Best Homeowners Insurance in Florida (2024)

Travelers offers the cheapest home insurance in Florida, with rates of $167 per month.

Nick Dauk
Written byNick Dauk
Nick Dauk
Nick Dauk
  • 6+ years writing about insurance, travel, and personal finances

  • Contributor to brands like Credible

In addition to insurance, Nick specializes in writing about business, entrepreneurship, personal finance, and travel. He’s been featured in myriad web publications, including Fox Business.

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Katie Powers
Edited byKatie Powers
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Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Andrew Huang
Data reviewed byAndrew Huang
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Andrew HuangVice President, Performance Marketing
  • Chartered financial analyst

  • 12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

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Updated May 10, 2024

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Florida is the most expensive state for homeowners insurance, as detailed in the most recent Insurify homeowners insurance report. The average home insurance cost for Florida homeowners in 2023 was $10,996, but Insurify predicts a 7% increase in 2024, to $11,759.[1] The cheapest homeowners insurance companies in the state include Travelers, Nationwide, and Security First Insurance.

Homes in Florida are at risk of hurricane damage, something a basic homeowners insurance policy typically doesn’t cover. You’ll need to add more coverage to protect your home from these disasters.

Here’s what you should consider in your home insurance search in Florida, including how to compare coverage options.

Quick Facts
  • Many insurers are pulling out of Florida, citing high litigation costs.

  • Most Florida homeowners are at risk for flood damage.

  • Travelers, Stillwater, and American Integrity are three of the best home insurance companies in Florida.

Best home insurance companies in Florida

From Tower Hill Insurance to Travelers, you have many quality options for homeowners insurance in Florida. Although some may have lower rates than others, the best home insurance company for you is the one that provides the coverage you need at a rate you can afford.

Whether you need superior coverage for potential flood damage or just the basics to fulfill your insurance obligations, consider Stillwater, American Integrity, and Citizens Property Insurance Corporation among the insurers you’re reviewing.

Insurance CompanyIQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
Average Annual PremiumBest For
Travelers3.9$2,002Cheap rates
Stillwater4.4$6,093Discounts
American IntegrityN/A$6,285Seasonal residents
Citizens Property Insurance CorporationN/A$21,707People who don’t qualify for other coverage
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.
  • Our editorial team spent 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. Criteria are weighted by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.

    We rate each company on a 1 to 5 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. We update ratings once a year or as more recent information becomes available.

    • Third-party financial ratings: We use data from AM Best, S&P, Moody's, and more to compare insurance companies’ credit and ability to pay out future claims.
    • Customer satisfaction: To calculate this score, Insurify analyzed more than 20,000 customer reviews across 155 car insurance companies. We also considered third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
    • Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the United States, as well as available discounts, to calculate an affordability score.
    • Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
    • Availability and reach: Insurify identified the number of states in which insurers offer coverage and company size by market share to score availability and reach.

Cheapest rates: Travelers

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IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.3
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
829
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$163/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$290/mo

Travelers sells a variety of insurance products, including home, renters, condo, auto, and flood insurance. Founded in 1864, Travelers has a good reputation in the U.S. insurance industry, with a lower number of customer complaints filed with the National Association of Insurance Commissioners (NAIC) than other home insurers of the same size.

The company has some of the cheapest home insurance premiums for Florida homeowners, and policyholders can earn a discount for bundling home and auto insurance. Travelers has a handful of other discounts as well, including early quote and protective device discounts.

Pros
  • AM Best financial strength rating of A++ (Superior)

  • Below-average number of complaints with the National Association of Insurance Commissioners (NAIC)

Cons
  • Below-average J.D. Power customer satisfaction rating

  • Fewer discounts than some other insurers

Best insurer for discounts: Stillwater

Compare personalized, real-time quotes
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-five scale. The Insurify editorial team researches insurer data to determine the final scores.
4.4
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
Not rated
A.M. Best
A.M. Best analyzes an insurer’s financials, operating performance, business profile, and other factors to generate an opinion-based rating of a company’s financial and credit strength. Ratings range from A++ (exceptional) to D (poor).
A-

Founded in 2000, Stillwater Insurance Group offers homeowners, renters, and condo insurance in all 50 states. Its main insurances include dwelling, personal belongings, loss of use, and personal liability coverage, with additional coverages available for things like animal liability and water backup.

With nearly 22% of Florida residents older than 65, seniors can take advantage of Stillwater’s age-related discounts.[2] Unfortunately, recent reviews from policyholders on the Better Business Bureau (BBB) website claim that Stillwater suddenly cancels policies and is slow to pay claims.[3]

Pros
  • More than a dozen home insurance discounts available

  • AM Best financial strength rating of A- (Excellent)

Cons
  • Middling Better Business Bureau (BBB) ratings/reviews

  • No mention of flood insurance option on website

Best insurer for seasonal residents: American Integrity

American Integrity is a Florida-based insurance company primarily selling property insurance. Founded in 2006, American Integrity has a strong financial rating and holds reinsurance so that it can fully satisfy claims during catastrophic hurricane seasons in Florida.

Along with having some of the lowest average dwelling coverage rates in the state, American Integrity can fulfill the needs of part-time Florida residents. It offers insurance for permanent residents, vacant homes, rentals, and seasonal dwellings, plus flood insurance. This can quell the concerns of seasonal residents worried about damage to their properties while they’re out of state.

Pros
  • Multiple available discounts, including retiree and windstorm loss mitigation features

  • Extensive property insurance coverage options

Cons
  • Not the cheapest average rates

  • Auto insurance not available

Best insurer for people who don’t qualify for other coverage: Citizens Property Insurance Corporation

Citizens Property Insurance Corporation is a not-for-profit government entity that provides insurance to eligible Florida property owners who can’t obtain coverage from a private insurance company. Founded via an act of the Florida Legislature in 2002, it’s one of the leading insurers in the state.

Citizens is a last resort for homeowners who can’t afford a policy elsewhere. Along with limited coverage options and eligibility requirements, another downside of Citizens is its legal ability to apply additional surcharges, assessments, and adjustments to its policyholders.

Pros
  • Government backing offers added stability

  • Insures people who can’t secure insurance elsewhere

Cons
  • Rates among the highest on the market

  • Limited available coverage options

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Cheapest home insurance in Florida

Travelers has the cheapest home insurance policies in Florida, with average annual premiums of $2,002 for a $300,000 dwelling coverage policy. With average rates climbing as high as $27,986 for the same dwelling coverage policy through Florida Farm Bureau Insurance, Travelers offers substantially lower rates for qualifying homeowners.

Remember that companies may quote you rates that are different from your neighbor’s homeowners insurance policy. That’s why it’s important to compare offers from multiple insurers to find the best policy for you.

Here, you can see a collection of average annual rates for $300,000 in dwelling coverage from Florida insurers.

Insurance CompanyAverage Annual Premium
Travelers$2,002
Nationwide$3,893
Security First Insurance$4,908
Armed Forces Insurance Exchange$5,044
Stillwater$6,093
American Integrity$6,285
ASI$6,925
People’s Trust Insurance$7,443
State Farm$7,557
Florida Peninsula Insurance$7,649
Bankers Insurance Group$8,357
Heritage Insurance$9,254
HCI Group Inc.$9,492
Southern Fidelity$9,622
Tower Hill Group$10,344
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.

Cost of homeowners insurance in Florida

The average cost of home insurance in Florida in 2023 was $10,996 annually. Insurify projects average annual home insurance costs will increase to $11,759 by the end of 2024.

Your home insurance premium ultimately depends on your level of dwelling coverage and your deductible, but how close you live to the coast and your risk of flooding and hurricanes also have a significant effect on premiums.

Keep in Mind

Along with the amount of coverage level, your dwelling’s age, location, material construction, and fire protection class may also affect rates.

Why homeowners insurance rates are rising in Florida

One of the biggest issues increasing insurance rates in Florida is the number of insurance companies leaving the state, sending non-renewal notices, and falling into insolvency or a receivership process.

In 2023, Farmers Insurance became the latest major insurer to stop providing homeowners insurance coverage in Florida. As of May 2024, 14 other insurers are in liquidation and will join more than 300 other insurance companies that have completed the receivership process, according to the Florida Department of Financial Services.[4]

Much of this is due to two reasons. First, Florida has increased instances of litigation and fraudulent roof-replacement schemes, according to Sean Kevelighan, CEO of the Insurance Information Institute.[5] This has forced insurance companies to incur legal costs higher than the cost of paying out insurance claims. Since Florida is the state most impacted by hurricanes, homes there are also at an increased risk of claim filing due to storm damage.

How to get cheap homeowners insurance in Florida

Insurance fraud, natural disasters, and a dwindling insurer market are all making Florida home insurance more expensive than the national average.

Whether you live in a hurricane-prone part of South Florida or own a rental property in a less populated area, like Chipley, you should always try to get the lowest rate possible for the coverage you need.

These tips can help you secure the most affordable rates possible:

1. Shop around for quotes

Even though some insurance companies have pulled out of Florida in recent years, the market is still competitive. You may be able to find lower-than-average home insurance costs simply by shopping around for home insurance quotes.

Many insurance companies only have general information and data on their websites, which is why you should ask an insurance agent how to lower the cost of your home insurance while still maintaining your desired coverage.

2. Make older homes more disaster-resistant

With the threat of storm damage, older homes may not have the latest structural features that protect against wind and other severe weather threats. By modernizing or updating your roof, windows, electrical systems, and more, you may qualify for lower premiums.

3. Bundle your homeowners insurance with another insurance policy

Some of the best homeowners insurance companies in Florida offer multiple insurance products. State Farm, for instance, offers discounts for customers who bundle their home insurance with other policies, like life insurance or auto insurance. You may also be able to get additional protection for your lifestyle at a cheaper combined rate than purchasing two policies from separate companies.

4. Consider the complete costs of homeownership before you buy a house

Remember that flood insurance isn’t part of a standard homeowners policy. Research areas where the cost of homeowners insurance has increased in recent years, paying specific attention to cities that have endured many hurricanes over the last decade. Understanding which neighborhoods have a higher flood risk can help you identify places with lower rates.

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Cost of homeowners insurance by dwelling coverage amount

Dwelling coverage applies to your personal residence and attached structures, like a home with an attached garage, deck, patio, or porch. Even if your mortgage lender requires a minimum amount of dwelling coverage, you have the option to increase it.

You may want to increase your dwelling coverage if you have a high-value home, but remember any coverage increase will increase your premium.

Coverage LimitAverage Annual Premium
$100,000$3,557
$200,000$6,748
$300,000$9,213
$400,000$12,329
$500,000$15,272

Cost of homeowners insurance by deductible

A deductible is the amount you must pay before your insurance company starts paying for the losses covered under the policy. In most cases, a higher deductible will lead to a lower premium.

Florida is one of the few states that also has a separate hurricane deductible for some homeowners. You must pay this deductible before your insurance starts paying for any hurricane-related damages covered in the policy.

Here, you can see how your premiums shift based on varying deductibles for $300,000 in dwelling coverage.

Deductible AmountAverage Annual Premium
$500$9,270
$1,000$9,213

Florida homeowners insurance rates by city

Homeowners insurance rates can vary from state to state based on several factors. For instance, Florida is more hurricane-prone than states like New York and Virginia, which raises rates in Florida.

Rates can also vary from city to city or even between ZIP codes within a state.

For example, average rates are lower in Jacksonville than in Miami. One reason may be that Miami has a higher risk of hurricane damage than Jacksonville. Miami-Dade County also has more than double the population of Duval County. Another reason may be that the Jacksonville Fire and Rescue Department has 64 fire stations serving 918 square miles, while Miami-Dade Fire Rescue has 68 stations serving more than 2,000 square miles.

In the table below, you can see how rates fluctuate between some of Florida’s largest cities for $300,000 in dwelling coverage.

CityAverage Annual Premium
Fort Lauderdale$13,213
Jacksonville$3,036
Miami$15,573
Orlando$4,312
Tampa$4,756
Actual quotes may vary based on the policy buyer’s unique profile.

How much homeowners insurance do you need in Florida?

Unlike car insurance, Florida law doesn’t require you to have homeowners insurance. You can purchase a house in cash without insuring it. But if you need a mortgage loan, most mortgage lenders require you to take out homeowners insurance to protect the property for the length of the loan.

For protection beyond your lender’s requirements, you can increase the amount of basic dwelling coverage in addition to purchasing optional insurance products, like identity theft insurance or medical expenses coverage. Even if you don’t need to buy home insurance from a Florida home insurance company, you should purchase it to protect your home and financials.

Here’s how much coverage Insurify recommends for each main home insurance coverage type:

  • Dwelling: Enough to pay to rebuild or repair your home to its original condition. Consider the current cost of construction materials in labor in Florida. For the most coverage, you may want enough to account for current market rates.

  • Other structures: Enough to repair or rebuild any other structures you have to their original condition. This can include detached garages, pools, sheds, and gazebos. You may want to consider current market rates for this as well.

  • Loss of use: Enough to pay for temporary or extended lodging and food for you and your family.

  • Personal property: The minimum coverage typically ranges between 50% and 70% of your dwelling coverage limit. You should have enough to replace your most important personal belongs, or your full home inventory.

  • Personal liability: The minimum coverage typically starts at $100,000, though you should have between $300,000 and $500,000, or an excess liability or umbrella policy.

  • Medical payments: Same parameters as above. Minimum is usually $100,000, but experts recommend between $300,000 and $500,000, or an excess liability or umbrella policy.

Keep in Mind

Your lender may also require you to take out a separate flood insurance policy if your property is in a flood zone.

What are some of the biggest risks when owning a home in Florida?

Florida residents must plan for potential perils throughout the year, including severe thunderstorms, wildfires, extreme heat, sinkholes, and erosion. Here are three of the most common and impactful perils a Florida homeowner or renter must prepare for:

  • illustration card https://a.storyblok.com/f/162273/x/68ed522f01/windstorm-and-hail.svg

    Hurricanes

    Hurricane season is June 1 to November 30, but hurricanes can happen outside these dates. Hurricane hazards include storm surges, inland flooding, high winds, and tornadoes. In 2017, Hurricane Irma resulted in $5.58 billion in recovery funding in Florida.

    Technically, most homeowners insurance policies cover hurricanes; but it’s important to understand that many of these policies have separate deductibles for hurricane-specific damage.

  • illustration card https://a.storyblok.com/f/162273/x/2c500fdca3/accidental-discharge-of-water.svg

    Floods

    Flooding is one of the most frequent perils in the state, and nearly 25% of flooding occurs outside of designated flood-prone areas. Traditional policies typically don’t include flood insurance. You can purchase it from the National Flood Insurance Program or some private insurers.

  • illustration card https://a.storyblok.com/f/162273/x/a0c151e1ba/accidental-tearing-apart-cracking-etc.svg

    Tornadoes

    Florida has a higher frequency of tornadoes than any other state in the Southeast region of the U.S., with the majority forming in the spring and summer.[6] Most homeowners insurance policies, including HO-3s, cover tornadoes. The coverage category is “windstorm or hail damage.”

Florida homeowners insurance FAQs

Looking for more information to help you find the best homeowners insurance in Florida? Consult the answers below.

  • How much is home insurance in Florida?

    The average annual rate for $300,000 in dwelling coverage in Florida is $9,213. This makes Florida one of the most expensive states in the nation for home insurance.

  • Which company has the cheapest homeowners insurance in Florida?

    Travelers offer the cheapest home insurance in Florida, with rates of $167 per month for $300,000 in dwelling coverage. Nationwide and Security First Insurance also offer affordable rates in the area.

  • Does Florida require homeowners insurance?

    Home insurance isn’t mandatory in Florida, but if you have a loan for your home, your lender will usually require it. That said, it’s a good idea to protect your home in the event of a disaster even if a lender doesn’t require you to have home insurance.

  • Why is home insurance in Florida so expensive?

    Florida home insurance is expensive for several reasons, including the threat of natural disasters, the high propensity of insurance fraud, and the dwindling number of insurers in the market.

Sources

  1. Insurify. "Report: Home Insurance Rates to Rise 6% in 2024 After 20% Increase in Last Two Years."
  2. U.S. Census Bureau. "Quick Facts Florida."
  3. Better Business Bureau. "Stillwater Insurance Group."
  4. My Florida CFO. "Closed Companies."
  5. Insurance Information Institute. "Trends and Insights: Florida homeowners’ insurance crisis."
  6. Florida Climate Center. "Tornadoes."
Nick Dauk
Nick Dauk

Nick Dauk is a freelance writer specializing in business, entrepreneurship, personal finance, and travel. His work has been featured in Fox Business, BBC, The Edge, Business Insider, and Bisnow. Nick is a first-generation college graduate, having majored in Interdisciplinary Studies at the University of Central Florida. His eclectic coursework, combined with previous managerial roles in the retail and broadcast television industries, have helped him develop an interdisciplinary approach to writing.

For nearly a decade, Nick has created content for mom-and-pop businesses and global corporations. As a travel writer, his global adventures have also been featured on Inside Hook, Houston Chronicle, Culture Trip, and Matador. When he's not traveling, Nick can be found in Orlando spending time with his wife and toddler.

Katie Powers
Edited byKatie PowersAuto and Life Insurance Editor
Photo of an Insurify author
Katie PowersAuto and Life Insurance Editor
  • Licensed auto and home insurance agent

  • 3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Andrew Huang
Data reviewed byAndrew HuangVice President, Performance Marketing
Headshot of Andrew Huang, Directory of Analytics at Insurify
Andrew HuangVice President, Performance Marketing
  • Chartered financial analyst

  • 12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

Featured in

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