Home Insurance in Florida

Florida homeowners insurance: what you need to know

The average cost for home insurance in Florida is $1,405 per year or $118 per month. Premium costs aren't bad relative to the rest of the US — although Floridians do pay 5% more per year on average. The best way to get an affordable homeowners insurance policy in Florida is to get quotes from as many insurance companies as possible. 

Unlike car insurance, homeowners insurance isn't controlled by state legislation. Even so, major gaps exist in home insurance rates on a state-by-state basis. Policy prices in states may vary based on the total number and value of homeowners claims filed in that particular state, and depend on the value of the belongings and structures covered by the policy.

Learn more about typical homeowners insurance rates in Florida by referencing the data below.  Or, check out our guide to the Florida insurance crisis for information on contributing factors and what to do if your Florida home insurance has been canceled.

 

Table of contents:

1. Rates by company
2. Rates by coverage amount
3. Rates by deductible amount
4. Rates by city
5. Bundling savings
6. Frequently asked questions
7. Natural disaster coverage

 

The cheapest home insurance companies in Florida

Home insurance rates in Florida vary greatly depending on which insurer you use. In Florida, Security First offers the best deal on home insurance at just $535 yearly. This compares favorably to Florida's average cost of $1,450 and is even significantly lower than the cheapest home insurance companies in the country.

To help save money, start shopping for a home insurance policy by reviewing the most affordable home insurance providers in Florida. Then, see our list of home insurers consumers rated the best for customer satisfaction. 

 

AFFORDABLE HOME INSURERS IN FLORIDA

Insurance Company	Average Yearly Rate in Florida
Security First	$535
State Farm	$740
ASI Preferred	$1,333
Castle Key	$1,351
Federal	$1,482

 

Florida home insurance prices by coverage levels

Your chosen amount of home insurance coverage has an impact on the insurance premiums you pay. In Florida, carrying $100K dwelling coverage (at replacement cost) runs an average of $813 per year, while carrying coverage up to $400K costs $2,699 per year.

 

POPULAR COVERAGE LIMITS IN FLORIDA

Coverage Level	Average Annual Cost
$100,000 Dwelling	$813
$200,000 Dwelling	$1,450
$250,000 Dwelling	$1,720
$400,000 Dwelling	$2,699

 

Homeowners insurance deductibles in Florida

Florida homeowners have numerous choices to make when buying a homeowners policy, including the amount of their deductible. 

When choosing a deductible, keep in mind that the higher your deductible is, the lower your insurance rates will be. Therefore, it might make sense to set a higher deductible if you are hoping to lock in lower insurance rates. Keep in mind that your deductible should only be set as high as you can reasonably pay if you incur a loss.

The following chart reveals the typical premiums associated with deductibles offered by most home insurers.

 

HOME INSURANCE PREMIUMS BY DEDUCTIBLE IN FLORIDA

Deductible Tier	Average Annual Homeowners Insurance Rate
$500	$1,863
$1,000	$1,720
$1,500	$1,702
$2,000	$1,523
$5,000	$1,466

 

Florida homeowners insurance costs by city

Not all cities in the Sunshine State have the same homeowners insurance rates. Prices for property insurance may depend on locally specific variables such as the number of local claims filed, the likelihood of perils like vandalism and natural disasters, and more, lending your ZIP code plenty of weight in deciding how much you pay.

The most affordable home insurance in Florida is found in Hernando Beach. An average home insurance policy in Hernando Beach costs Floridians just $1,038 each year — $412 less than the statewide average. The cities listed below have the most affordable home insurance in Florida.

 

CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN FLORIDA

City	Average 12-Month Home Insurance Rate
Hernando Beach	$1,038
Brookridge	$1,043
Brooksville	$1,047
Spring Hill	$1,055
Flagler Beach	$1,069

 

Seeking info on home insurance in a bigger city? Check out our data-driven analyses of these populous Florida cities:

• Hialeah
• Jacksonville
• Miami
• Orlando
• St. Petersburg
• Tampa

 

Home and auto insurance bundling in Florida

If you want to save, consider carrying your home and auto policies with the same insurance company. Bundling auto and homeowners insurance can save you a substantial sum each month on your auto insurance policy. In fact, bundling policies in Florida leads to a yearly discount of $85.

 

HOME AND AUTO BUNDLING DISCOUNTS IN FLORIDA

Avg. Annual Rate (No Bundle)	Avg. Annual Rate (w/ Bundle)	Annual Savings ($)	Annual Savings (%)
$1,995	$1,910	$85	4%

 

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Florida homeowners insurance FAQs

 

Does USAA insure homes in Florida?

If you're a member of the U.S. military — or family of a service member — you can buy home insurance from USAA.

Why is home insurance so expensive in Florida?

Given the likelihood of extreme weather events, Florida is a very risky state in which to insure property. As such, many home insurance companies charge higher rates to offset the risk of insuring properties in the state.

 

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Natural disaster coverage in Florida

 

Does homeowners insurance cover tornadoes in Florida?

Tornadoes can hit with very little warning. There isn't much one can do to get ready and the effects are usually catastrophic. Therefore, it's vital to protect your home against tornado damage in Florida, which averages 57 tornado events per year.*

Damage from tornadoes is typically caused by wind, so make sure your current homeowners policy includes windstorm protection, which comes standard in most homeowners policies.

Wind protection provides coverage to a building's exterior and overall structure. Depending on your policy type, you may find that interior damage is only covered when it occurs as caused by exterior damage, like a tree branch breaking a window. Detached structures are also covered, normally about 10% of the home’s insured amount. It's important to remember that some losses brought about by the storm may not be covered. For instance, if the storm that produced the tornado also causes flooding that damages your home, your home won't be covered unless you've specifically purchased flood insurance.

*Source: NOAA'S National Weather Service

 

Does homeowners insurance cover hurricanes in Florida?

Because hurricanes can cause damage and destroy property at a massive scale, insurance companies are reluctant to assume the full risk of hurricanes as a whole. If you live in Florida, you could face an increased risk of suffering hurricane damage. In fact, 351,093 single-family residences are at extreme risk of hurricane damage in Florida.*

If you own a home near the coast, it's essential to confirm the details of your homeowners insurance policy since usually a basic policy won't be enough to cover hurricane damage — you would need to reinforce your policy with windstorm and flood insurance, which would work together to cover the damages. In some states, your insurer may make it compulsory to have a separate hurricane deductible if you live somewhere requiring high-risk homeowners insurance.

*Source: Insurance Information Institute

 

HURRICANE DEDUCTIBLE RATES IN FLORIDA

Company	Average Annual Rate w/ Hurricane Endorsement
State Farm	$2,005
American Strategic	$2,650
Peoples Trust	$2,768
Security First	$2,842
United	$2,867

 

Does homeowners insurance cover flooding in Florida?

Flood insurance is a necessity for many in Florida, which faced $17,024,301 in flood insurance claims in 2016.* Flood damage — whether a byproduct of a downpour or a hurricane —is not covered by homeowners insurance policies. To insure your home against flood damage, acquire insurance through FEMA's National Flood Insurance Program (NFIP) or via a private insurer. 

Flood insurance coverage from private companies may vary, but NFIP flood insurance covers:

• $250,000 for your home’s structure
• $100,000 for your personal property

If the value of your personal property and home exceeds these limits, consider purchasing a flood insurance policy from our partners at Neptune for additional protection.

*Source: Federal Emergency Management Agency (FEMA)