Home Insurance in Florida

Homeowners insurance in Florida: what you need to know

The average cost for homeowners insurance in Florida is per year or $153 per month.^[1] Relative to the rest of the US at $1515, Floridians' home insurance rates are 21% more expensive than average per year. Our data shows that Travelers has the lowest rates in 2024 at $682.

Floridians looking for an insurer with a strong reputation instead of just the lowest price should look to Travelers and People's Trust Insurance as affordable options. However, know that home insurance companies in Florida can be very selective due to risk aversion. We've compiled the most important things Florida homeowners should know about their insurance, including information about natural disasters, common coverage options, and state-specific regulations.

What are the cheapest home insurance companies in Florida?

Since 2019, Florida's home insurance rates have seen a 16% climb, mainly due to the hurricanes and other natural events that have hit the state.^[1] While rates vary by location and property, our Dynamic Insurance Rating Tool helps us access and analyze annual rate filings, allowing us to determine which insurer typically offers the most affordable homeowners insurance in Florida.

Home insurance rates in Florida vary greatly depending on which insurer you use. In Florida, Travelers offers the best deal on home insurance at just $682 yearly. This compares favorably to Florida's average cost of $1,450 and is even significantly lower than the cheapest home insurance companies in the country.

Based on our internal data, 42% of users in Florida carry between $200k-$300k of dwelling coverage. Have a look at the cheapest home insurance in this range in the table below.^[2]

Start searching for cheap homeowners insurance by checking out the most affordable Florida companies listed below. Then, see our list of home insurance carriers consumers rated the best for customer satisfaction. 

What are the cheapest homeowners companies in Florida for new homes

The year your house was built plays a critical role in your homeowners insurance rates. Older homes, especially those built in earlier periods and possibly using outdated construction techniques or plumbing, can often be more costly to insure. This is due to the increased risks associated with materials and methods that no longer meet current standards.

Our data shows that in Florida, insuring a newly constructed home in 2024 is substantially less expensive than covering a home built before 2011. Below is a list of the most affordable insurers in Florida for homes that are newly built.

While our data shows People's Trust Insurance as the cheapest home insurance company in Florida for newly-constructed homes, that may not be the case for you or your area. Use this information as a jumping-off point in your search and compare as many companies as possible.

What are the best homeowners companies in Florida?

What defines "best" can significantly differ from one person to another. For those in Florida seeking the ideal home insurance, it's wise to consider a mix of local and national evaluations, including insights from JD Power and AM Best. This approach ensures a broad perspective, blending expert analysis with regional specifics.

To streamline the decision-making process, we've compiled a list of the top home insurance companies in Florida, highlighting their strengths in overall service, bundling options, and coverage for high-value properties. This guide aims to simplify finding the right insurance provider to meet diverse needs and preferences.

What are the best companies for home and auto insurance bundles in Florida

If you want to save, consider carrying your home and auto policies with the same insurance company. Bundling auto and homeowners insurance can save you a fair amount each month on your auto insurance policy. In fact, bundling policies in Florida leads to a yearly discount of $76 on average.^[1]

Best home insurance companies for high-value homes

Much like the concept of the "best company," what qualifies as a "high-value" home is also subjective. However, when it comes to insurance evaluations, sentimental value is set aside in favor of concrete replacement costs. If you're uncertain about whether your home falls into the high-value category, here are some considerations:

• Property value greater than $750,000
• Extensive collection of art, jewelry, musical instruments or other valuable collectibles

Our Dynamic Insurance Rating Tool allows us to see average costs for home insurance in Florida for high-value homes — homes with a dwelling coverage value above $400,000. Below are the top and best companies:

Best home insurance in Florida for natural disasters

Florida is vulnerable to a number of natural disasters. Flooding, hail, tornadoes and hurricanes are regular occurrences in Florida.

Many of these perils are not covered by standard homeowners insurance coverage policies. Below is a guide with tips on how to make insure your home is covered.

Does homeowners insurance cover hurricanes in Florida? — Partially

Because hurricanes can cause damage and destroy property at a massive scale, insurance companies are reluctant to assume the full risk of hurricanes as a whole. If you live in Florida, you could face an increased risk of suffering hurricane damage. In fact, 351,093 single-family residences are at extreme risk of hurricane damage in Florida.^[4]

If you own a home near the Atlantic or Gulf coasts, it's essential to confirm the details of your homeowners insurance policy since a basic policy won't typically be enough to cover hurricane damage — you would need to reinforce your policy with windstorm and flood insurance, which would work together to cover the damages. In some states, your insurer may make it compulsory to have a separate hurricane deductible if you live somewhere requiring high-risk homeowners insurance.

Using our Dynamic Insurance Rating Tool, we're able to see the top companies in Florida with hurricane coverage added. Below shows the most popular dwelling amount in Florida with hurricane coverage added:

Does homeowners insurance cover tornadoes in Florida? — Yes

Tornado damage is often covered under the windstorm portion of your policy, which is a standard feature in most homeowners insurance policies. Tornadoes can hit with very little warning. In fact, Florida averages 57 tornado events per year.^[5] 

Wind protection provides coverage to a building's exterior and overall structure. Depending on your policy type, you may find that interior damage is only covered when it occurs as caused by exterior damage, like a tree branch breaking a window. Detached structures are also covered, normally about 10% of the home’s insured amount. It's important to remember that some losses brought about by the storm may not be covered. For instance, if the storm that produced the tornado also causes flooding that damages your home, your home won't be covered unless you've specifically purchased flood insurance.

Does homeowners insurance cover flooding in Florida? — No

Flood insurance is a necessity for many in Florida, which faced $17,024,301 in flood insurance claims in 2016.^[6] Flood damage — whether a byproduct of a downpour or a hurricane — is not covered by homeowners insurance policies. To insure your home against flood damage, acquire insurance through FEMA's National Flood Insurance Program (NFIP) or via a private insurer. 

Flood insurance coverage from private companies may vary, but NFIP flood insurance covers:

• $250,000 for your home’s structure
• $100,000 for your personal property

If the value of your personal property and home exceeds these limits, consider purchasing a flood insurance policy from our partners at Neptune for additional protection.

Does homeowners insurance cover sinkholes in Florida? — Sometimes

In Florida, sinkhole coverage is a critical aspect of homeowners insurance due to the state's geological susceptibility to sinkholes. Like flood insurance, standard homeowners insurance policies typically do not cover sinkhole damage. This is because sinkholes, much like floods, pose a unique and significant risk that requires specialized coverage.^[8]

To protect against sinkhole damage, Florida law requires insurance companies to offer coverage for "catastrophic ground cover collapse." However, this coverage is narrowly defined and only applies if the sinkhole causes the home to be condemned and uninhabitable. According to section 627.706(k) of Florida statutes, the law requires that there be “structural damage" that impacts the structural integrity of your home. 

For broader protection, homeowners in Florida can purchase optional sinkhole insurance coverage. This additional coverage is designed to protect against various forms of sinkhole damage, not just the scenarios that meet the stringent criteria of catastrophic ground cover collapse. Homeowners need to understand the terms and coverage limits of any sinkhole policy they consider, as these can vary significantly between insurers.

Optional sinkhole insurance can cover:

• The repair of the home’s structure
• Stabilization of the land under the home
• Contents of the home, depending on the policy

Popular policies & coverage for Florida homeowners

What homeowners insurance options are available in Florida?

A number of coverage options are available to homeowners in Florida. Tiers of coverage are prescribed by the Insurance Services Office (ISO), an advisory organization that develops insurance programs and helps states meet regulation requirements.

Below you’ll find corresponding policy names used by some home insurance companies in Florida:

• HO-1: Provides basic coverage and covers a home and the property therein against named perils.
• HO-2: Expands coverage to include additional named perils.
• HO-3: Covers a home against open perils and your contents against named perils.
• HO-5: Covers a home and its contents against all perils unless specifically listed.

Florida homeowners insurance issues

Availability of insurers

The Florida home insurance market has seen several insurers leaving the market due to the high risk of catastrophic losses from hurricanes. This exodus has left homeowners with fewer options, often leading them to resort to the state-run Citizens Property Insurance Corporation.

Citizens Property is intended as an insurer of last resort for those who cannot find coverage elsewhere, but its growing policyholder base reflects the challenges in the market. Despite legislative efforts to encourage more private insurers to enter or remain in the market, the volatility caused by increasing hurricane frequency and ferocity poses ongoing challenges.

In 2024, a number of new insurance companies were approved to see insurance in the state, hopefully reducing the need for state intervention. According to the Insurance Information Institute's Mark Friedlander, "these new insurers will give consumers choice on shopping their coverage and getting competitive quotes, something we haven't seen in Florida in a very long time."^[9]

These companies include:

• Tailrow Insurance Company
• Mainsail Insurance Company
• Orion 180 Insurance Company
• Orion 180 Select Insurance Company
• Orange Insurance Exchange
• Condo Owners Reciprocal Insurance.^[10]

Florida legislative actions

Home insurance quotes in Florida by most populated cities

Not all cities in the Sunshine State have the same homeowners insurance rates. Heavily populated coastal areas such as Miami-Dade County are likely to be higher due to increased exposure to hurricane and storm risks. Prices for property insurance also depend on locally specific variables such as the number of local claims filed and the likelihood of perils like vandalism and natural disasters, giving your ZIP code plenty of weight in how much you pay.

Among the major cities, the most affordable home insurance in Florida is found in Tallahassee. An average home insurance policy in Tallahassee costs Floridians just $1,102 each year — $734 less than the statewide average. Have a look at the average annual home insurance rates for some of the biggest cities in Florida.

Florida homeowners insurance FAQs