Best and cheapest homeowners insurance in Florida in 2024

Table Of Content

• Compare homeowners insurance rates with other states
• Why it's difficult to get home insurance in Florida
• Why does home insurance cost so much in Florida?
• Different types of homeowners coverage
• What’s Not Covered by Florida Homeowners Insurance?
• Best homeowners insurance companies in Florida for April 2024
• Understand your coverage needs.
• Compare the best homeowners insurance companies in Florida

In terms of discounts, policyholders can reduce their premiums by simply being claims-free, bundling and having security devices at home. Florida’s home insurance market remains in flux even after insurance reform bills were signed into law in 2022 and 2023. The companies that remain active in Florida will likely have to increase rates to maintain sufficient claims reserves to handle widespread hurricane claims.

Compare homeowners insurance rates with other states

In order to identify the best home insurance in Florida for expensive homes, MoneyGeek examined the cost of a policy with $2 million in dwelling coverage against a provider’s customer satisfaction rating. Homes in Florida are at risk of hurricane damage, something a basic homeowners insurance policy typically doesn’t cover. You’ll need to add more coverage to protect your home from these disasters. With an average annual rate of $2,480 per year, Nationwide charges less than the state average for homeowners insurance. For example, you can add coverage for things like identity theft, high-value items and backed-up sewers and drains. Tallahassee has the cheapest homeowners insurance among the state's largest cities, with an average rate of $2,650 per year, which is $220 per month.

Why it's difficult to get home insurance in Florida

MoneyGeek analyzed homeowners insurance quotes from the top insurance companies in Florida provided in partnership with Quadrant. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000. USAA’s high customer service rating is thanks to its coverage and discount offers. Included in its policies at no additional cost is the Contents Replacement Cost coverage, which can pay for the loss of personal belongings at its most recent replacement cost and no depreciation. USAA also offers Home Rental coverage, which protects a policyholder and their property if they choose to rent out rooms or the entire unit.

Why does home insurance cost so much in Florida?

And of course Florida home insurance companies that are going out of business won’t be renewing policies. Even if you have never submitted an insurance claim, you could be penalized due to the past claims of the previous owner. Many Florida homeowners can’t qualify for coverage with a private insurer and Citizens has become a more common way to get coverage. Citizens Property only offers replacement coverage for homes up to $700,000 in most of the state.

Different types of homeowners coverage

When buying homeowners insurance in Florida, there are two additional insurance options you may need to consider to protect against the state’s frequent hurricanes and flooding. Based on our analysis, Security First, Tower Hill, and State Farm are the three cheapest home insurance companies in Florida, with statewide average premiums ranging from $721 to $2,227 per year. Universal Property and Florida Penninsula Insurance are also among the most affordable home insurance carrier options for Florida residents in 2024, as detailed in the table below. The average cost of homeowners insurance in Florida is $2,288 per year. If it is, then you can get a quote from any licensed insurance agent who’s authorized to sell Citizens coverage. Citizens Insurance offers basic home and wind-only insurance coverage for homes in high-risk coastal areas of Florida.

What’s Not Covered by Florida Homeowners Insurance?

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Best homeowners insurance companies in Florida for April 2024

Take the first step towards safeguarding your most cherished investment. With just a few clicks you can look up the GEICO Insurance Agency partner your Earthquake policy is with to find policy service options and contact information. With just a few clicks you can look up the GEICO Insurance Agency partner your Professional Liability Policy is with to find policy service options and contact information. With just a few clicks you can look up the GEICO Insurance Agency partner your General Liability Policy is with to find policy service options and contact information. With just a few clicks you can look up the GEICO Insurance Agency partner your Business Owners Policy is with to find policy service options and contact information.

Security First Insurance is one of the cheapest home insurance companies we've seen not just in Florida, but nationwide. The average cost of homeowners insurance in Florida is $191 per month or $2,288 per year for $300,000 in dwelling coverage, according to our latest insurance pricing analysis. This is around 30% higher than the national average of $1,754 per year.

Similar to personal liability, medical payments to others covers minor injuries that occur on the policyholder’s property — whether or not they’re found liable for the incident. Policies usually have between $1,000 and $5,000 worth of MedPay coverage. That’s why Florida is the most expensive state for homeowners insurance.

But those are just averages and many factors play key roles in how much you’ll pay. The move is the latest nudge by the state to move policyholders from the state’s insurer of last resort to private insurance companies. Frontline Insurance is one of the only insurance companies nationwide that offers a cash-back program for your hurricane deductible.

The information you provide will be shared with our business partners so that they can return a quote. Understanding the common claims in Florida can help homeowners better prepare and choose the right insurance coverage. By being aware of these risks, you can ensure your home and belongings are adequately protected. Florida's unique landscape and climate conditions require homeowners to be well-informed about the various types of insurance coverage available. From coastal properties vulnerable to storm surges to inland homes at risk of flooding, each residence has its own set of challenges. Once a homeowner pours over their coverage options, it's time to find out how much the discounts they qualify for lower the cost of coverage.

The change, voted unanimously by the Senate Banking and Insurance Committee, would allow Citizens to sell home insurance for homes valued over $700,000. As the state’s insurer of last resort, Citizens currently can’t sell policies for $700,000 or more except in Miami-Dade and Monroe counties, which have a $1 million limit. The My Safe Florida Home program is designed to help homeowners mitigate hurricane risk by providing free home inspections that identify and recommend improvements that can be done to your home. Eligible homeowners who live in participating areas of Florida can then apply for grants to get their homes retrofitted with these improvements to lessen the risk of hurricane damage. Security First Insurance comes with cheap rates that are $1,000 below the state average in Florida.

The exact premiums you pay will vary by where you live, your coverage amounts and many more factors. For instance, the most expensive county for $150,000 worth of homeowners insurance is Miami-Dade, averaging $6,597 per year. Bankers Insurance doesn’t think the legislation went far enough to help homeowners insurance companies with fraud and litigation. The average cost of Florida home insurance is $2,030 a year for a typical house with $350,000 in dwelling coverage.