If you are a resident of the Sunshine State, you know all too well the trade-off between the beautiful beaches and the risk of hurricanes, floods and other hazardous natural disasters that may damage or destroy your home. It should come as no surprise that Florida has one of the highest home insurance rates in the United States.
As a Florida homeowner, it is critically important that your home is adequately insured. But how can you get coverage that is both adequate and affordable?
There are a variety of important factors that will make a difference in what you’ll pay for home insurance in Florida including the physical location of the property, the age and condition of the home and the insurance provider you choose.
We’ve researched the top four homeowners insurance companies in Florida to help you find the right company and coverage for your needs.
The best homeowners insurance in Florida
- Best Overall: State Farm
- Best for military members: USAA
- Best for bundling: Allstate
- Best for Lowest Rates: Universal Property Casualty (UPC)
- Best for Customer Service: St. Johns Insurance
- Best Locally-Based Provider: Florida Peninsula Insurance Co
Compare ratings for Florida’s top insurance companies
| Carrier | AM Best | JD Power | SimpleScore |
|---|---|---|---|
| State Farm | A | 4 out of 5 | 3.8/5 |
| USAA | A++ | 5 out of 5 | 4.25 |
| Allstate | A+ | 3 out of 5 | 4.4 |
| Universal Property & Casualty | B++ | Not rated | 4.25/5 |
| St. Johns Insurance | Not rated | Not rated | 2.25/5 |
| Florida Peninsula Insurance Co | A | Not rated | 3.66/5 |
Best overall
State Farm offers affordable premiums and great customer service for Florida homeowners.
3.8
-
Discounts2
-
Additional Coverage5
-
Customer Satisfaction4
-
Support5
-
Accessibility5
The company is also known for its affordable rates. Because of that, we recommend State Farm to any Florida homeowner who is shopping for home insurance on a budget. State Farm’s exact insurance rates vary by state, but the company also offers a few discounts to help homeowners save money on their insurance.
Additionally, State Farm stands out for its customer reviews. In J.D. Power’s 2019 U.S. Home Insurance Study, State Farm was rated 4 out of 5 for overall customer satisfaction. The company has also proven financial stability with an A rating from A.M. Best.
Our Two Cents — State Farm is a great insurance provider for homeowners who want a reputable company with good customer service, flexible coverages and low premiums.
Best for military members
USAA is best for the many active and retired military members who call Florida home.
4.25
-
Discounts2
-
Additional Coverage5
-
Customer Satisfaction4
-
Support5
-
Accessibility5
The company ranks high among insurers for its customer satisfaction. USAA earns top marks from third-party surveyors for its communication, billing process, claims, cost of service and policy offerings. You can find similar perks and service quality with its other insurance policies like auto, life and more niche insurance like pet, small business, travel or special events.
Our Two Cents — Florida is home to over 90,000 military members and USAA is ideal for ensuring that home.
Best for bundling
Allstate offers many opportunities to customize your policy and its price.
4.4
-
Discounts2
-
Additional Coverage5
-
Customer Satisfaction4
-
Support5
-
Accessibility5
You’ll also earn a discount for bundling with one of Allstate many other insurance options. Allstate grants members 10% off an auto policy and 25% off home premiums for bundling auto and home insurance. You can bundle your policy with life insurance as well at varying discounts. We recommend calling a local agent as they can ensure you get every discount available and may have more specific opportunities.
Our Two Cents — With a list of essentially effortless discounts, Allstate is the Oprah of home insurance — you get a discount, you get a discount, you all get discounts.
Florida’s best regional home insurance companies
Best for lowest rates
Universal Property & Casualty offers low rates, good discounts and helpful customer service.
4.25
-
Discounts4
-
Additional Coverage4
-
Customer SatisfactionN/A
-
Support5
-
Accessibility5
Universal prides itself on its superior customer service, and it has guaranteed assistance from a real person. During times of natural disaster or catastrophe, this promise may be harder to achieve, but Universal still allows policyholders to file claims 24/7 by rerouting them through an efficient automated system and having representatives reconnect with them.
Universal Property & Casualty may be a great choice for Floridians who are on a budget. The company offers discounts for having home protective equipment, being claims-free, being a loyal customer, having a new roof, bundling policies, having windstorm-protective features, and being over the age of 65.
Our Two Cents — If you’re looking for home insurance discounts that stretch to the end of the universe, consider Universal Property & Casualty.
Best for customer service
St. Johns offers basic coverage and average rates, but the customer service is among the best in Florida.
2.25
-
Discounts2
-
AdditionalCoverage1
-
CustomerSatisfactionN/A
-
Support3
-
Accessibility3
Though you can expect a high level of expertise from a company with such a specialized focus, policyholders are unable to benefit from multi-policy discounts that larger, more diversified companies can offer. However, St. Johns boasts an A rating in financial stability from Demotech, Inc., excellent customer service and competitive pricing for its policies, making St. John a top provider of Florida home insurance.
Check out the products and services St. Johns has to offer by visiting the website and using the “Find an Agent” feature to consult with an agent near you
Our Two Cents — St. Johns offers standard home insurance, with limited coverage. However, the company stands out for its personalized customer service and friendly agents.
Best locally-based provider
Florida Peninsula Insurance has helpful online resources and good coverages, but only a few discounts.
3.66
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DiscountsN/A
-
Additional Coverage5
-
Customer SatisfactionN/A
-
Support3
-
Accessibility3
Established in 2005, the company ranks among Florida’s top 10 local carriers. Experience handling hurricane claims is one of its most relevant selling points for Sunshine State property owners. Policyholders can file claims not just by phone but also online — a nice touch for a local provider — and take advantage of a robust learning center on the company website. AM Best gives Florida Peninsula an A on its Financial Strength Rating (FSR).
One potential drawback is that the company serves “just about” every Florida city, which doesn’t guarantee that coverage is available in your area. Also keep in mind that the company only offers a few discounts, and because of that, it might not be your cheapest option.
Our Two Cents — If you’re looking for local coverage, consider Florida Peninsula. The company has good coverage, excellent financial strength and great reviews across the board.
Average cost of homeowners insurance in Florida
The average cost of homeowners insurance in Florida is $1,951, more than the national average of $1,211. This is because Florida is prone to natural disasters. Whether it’s flooding, wind and hail or even sinkholes, Florida is a disaster-prone state. It would be easy for an insurance company to lose all of its revenue after a single event if it didn’t charge the right amount— hence the higher than average premiums compared to the rest of the states.
Keep in mind that homeowners insurance rates in Florida will be heavily impacted by geographical location. Coastal areas of Florida may see higher rates than inland areas due to the increased risk of hurricane damage. Here is a breakdown of average rates for a home with $300,000 in dwelling and liability coverage.
[Read: Home Insurance Quotes, Explained]
| Company | Annual | 6-month | Monthly | Weekly |
|---|---|---|---|---|
| State Farm | $4,237 | $2,118 | $353 | $81 |
| Universal Property & Casualty | $4,168 | $2,084 | $347 | $80 |
| Florida Peninsula Insurance Co. | $3,271 | $1,636 | $273 | $63 |
Another thing that affects the cost of home insurance in Florida is the size of the state. Florida is a pretty big place—there are nearly 24.5 million residents living among 67 counties. As a result, the cost of homeowners insurance in Florida varies significantly by zip code. According to the Insurance Information Institute, Florida is the second most expensive state to insure a home, with an average annual premium of $1,951 — right behind Louisiana’s $1,968. These states are extremely vulnerable to hurricanes and tropical storms, which drives up the price of insurance.
How to save on home insurance in Florida
There are a variety of ways you can save on your Florida home insurance. The first thing you should do is something you will want to do anyway, regardless of whether it saves you money on your homeowners insurance or not — and that is disaster proof your home.
Obviously nothing you could ever do would make your home 100% safe, but there are some things you can do that will better its odds.
- Install impact-resistant shingles on your roof. These shingles will weather both hail and falling limbs better than the standard roof shingle. It costs more than regular roofing, but it will last much longer in an area that sees a lot of severe weather.
- Use hurricane-proof windows and storm shutters. If you can’t afford to get new windows, look into storm shutters if you can. These can be purchased at most big-box home improvement stores and are relatively easy to install yourself. However, if that’s too far out of your comfort zone, a contractor shouldn’t charge that much to install them for you.
- If your primary motivator is to lower the cost of your home insurance premium, call your insurance provider before you do any work. Depending on your provider, it’s possible the discount won’t be worth your time and effort.
- Once the work is complete, call your provider and let them know about what you’ve done. They may require receipts and pictures before they’ll apply the discount.
The next option is the easiest and will save you time and effort, and it is bundling your auto and home insurance together with the same provider. Most insurance companies offer a discount for choosing them for both car and home insurance (many times as high as 20 percent). Doing this will save you money, but it will also save you time. When a disaster strikes, instead of potentially having to file a claim with two providers, you only have to do so with one.
Of course, there are other options as well. If you do choose to bundle your car and home insurance with the same provider, speak to an agent about what you can do to save on both.
Many insurance companies also offer discounts for the following:
- Autopay
- Paying the annual premium in full
- Alarm systems
- Smoke detectors
- Filing no claims in a period of time
- Loyalty
- Updating plumbing
- Updating electrical
- Choosing a higher deductible
- Not smoking
- Being married
Finally, another thing to consider is improving your credit score. Part of your homeowners premium is based on your credit score. This is because insurance companies have found a correlation between low credit scores and claim frequency. A higher credit score means you are statistically less likely to file a claim. Though a high credit score is beneficial for a variety of reasons, speak to an agent first before you undergo the process of improving your credit to lower your homeowners insurance.
Florida homeowners insurance considerations
Compare similar quotes: All quotes may not be equal, both in price and coverage. If one quote seems unusually low or unusually high, look at the coverage levels quoted to ensure they are the same.
- Lower costs by implementing newer building codes: Check with your insurer about precautions that can lower your premium, such as reinforced garage doors, windows with impact-resistant glass and a roof with hurricane straps.
- Understand the difference between replacement value and actual cash value: Things that are covered for replacement value usually give you more money because you’re compensated for today’s value. With an actual cash value policy, you’re reimbursed based on the item’s current condition and value.
- Check for limitations on personal property coverage: Some categories of personal items have coverage limits, such as guns, jewelry, electronics and antiques. Make sure your policy adequately covers your belongings.
Hurricane insurance in Florida
Most coastal insurance agencies will encourage specific coverage for hurricane-related damages. That’s because some home insurance policies do not automatically cover hurricane damage, especially in areas that are prone to extreme weather, like Florida.
If you include hurricane coverage as part of your Florida homeowners insurance, you will have a standard deductible and a hurricane deductible that is usually higher than the standard. The hurricane deductible will only apply if you file a claim for hurricane-related damage.
Deductibles usually cost between 2% and 10% of the value of your property. In Florida, you also have the option to get a $500 deductible, but your annual premium will be much higher. You need to decide if you’d rather pay a higher rate on an ongoing basis, or take your chances and pay a higher deductible before reimbursements kick in when you file a claim.
Also make sure your policy covers “wind-driven rain.” Having this extra line item protects you from rain that causes damage because wind pushed it in an opening.
Flood insurance in Florida
In Florida, flooding is incredibly common. It can happen after a hurricane, tropical storm, storm surge or just heavy rain. Home insurance policies never cover flood damage, so we recommend asking your insurance agent about adding flood insurance policy. Things like leaky pipes typically aren’t covered. Instead, flood insurance protects you in the event of water overflow caused from things like hurricanes, landslides and earthquakes.
[Read more: Understanding Your Homeowners Insurance Declarations Page]
How to choose the best Florida home insurance for you
If you’re shopping for home insurance, there are some resources that you can take advantage of. Florida’s Office of Insurance Regulation has a helpful online toolkit with information about the various types of home insurance coverage, what home insurance policies cover, and how much coverage you should get. You can also find information about home insurance from provider websites.
Before you purchase a home insurance policy, make sure to shop around and learn more about individual providers. Check out provider websites to see what types of coverage and discounts they offer. Get a few different quotes to compare prices and see which company can give you the lowest rate.
You can also read customer reviews from sites like the BBB, and review financial strength ratings from A.M. Best, S&P and Moody’s. There are plenty of free online resources available, so make sure to do some research before picking a provider.
Florida home insurance FAQs
Is homeowners insurance mandatory in Florida?
Home insurance in Florida is not mandatory, but some mortgage lenders may require it. While homeowners insurance is not mandatory, if you’re going to live in Florida where the risk of natural disaster is high, make sure you are covered to avoid hardships.
What is the difference between replacement cost and actual cash value?
Under a replacement cost homeowners policy, your home is covered for the amount it would cost to replace your home and home contents at current costs. Under an actual cash value policy, your home is covered for replacement cost minus depreciation.
Will my policy cover damage from hurricanes or other natural disasters?
Most standard policies do not include coverage from hurricanes or other natural disasters. Speak with your insurance agent about adding coverage to make sure you have protection from the disasters most likely to happen in your area.
Too long, didn’t read?
While it can be expensive to buy a Florida home insurance policy, it can also be well worth it. Due to the extreme weather conditions that hit the Gulf of Mexico and coastal regions, not having a comprehensive home insurance policy could leave you with damages to your home that you’re not able to pay.
Keep reading
- Best Home Insurance of 2020
- What Is Home Insurance Replacement Cost?
- How to Switch Home Insurance Carriers
Methodology
The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For Florida home insurance, we compared discounts, additional coverage, customer satisfaction, customer support and accessibility. Our ratings are meant to be a directional tool to help you in the process of choosing a Florida home insurance provider. Be sure to continue your research and shop around for the best home insurance carrier that fits your specific needs.
We welcome your feedback on this article and would love to hear about your experience with the Florida home insurance providers we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.
