Cheapest Florida Homeowners Insurance Quotes (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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Chris Schafer
Edited byChris Schafer
Chris Schafer
Chris SchaferSenior Editor
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Andrew Huang
Data reviewed byAndrew Huang
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Andrew HuangVice President, Performance Marketing
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Updated December 19, 2023 at 11:00 AM PST

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Florida is the most expensive state for homeowners insurance, according to the Insurance Information Institute.[1] The average annual cost of Florida home insurance is $9,270, and the cheapest home insurance companies in the state are 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.

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

  • Most Florida homeowners are at risk for flood damage.

  • Some policies charge a separate hurricane deductible.

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 CompanyAverage Annual PremiumBest For
Stillwater$6,093Cheap rates
American Integrity$6,285Seasonal residents
Citizens Property Insurance Corporation$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.

Best insurer for cheap rates: Stillwater

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
  • Has an office in Jacksonville

  • A- financial strength rating from AM Best

Cons
  • Middling BBB ratings/reviews

  • Website doesn’t mention flood insurance option

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, as well as vacant homes, rentals, and seasonal dwellings, plus flood insurance. This can facilitate seasonal residents who are worried about damage to their properties while they’re out of state.

Pros
  • Offers multiple discounts, including retiree and windstorm loss mitigation features

  • Extensive property insurance coverage options

Cons
  • Not the cheapest average rates

  • Doesn’t offer auto insurance

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. It was founded via an act of the Florida legislature in 2002 and is 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
  • Backed by the government, offering added stability

  • Insures people who can’t secure insurance anywhere else

Cons
  • Rates are among the highest on the market

  • Coverage options are limited

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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 is 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
Allstate$17,304
American Integrity Insurance$6,285
Armed Forces Insurance Exchange$5,044
ASI$6,925
Bankers Insurance Group$8,357
Chubb$11,639
Citizens Property Insurance$21,707
Florida Farm Bureau$27,986
Florida Peninsula Insurance$7,649
HCI Group Inc.$9,492
Heritage Insurance$9,254
Nationwide$3,893
People’s Trust Insurance$7,443
Security First Insurance$4,908
Southern Fidelity$9,622
State Farm$7,557
Tower Hill Group$10,344
Travelers$2,002
United Property & Casualty$15,092
Universal North America Insurance$14,233
Universal Property & Casualty Insurance Company$17,785
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 ranges between $3,557 and $15,272 per year, depending on your level of dwelling coverage and your deductible.

For instance, the average cost for $300,000 of dwelling coverage is $9,213 per year with a $1,000 deductible and $9,270 with a $500 deductible.

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 insurer to stop providing homeowners insurance coverage in Florida. As of November 2023, 14 other insurers are in liquidation and will join more than 100 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.

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

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Cost of homeowners insurance by deductible

A deductible is the amount of money 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. This deductible must be paid 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

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:

  • 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. 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.

  • 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.

  • 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.

  • 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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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. This makes rates higher 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. If you need a mortgage loan, however, most lenders require you to take out homeowners insurance to protect the property for the length of the loan.

Mortgage lenders require customers to take out insurance policies in case the home is damaged prior to the loan being paid off. With the annual threat of hurricanes in Florida, it’s understandable that lenders want to protect their assets.

Most lenders will accept a policy from any Florida home insurance company, so long as it meets minimum coverage requirements. For more protection, you can choose to increase the amount of basic dwelling coverage in addition to purchasing optional insurance products, like identity theft insurance or medical expenses coverage.

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 and be prepared 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 be prepared 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 surge, inland flooding, high winds, and tornadoes. In 2017, Hurricane Irma resulted in $5.58 billion in recovery funding in Florida. Technically, hurricanes are covered under most homeowners insurance policies; however, 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. Flood insurance is typically not included in a traditional policy. 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 country, with the majority forming in the spring and summer.[6] Tornadoes are covered in most homeowners insurance policies, including in HO-3s. 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.

  • Who 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. However, even if you aren’t required to have home insurance, it may be a good idea to protect your home in the event of a disaster.

  • 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. Insurance Information Institute. "Facts + Statistics: Homeowners and renters insurance." Accessed November 23, 2023
  2. U.S. Census Bureau. "Quick Facts Florida." Accessed November 23, 2023
  3. Better Business Bureau. "Stillwater Insurance Group." Accessed November 23, 2023
  4. My Florida CFO. "Closed Companies." Accessed November 23, 2023
  5. Insurance Information Institute. "Trends and Insights: Florida homeowners’ insurance crisis." Accessed November 23, 2023
  6. Florida Climate Center. "Tornadoes." Accessed November 23, 2023
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.

Chris Schafer
Edited byChris SchaferSenior Editor
Chris Schafer
Chris SchaferSenior Editor
  • 15+ years in content creation

  • 7+ years in business and financial services content

Chris is a seasoned writer/editor with past experience across myriad industries, including insurance, SAS, finance, Medicare, logistics, marketing/advertising, and many more.

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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.

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