5 Best Key West Homeowners Insurance Companies (2025)
State Farm and Nationwide offer some of the best and most affordable homeowners insurance policies in Key West.
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Written byCatherine Hiles
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Catherine Hiles
Catherine Hiles is a freelance writer covering insurance, personal finance, and home improvement. Her work has been published in TIME, The Penny Hoarder, BobVila.com, Tom's Guide, and Angi. She has a bachelor's degree in communication studies from the University of Chester in the United Kingdom and is a Certified Financial Education Instructor. Catherine lives in Ohio with her husband, two children, and two energetic dogs.
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Edited byBecky Helzer
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Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.
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Table of contents
The average yearly cost of home insurance in Key West, Florida, is $20,172 for a $300,000 policy and a $1,000 deductible, making it one of the most expensive areas in the country for coverage.
The small island of Key West is vulnerable to hurricanes, flooding, and wind damage due to its location off the Florida coast. Key West also has high property values, with a median sales price of $1.1 million, according to Zillow.
Despite these challenges, it’s still possible to find affordable coverage in Key West. Here’s what you need to know about Key West home insurance.
Quick Facts
Home insurance in Key West is more expensive than the state and national averages.
A $300,000 policy with a $500 deductible costs an average of $9,754 per year in Key West.
Due to the high risk of flooding, mortgage lenders may require Key West homeowners to purchase additional flood insurance.
Best home insurance companies in Key West
Though some insurers have left or reduced their coverage in Florida, many reputable home insurance companies still exist in Key West. The best insurance company for you will depend on your home’s value and any risk factors you face.
Consider the following top companies to help you get started.
State Farm: Best for bundling policies
State FarmCompare 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-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | 8.2/10 |
|---|---|
| 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++ |
| $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. | $390/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. | $542/mo |
State Farm is the best company for Key West homeowners who want to save money by bundling their policies. The insurer offers competitive discounts for bundling your home and auto insurance together, and you could save up to 20% by taking advantage of a multi-vehicle discount. Plus, State Farm has a strong presence in Florida, making it easier to access customer support after a storm.
Pros
Network of more than 19,000 agents
Above-average J.D. Power customer satisfaction rating
Competitive bundling discounts
Cons
Fewer discounts than some competitors
Not as many customizable policy options
Can’t purchase a policy online
Armed Forces Insurance: Best for veterans
Key West has a significant military history and is home to Naval Air Station Key West. Veterans and active military members living in Key West may want to consider Armed Forces Insurance. The insurer tailors homeowners insurance to meet the unique needs of service members, such as deployment or frequent relocations.
Pros
Hurricane-mitigation discount for Florida residents
Flood coverage available
Shops other insurers to find best prices
Cons
Limited to military members, veterans, and their families
Not as many available discounts as larger insurers
No longer rated by AM Best
Stillwater Insurance: Best for older adults
StillwaterCompare 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-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | NR |
|---|---|
| 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- |
Stillwater Insurance Group offers numerous discounts on homeowners insurance policies, including multi-policy, claim-free, home alarm protection, and gated community discounts. It also offers an age-related discount that can help make coverage more affordable for older adults. These discounts make it easier to find a policy that fits your budget.
Pros
More than a dozen home insurance discounts
Extended replacement cost option
Multiple add-on coverage options
Cons
Middling Better Business Bureau (BBB) ratings/reviews
Flood insurance not available
Not rated for customer satisfaction by J.D. Power
Security First Insurance: Best for hurricane coverage
Security First Insurance is a Florida-based insurance company that focuses on the unique needs of residents in the Sunshine State. All policies include hurricane coverage — a must for anyone living in Key West. You can also add equipment breakdown coverage, service line coverage, and personal property coverage with replacement cost.
Pros
Florida-specific coverage
Offers deductible-reducing endorsement
Many available discounts
Cons
Flood insurance not available
Disappearing deductible doesn’t apply to hurricane coverage
No AM Best financial strength rating
Citizens Property Insurance Corporation: Best for people who don’t qualify for other coverage
people who don’t qualify for other coverage
Citizens
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-ten scale. The Insurify editorial team researches insurer data to determine the final scores. | NR |
|---|---|
| JD Power J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale. | Not rated |
Living in Key West has many benefits, but finding a homeowners insurance policy can be difficult. Citizens Property Insurance Corporation offers coverage when other insurers won’t.
The state-backed insurer also works to increase the number of policies held with private insurers through the Citizens Depopulation Program. If you qualify for transfer to a private insurer, state law caps premium increases to 20% of your Citizens estimated renewal premium. If your premiums will increase by more than that amount, you’re eligible to stay with Citizens.
Citizens policyholders can get a discount on premiums by installing wind-damage mitigation features, like hurricane shutters and other storm protection measures.
Pros
Insures homes that other insurers won’t
Available wind-mitigation discount
Offers a wind-only policy
Cons
Flood insurance not available
Coverage is limited to homeowners who can’t find coverage elsewhere
Can’t purchase a policy online
Our editorial team analyzed regional and national home insurance companies that sell policies in Key West to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
How much is home insurance in Key West?
On average, home insurance in Key West costs $20,172 annually for a $300,000 policy with a $1,000 deductible, making it significantly higher than both the state and national averages. In comparison, homeowners across Florida pay an average of $5,640 per year.
These high rates are due to the area’s extreme weather risks. Key West’s coastal location and island nature make it vulnerable to hurricanes, windstorms, and flooding.[1]
Plus, many of the homes in Key West are older — especially in the Old Town area, which is a designated historic district. Older homes are often more expensive to insure because their outdated systems and materials make them more vulnerable to extreme weather.
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Cheapest home insurance companies in Key West
Homeowners insurance is expensive in Key West, making it even more important to shop around and compare quotes from different insurers. State Farm is the cheapest company overall, with an average monthly rate of $390 for $300,000 in dwelling coverage and a $1,000 deductible.
The following table shows several other affordable home insurers in Key West.
The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT.
Insurance Company  | Average Annual Premium |
|---|---|
| State Farm | $3,612 |
| Nationwide | $4,128 |
| Allstate | $13,272 |
| Chubb | $23,880 |
The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| State Farm | $6,504 |
| Nationwide | $9,156 |
| Allstate | $37,536 |
| Chubb | $56,700 |
The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT.
Insurance Company | Average Annual Premium |
|---|---|
| State Farm | $8,772 |
| Nationwide | $13,128 |
| Allstate | $57,816 |
| Chubb | $79,128 |
The state of home insurance in Florida
In recent years, many insurance companies have left the state of Florida. The two primary reasons are a high number of fraudulent roof-replacement schemes and excessive litigation, according to the Insurance Information Institute.[2]
Additionally, Florida has more hurricanes each year than any other state. In 2022, Hurricane Ian caused more than $100 billion in insured and uninsured losses.[3]
Insurify analysis projects that Florida homeowners will see rate increases of 9% in 2025; the Sunshine State is already the most expensive in the country for homeowners insurance.
It’s no wonder many Florida residents struggle to find comprehensive and affordable coverage. Shopping around lets you compare insurance quotes and find the best policy for your coverage needs and budget.
How much homeowners insurance do you need in Key West?
There’s no set rule that tells you how much homeowners insurance you need. But if you have a mortgage, your lender may require you to carry a minimum amount of coverage. Even if you own your home outright, it’s wise to purchase a policy to protect your investment and your belongings.
Below are the main types of home insurance coverage and how to calculate the amount of coverage you need for your Key West home:[4]
Dwelling
Dwelling coverage pays to rebuild or repair your home to its original condition if a covered peril damages or destroys it.
Other structures
Other structures coverage applies to any unattached structures, like sheds, pools, gazebos, and detached garages. You’ll need enough coverage to rebuild or repair them if they’re damaged or destroyed by a hurricane or another covered event, like hail, vandalism, wind, or fire.
Loss of use
Buy enough additional living expenses coverage to pay for temporary housing, restaurant meals, and other expenses if a tropical storm or hurricane displaces you from your Key West home.
Personal property
Purchase sufficient coverage to replace your furniture, decor, clothes, and other personal belongings if a covered peril damages them. Personal property coverage limits are based on a percentage of dwelling coverage, typically ranging from 50% to 70%.
Personal liability
If someone is injured on your property and sues you, personal liability pays for medical expenses and any legal fees. Coverage typically starts at $100,000, but consider increasing your limits if your Key West home has a pool or other high-risk features.
What to know about home insurance in Key West, FL
There’s nowhere else in the continental U.S. quite like Key West. But living there presents some unique considerations to take into account when you shop for a homeowners insurance policy:
Property values: High property values in the area significantly affect home insurance premiums, since the rebuild costs are much higher.
Severe weather events: Key West is vulnerable to severe weather events, like hurricanes, tropical storms, and windstorms. Wind insurance and hurricane insurance coverage are typically part of a standard homeowners policy, but you may need to pay a separate hurricane deductible.
Flooding: Flooding is another major risk, especially in coastal areas. Standard home insurance policies don’t cover flood damage, so homeowners need a separate flood insurance policy. You can purchase this coverage through the National Flood Insurance Program (NFIP), which the Federal Emergency Management Agency (FEMA) manages. It’s important to check whether your home is in a flood zone so you can understand the underlying risk.[4]
Home insurance coverage for hurricanes and flooding
Homeowners insurance generally covers windstorms, including hurricanes, although your policy might have a separate deductible for this type of damage. In Florida, the hurricane deductible kicks in when the National Hurricane Center issues a hurricane warning for the state and ends 72 hours after the last hurricane watch or warning expires.[5]
Homeowners insurance policies don’t cover flooding. For this reason, you’ll need separate coverage for your Key West home to protect it from storm surge.
You can get coverage through a private flood insurer or through FEMA’s National Flood Insurance Program (NFIP). State law requires private insurers to offer the same amount of coverage as an NFIP policy, though many offer higher coverage.
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How to get home insurance in Key West
It may seem challenging to get home insurance in Key West. But by following these steps, you can find a policy that suits your coverage needs and budget:
Consider your coverage needs. You’ll at least need enough coverage to rebuild your home and replace your belongings, but you might also want specialized coverage.
Shop around and compare quotes. Don’t focus on cost alone. Instead, check the type and amount of coverage included in each policy on your shortlist.
Ask about FAIR Plans. Some homes don’t qualify for private insurance coverage. If yours is one of them, you can get a policy from Citizens Property Insurance Corporation — Florida’s version of a FAIR Plan.
Check for discounts. Common homeowners insurance discounts include those for bundling multiple policies, hurricane mitigation, claims-free, and home alarm protection. These discounts can lower your homeowners insurance costs.
Average cost of home insurance in other cities in Florida
Home insurance costs can vary between Florida cities and even between different ZIP codes within the same city. For example, rate calculations may be higher in areas with less housing affordability, higher crime rates, hurricane exposure, or a history of flooding.
The table below shows how rates fluctuate between different Florida cities.
The below rates are estimated rates current as of: Tuesday, October 7 at 12:00 PM PDT.
City | Average Annual Premium: With $300,000 in Dwelling Coverage |
|---|---|
| Tallahassee | $3,156 |
| Gainesville | $3,180 |
| Jacksonville | $3,600 |
| Orlando | $4,608 |
| Tampa | $5,460 |
| Palm Bay | $6,276 |
| Cape Coral | $7,716 |
| Miami | $13,740 |
Key West homeowners insurance FAQs
The following information can help as you shop for Key West homeowners insurance.
The average monthly cost of home insurance in Key West is $1,681 for a policy with $300,000 in dwelling coverage and a $1,000 deductible. If you live in an area that’s at risk for flooding, you may need to purchase a separate flood insurance policy.
State Farm is the cheapest insurer in Key West, with an average monthly premium of $390. But that doesn’t mean State Farm will be the cheapest company for you, so it’s important to shop around and compare quotes from several insurers.
The best home insurance companies in Key West include State Farm, Armed Forces, Stillwater, Security First, and Citizens. State Farm has the best bundling discounts for homeowners with multiple insurance policies, while Security First is best for windstorm insurance.
The 80% rule in homeowners insurance states that you must insure your home for at least 80% of its replacement cost. If you insure it for less than 80%, you may receive a reduced payout on any claims you file.
In Florida, a $500,000 home insurance policy with a $1,000 deductible costs $8,988 annually. But your exact costs will vary depending on your home, ZIP code, and coverage needs.
In Florida, the average property tax rate is 0.79%. But property taxes are a county-level tax, so the rates depend on which county you live in.[6]
Methodology
Insurify data scientists analyzed rates from more than 180 home insurance companies sourced directly from Insurify’s partner companies and Quadrant Information Services. Rates span all 50 states and Washington, D.C., and quote averages represent the mean price for a given coverage level and geographic area. To ensure data reliability, only insurers meeting minimum quote thresholds were included in the analysis.
Unless otherwise specified, quoted rates reflect the average cost for homeowners with no prior claims and good credit with a home construction year of 1980. The default coverage assumptions include:
Default Coverage Assumptions
- Dwelling coverage: $300,000
- Deductible: $1,000
- Personal property limit: $25,000
- Liability limit: $300,000
Additional data points beyond these default values are sourced from Insurify’s proprietary database. Rates are updated monthly.
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Sources
- National Weather Service. "All About Hurricanes."
- Insurance Information Institute. "Trends and Insights: Florida homeowners’ insurance crisis."
- Climate.gov. "2022 U.S. billion-dollar weather and climate disasters in historical context."
- Insurance Information Institute. "Homeowners Insurance Basics."
- Florida Department of Financial Services. "Florida's Hurricane Deductible."
- AARP. "Florida State Taxes: What You’ll Pay in 2025."
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Catherine Hiles
Catherine Hiles is a freelance writer covering insurance, personal finance, and home improvement. Her work has been published in TIME, The Penny Hoarder, BobVila.com, Tom's Guide, and Angi. She has a bachelor's degree in communication studies from the University of Chester in the United Kingdom and is a Certified Financial Education Instructor. Catherine lives in Ohio with her husband, two children, and two energetic dogs.
Becky Helzer is an editor at Insurify. She loves helping writers express their ideas clearly and authentically. With a diverse background in editing everything from curriculum and books to magazine articles and blog posts, she’s worked on topics ranging from home finance, insurance, and cloud computing to the best tools for home improvement.
A proud graduate of Colorado State University with a degree in technical journalism, Becky lives in Fort Collins, CO, with her husband and their two spoiled rescue dogs.