Best Florida car & homeowners insurance as rated by customers in 2023
One way to save money on insurance in Florida is by bundling. Many insurance companies offer a discount to customers who bundle their car insurance with their homeowners insurance or another type of insurance. If you bundle, you could see a discount of between 5-25 percent on your insurance in most cases. That's applied to all policies and insurance costs.
In addition to savings, there are other benefits to bundling your insurance in Florida. Your policies will be grouped together. You can schedule all your premiums on the same day or split them up. An increasing number of homeowners are combining multiple policies into one policy with one premium. This simplifies your process, but it can also deter people from shopping for a new auto insurance bundle because if you switch one policy, you may have to restructure everything. Find out if bundling your insurance in Florida is a good idea for you.
What are Florida's minimum requirements for car insurance?
- Property damage — $10,000 per accident
Personal injury protection:
- $10,000 per person
When you get your drivers license in Florida, you should also shop for insurance. Collision and comprehensive coverage protect your car in the event of an accident. You only need a certain amount of liability coverage on your auto insurance policy to meet the legal requirements to drive, though. Visit our blog to learn more about car insurance in Florida.
What hazards do Floridians face more often?
No matter what zip code you live in, you'll face some risk of collision whether that be with other drivers, animals, or other objects. In Florida, weather-related incidents are typically among the costliest homeowners insurance claims leading to some of the highest homeowners rates in the country and high rates on auto policies. FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here’s a look at the Florida federally declared disasters since 1953:
- Fire - 45
- Hurricane - 39
- Severe storm - 22
- Flood - 13
- Freezing - 6
- Coastal storm - 2
- Tornado - 1
Visit our blog to learn more about homeowners insurance in Florida.
What are the average Florida car and homeowners insurance rates?
The following statistics show average prices for car and homeowners insurance in Florida for 2015, according to Insurance Information Institute data. The combined price is a calculation done by Clearsurance for illustrative purposes. These are sample averages. So with insurance discounts and variances in insurance products, your rates could vary widely.
- Average Florida car insurance expenditure - $1,185.25
- Average Florida homeowners insurance premiums - $1,993
- Combined average Florida car and homeowners rates - $3,178.25
To put the potential savings by bundling in perspective, if a Florida resident received a discount of 10 percent for bundling their car and homeowners insurance policies, they’d save an average of more than $300 a year. If they earned a 20 percent discount, they could see an average savings of more than $600 a year by bundling. This could be turned into additional coverage you thought you couldn't afford or lower monthly premiums. Read on to learn more about the potential benefits of bundling your car and homeowners insurance policies.
Can you save by bundling car and homeowners insurance in Florida?
Among the benefits of purchasing car insurance and homeowners insurance from the same company in is the savings you may see on both policies. Many Florida insurance companies offer a multi-policy discount for bundling car and home (or other policies like life insurance or renters insurance). So instead of paying a full premium price for car insurance with one company and full price for homeowners with a different insurer, you could see discounted rates on both car and home by purchasing both policies from one carrier.
Interested in learning more about the potential savings you could receive by bundling your policies in Florida? Find an insurance company you’re interested in on the rankings table and visit its profile page where we’ve listed the discounts the company offers. The amount of savings you’ll see will depend on the insurer and your own situation, so it’s best to call the company or your agent to find more detailed information on specific discounts.
Is the convenience worth it for residents of Florida?
Keeping track of one policy, the payments, the paperwork and the renewal date is more than enough to make your head spin. Throw in multiple policies with different insurance companies and it can be maddening. But what if everything for your car and home was in one place?
Beyond just the potential savings, the convenience of having both policies with the same company can often be worth bundling with one company — if you can find an insurer you feel confident in that sells both products in Florida. Having one renewal date, less paperwork and one insurance company to call can make insuring a car and home a lot more manageable in Florida.
What are the other benefits of bundling personal property coverage in Florida?
While it isn’t pleasant to think about, situations do arise where policyholders need to file a claim for their home and car at the same time. Take for instance, a severe windstorm that drops a tree on your car and home, or a fire that causes damage to your car and home. In the event you have to file a claim on both policies, some Florida insurance companies only require you to pay one deductible, limiting your out-of-pocket costs. Plus, you’ll only have to deal with one company during the claims process instead of two.
Bundling doesn’t stop at car and homeowners
While the rankings on this page are only for companies that sell both car and homeowners insurance in Florida, that isn’t to say you can’t bundle additional policies with the same company. If you have life insurance, renters insurance, motorcycle insurance, boat insurance, etc., it’s worth researching whether the company also offers coverage for these products.
The convenience and savings doesn’t need to stop at just car and homeowners insurance. By bundling additional products, you could see a higher percentage discount.
When bundling may not make sense in Florida
In some instances, bundling your car and homeowners insurance won’t result in savings. Even with a multi-policy discount, sometimes you’ll pay less by having your car and homeowners insurance with different companies in Florida.
What are some situations where this may be the case? If you have a poor driving record or young drivers on your policy resulting in expensive premiums, sometimes you can find cheaper rates with a company that may not offer homeowners insurance in Florida or offers a good deal on car insurance. Of course, while price is important, you never want to sacrifice quality to save a couple bucks, so make sure to read insurance company reviews and ratings before making a decision.
Likewise, if you live in an area prone to natural disasters with high risk, it can result in expensive homeowners insurance rates. In these cases, it may pay to shop for policies with separate companies in addition to receiving bundled quotes.
Interested in seeing the top-ranked car insurers and homeowners insurers separately? Check out our rankings pages for each line of insurance in Florida: car, home and renters.
How Clearsurance rates and ranks insurance companies in Florida
Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:
- Customer Service
- Claim service
- Likelihood to renew
The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.
Finally, there is also a confidence factor based upon the number of reviews a company has by product. If the total number of reviews is less than 100, then a confidence deduction is applied to the star rating. The maximum impact of this deduction occurs when there are less than 25 reviews. Companies with 100 or more reviews, aged two years or less, receive 100% weighting (no deduction), while companies with 50 to 99 customer reviews receive a weighting of .95%, 25 to 49 reviews receive a weighting of .90% and companies with less than 25 reviews a weighting of .85%.
The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.