Cheapest and Best Homeowners Insurance in Florida as Rated by Customers in 2022
Owning a home means a lot of responsibility. Thankfully, homeowners insurance offers protection in case of an unexpected event. Unlike many states, Florida homeowners 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 fire, flood or other catastrophic weather event, or something else.
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
What types of coverage are included in a homeowners policy?
Different homeowners policies will include different types of coverage, but the standard policy usually includes the following.
- Dwelling coverage – This is coverage for your house itself, and usually contains protection from perils like fire, smoke, lightning, vandalism and malicious mischief, and more.
- Other structures coverage – This covers any additional structures you have on your property, like sheds, garages, and carports.
- Personal property coverage – This is coverage for the property inside your home. It pays for the repair or replacement of items that are damaged or stolen.
- Personal liability coverage – Liability protection pays for medical bills if someone is injured on your property, i.e., if someone trips and falls or your dog bites someone.
Additional coverage options are usually available to add to your policy as well. Additional living expenses coverage pays for the cost of hotels and food if you are unable to live in your home as a result of damages. Identity theft coverage protects your personal information from would-be thieves.
People living in high-risk areas should ask their homeowners insurance company if they need to purchase a separate policy to cover the appropriate perils, such as flood insurance or earthquake insurance.
People who live in high-value homes or who keep valuable items in their home like jewelry, sports equipment, or musical instruments, may wish to increase their policy limits. Those with considerable personal wealth may wish to increase their liability limits.
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. Part of this is because your average homeowner actually has two policies: homeowners and hurricane/windstorm insurance. Your standard home insurance policy often excludes hurricane coverage requiring the secondary policy. Insurance agents run the numbers to meet mortgage lender requirements. The idea is to cover the property whatever the cause of the property damage.
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. If you need a hurricane policy, you will probably go through a company that specializes in hurricane coverage. Keep in mind, if you're living in a condo, the master policy generally carries the hurricane coverage.
|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?
When shopping for homeowners insurance, the minimums don't come from the state. They generally come from your mortgage lender and FEMA. Specifically, your mortgage lender will want to see that you have replacement cost coverage. In short, if your home burned to the ground today, would your coverage pay to rebuild it? In Florida, mortgage lenders want to see your home is protected from set hazards.
Depending on various factors, you may have a homeowners plan or dwelling coverage. Either way, your insurance premium cannot be reduced by simply cutting coverage.
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 dissatisfied.
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.
Unlike many other states, Floridians have to buy a standard homeowners policy or dwelling insurance policy. Then you buy a separate hurricane/windstorm policy. Finally, if you're in a flood zone, you may need to also buy a flood insurance policy. The average cost of insurance for a Floridian is naturally higher than in many other states.
When a hurricane does hit, unfortunately it can compound the problem. If your hurricane deductible is 2%, it may seem miniscule until you have a $400,000 claim on your hands. Then you have to pay $8,000 out of pocket while waiting in line with everyone else. Unlike a house fire, hurricanes hit everybody in a certain geographic area at approximately the same time. So any restorative resources are stretched thin.
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. If you have expensive jewelry or certain other high value items, you may need additional personal property coverage to protect yourself from loss due to theft.
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 are homeowners insurance rates 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
- The condition and age of your roof
- 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 does Clearsurance rate and rank 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 homeowners market in Florida has been cornered by largely local companies because of the state's specialized needs. By focusing on homes in Florida, these companies can provide types of coverage a larger insurer might not. They can also lower the rates for hurricane risk because they have more insureds across the state to absorb the cost. Your coverage options will depend on where you live, the value of your home, and many other factors.
How can you save money on the cost of homeowners insurance in Florida?
In Florida, homeowners save in many of the same ways people do in other states. Annual premium is meant to average out. So while you may face a higher risk in hurricane season, your homeowners insurance premium is the same as they would be when it's not hurricane season.
One of the easiest way to save on your insurance costs is by bundling your policies. If you have a homeowners policy, you can also look into getting an auto insurance policy with the same company for a multi-policy discount. Some homeowners insurance companies in Florida aren't in auto insurance. This is especially true if you're looking at windstorm insurance. You may even be able to bundle with a life insurance policy, boat insurance policy, business insurance policy, etc.
You can also look at some of the other coverages in your insurance. You need replacement cost for your home to satisfy mortgagee requirements. But you may not need quite as much money for personal property as many insurance companies would default to. If you're willing to accept homeowners insurance coverage from a company just getting off the ground, they might offer you discounted rates too.
Wherever you are in Florida, make sure to always check your options carefully. Compare policy quotes and insurance carriers. Look at the cost and the coverage provided. The more quotes you can compare, the better idea you'll have of what the insurance industry has to offer. 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!
Frequently Asked Questions
#1 – Who offers the best homeowners insurance rates in Florida for a $200K home?
Homeowners insurance in Florida is the costliest in the country on average. Of five companies analyzed, Security First has the cheapest homeowners insurance rates in Florida, on average, for a $200K dwelling.
#2 – Who offers 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.