Compare Homeowners Insurance In Florida
The Sunshine State is known for many things: warm weather, beautiful beaches, and oranges. Florida has the longest coastline in the continental US. However, Florida is also the extreme weather capital of the country. So there are important homeowners insurance risks to be aware of, from Tallahassee all the way down to Miami.
Average Florida Homeowners Insurance Rates
How much is home insurance in Florida? Florida has the highest homeowners insurance rates in the country. The average cost of homeowners insurance in Florida is $1,993. This was almost twice than the national average of $1,173.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Florida Annual Average | $2,115 | $2,055 | $1,993 |
| Florida Price Per Month | $176 | $171 | $166 |
| US Annual Average | $1,096 | $1,132 | $1,173 |
| US Cost Per Month | $91 | $94 | $98 |
| National Rank | 1 | 1 | 1 |
| Source: Facts + Statistics: Homeowners insurance | |||
The graph below shows the change in average Florida home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Florida homeowners insurance rates increased from $1,933 in 2011 to 1,993 in 2015, a jump of $60 dollars, or 3.10 percent.
Choosing a homeowners insurance company in Florida should be easier. Actually, it’s already easy. The key to finding the best rates is to compare homeowners insurance quotes in Florida from multiple companies.
Most Popular Florida Home Insurance Companies
Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Florida. Out of the 60,653 Florida homeowners that used QuoteWizard to request insurance quotes last year, 5,111 had no home insurance.
- Geico
- Allstate Insurance
- Progressive Casualty
- Liberty Mutual
- AAA Insurance Co.
- 21st Century Insurance
- Nationwide
- USAA
- Farmers
- MetLife
Best Homeowners Insurance Companies in Florida
The above list shows Florida’s most popular home insurers according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Florida Home Insurance Company Market Share
| Rank | Company | Financial Rating | Market Share |
|---|---|---|---|
| 1 | Citizens Property Insurance Corp | NR | 14.5% |
| 2 | Universal Insurance Holdings | A | 7.9% |
| 3 | Tower Hill Group | A- | 6.9% |
| 4 | USAA Insurance | A++ | 4.9% |
| 5 | HCI Group | NR | 3.6% |
| 6 | Florida Peninsula Holdings LLC | NR | 3.5% |
| 7 | United P&C Insurance | A+ | 3.0% |
| 8 | St. Johns Insurance | NR | 2.9% |
| 9 | ARX Holding Corp. | A+ | 2.9% |
Florida Homeowners Insurance Rate Factors
How much does a homeowners policy cost in Florida? Insurers look at many specific factors when figuring out your premium. Some elements depend on you and your house. Others are based on regional issues.
Your Personal Rate Factors
Your house
Insurers start by analyzing the house. Unsurprisingly, it’s a huge part of a home insurance policy. The main housing characteristics they’ll focus on are:
The house’s age
It’s an unfortunate fact that as your house ages, your rates are likely to increase. Regular wear and tear along with weather will affect a home over time. Old homes are more likely to require an insurance claim.
Twenty percent of homes in Florida were built between 2000 and 2009. Houses this new normally won’t have many problems. On the other end, 11.5 percent of the homes in Florida were built before 1959. Homes in that age range almost always have higher premiums. That’s especially true if they’re lacking in maintenance and upkeep.
Roof age and quality
Insurance companies care quite a bit about the state of your roof. Roofs are expensive on their own – they’re also your home’s first line of defense from bad weather. The roof shields your home from the elements. If it’s old or poorly maintained, you’re more likely to suffer damage from rainstorms, high winds, and other serious weather. As such, your insurer will charge higher rates.
Living in Florida means living with hurricanes. Standard asphalt tiling can fly away before a hurricane even gets to its full power. Metal roofing is an excellent choice for many reasons. Metal roofing is usually rated to withstand extreme winds up to 140 mph. Roof types such as galvalume steel, zinc, and aluminum also offer great corrosion resistance from Florida’s salty air. Furthermore, it is much less expensive than other types of roofing that offer similar protection.
Regardless of your roof’s material type, make sure it’s maintained and within its lifespan. Otherwise, you’ll face expensive home insurance rates.
Replacement cost
The replacement cost of your home is how much it costs to rebuild the structure in the event of the loss of the house. Your dwelling coverage, the central part of a home insurance policy, should match your home's replacement cost.
Be aware that the replacement cost of the home does not equal its market value. Replacement cost only concerns the house – specifically the size, construction materials, and general quality of the house. It doesn’t account for the land value. It is possible for a $219,00 house in Tampa to have a higher replacement cost than a $320,000 house in Naples.
Claims history
Filing a home insurance claim will result in your rates going up. A claim will stay on your record for an average of five to seven years. If you file another claim within that period, you’ll see your rates spike up even higher.
When considering whether or not you should file a claim, make sure it’s worth it. If your claim is for minor damage or the payout around the cost of your deductible, you’ll be better off paying for repairs yourself.
Pets
Are you a Florida homeowner with a dog? Be aware that some insurers consider certain breeds to be high-risk. This can result in higher premiums or even denial of coverage. There are similar risks with owning exotic pets as well.
Credit score
Your credit score will play a part in your rate. Insurers consider your debt, credit history, and limits. And unfortunately, if you have bad credit, you’re going to pay more for insurance. Florida’s average credit score is 678. This is below the national credit score average of 682.
Florida Rate Factors
Weather
If you live in an area with bad weather and a history of natural disasters, insurers will charge more to cover your house. Bad news, homeowners: Florida has had the fifth highest amount of natural disasters since 1953. That will certainly hurt insurance rates across the state.
Like all states along the East Coast, Florida requires homeowners to carry a hurricane deductible as part of their coverage. In Florida this deductible is $500 or between two and ten percent of the policy limits. If you had a 5 percent hurricane deductible and a $300,000 policy, you would have to pay the initial $15,000 before your insurance covered the rest.
Crime
Property crime can affect your rates, even if your home hasn’t suffered from it. Property crime rates vary throughout Florida. Fort Meyers has a property crime rate of 28.68 per 1,000 residents. Fort Lauderdale has a crime rate of 56.18 per 1,000 residents. From these statistics, it’s a safe bet that Fort Lauderdale will have higher home insurance rates.
Home Insurance Policy Types
- HO-1: This is the minimum home insurance coverage available. It only covers basic named perils.
- HO-2: Similar to HO-1, but includes additional perils such as fire, falling objects, and vandalism.
- HO-3: This is the most popular policy type due to its range of coverage. Unless something is excluded in writing, it is covered. This covers the home, external structures, liability, and your belongings.
- HO-5: This premium policy provides the same coverage as the HO-3 with fewer exclusions.
- HO-6: Provides coverage for condo interior, belongings, and liability.
- HO-7: HO-3 level coverage for mobile and manufactured homes, which are not covered by standard HO-3 policies.
- HO-8: Vintage homes can cost more to cover due to construction with out-of-date materials. The HO-8 provides for repair or replacement with more modern materials, reducing the rates considerably.
Florida Office of Insurance Regulation
- Website:
- Homepage
- Insurance Commissioner:
- David Altmaier
- Consumer Insurance Helpline:
- 1-877-MY-FL-CFO (1-877-693-5236)
- Office Hours:
- Monday - Friday
9:00 am to 5:00 pm
- File a Consumer Insurance Complaint
- Complaint Page
Sources:
- A.M. Best Insurance Carrier Ratings
- Insurance Information Institute – Home Insurance Market Share in Florida
- NAIC--Home Insurance Market Share in Florida
- Average Home Insurance Rates in Florida
- Average Home Listing Price in Florida
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