Florida Homeowners Insurance Quotes (2023)

The average cost of homeowners insurance in Florida is $391 per month and $4,692 per year, based on 2022 rates. Florida has the highest homeowners insurance rates in the country, nearly three times the national average. Simply put, Florida homeowners have to look a lot harder for affordable insurance.

Stillwater and State Farm provide some of the most affordable insurance policies in the state while also boasting high customer satisfaction scores. This article explores policies from these and other companies and discusses some of the additional coverages to consider in Florida, including flood insurance.

The best home insurance companies in Florida

Many quality home insurance companies serve Florida. Homeowners in the Sunshine State should consider their individual needs before choosing a policy, such as their home’s age, condition, and location.

Below is a list of some of the top insurers in the state based on common needs.

Best large insurer: State Farm

More homeowners trust State Farm than any other home insurance company in the country.^[1] The company has a massive footprint in Florida, with agents in more than 100 cities. State Farm also boasts one of the highest J.D. Power scores of any insurance provider, with a customer satisfaction index rating of 829.

Best insurer for cheap rates: Stillwater

Stillwater Insurance has several locations in Florida and offers some of the most affordable rates in the state. J.D. Power hasn’t calculated a customer satisfaction score for Stillwater, but the provider boasts an A+ from the Better Business Bureau and an A- financial strength grade from A.M. Best.^[2]

Best for hurricane coverage: Amica

Amica boasts an excellent J.D. Power score of 849, which is the highest in the country. Amica’s Standard Choice policy (HO-3) covers damage from wind, making it the right choice for hurricane coverage. This provider has regional offices in Tampa and Orlando.

Best insurer for high-value homes: Allstate

Allstate is the second-largest homeowners insurance provider in the country in terms of market share^[1] and has an excellent J.D. Power score of 815. This provider has several locations across Florida and provides windstorm coverage, which makes it a good option for Floridians covering high-value dwellings.

Best regional insurance company: American Integrity

American Integrity offers robust homeowners insurance policies in Florida. While J.D. Power hasn’t calculated a customer satisfaction score for American Integrity, the provider has an exceptional A Financial Stability Rating from Demotech, Inc.^[3]

Methodology

To evaluate home insurance companies, Insurify data scientists and editorial team analyze multiple factors that reflect a company’s quality, reliability, and financial health. We consider industry ratings and information from sources like A.M. Best, Standard & Poor’s, Moody’s and Fitch, and J.D. Power. We evaluate customer service and satisfaction data, customer reviews, NAIC complaint indexes, claims payout rates, company reputation and proprietary quoting data.

How much is homeowners insurance in Florida?

Floridians pay the highest average homeowners insurance rate in the country, at $391 per month. Several factors can affect how much you pay for homeowners insurance in Florida, such as policy type and your home’s location.

How your policy choices affect home insurance rates in Florida

Your policy form

Homeowners insurance policies vary in terms of how many “perils” they cover. A peril is a cause of damage to property (such as wind, theft, and fire). The most common type of homeowners insurance policy is the special form policy (or HO-3 policy), which covers the following perils among others:

Policy type affects the price of your home insurance policy. For instance, a comprehensive form policy (HO-5) covers all perils except those specifically listed as exclusions in your policy. This policy offers more coverage but also costs more. Meanwhile, a basic form policy (HO-1) covers the fewest perils.^[4]

Floridians should also note that a special form policy doesn’t cover damage caused by flooding. Flood insurance is a separate form of add-on coverage. Make sure to choose a policy type that covers all perils relevant to your home.

Learn More: Florida Hurricane Insurance: Complete Guide for Homeowners

Your coverage level

Your coverage level affects how much you end up paying for home insurance. On average, HO-5 insurance costs $160 more than a standard HO-3 policy.^[4] Adding enhanced or additional coverages to your policy can provide you with better protection but may make your premiums more expensive.

Your deductible is the amount of money you owe to cover a claim before your insurance kicks in. Raising your deductible can lower your monthly insurance premiums because you’re taking on more financial risk yourself. However, you must consider whether you could afford such a deductible before setting the limit.

Check Out: Selecting a Home Insurance Deductible

How location affects home insurance rates in Florida

Insurance companies consider location when determining homeowners insurance rates. This is why average rates can vary by ZIP code. Several factors explain why rates vary so significantly in different Florida cities, including:

• Weather: Florida cities along the Gulf of Mexico, particularly by the panhandle, are at a higher risk for severe hurricanes. Residents of St. Petersburg and Panama City pay more than residents of Jacksonville due partly to these different weather patterns.

• Property costs: Areas with higher property values tend to have higher average homeowners insurance rates. The average replacement value of a home in Panama City is higher than that of a home in Jacksonville, which partly explains the different average quotes.

• Crime rate: Homeowners insurance companies offer higher rates for homes in high-crime areas due to the increased risk of theft or vandalism.

• Proximity to emergency services: Houses that are closer to the local fire and police departments tend to have lower average rates than houses farther from these services. This explains why average rates can vary even within a neighborhood.

Below is a look at how average monthly rates stack up in some of Florida’s largest cities.

What are the most affordable home insurance companies in Florida?

Floridians tend to pay more for homeowners insurance, but that doesn’t mean you can’t find affordable rates. Stillwater offers some of the cheapest homeowners insurance quotes in the state, with an average rate of $302 per month. That’s $89 less than the state average.

Different homes have different needs. If you’re covering a high-value home in an area with a high flood risk, you may end up paying higher insurance premiums. Compare quotes from a wide range of Florida insurers to find an affordable rate that meets your needs.

How much homeowners insurance do you need in Florida?

If you take out a mortgage in Florida, your lender will require you to purchase homeowners insurance.^[5] Make sure you’re covered for all necessary perils when buying homeowners insurance. For instance, Floridians regularly experience severe hurricanes and tropical storms, so it’s a good idea to have robust dwelling coverage and flood insurance.

Learn More: Florida Flood Insurance: Complete Guide for Homeowners

What home insurance coverages should you buy in Florida?

Homeowners insurance policies are known as “package policies,” which means they contain a package of different coverages. Below are some of the standard components of a homeowners insurance policy. The prices of these components will vary based on the replacement cost of your home and the amount of personal property you’re covering.

• Dwelling coverage covers physical damage to the actual structure of your home, as well as attached structures like a garage. For example, dwelling coverage will cover the cost of roof damage caused by a windstorm.

• Other structures coverage covers physical damage to structures that aren’t attached to your home, such as tool sheds and fencing. If your shed catches fire, this component of your policy will cover the costs of the physical damage.

• Personal property coverage covers damage to personal belongings on the property, such as furniture and electronics. You can add on specialty insurance to cover damage to particularly expensive property, such as fine art or antiques.

• Additional living expenses coverage will cover loss of use if you have to temporarily vacate your home for repairs. For example, your policy will cover hotel fees if you’re relocated for an extended period.

• Personal liability coverage protects you from financial risk due to property damage or injuries to others that occur on your property. For instance, if someone falls down the stairs in your home, personal liability coverage will cover their medical bills if you’re found liable.

What optional home insurance coverages should you buy in Florida?

Below are some optional insurance coverages that aren’t part of a typical homeowners insurance policy.

• Flood insurance: Insurance companies don’t include flood damage as a listed peril in standard insurance policies. The National Flood Insurance Program provides coverage to more than five million policyholders nationwide. Florida homeowners should definitely add flood insurance, which costs about $700 per year in high-risk areas. Flood insurance can be purchased through the National Flood Insurance Program or a private insurer.

• Earthquake insurance: Similar to flood insurance, earthquake coverage is an optional add-on policy. Earthquakes rarely strike Florida, so Florida residents shouldn’t worry about adding earthquake insurance. You can learn more about traditional and parametric earthquake insurance on the FEMA website.

• Water/sewage backup coverage: Many homeowners insurance policies exclude damage from sewer backup from their list of coverages.^[6] Homeowners can add an optional sewage backup endorsement to their policy. Such coverage might appeal to Floridians, given the higher risk of water damage.

See More: 10 Best & Worst Sites to Compare Home Insurance Quotes

How much home insurance coverage should you have in Florida?

The amount of home insurance coverage you buy depends on your personal needs. Often, your lender will tell you how much homeowners coverage you need based on your mortgage amount. Consider the following factors before choosing your home insurance policy:

• Home value: Homeowners typically pay more for home insurance if their home is expensive to rebuild. Replacement value is the cost of rebuilding a home. Insurance experts advise homeowners to purchase home insurance worth at least 80% of the home’s replacement value.^[4]

• Location: Homeowners who live in areas at high risk for severe weather should consider buying additional home insurance products. Hurricanes regularly strike Florida, which means flood insurance and robust windstorm coverage are essential.

• Personal belongings: If you have expensive personal belongings, you might want to buy additional personal property insurance. An umbrella insurance policy is a good way to add more coverage, but it’ll cost more.

Each home has different risk factors. Homeowners should consider policies from at least three different insurance providers before making a final decision. A policy that works for one homeowner might not work for another. Read each policy closely and note any exclusions, particularly regarding water damage and storm damage.

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

Florida homeowners must keep certain risks in mind when buying a home insurance policy, including:

• Severe windstorms: Nearly 40% of all hurricanes to make landfall in the United States have occurred in Florida, making it the most hurricane-prone state in the country.^[7] Standard home insurance policies cover damage from windstorms. Floridians who own older homes or wood-frame homes should consider more robust dwelling coverage.

• Flooding: Florida averages nearly 60 inches of rain each year. The state’s many rivers and streams only increase the chance of flooding. Standard home insurance policies don’t include flood insurance, so Floridians should consider purchasing flood insurance through a private insurer or the National Flood Insurance Program.

• Water damage: Florida has over 8,000 miles of coastline and is second only to Alaska for most shoreline mileage in the United States. Severe storms, heavy rainfall, and a long coastline form a potent recipe for water damage. Fortunately, most standard home insurance policies include water damage as a peril.

See Also: Florida Windstorm Insurance: Complete Guide for Homeowners

How can you save money on homeowners insurance in Florida?

Finding affordable prices on homeowners insurance in Florida isn’t easy. Luckily, these proven strategies can help you save money on homeowners insurance:

Bundle home and auto insurance

Most insurance providers offer discounts to customers who buy their homeowners insurance and car insurance at the same company. The size of the discount varies among insurers.

Increase your deductible

Your deductible is the amount you pay for a covered loss before your insurance kicks in. For instance, if a fire causes $2,500 in damage to your home and your deductible is $500, you’ll pay $500 and then insurance will cover the rest. Raising your deductible lowers your monthly premiums but will make each claim more expensive for you.

Repair your home

A home with a shaky foundation or old pipes is at a greater risk of damage. Repairing these shortcomings puts insurance providers at ease and can qualify your home for more discounts.

Comparison shop

Several factors affect home insurance costs, such as location and home value. Comparing quotes from a wide range of insurance companies puts all your options side by side. Then, you can pick the policy that best meets your needs and budget.

Read More: 10 Best Home Insurance Companies

Average home replacement cost value in Florida

Replacement cost value refers to the cost of rebuilding your home using the same type of building materials. Replacement cost value doesn’t account for your home’s depreciation over time. Insurance agents recommend insuring your home to at least 80% of its replacement cost value. Houses with higher replacement cost values will therefore cost more to insure.

Below are the average replacement costs in a few of Florida’s largest cities.

Florida homeowners insurance FAQs