Homeowners Insurance in Florida

Giving you the know-how to find the best homeowners insurance in Florida

Finding the Best Homeowners Insurance in Florida

As a homeowner in Florida, you might have thought about getting homeowners insurance. If it’s not high on your priority list, it should be – homeowners insurance in Florida works to protect you, your family, your home, and your possessions. While homeowners insurance is optional, it’s especially important for a state that experiences so many wildfires, tropical storms, and hurricanes. Despite being called The Sunshine State, Florida is also known as the lightning capital of the US. The effects of these natural hazards can be devastating to your home and its contents. Homeowners insurance offers coverage for damages caused by covered events like those mentioned above, as well as for theft, vandalism, and riots. It also covers you and your family’s liability and additional living expenses if something happens to your home. Almost 66% of Floridians own their homes; homeowners insurance is a huge market that can seem daunting to wade into. Luckily, we’ve laid the groundwork for you by sifting through all the noise. On this page, we’ll give you an overview of the cost, coverage offerings, providers, and potential discounts for homeowners insurance. Our goal is to help you find affordable homeowners insurance that meets all your coverage needs.
Florida Homeowners Insurance Cost Broken DownRates
Yearly Cost of Homeowners Insurance in Florida$2,202.00
Costs Per Month for Homeowners Insurance in Florida$183.50

How Much is Homeowners Insurance in Florida

Your first big question is likely, “How much is homeowners insurance in Florida?”. The first thing to know is that rates can vary drastically across the state and even within cities. Factors for calculating price include the risk level of your neighbourhood, the age of your home, the quality of its construction, your credit score, and many more things. However, a general location is a good place to start. Unfortunately, Florida is ranked the 3rd most expensive state in the country for homeowners insurance. Florida’s property insurance legislation, high occurrence of hurricanes and other disasters, as well as increasing rates of insurance fraud have all contributed to Floridians having to overpay for insurance. The average cost of homeowners insurance in Florida is $X.XX per month, or $X.XX per year. Gainesville has the cheapest average rates at $X.XX per month, or $X.XX per year. Hialeah is the priciest city, with a significantly more expensive $X.XX per month or $X.XX annually. In Florida, 41% of those earning a mid-level income are considered cost-burdened because they spend more than 30% of their earnings on rent and utilities. The numbers jump up to 70% for low-income earners and only continue to climb as income decreases. Adding homeowners insurance premiums to the mix might be difficult to consider, but the cost of rebuilding your home, replacing your valuables, or paying for medical and legal expenses for incidents involving others would be much worse. It pays to plan ahead.

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Florida Homeowners Insurance Laws

Buying homeowners insurance in Florida is not mandatory by law. However, some cities may require homeowners with certain pets (usually specific breeds of dog) and swimming pools to get liability coverage, which included in homeowners insurance. If you’re mortgaging your home, it’s not uncommon for lenders to require homeowners insurance coverage as part of the lending agreement. If you fail to maintain your insurance with these terms in place, your lender may get the insurance you’re your property. You’ll be charged for this “lender-placed” policy along with your loan premiums. This is best avoided because this type of insurance is typically very expensive, so it is highly recommended that you carry your own insurance to protect your home. Additionally, you’ll have more freedom to set your own payment schedule, such as paying in one lump sum instead of installments. Luckily, legislation surrounding homeowners insurance policies in Florida often favors the homeowner. If terms in an insurance policy are ambiguous, the law will interpret it in a way that provides you coverage. You should purchase homeowners insurance for the same reasons you have auto insurance; to protect yourself financially from costs related to repair, replacement, or even another person’s injuries.

What Does Homeowners Insurance Cover in Florida

Next, we’ll take a look at what homeowners insurance covers in Florida. Standard homeowners insurance policies cover four categories: the structures of your home, your personal property, additional living expenses, and your liability. Coverage for your home may extend to detached structures like gazebos, porches, and fences. Your personal property is also covered. Most policies provide actual cash value replacement, which reimburses you for the current worth of your item. Replacement cost coverage is an optional add-on that will pay you enough to replace your damaged item with a brand-new version (it does not factor in depreciation) up to policy limits. You may want to purchase extra coverage for high-value items like jewelry. Loss of use coverage reimburses you for some additional living expenses incurred from temporary relocation if your home becomes uninhabitable due to a covered loss. Finally, personal liability coverage comes into play if you or your family are found responsible for damaging someone else’s property or if a guest is injured on your property. This coverage can help pay for repair or replacement costs, medical bills, and even legal fees if you are sued over these situations. Add-ons and separate policies are available for other risks and uncovered perils, such as floods.

Top Rated Homeowners Insurance Companies in Florida Based on Ratings

Now that we’ve covered the basics, you might be wondering how you find the best homeowners insurance providers in Florida. We’ve provided a table listing the top insurance provider companies in Florida and how they fare for JD Power ratings and NAIC complaint index ratings. State Farm scored a 4 out of 5 from JD Power, indicating above-average performance on key indicators of customer satisfaction, including interaction, policy offerings, price, the billing process, and claims. They scored an NAIC complaint ratio of [X.XX], where 1 is the expected or average number of complaints. The best homeowners insurance company in Florida by JD Power’s measure is [COMPANY1], with a rating of [X] out of 5. The lowest complaint ratio in Florida goes to [COMPANY2], with a score of [X.XX]. [COMPANY3] has the lowest JD Power score with an [X] out of 5, and [COMPANY4] has the highest (and thus the worst) NAIC rating at [X.XX]. When looking up providers, other ratings to consider are their AM Best score, which indicates financial strength, and Fitch Ratings, which also looks at a company’s credit quality. Reading customer reviews is also a good avenue, though it may be difficult to decide which ones to listen to.

How to Lower Homeowners Insurance in Florida

Homeowners insurance rates are set to continue increasing in 2020 and 2021. Hurricane Irma and Hurricane Michael caused a huge amount of insurance losses in Florida, causing a number of insurance companies to fail financially. High numbers of claims and the recent economic downturn will also contribute to raised insurance rates. It may be a good idea to get a policy with a provider now before rates go up. Thankfully, Florida homeowners insurance discounts are abundant. A sure way to save with any provider is to bundle multiple insurance policies with them. Combining your homeowners and auto insurance can save you an average of 20% on your premiums. Installing security and safety devices like fire alarms, sprinkler systems, burglar alarms, and even deadbolts can earn you a discount as it reduces your risk of a loss occurring. Customers who stay with one company for years or who sign up for more than the standard year of coverage can get loyalty discounts. If you have a good credit score or have never filed a claim before, you’re likely to get a reduction in rates as well. There are more discounts unique to every company; ask an insurance agent or check a provider’s website to see what’s available.

Compare Homeowners Insurance in Florida Before Buying

We've covered all the basics – hopefully, you feel ready to start shopping for homeowners insurance in Florida. Our biggest recommendation is to shop around and compare multiple providers' prices before settling on an insurance plan. Many companies have convenient online quoting tools right on their website, which take only a few minutes to complete. Most of them will ask for things like your contact and address information, property details, and your desired coverage start date. You can also call an insurance agent to ask about what discounts may apply to you. It may be tempting to go with the first affordable quote you're offered, but remember all the other factors that go into making a great insurance policy. Our rating comparison chart is a good place to start. By comparing homeowners insurance policies in Florida, you can rest assured knowing you've found one that's ideal for you.