Cheapest and Best Homeowners Insurance in Florida as Rated by Customers in 2021
Owning a home carries a lot of responsibility, but, thankfully, homeowners insurance offers protection in case of an unexpected event. Unlike many states, Florida homeowners may experience hurricanes and floods throughout the year. It’s important to have confidence in your home insurance provider in case of an unfortunate event in your house that causes damage, whether it be from a flood or other catastrophic weather event.
Clearsurance is committed to collecting reviews and rankings for hundreds of homeowners insurance companies to help you be more confident in your homeowners insurance company. It can also help you find another home insurance company that better meets your needs. You can evaluate and compare the best Florida home insurance companies based on your specific criteria and in your specific Florida zip code.
In the table above, you can sort through every Florida homeowners insurance company ranked on Clearsurance based on a number of factors, including customer ratings and reliability. Next to each insurer, you’ll find the company’s rating, which is based exclusively on the reviews and ratings provided by customers. Note: Only companies with at least 25 homeowners insurance reviews are eligible to appear in the best and cheapest Florida homeowners insurance rankings.
If you’re looking for additional information on one of the best and cheapest homeowners insurance companies in Florida, you can visit a company’s profile page where you’ll learn about the company including additional coverage types it offers and potential discounts available. You can also read reviews to see what other policyholders have to say about the home insurance company. In some cases, you may get a quote directly from the carrier, or get recommendations from similar carriers.
On this page:
- Best and cheapest homeowners insurance rates in Florida for a $200K dwelling
- Best and cheapest homeowners insurance rates in Florida for a $400K dwelling
- Hurricanes' effect on the Florida homeowners market
- Florida property crime statistics
- Florida disaster statistics
Which home insurance companies offer the best and cheapest homeowners insurance rates in Florida for a $200K home?
Homeowners insurance in Florida is the costliest in the country, on average. Of the five companies analyzed, Security First has the cheapest homeowners insurance rates in Florida, on average, for a $200K dwelling, followed by State Farm, and Universal Property & Casualty Insurance Company.
Your specific area of residence within Florida will affect how your rates compare to these average rates. For example, residents located a mile from the coastline will likely pay more to insure their home than residents located in the center of the state.
|Home Insurance Company||Average Rates for $200K Dwelling|
|Citizens Property Insurance Co||$3,499|
|Homeowners Choice Property and Casualty||$1,519|
|Security First Insurance Company||$404|
|State Farm Insurance Company||$625|
|Universal Property & Casualty Insurance Company||$1,162|
These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Florida will differ. Rate data is provided by Quadrant Information Services.
Which home insurance companies offer the best homeowners insurance rates in Florida for a $400K home?
Of the five Florida companies analyzed, Security First offers cheapest home insurance rates on average for a $400K home, followed by State Farm. Compare the average Florida homeowners insurance rates for a $400K dwelling in the table below.
|Home Insurance Company||Average Rates for $400K Dwelling|
|Citizens Property Insurance Co||$7,258|
|Homeowners Choice Property and Casualty||$3,119|
|Security First Insurance Company||$720|
|State Farm Insurance Company||$945|
|Universal Property & Casualty Insurance Company||$2,567|
These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Florida will differ. Rate data is provided by Quadrant Information Services.
Clearsurance findings revealed that Florida homeowners are the least happiest policyholders of any state in the country. Clearsurance examined the unique situation in Florida to understand why homeowners there are the least happy.
While companies like State Farm, Allstate and Farmers Insurance Group dominate the market in many states around the country, more than 70 percent of the Florida homeowners market is comprised of companies specific to Florida. However, that wasn’t always the situation. In 1992, before Hurricane Andrew struck Florida, only 6 percent of the market was made of of companies specific to Florida.
To learn more about Florida homeowners' issues and the impact hurricanes have had in the state, read Clearsurance's in-depth report on the Florida homeowners market.
Theft and vandalism or malicious mischief are among the 16 perils that a standard homeowners insurance policy protects you from. How does crime in Florida compare to other states around the country? The FBI published the following statistics on crime in Florida for 2016:
- Property crime - 553,812
- Burglary - 100,325
- Larceny theft - 410,352
All three statistics for Florida, when compared to the national average rate per 100,000 inhabitants, rank slightly above the national average.
Weather-related incidents are typically among the costliest homeowners insurance claims. 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
How homeowners insurance rates are calculated in Florida
Have you ever wondered how home insurance rates are determined in Florida? While some factors contributing to the price of homeowners insurance may be obvious, such as the age of your home, others may not be as obvious. Here’s a list of some of the factors that homeowners insurance companies consider when quoting you a rate:
- The level of coverage required
- The size of your mortgage
- Your credit score
- The square footage of your home
- The geographic location of your home in Florida
- The condition of your home
- The age of your home
- The proximity of your home to a fire station
- Your previous claims record
- The amount of your deductible
- Optional add-ons like umbrella insurance
Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value.
How Clearsurance rates and ranks the best and cheapest homeowners 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 (strengths) compared to the percentage of what customers say the company could do better (opportunities).
Finally, there is also a confidence factor based upon the number of reviews a company has by product. If there are fewer than 100 reviews, Clearsurance reduces the “confidence” in the star rating. This is most impactful when there are fewer than 25 reviews for a company. 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 ratings and rankings are derived entirely from customer reviews and comments.
Homeowners Insurance Guide
Your home is likely your most valuable asset. That makes it even more important to insure your home with one of the best and cheapest Florida homeowners insurance companies. However, beyond picking the right company, it’s crucial to find and understand the right coverage for your specific needs. Did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy?
At Clearsurance, we want to ensure that you have a strong understanding of your homeowners insurance coverage. Check out Clearsurance’s homeowners insurance guide to become a smarter insurance customer. For more educational content on other homeowners insurance topics, check out Clearsurance's homeowners insurance blog!