QuoteWizard’s analysis of home insurance rates in Florida reveals that Tower Hill offers the cheapest average rates, $1,562 a year, or $130 a month.
As homeowners insurance rates increase and some companies reduce their offerings, it’s important to find a company that can offer reliable protection at a reasonable price. Here’s what you need to know about finding the cheapest and best homeowners insurance in Florida.
In this article
What are the cheapest home insurance companies in Florida?
Tower Hill offers the cheapest average rate for home insurance in Florida, at $130 a month, followed by State Farm, at $186 a month. Both companies beat the state average.
| Company | Average monthly rate |
|---|---|
| Tower Hill | $130 |
| State Farm | $186 |
| State average | $201 |
| Universal | $210 |
| Progressive | $212 |
| FedNat | $226 |
| Heritage Insurance | $229 |
| Homeowners Choice | $237 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
What is the cost of home insurance in Florida?
Our research shows that the average cost of home insurance for a typical Florida home is $2,414 a year, or $201 a month, the 11th highest rate among all states and the District of Columbia.
Insurance companies evaluate several rate factors about you and your home to determine your premium. The most common include:
- Your home’s replacement cost value
- Your home’s age and construction features
- Your location
- Your insurance history, including recent claims
Since each company weighs these and other factors differently, you may qualify for a lower rate with a company that charges higher rates to others, or vice versa. You may also qualify for more or better discounts with one company than you do with others. These are among the main reasons to obtain quotes from multiple companies when you shop.
Florida home insurance rates by deductible
Deductibles also affect your home insurance premium and it’s something you can control. If you want to lower your annual premium, increase your deductible, which is the amount of money you are responsible for paying toward an insured loss.
On average, we found that increasing your home insurance deductible from $1,000 to $2,000 can save you over $300 a year.
| Deductible | Average annual premium |
|---|---|
| $500 | $2,636 |
| $1,000 | $2,414 |
| $1,500 | $2,388 |
| $2,000 | $2,081 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Florida homeowners insurance rates by county
As an example of how your location can impact your rates, the average cost of homeowners insurance in Miami-Dade County is $451 a month, compared to $127 a month in Pinellas County. In general, households in coastal counties with greater risks of tropical storms and hurricanes pay more for home insurance than those in counties that don’t experience the brunt of extreme weather.
| County | Average monthly rate | Average annual rate |
|---|---|---|
| State average | $201 | $2,414 |
| Miami-Dade | $451 | $5,411 |
| Broward | $346 | $4,152 |
| Palm Beach | $224 | $2,691 |
| Hillsborough | $168 | $2,020 |
| Orange | $186 | $2,228 |
| Pinellas | $127 | $1,521 |
| Duval | $139 | $1,672 |
| Lee | $156 | $1,867 |
| Polk | $187 | $2,243 |
| Brevard | $145 | $1,742 |
| Volusia | $134 | $1,611 |
| Pasco | $125 | $1,495 |
| Seminole | $165 | $1,975 |
| Sarasota | $128 | $1,533 |
| Manatee | $125 | $1,494 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
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Florida’s best home insurance providers
Based on rates, customer service metrics and financial strength, Tower Hill and State Farm are the best insurance companies in Florida. Universal and Progressive are also competitive, but Progessive recently stopped insuring homes with roofs that are older than 15 years.
Best regional carrier: Tower Hill
Tower Hill was established in Florida in 1972 and has since expanded to 16 more states. The company boasts an A, Exceptional rating from Demotech, which rates the financial strength of regional, specialty and independent insurance companies. Tower Hill’s favorable Complaint Index from the National Association of Insurance Commissioners (NAIC) reflects good customer service.
Best national carrier: State Farm
State Farm stands out for its combination of competitive rates, favorable customer service scores and financial strength. Its ranking in J.D. Power’s overall customer satisfaction index is 835, which is higher than the industry average of 825, based on a 1,000-point scale. State Farm’s home insurance subsidiary in Florida has an A-, Excellent Financial Strength Rating from AM Best.
Best for bundling: Progressive, State Farm and Tower Hill
State Farm and Progressive offer generous discounts to customers who bundle home and auto insurance, or any other policies. Although Tower Hill does not offer auto insurance, it offers a multipolicy discount to Safeco car insurance customers.
Best customer service
Homeowners Choice, Progressive and Tower Hill had the best Complaint Index scores in 2021, according to the NAIC.
Florida’s home insurance market is dominated by regional companies that do not always receive national rankings or ratings by agencies such as J.D. Power and AM Best. However, every insurance company appears in NAIC’s Complaint Index, which compares insurance companies by confirmed complaints, which are complaints that lead to a finding of fault.
The National Complaint Index is 1.0. A company with a 2.0 Complaint Index has twice as many confirmed complaints as expected for a company its size, while a 0.5 Complaint Index reflects half as many as expected. A lower Complaint Index reflects better performance.
Based on 2021 data, Tower Hill, Progressive and Homeowners Choice each had a Complaint Index of 0.0, while State Farm’s Complaint Index was 0.02.
| Company | Complaint Index (lower is better) |
|---|---|
| Tower Hill | 0.0 |
| Progressive | 0.0 |
| Homeowners Choice | 0.0 |
| State Farm | 0.02 |
| Heritage Insurance | 0.31 |
| Universal | 0.44 |
| National Complaint Index (baseline) | 1.0 |
| FedNat | 4.13 |
| Source: National Association of Insurance Commissioners, based on 2021 data. | |
Best financial stability ratings
Of the seven companies in our analysis, Progressive has the highest Financial Strength Rating, A+, from AM Best. AM Best gives State Farm Florida an A- rating, but State Farm's parent company is rated A++. Homeowners Choice, Heritage Insurance, Tower Hill and Universal are rated A, Exceptional by Demotech, which gives FedNat an S, Substantial rating.
A company with a strong financial strength rating is usually in a better financial position to fulfill its obligations to customers over the long term than one with a poor financial strength rating.
| Company | Financial strength rating | Rating agency |
|---|---|---|
| FedNat | S, Substantial | Demotech |
| Homeowners Choice | A, Exceptional | Demotech |
| Heritage Insurance | A, Exceptional | Demotech |
| Progressive | A+ (Superior) | AM Best |
| State Farm | A- (Excellent) | AM Best |
| Tower Hill | A, Exceptional | Demotech |
| Universal | A, Exceptional | Demotech |
Cheapest home insurance by Florida city
Among Florida’s largest cities, rates range from $118 a month in Tallahassee to $412 a month in Miami.
| Cities | Average annual rate | Average monthly rate |
|---|---|---|
| Tallahassee | $1,414 | $118 |
| St. Petersburg | $1,460 | $122 |
| Jacksonville | $1,676 | $140 |
| Tampa | $2,041 | $170 |
| Orlando | $2,162 | $180 |
| State average | $2,414 | $201 |
| Miami | $4,947 | $412 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | ||
Cheapest home insurance rates in Jacksonville
In Jacksonville, Tower Hill’s home insurance rate works out to $104 a month, which is significantly lower than the rate available from Universal, $138 a month.
| Company | Average monthly rate |
|---|---|
| Tower Hill | $104 |
| Universal | $138 |
| City average | $140 |
| Progressive | $143 |
| Homeowners Choice | $148 |
| Heritage | $151 |
| State Farm | $155 |
| FedNat | $170 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Cheapest home insurance rates in Miami
State Farm offers the cheapest homeowners insurance rates in Miami, $274 a month, slightly lower than Tower Hill’s rate of $276 a month and considerably lower than Universal’s rate of $329 a month.
The average rate of homeowners insurance in Miami works out to $412 a month, which is more than double the state average. In general, the susceptibility to extreme weather events make home insurance more expensive in Miami and neighboring South Florida communities than it is in other parts of the state.
| Company | Rate |
|---|---|
| State Farm | $274 |
| Tower Hill | $276 |
| Universal | $329 |
| City average | $412 |
| Progressive | $477 |
| Homeowners Choice | $495 |
| FedNat | $553 |
| Heritage Insurance | $560 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Cheapest home insurance rates in Tampa
Heritage offers the cheapest rate for homeowners insurance in Tampa, $131 a month, which is a touch better than Tower Hill’s rate, $140 a month. The next-lowest rates are available from Universal, $160 a month, and State Farm, $169 a month. All four companies offer rates below the city’s average, $170 a month.
| Company | Average monthly rate |
|---|---|
| Heritage Insurance | $131 |
| Tower Hill | $140 |
| Universal | $160 |
| State Farm | $169 |
| City average | $170 |
| FedNat | $191 |
| Progressive | $204 |
| Homeowners Choice | $208 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Cheapest home insurance rates in Orlando
In Orlando, Tower Hill offers the cheapest rate for homeowners insurance, $130 a month, which is noticeably lower than the next-best rate, $148 a month, from Tower Hill.
| Company | Average monthly rate |
|---|---|
| Tower Hill | $130 |
| Heritage | $148 |
| State Farm | $174 |
| City average | $180 |
| Progressive | $189 |
| Homeowners Choice | $190 |
| Universal | $193 |
| FedNat | $251 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Cheapest home insurance rates in St. Petersburg
Heritage offers the cheapest home insurance rate in St. Petersburg, $85 a month, followed by Tower Hill, $95 a month.
The average cost of homeowners insurance in St. Petersburg is $122 a month. This is lower than the average rate in many other Florida cities, including nearby Tampa, where the average rate is $170 a month.
| Company | Average monthly rate |
|---|---|
| Heritage Insurance | $85 |
| Tower Hill | $95 |
| Progressive | $121 |
| City average | $122 |
| State Farm | $148 |
| Universal | $149 |
| FedNat | $153 |
| HCI Group | $162 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Cheapest home insurance rates in Tallahassee
Tower Hill also offers the cheapest rates on homeowners insurance in Tallahassee, $69 a month, which is considerably lower than the next-best rates, available from Heritage, $108 a month, and Universal, $113 a month.
| Company | Average monthly rate |
|---|---|
| Tower Hill | $69 |
| Heritage Insurance | $108 |
| Universal | $113 |
| HCI Group | $115 |
| City average | $118 |
| Progressive | $145 |
| State Farm | $149 |
| FedNat | $149 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Florida homeowners insurance rate factors
It's no secret that homeowners in Florida face environmental threats. There have been 19 natural disasters in Florida since 2009, according to FEMA. Of these disasters, seven were hurricanes or severe storms, five were fires and two were tropical storms.
Homeowners insurance usually covers damage from hurricanes and fires, but never from flooding. However, some companies exclude windstorm coverage for high-risk areas, so you should always check with your insurance company to ensure you're fully protected.
Windstorms: hurricanes, tornadoes, high winds and cyclones
The state of Florida doesn't require homeowners to have windstorm protection, but some mortgage lenders do. What is required by the state, however, is that insurers give their customers the option of windstorm coverage, except in some particularly high-risk areas.
We recommend adding windstorm and hail coverage to your homeowners policy, with protection against tornadoes, hurricanes, cyclones and high winds included. It is possibly the most important protection for Floridian homeowners due to the state's high risk in these areas. If you aren't sure your policy covers windstorms, check with your agent or insurance company.
Most home insurance policies have a hurricane deductible. Florida requires companies to offer $500, 2%, 5% and 10% hurricane deductibles. The percentage-based deductibles refer to your dwelling coverage, or how much your home is insured for. So, if your home is insured for $200,000 and you have a 2% hurricane deductible, your insurance kicks in after you pay a $4,000 deductible.
Flood insurance in Florida
Flooding is not covered by homeowners insurance. In order to protect your home and belongings from flood damage, you need to purchase a separate flood insurance policy. There are two main options: flood insurance through the NFIP (backed by the U.S. government), or flood insurance through a private flood insurance company. The average cost of flood insurance through the NFIP is $628 a year.
It is difficult to say whether a private flood insurance policy or an NFIP policy is cheaper. There are times when NFIP policyholders may overpay compared to a private company, but the reverse can also be true. Therefore, your best bet is to collect quotes from multiple companies to ensure you receive the right coverage at a fair price.
Sinkholes
Many parts of Florida are also susceptible to sinkholes. While all Florida homeowners insurance policies include catastrophic ground collapse coverage, this coverage only kicks in if a sinkhole leaves your home uninhabitable and meets other criteria. Separate, standalone sinkhole insurance is available to cover expenses resulting from non-catastrophic sinkhole damage.
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Frequently asked questions about Florida homeowners insurance
Why are Florida homeowners insurance rates going up?
Record-setting natural disasters and a rise in the cost of construction materials are blamed for driving up homeowners insurance costs nationwide. In Florida, the insurance industry blames false and inflated claims and excessive lawsuits for contributing to price hikes.
How much is homeowners insurance in Florida?
The average cost of a standard homeowners policy in Florida is $2,414 a year, or $201 a month. Most insurance companies offer discounts that can bring your rates down by a little or a lot, depending on how many you qualify to receive.
Who has the cheapest homeowners insurance in Florida?
Tower Hill offers the cheapest average statewide rate on homeowners insurance in Florida, followed by State Farm. However, rates vary by location, and these companies don’t necessarily offer the lowest rates in every Florida city or county.
Methodology
We collected non-binding quotes from every ZIP code in Florida for a standard HO-3 homeowners insurance policy. We used the following coverages:
- Dwelling coverage: $275,000
- Other structures coverage: $27,500
- Personal property coverage: $137,500
- Loss of use coverage: $55,000
- Liability coverage: $100,000
- Medical payments: $5,000
- Deductible*: $1,000
*Your deductible is the amount you pay out of pocket for a claim before insurance funds kick in. In Florida, insurance companies often offer a separate, usually higher deductible for hurricane damage.
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