Best homeowners insurance in Florida of May 2024
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BLUEPRINT
Updated 10:09 a.m. UTC April 18, 2024
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The best homeowners insurance in Florida in 2024 is offered by State Farm and Tower Hill.
We researched 21 Florida homeowners insurance companies to find the best homeowners insurance in Florida based on availability, rates and customer satisfaction.
Why trust our home insurance experts
Our team of home insurance experts evaluates hundreds of insurance products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 88 Florida home insurance rates reviewed.
- 22 home insurance companies evaluated.
- 5 levels of fact-checking.
Top-rated home insurance companies in Florida 2024
Compare the best home insurance quotes
The best home insurance companies of 2024
Compare the best homeowners insurance in Florida
| COMPANY | Complaint level | AM BEST RATING | Learn more | |||||
|---|---|---|---|---|---|---|---|---|
 Tower Hill | Low | B (Fair) | Compare Rates Compare rates offered by participating partners | |||||
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| Low | A++ (Superior) | Compare Rates Compare rates offered by participating partners | ||||||
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| Very low | A++ (Superior) | Compare Rates Compare rates offered by participating partners | ||||||
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 Universal Property | High | N/A | Compare Rates Compare rates offered by participating partners | |||||
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 Citizens | Very high | A (Excellent) | Compare Rates Compare rates offered by participating partners | |||||
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Methodology
Our insurance experts evaluated 22 insurers to determine the best homeowners insurance companies in Florida based on the availability of new policies and reinsurance, average home insurance rates for Floridians and consumer complaints against each company using the National Association of Insurance Commissioners Complaint Index. Each category was assigned a different weight, adding to a score of 100.
Rates: 75 points. Our home insurance experts analyzed home insurance rates from Quadrant Information Services. The average rates are based on policies with dwelling coverage of $200,000, $350,000, $500,000 and $750,000. The homeowner profile was a 40-year-old female with a good credit score and no claims history.
- Personal property coverage: 50% of dwelling coverage limit.
- Other structures coverage: 10% of dwelling coverage limit.
- Loss of use coverage: 10% of dwelling coverage limit.
- $500 deductible.
- Liability insurance: $100,000.
- Medical payments coverage: $1,000.
Consumer complaints: 25 points. We collected complaint data from the National Association of Insurance Commissioners (NAIC), which shows the volume of home insurance consumer complaints against each company to state insurance departments.
How much is homeowners insurance in Florida?
Our analysis of rates determined that the cost of home insurance in Florida is $3,227 per year, based on the average of dwelling coverage limits from $200,000 to $750,000. Mark Frieldander of Triple-I estimates homeowners in Florida are paying much more — an average of $6,000 per year — which is more than triple the average annual premium in the U.S.
Average cost of home insurance in Florida by company
| COMPANY | $200,000 DWELLING COVERAGE | $350,000 DWELLING COVERAGE | $500,000 DWELLING COVERAGE | $750,000 DWELLING COVERAGE |
|---|---|---|---|---|
Tower Hill
| $705
| $1,143
| $1,526
| $2,122
|
$944
| $1,142
| $1,517
| $2,459
| |
$893
| $1,545
| $2,179
| $3,345
| |
Universal Property
| $2,112
| $3,890
| $6,168
| $9,646
|
Citizens Insurance
| $1,683
| $2,753
| $3,851
| $5,790
|
Armed Forces Insurance
| $1,003
| $1,767
| $2,530
| $3,804
|
Florida Peninsula Insurance
| $1,794
| $2,531
| $3,374
| $4,777
|
Why is homeowners insurance in Florida so expensive?
Many home insurance companies in Florida are going insolvent (essentially going out of business) or leaving the state. Floridians pay some of the highest home insurance in the country — around $6,000 per year on average, according to Friedlander.
Along with the increased number of hurricanes and inflation of construction and labor costs, lawsuit abuse and assignment of benefits have spurred a man-made crisis, said Friedlander.
Hurricanes have added fuel to the fire, with estimated insured losses from Hurricane Ian totaling $60 billion. The combination of these factors has made the Florida market difficult for homeowners to find home insurance, in terms of both options and cost, said Friedlander.
How to find the best homeowners insurance in Florida
Affordable Florida home insurance companies do exist, as our analysis demonstrates. Knowing what options are available for getting coverage is the first step in finding ways to save on homeowners insurance.
Here are some additional tips for saving money when researching the best homeowners insurance Florida has to offer.
- Understand your risks. Where you live in Florida may expose you to different types of risk that can affect home insurance costs. The Panhandle and southern coasts, for example, are typically more vulnerable to hurricane-related flooding versus the northern part of the state.
- Calculate the cost to rebuild. It’s important to ensure that you have enough coverage to rebuild your house from the ground up if necessary. Checking the costs of rebuilding in your area can help you determine how much dwelling coverage you need. You can get a rough estimate of your home’s rebuild cost by calculating your square footage times the local rebuild cost per square foot in your area.
- Consider coverage add-ons. Add-on coverage can enhance your policy but it’s important to choose only what you need in order to keep rates at bay. For example, you might not need additional jewelry coverage if your policy already covers that at a level that’s sufficient for what your items are worth. On the other hand, you might benefit from adding on water and sewer backup coverage if you’re worried about water damage.
- Raise your deductible. Increasing your deductible is a relatively simple way to reduce home insurance costs. Just keep in mind that your deductible is subtracted from your claim payout.
- Check for discounts. Florida home insurance companies may offer different discounts that could reduce your rates. For example, you might qualify for a new customer discount, new home discount or discounts for installing home security systems, all of which could help you pay less for coverage. If you take steps to fortify your home against hurricane damage, you may receive a discount or credit as well.
- Shop around. Comparison shopping can be the most effective way to find affordable home insurance companies in Florida. Getting multiple quotes can help you see what you might pay at different coverage levels.
Why is home insurance in Florida so expensive?
Along with the increased number of hurricanes and inflation of construction and labor costs, lawsuit abuse and assignment of benefits have spurred a man-made crisis, said Friedlander of Triple-I.
Florida’s Assignment of Benefits (AOB) law allows homeowners to turn claims over to a contractor, who can then file suit without talking to the insurer. The law further requires insurers to pay claims and legal costs should the contractor’s attorney win their suit for $1 more than the insurer offered.
That provision has created an environment that encourages the filing of lawsuits for inflated claims. That, said Friedlander, has led more than a dozen insurers to stop writing new policies in Florida. Six Florida residential insurers were declared insolvent in 2022 due to excessive litigation and 24 other companies are on the state’s watch list because of concerns over their financial stability.
Hurricanes have added fuel to the fire, with estimated insured losses from Hurricane Ian totaling $60 billion. The combination of these factors has made the Florida market difficult for homeowners to find home insurance, in terms of both options and cost, said Friedlander.
The good news is that the tide is poised to turn, said Dr. Charles Nyce, department chair and associate professor of risk management and insurance at Florida State University’s College of Business. Special sessions held by the Florida legislature resulted in measures that aim to reduce fraudulent claims and losses while incentivizing insurers to start writing policies again.
Competition should eventually bring down rates, said Nyce, though it may take anywhere from 12 to 18 months for homeowners to begin feeling substantial impacts.
What does home insurance in Florida cover?
A standard homeowners insurance policy covers your house structure for any problem except those listed as exclusions in the policy, such as natural wear and tear or neglect.
It also covers your personal property if items are damaged as a result of specific “perils,” which include:
- Accidental discharge or overflow of water or steam.
- Aircraft.
- Explosion.
- Falling objects.
- Fire or lightning.
- Freezing.
- Riot or civil commotion.
- Smoke.
- Sudden and accidental tearing apart, cracking, burning or bulging.
- Sudden and accidental damage from artificially generated electrical current.
- Theft.
- Vandalism.
- Vehicles.
- Volcanic eruption.
- Weight of ice, snow or sleet.
- Windstorm or hail.
It’s important to note that home insurance companies in Florida do not automatically include flood coverage in your policy. Flood insurance must typically be purchased separately if you’d like to insure your home against flood events.
Types of coverage in a homeowners insurance policy
A standard homeowners insurance policy includes these coverage types.
- Dwelling: Pays to repair or replace the structure of your house, as well as attached structures like a deck, if it’s damaged by a type of damage covered in your policy, like a house fire.
- Other structures: Pays to repair or rebuild other structures on the property that aren’t connected to the house, such as fencing or a shed.
- Personal property: Pays to repair or replace your personal belongings, like furniture, clothing, electronics and other items.
- Loss of use: Pays for additional living expenses if your home becomes unlivable because of a covered event, such as a fire. Helps pay for lodging, meals and other necessary expenses until you’re able to return to the property.
- Liability: Pays for property damage repair or medical expenses for someone else if you’re found to be at fault. Also helps pay for your own legal expenses if you get sued over the matter, up to your policy limits.
- Medical payments to others: Pays for someone else’s medical expenses if they’re hurt on your property, regardless of who was at fault. This is intended to cover smaller injuries, so the coverage limit is usually $1,000 to $5,000.
Hurricane damage and Florida homeowners insurance
Most home insurance policies in Florida will cover wind or rain damage associated with hurricanes. However, this coverage typically does not extend to damage caused by storm surge or flooding occurring during a hurricane or after.
You’ll need to purchase separate flood insurance for that. It’s also important to note that Florida is one of a handful of states that requires a separate hurricane deductible. The deductible only applies if your home sustains hurricane damage from a named storm.
Florida home insurance companies are required to offer four hurricane deductible options:
- $500.
- 2% of policy structure or dwelling limits.
- 5% of policy structure or dwelling limits.
- 10% of policy structure or dwelling limits.
There are some exceptions. For example, if your home is valued at $250,000 or more your insurer isn’t required to offer the $500 deductible.
How to save on home insurance in Florida
You can reduce home insurance costs by taking steps to mitigate hurricane risk, said Nyce. Florida has a Hurricane Loss Mitigation Program and My Safe Florida Home, which help you minimize damage to your home from hurricanes. If you take the proper steps to fortify your home against hurricane damage, you may be eligible for a grant and could save on home insurance.
Some requirements include:
- Installing a secondary water resistance layer to your roof.
- Upgrading your roof covering.
- Improving the strength of roof deck attachments.
- Upgrading your garage and exterior doors.
- Updating your windows.
Once you apply and make the updates, you’ll need to pass a wind mitigation inspection to qualify. You should then submit the mitigation inspection report to your insurer to see if you qualify for discounts on your home insurance.
Home insurance discounts in Florida
All of the best Florida home insurance companies in our analysis offer discounts, such as those for:
- Bundling your home insurance with another insurance product, like car insurance.
- Burglar and fire alarms.
- Claims free.
- Wind mitigation efforts.
Common causes of home insurance claims in Florida
The most common causes of home insurance claims in Florida are related to storms and hurricanes. That can include:
- Wind and hail damage
- Water damage.
- Lightning or fire damage.
Across the country, wind and hail damage is the most common type of home insurance loss claim.
What to do if you can’t get home insurance in Florida
If you’re struggling to find home insurance coverage in Florida — whether it’s because of your home’s location and risk or your claims history — there are options:
- Shop around and compare home insurance quotes. Just because one insurer denies you home insurance doesn’t mean all companies will.
- Consider purchasing home insurance through Florida’s FAIR Plan. Florida’s FAIR Plan is sold by Citizens Insurance. Because home insurance companies are leaving the state, Citizens has become the largest home insurer in Florida, with over 1.2 million customers.
Citizens Insurance flood insurance requirements in Florida
The Florida legislature passed Senate Bill 2-A in December 2022 which requires Citizens Insurance to mandate its policyholders purchase flood insurance.
Citizens’ flood insurance deadlines
From Jan. 1, 2024 to Jan. 1, 2027, it doesn’t matter if you live in a flood zone or not, you’ll be required to purchase flood insurance if you have a home insurance policy that includes wind coverage through Citizens Insurance.
Here are the deadlines for Citizens’ flood insurance requirements.
- January 1, 2024: Current and new customers with homes insured for $600,000 or more will need flood insurance by their policy’s renewal date.
- January 1, 2025: Current and new customers with homes insured for $500,000 or more will need flood insurance by their policy’s renewal date.
- January 1, 2026: Current and new customers with homes insured for $400,000 or more will need flood insurance by their policy’s renewal date.
- January 1, 2027: All properties, regardless of value, will need flood insurance.
Best homeowners insurance in Florida FAQs
Florida law does not require you to have home insurance. However, going without coverage could leave you open to significant financial losses if your home is damaged due to a natural disaster, fire or another type of peril that would be included in a standard homeowners policy.
Your mortgage company may also require you to have a homeowners policy in place.
Historically, Florida has not mandated flood insurance for homeowners. In 2022, Florida lawmakers successfully passed a measure requiring homeowners to obtain flood insurance. If signed into law, the bill would require homeowners to secure flood insurance before the decade is out, with deadlines for doing so set according to the value of the property to be insured.
Tower Hill and State Farm offer the most affordable home insurance in Florida. For a home insurance policy with $350,000 in dwelling coverage you may pay an average of $1,143 per year with Tower Hill or $1,142 per year with State Farm, according to our analysis of rates.
The largest home insurance company in Florida is Citizens Insurance. In Florida, Citizens is the state-backed insurer of last resort. Many home insurance companies have stopped selling or gone insolvent in Florida, which has pushed more and more homeowners to get coverage through Citizens.
The state of Florida may not require you to purchase special homeowners insurance coverage, but your mortgage lender likely will. Home insurance policies include coverage for wind and hail damage, but it may be excluded if you live in a high-risk area of Florida. If that’s the case, you’ll need to add wind coverage to your home insurance policy.
In Florida, if your property is damaged by a named storm, a separate deductible will be subtracted from your claim payout. Hurricane deductibles are typically set at a percentage of your dwelling coverage limit, like 10%.
Home insurance excludes coverage for flood damage, so you may need to purchase flood insurance in order to be properly insured against any hurricane or storm flooding.
No, earthquake insurance is not required in Florida, but home insurance excludes coverage for earthquake damage. If you want to be insured against potential earthquake damage, you’ll need to purchase earthquake insurance.
No, the state of Florida does not require you to purchase wind insurance, but if it’s excluded from your homeowners insurance policy, your mortgage lender or insurer may require you to purchase a wind coverage add-on or wind insurance policy.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
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