To find the best homeowners insurance in Florida, we reviewed major insurers and collected thousands of Florida quotes. Tower Hill offers the cheapest rates, but it's important to compare service and coverage from different home insurers to find the best coverage in Florida.
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Tower Hill has the cheapest homeowners insurance rates in Florida, with an average cost of $1,242 per year. That's less than half the state average and $629 less than the second-cheapest company, State Farm.
Florida's average home insurance rates vary widely. The difference between Tower Hill and Chubb, the cheapest vs the most expensive company, is $1,933 per year. You could save $1,500 or more by comparing quotes from multiple home insurance companies.
State Farm is the best home insurance company in Florida for most homeowners. At an average rate of only $1,871 per year, State Farm is 16% less expensive than the average Florida home insurance company.
State Farm also has a strong financial rating, which could be important during a large-scale natural disaster, such as a hurricane. Many home insurance companies have stopped selling policies to Florida homeowners due to its higher tropical storm risk, among other factors, but that's generally less likely with bigger national companies like State Farm.
For Florida homeowners focused on the lowest possible rates for homeowners insurance, Tower Hill has the cheapest average rate of $1,242 per year. This is 44% less than the state's average rate of $2,220.
But you'll have to call a Tower Hill agent to get home insurance coverage, since the company doesn't offer online quotes. And while you can get home, flood and even boat insurance from Tower Hill, you won't be able to bundle with auto insurance.
Florida Peninsula Insurance offers unique benefits and expertise in insuring coastal homes. However, with an average annual home insurance rate of $2,437, Florida Peninsula is just average when it comes to cost, and higher than average rate of customer complaints.
Florida Peninsula also offers private flood insurance with up to $2 million in coverage for your home. The government-sponsored flood insurance from the National Flood Insurance Program (NFIP) limits flood coverage to $250,000, so Florida Peninsula's high limits should be enough for all but the most expensive homes in Florida.
When considering the best insurance company to protect your home, it's important to look beyond quotes to other factors like customer service and financial stability. An affordable insurance company may not be worthwhile if it ends up providing careless service or undervaluing your claim. We factored in customer service ratings, including the companies' scores from J.D. Power, as well as coverage options and rates.
Florida's location on the Gulf Coast leaves it vulnerable to several major insurance risks, resulting in the highest homeowners insurance costs in the nation. If you live in Florida, we recommend insuring against the most common and expensive perils when buying home insurance, which include winds, storms and flooding.
In May, Florida passed a law to help homeowners combat the state's high insurance cost. It aims to reduce fraudulent roof claims and limit legal fees, which cost Florida insurers a lot of moneyand drive up high home insurance rates.
In addition, the state is contributing $150 million to the My Safe Florida Home program, which provides grants to help Florida homeowners update their homes with hurricane-resistant features like exterior doors and reinforced roof-to-wall connections.
High winds caused by storms and hurricanes are one of the most frequent and costly causes of property damage in Florida. Fortunately, wind damage is almost always covered by any homeowners insurance policy. However, owners of some coastal homes that are especially susceptible to wind damage may need to purchase a special wind endorsement.
The good news is that state law requires insurers to offer discounts for homeowners who purchase and pass an optional wind mitigation inspection. You'll receive a list of ways to reduce your home's risk of storm damage, and if you pass, you'll get a home insurance discount that more than makes up for the inspection cost.
Besides wind damage, flood damage is one of the most common risks Florida homeowners face. Unfortunately, water damage due to rain and flooding is usually not covered by standard homeowners insurance policies. If you live in an area with a high risk of flooding, such as at a low elevation or near the coast, consider purchasing flood insurance from a private insurer or the NFIP. Depending on where you live, flood insurance may be a requirement to qualify for a home loan.
Yes, home insurance rates typically increase every year to keep up with both inflation and risks. And Florida homeowners have faced increasing storm damage, which tends to increase rates over time. Florida home insurance rates have increased by 33% since 2016, compared to the national average of 11%. It's a good time to shop around for a new policy if you get a notice that your rates are going up. Since each insurer decides how much to change rates every year, you might find a better deal from another company.
Tower Hill has the cheapest quotes for homeowners insurance in Florida, averaging $1,242 per year. State Farm came in second at $1,817 per year, along with having better customer satisfaction scores and access to online quotes. Your actual rates will depend on your property value, location, typical risks, past claims and other factors.
Florida homes face some extra risks you won't find in every state, including storms, hurricanes and flooding. Insurance companies base their rates on risk, which is why home insurance premiums are higher in states with higher risks of property damage. Florida also faces more cases of fraud than other states, especially for roof replacement.
For our study of the best Florida home insurance companies, we collected homeowners insurance quotes from nine of Florida's largest home insurers for a sample house in every ZIP code in the state, providing a comprehensive look at insurance costs statewide. Our sample policy was for a 2,100-square-foot home with $215,300 of dwelling coverage built in 1986 based on U.S. Census median home data.
Legislators this week are meeting in special session to fast-track approval of a series of proposals hammered out by Republican leaders and the staff of Gov. Ron DeSantis behind closed doors. They say that relieving the cost burden for homeowners is the goal, but helping insurers avoid insolvency is the priority.
He warned that when homeowners receive their new escrow statements next year, many will face sticker shock. Escrow accounts help homeowners set money aside each month to cover insurance premiums and property taxes. When the costs rise, the mortgage lender requires homeowners to set aside more money to cover their monthly payments.
If homeowners drop their windstorm insurance coverage and continue to carry a mortgage, the lender can purchase coverage to protect its interests and charge the homeowner for it. The process, known as lender-placed or force-placed insurance usually carries a higher premium cost.
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