodily injury.
What Homeowners Insurance in Florida Will Not Cover
Flood damage that stems from natural disasters is not covered by home insurance in Florida. Earthquakes are another type of natural disaster that is not covered. Earthquake insurance may not be necessary to add since these disasters are rare in Florida, but you should still consider it relative to your situation.
Home insurance in Florida also doesn't cover these:
- Maintenance-related losses
- Normal wear and tear of the home
- Sewer backup damage
- Your personal vehicles
- Business-related losses
Hurricanes and tropical storms
While home insurance policies in Florida must cover wind damage from natural disasters such as hurricanes, they're not required to cover natural flood damage. Water and flood damage from hurricanes, tropical storms, heavy rainfall, tsunamis, etc., must be covered by a separate flood insurance policy.
Flood damage in Florida
Residents in Florida might want to consider adding sewer backup coverage to their policies, as well as flood insurance. Since Florida has such a high frequency of natural disasters like hurricanes and tropical storms, having coverage for your home against flooding from natural water sources is critical. Without the right flood insurance, you could have to pay out of your own pocket to rebuild your home.
Average Cost of Homeowners Insurance in Florida
The average cost of homeowners insurance in Florida is much higher than the current national average of $1,211 per year. In Florida, residents pay an average of $1,951 per year for their coverage. Home insurance rates in Florida are the second-highest in the nation, due to the state's increased risk of natural disasters like hurricanes and tropical storms, as well as increased property values due to the desirability of the location.
Average Florida Home Insurance Costs by City
Home insurance costs vary not only by state but also by city. Cities have differing home insurance rates due to property values, proximity to the ocean, and other factors. In Florida, residents in the city of Naples currently pay the highest home insurance rates on average, at $2,801 per year. The Florida city with the cheapest homeowners insurance rates is Melbourne, where residents pay an average of just $1,683 per year for their coverage.