Best Homeowners Insurance In Florida For 2024
State Farm offers the best homeowners insurance in Florida.
If you live in Florida, you’re probably well familiar with the occasional weather extremes in the state. Southern Florida has a tropical climate, while the northern and middle sections of the state have a humid subtropical climate.
The Gulf Coast has tropical storms plus a hurricane season of six months, from May through October. A homeowner in Florida needs enough insurance to safeguard from the possibly high cost of destruction and damage extreme weather can cause, along with other possible losses.
I understand how difficult it can be to select the insurance companies that are right for your needs. You are probably searching for an insurer to provide adequate coverage for the costs that accompany destruction and damage to your property due to extreme weather.
Based on personal experience, and after conducting extensive research, I’ve learned that State Farm is the best overall homeowners insurance carrier in Florida. But I’d urge you to read here about some other home insurers that we’ve reviewed, then go on to make a decision.
Best Home Insurance Companies In Florida, 2024
Compare The Best Homeowners Insurance Companies In Florida
| Overall Rating | Best For | A.M Best Rating | J.D Power Rating | Online Experience | Get A Quote | |
|---|---|---|---|---|---|---|
| State Farm |
|
Best Overall |
A++ |
829 |
9/10 |
Instant Quote |
| Allstate |
|
Discounts |
A+ |
816 |
9/10 |
Instant Quote |
| Farmers |
|
Policy Perks |
A |
792 |
9/10 |
Instant Quote |
| Chubb |
|
Best Price |
A++ |
809 |
7/10 |
Instant Quote |
| Nationwide |
|
Coverage Options |
A+ |
815 |
8/10 |
Instant Quote |
Our Methodology
When we determine which are the top home insurers in Florida, our choices are based on unbiased reviews along with ratings from prestigious companies such as AM Best and J.D. Power. We research information about customer satisfaction from J.D. Power. For facts regarding a company's financial strength, we look to AM Best In addition to this information, we also take a look at feedback from policyholders and my own experience with homeowners insurance in Florida.
Quotes Analyzed
Brands Reviewed
Years Of Experience
Research Hours
Reviews Of The Best Home Insurance Companies In Florida
Best Overall
Key Statistics
Why We Like Them
⇅State Farm is our top choice for the best overall home coverage. State Farm has earned an impressive (Best) rating of A++ from AM Best for its financial strength and stability. J.D. Power rates State Farm 829 out of 1000, which they’ve based on numerous good reviews left by policyholders online. This insurer has plenty of local offices and sales agents within the state, a convenience for customers.
You receive coverage that isn’t usually provided by many insurers with State Farm’s standard home insurance policy. For instance, if you’re a victim of credit card fraud, or a member of a stringent HOA and having problems with ordinances or legal coverage to be in compliance with codes, State Farm has coverage for those and other issues.
Beginning a purchase of homeowners insurance from State Farm is quick and simple because you can get started online. To actually purchase a policy from State Farm, though, you must meet with one of the company’s agents. You can access your account by using the State Farm website or app. There are tools online for enrolling in auto-pay, paperless billing or filing claims. In addition, the website hosts a great way for you to learn about insurance through its resource library online.
Benefits & Drawbacks
⇅- Lots of coverage options
- Numerous sales and service agents locally
- Top rated in financial strength by AM Best ✓
- You are unable to obtain State Farm insurance through an independent agent ✘
Best For Discounts
Key Statistics
Why We Like Them
⇅Allstate homeowners insurance provides 11 discounts. This is an important bit of data, because the home insurers industry has an average number of just 7 discounts. A number of home insurance analysts, including myself, are of the opinion that some of this company’s discounts are uniquely tailored.
Allstate’s discounts include:
- Claims Free: You can get savings of 5% when your policy renews If you haven’t filed a claim throughout the year.
- Early Payment: Get a new policy 7 days or less before you renew your current policy and you may get a 10% discount.
- Protective Device: Install theft as well as fire protection devices and you get a discount
- New Home: If you have built a new house, you receive a discount
- Loyalty: You’ll get as much as a ten percent discount when you renew your policy
- Deductible Reward: $100 comes off your deductible upon purchasing a policy
- Claims Forgiveness: Gives you additional coverage with no increase in rates after you have a claim
- Responsible Payment: Paying on time and a good payment history nets you a discount
- Bundle: Have more than one coverage type such as auto and homeowners with Allstate, and get a discount of up to 25%
- Automatic Payment: Choosing automatic payments gives you a savings of up to five percent
- New Home Buyer: If you are a recent home buyer, you get a discount
The United States insurance industry has seven options when it comes to types of coverage. Allstate offers almost twice as many types for home insurance, with eleven options. Besides the usual options like Identity Theft and scheduled personal property, Allstate offers coverage for more unique options for those who have yards and gardens. This option raises the bar on coverage limits in the event you have to repair or replace lawn and garden items such as landscaping and riding lawn mowers.
Benefits & Drawbacks
⇅- Nearly twice the insurance industry average number of discounts
- Many agents and offices locally state wide
- Financial stability and strength ✓
- More complaints from customers than is average for the industry ✘
Best For Policy Perks
Key Statistics
Why We Like Them
⇅Farmers not only ranks the highest for its many perks given to policyholders; it rates a top score for Online Experience with customers because of its thorough explanation of exactly what those perks are. This is valuable info for those looking for homeowners insurance. Here are some of the perks offered by Farmers Insurance:
- Discount if Claim Free: No claims in three years entitles you to a discount on your policy premium
- Deductible Declines: Get $50 to lessen your home insurance deductible for each year that your policy is current
- Multi Line Policies: Having more than one type of coverage with Farmers can save you a bundle. You might have a savings of as much as 34 percent
- Claim Forgiveness: When you’ve gone 5 years without a claim, your rates won’t go up if you do file a claim
- Replacement Cost Guaranteed: Farmers will pay you the full price if you have to rebuild your home, no matter how much it costs
Farmers has an excellent rating overall of 9.3/10. That score reflects its lower than average J.D. Power customer satisfaction ratings
Benefits & Drawbacks
⇅- Guaranteed replacement cost is part of every home and property policy
- Numerous Farmers agents and offices in Florida
- Over twelve discounts are available ✓
- Customer satisfaction ratings are less than average J.D. Power scores ✘
Best For Cheapest Coverage
Key Statistics
Why We Like Them
⇅Chubb has the lowest price homeowners insurance in Florida with an average insurance policy price of $1,362 per year. This is $1,170 less than the average premium statewide.
Don’t mistake their lower cost for lower quality coverage, though. This insurer offers the best homeowners insurance rates in the state along with high quality customer service, coverage of high end homes, and exceptional financial strength. When you insure with Chubb, you’ll receive affordable premiums plus coverage providing extended replacement cost to replace or repair your property, even if it’s not worth the price you paid for it originally.
Benefits & Drawbacks
⇅- Rates are the lowest in the state
- High value homes have policy coverage with specialized, tailor made packages
- You have a broad range of options that let you customize your coverage to suit your own personalized needs ✓
- Online quotes aren't available
- No personal property coverage schedule ✘
Best Coverage Options
Key Statistics
Why We Like Them
⇅AM Best rates Nationwide A+ Superior because it’s financially strong and stable. Ratings based on customer satisfaction run a bit on the low side, but overall it has a high rating. Florida has an abundance of local Nationwide offices and agents, which is good news for policyholders.
Homeowner coverage with Nationwide allows you to take advantage of coverage options most carriers don’t provide. As an example, you might receive reimbursement for covered losses like credit card fraud, legal coverage and ordinances should have to get in compliance with newer, more stringent codes in the event you have to rebuild.
Another option you’ll be happy to have in case your roof must be replaced following a weather event is Better Roof Replacement. This option gives you added coverage when the old roofing materials have to be replaced at a higher cost with current prices.
Brand New Belongings is another great option. You’re reimbursed for the depreciated value of your items that were damaged or destroyed. Simply purchase replacements, send your receipts to Nationwide, and then you’ll get reimbursed for the difference in cost.
Benefits & Drawbacks
⇅- Many local agents in Florida for claims, service and sales
- Strong AM Best rating for financial security
- Numerous high quality coverage options ✓
- Multiple negative reviews online from customers
- Coverage for short term rentals like Airbnb aren't covered ✘
How To Find The Best Home Insurance Company For You
If you’re in the market for homeowners insurance in Florida, and trying to determine which company will best fit your needs, you’ll probably have to expend some time and effort in order to get this information.
But, if you’re like most of us, your home is your most valuable asset, which makes it imperative to safeguard it with the right home insurance. By protecting yourself from loss, you’ll strengthen the financial security for yourself and your family.
Follow these 5 simple steps to find the best policy for your needs:
- Do some research to educate yourself about home insurance carriers in Florida. You can do most or all of this online. Once you have several that look promising, cull your selections down to three of the three companies that feel like a good fit for your needs
- Determine the coverage limits you need. You might require an agent to help you with this
- Obtain quotes from these three companies for the coverage you need
- Choose a company, basing your choice on coverage, rates, financial strength and customer reviews
- Make an application for coverage
In many or most cases, you can get quotes and complete your application online, however a few companies require that you talk to an agent
Average Cost Of Home Insurance In Florida
Cheapest Home Insurance In Florida
| Insurer | Annual Rate |
| State Farm | $1,892 |
| Progressive | $2,065 |
| Universal | $2,316 |
| Florida Average Rate | $2,348 |
| Heritage | $2,456 |
| Allstate | $2,673 |
| Chubb | $3,186 |
Cheapest Cities For Homeowners Insurance In Florida
| City | Annual Rate |
| Gainesville | $1,047 |
| Clearwater | $1,231 |
| Lakeland | $1,592 |
| Palm Beach | $2,146 |
| Boca Raton | $2,160 |
Most Expensive Cities For Homeowners Insurance In Florida
| City | Highest Rate |
| Hialeah | $5,148 |
| Doreal | $4,863 |
| Miami | $4,164 |
| Homestead | $4,837 |
Home Insurance Premiums By Deductible In Florida
| Deductible | Average Annual Rate |
| $500 | $2,649 |
| $1,000 | $2,120 |
| $1,500 | $1,475 |
| $2,000 | $1,374 |
| $5,000 | $1,090 |
Home Insurance Prices By Coverage Level In Florida
| Coverage Level | Average Annual Rate |
| $100,000 Dwelling | $1,169 |
| $200,000 Dwelling | $1,535 |
| $250,000 Dwelling | $2,286 |
| $400,000 Dwelling | $2,942 |
How To Get An Online Home Insurance Quote In Florida
It’s never been easier to learn about homeowners insurance, choose the company that seems best for your particular needs, and get a coverage quote. Follow these three easy steps:
- Respond to all of the questions on the quote form regarding your residence, its contents, its value, its age, square feet, its exterior composition, zip code, and whatever other information is asked for
- Submit your completed form to receive quotes
- Select the carrier that seems to best fit your coverage needs, and then complete an application to the company for coverage
If your research brings you to any homeowners insurance companies that don’t let you get a quote online, you’ll need to get in touch with an agent in your area who represents these companies.
Factors That Impact Cost Of Your Home Insurance Policy In Florida
Many factors determine the cost of home insurance in Florida, including:
- Close to flood zones – If your home is close to any of the numerous lakes in Florida or along the Gulf Coast, you have a much higher chance of filing claims for flooding
- The age of the home – Homes more than thirty years old may be up to 75% more expensive compared to newer homes, due to more recent stringent codes making it more costly to rebuild
- The zip code (location) of the home – If your home is in a zip code that’s subject to extreme weather like hurricanes, tornadoes or hail, your rates will be higher than average
- Deductibles and amount of coverage– The less your deductible, the more you’ll pay for insurance. You’ll be wise to choose a higher deductible to save money on your policy premium. Also, the more your home cost, the more the cost to replace it, and the more your carrier will charge for coverage
- Your claim history – If you have filed home insurance claims before, a rule of thumb is that an insurer will charge you higher rates than usual
- The zip code of your home – If your home lies within a zip code known to be subject to severe weather events such as tornadoes, hurricanes, flooding or hail, you can count on your rates being higher than the average
Florida Home Insurance Laws To Know
Florida law doesn’t require you to have home insurance, but it does require a homeowner with a mortgage on their property to have it. Florida also has a 15 year rule regarding roofs. If, for instance, a carrier refused you coverage because your roof is more than 15 years old, you have a right to get the roof inspected. If the inspection shows it has at least five more years, the company cannot deny you coverage.
Home Insurance Discounts In Florida
When purchasing a homeowners policy in Florida, be sure to ask the agent about what discounts are available that will decrease the cost of your premium. In many cases, you can receive multiple discounts on your policy, including:
- Early Payment: If you purchase a new policy at least 7 days prior to the old one expiring, you could receive a discount from many companies
- New Home: If you have a newly built home, you could receive a discount
- Bundle: Many companies will give you up to a 25% discount for having more than one type of coverage with them, such as your vehicle and home.
- Responsible Payment: A good payment record will sometimes entitle you to a discount
- Claims Free: Being claim free for a year can mean that you get as much as a 25% discount
- Automatic Payment: Use auto pay to have your premiums automatically deducted from your bank account, and get a discount
The Most Affordable Areas For Homeowners Insurance In Florida
Homeowners insurance in Florida varies by ZIP code. It may range from a low of $1,916 in Lafayette, in zip code 70501, to as much as $4297 in Metairie, zip code 70001. The lowest rates according to zip codes are:
| ZIP Code | Lowest Rate |
| 32607 | $1,047 |
| 32176 | $1,128 |
| 32132 | $1,278 |
| 32170 | $1,432 |
FAQs
Is home insurance more expensive in Florida?
Yes, it’s considerably higher in Florida, with a 40% rate increase this year. Now it’s three and a half times more than the national average. Heavily populated areas lying along the Gulf and subject to tropical storms and hurricanes means that insurers have paid out enormous claims on only one extreme weather event. These huge claims paid out spell huge premiums for a lot of people living in these areas of Florida.
How much per month is a million-dollar home insurance policy in Florida?
Rates are different depending on the insurer, but the carrier with the lowest home insurance rates in Florida is State Farm at $1892 a year.
What is the average monthly cost of home insurance in Florida?
Rates are based on the value of your property as well as your belongings, and where in the state you reside. The average Florida home valued at $250,000 generally costs about $2,500 a year.
Sources
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