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Florida homeowners insurance

By Posted : October 06, 2017

Here you will find out everything you need to know to buy home insurance in Florida. We provide average Florida homeowners insurance rates by coverage level, ZIP code and company and explain coverage for hazards that are common in the Sunshine State. You’ll also learn how much Florida home insurance coverage you need for your particular situation.That means you’ll know what to expect when shopping for Florida homeowners insurance – and you won’t overpay for it.

Let Insurance.com help you find affordable home insurance now.

Whether you’re a new homeowner buying insurance or you’re shopping your existing policy, it’s wise to know the home insurance basics about coverage to ensure you’re shielded from big financial losses if calamity ensues. 

Home insurance: Florida rates by coverage level and deductible, ZIP code and company

Here we will provide information on:

  • Homeowners insurance: Florida rates for 75 coverage levels
  • What deductible and liability limits provide the cheapest Florida homeowners insurance?
  • Florida homeowners insurance rates by ZIP code
  • Florida home insurance rates by company
  • Who has the cheapest Florida home insurance?
  • Home insurance: Florida rates by company for six coverage levels
  • Best Florida home insurance companies
  • Florida home insurance FAQ

What is the average cost of home insurance in Florida?

Florida is the most expensive state for home insurance. Its average rate is $3,575, which is nearly $2,350 more than the national average of $1,228 for the coverage level of:

  • $200,000 dwelling coverage
  • $1,000 deductible
  • $100,000 liability

When buying a homeowner insurance policy, you decide the coverage amount for the following:

  • dwelling
  • liability
  • medical payments

The limits of your coverage for the following are typically a set percentage of your dwelling coverage limit as shown below:

  • other structures – 10 percent
  • personal property – 50 percent
  • loss of use – 20 percent

A deductible is the fee you pay before your insurance kicks in. For example, if your home is damaged to the tune of $3,000 and you have a $500 deductible, you will need to pay the first $500 out of pocket before your insurance coverage pays the balance of $2,500.

Some deductibles are based on dollar amounts, such as $500 or $1,000. Others are based on a percentage of your home's value. If your home is insured for $200,000 and your deductible is 2 percent, you will owe $4,000 before insurance coverage kicks in.

You  choose a home insurance deductible amount, which applies to claims for damage to your home or belongings, but not if you’re sued or a medical claim is filed by someone injured in your home. Deductibles are typically in the amounts of $500, $1,000, $1,500, $2,000 and $2,500.

Florida homeowners insurance rates by ZIP code

ZIP codes in the Florida Keys and Miami are among the most expensive places to insure a home in Florida. Insurance.com analyzed home insurance rates from major insurance companies in nearly every ZIP code in Florida.

For $200,000 dwelling coverage with a $1,000 deductible and $100,000 liability limits, the average rate of $8,918 in Miami ZIP code 33132 is not only the highest for the city, but is among the highest in the country. All of Tallahassee’s ZIP codes came in with rates around $1,200, and are the cheapest Florida home insurance rates by ZIP code.

By entering your ZIP code in the search box in our tool below, you’ll see the average home insurance rate for that area, as well as the highest and lowest premium fielded from major insurers. Default rates are for coverage of $200,000 dwelling, $1,000 deductible and $100,000 liability. This will give you an idea of how much you can save by comparing home insurance rates, whether you have a modest home inland or a high-end house near the beach. For example, the highest rate ($2,381) for Gainesville ZIP 32606 is $1,466 more than the lowest ($915). That means you can save nearly $1,500 just by comparing rates and shopping around.

When buying home insurance, you should insure your home based on its replacement cost, which is the amount you need to rebuild it if damaged or destroyed, and not its market value, which is what you could sell your home for in its current condition. Replacement cost offers more protection because the cost of building a home often exceeds its market value.

When shopping for a policy, you will have to choose a “dwelling coverage” amount. You should select a dwelling coverage limit that best matches the cost to repair damage to your home or rebuild it completely at equal quality — at current prices. This can be an arduous task, so using online calculators or hiring an appraiser to give you a replacement cost valuation will save you time.

Homeowners insurance: Florida rates for 75 coverage levels

Here we show the average cost of Florida homeowners insurance for 75 coverage levels, based on a rate analysis by Insurance.com. Enter a dwelling coverage from $200,000, $300,000, $400,000, $500,000 or $600,000. You will see annual average rates based on five deductible amounts (from $500 to $2,500) for each liability limit of $100,000, $300,000 and $500,000.

Coverage levelAnnual average rate
$200,000 with $500 Deductible and $100,0000 Liability $3,838
$200,000 with $1,000 Deductible and $100,000 Liability $3,575
$200,000 with $1,500 Deductible and $100,000 Liability $3,515
$200,000 with $2,000 Deductible and $100,000 Liability $3,246
$200,000 with $2,500 Deductible and $100,000 Liability $3,164
$200,000 with $500 Deductible and $300,000 Liability $3,854
$200,000 with $1,000 Deductible and $300,000 Liability $3,591
$200,000 with $1,500 Deductible and $300,000 Liability $3,531
$200,000 with $2,000 Deductible and $300,000 Liability $3,262
$200,000 with $2,500 Deductible and $300,000 Liability $3,179
$200,000 with $500 Deductible and $500,000 Liability $3,860
$200,000 with $1,000 Deductible and $500,000 Liability $3,596
$200,000 with $1,500 Deductible and $500,000 Liability $3,537
$200,000 with $2,000 Deductible and $500,000 Liability $3,268
$200,000 with $2,500 Deductible and $500,000 Liability $3,185
$300,000 with $500 Deductible and $100,000 Liability $5,569
$300,000 with $1,000 Deductible and $100,000 Liability $5,191
$300,000 with $1,500 Deductible and $100,000 Liability $5,104
$300,000 with 2$,000 Deductible and $100,000 Liability $4,813
$300,000 with $2,500 Deductible and $100,000 Liability $4,782
$300,000 with $500 Deductible and $300,000 Liability $5,585
$300,000 with $1,000 Deductible and $300,000 Liability $5,207
$300,000 with $1,500 Deductible and $300,000 Liability $5,120
$300,000 with $2,000 Deductible and $300,000 Liability $4,829
$300,000 with $2,500 Deductible and $300,000 Liability $4,797
$300,000 with $500 Deductible and $500,000 Liability $5,591
$300,000 with $1,000 Deductible and $500,000 Liability $5,213
$300,000 with $1,500 Deductible and $500,000 Liability $5,126
$300,000 with $2,000 Deductible and $500,000 Liability $4,834
$300,000 with $2,500 Deductible and $500,000 Liability $4,803
$400,000 with $500 Deductible and $100,000 Liability $7,381
$400,000 with 1000 Deductible and $100,000 Liability $6,894
$400,000 with $1,500 Deductible and $100,000 Liability $6,782
$400,000 with 2000 Deductible and $100,000 Liability $6,390
$400,000 with $2,500 Deductible and $100,000 Liability $6,224
$400,000 with $500 Deductible and $300,000 Liability $7,397
$400,000 with $1,000 Deductible and $300,000 Liability $6,910
$400,000 with $1,500 Deductible and $300,000 Liability $6,798
$400,000 with $2,000 Deductible and $300,000 Liability $6,406
$400,000 with $2,500 Deductible and $300,000 Liability $6,240
$400,000 with $500 Deductible and $500,000 Liability $7,403
$400,000 with $1,000 Deductible and $500,000 Liability $6,916
$400,000 with $1,500 Deductible and $500,000 Liability $6,803
$400,000 with $2,000 Deductible and $500,000 Liability $6,412
$400,000 with $2,500 Deductible and $500,000 Liability $6,245
$500,000 with $500 Deductible and $100,000 Liability $9,124
$500,000 with $1,000 Deductible and $100,000 Liability $8,536
$500,000 with $1,500 Deductible and $100,000 Liability $8,406
$500,000 with $2,000 Deductible and $100,000 Liability $7,917
$500,000 with $2,500 Deductible and $100,000 Liability $7,713
$500,000 with $500 Deductible and $300,000 Liability $9,140
$500,000 with $1,000 Deductible and $300,000 Liability $8,552
$500,000 with $1,500 Deductible and $300,000 Liability $8,422
$500,000 with $2,000 Deductible and $300,000 Liability $7,933
$500,000 with $2,500 Deductible and $300,000 Liability $7,729
$500,000 with $500 Deductible and $500,000 Liability $9,146
$500,000 with $1,000 Deductible and $500,000 Liability $8,557
$500,000 with $1,500 Deductible and $500,000 Liability $8,427
$500,000 with $2,000 Deductible and $500,000 Liability $7,938
$500,000 with $2,500 Deductible and $500,000 Liability $7,734
$600,000 with $500 Deductible and $100,000 Liability $10,877
$600,000 with $1,000 Deductible and $100,000 Liability $10,188
$600,000 with $1,500 Deductible and $100,000 Liability $10,038
$600,000 with $2,000 Deductible and $100,000 Liability $9,450
$600,000 with $2,500 Deductible and $100,000 Liability $9,209
$600,000 with $500 Deductible and $300,000 Liability $10,893
$600,000 with $1,000 Deductible and $300,000 Liability $10,204
$600,000 with $1,500 Deductible and $300,000 Liability $10,054
$600,000 with $2,000 Deductible and $300,000 Liability $9,466
$600,000 with $2,500 Deductible and $300,000 Liability $9,225
$600,000 with $500 Deductible and $500,000 Liability $10,899
$600,000 with $1,000 Deductible and $500,000 Liability $10,209
$600,000 with $1,500 Deductible and $500,000 Liability $10,060
$600,000 with $2,000 Deductible and $500,000 Liability $9,472
$600,000 with $2,500 Deductible and $500,000 Liability $9,231

What deductible and liability limits provide the cheapest Florida homeowners insurance?

Let’s take a closer look at the average Florida homeowners insurance rates by coverage level. As you’ll see in the chart above, the cheapest Florida home insurance rates are those with the highest deductible amount and lowest liability limit. Let’s look just at dwelling coverage of $200,000 as an example, outlined below. The premium with a deductible of $2,500 – the highest-- with $100,000 liability limits – the lowest -- is $3,164. That’s $674 less than the same policy with a $500 deductible.

$200,000 dwelling/$100,000 liability

Rate

$2,500 Deductible

$3,164

$2,000 Deductible

$3,246

$1,500 Deductible

$3,515

$1,000 Deductible

$3,575

$500 Deductible

$3,838

Florida home insurance rates by company

Because costs are not uniform, it's crucial to shop around for the best home insurance rate.

Many factors influence the price you pay for insurance. Among others, the Insurance Information Institute (III) cites the following:

  • Your home's square footage
  • Building costs in your area, and your own home's construction, materials and features
  • Local crime rates
  • The likelihood of certain types of disasters, such as hurricanes

So, shop around for the right policy. III suggests getting at least three price quotes when shopping for coverage, and says that doing so can save you up to hundreds of dollars annually.

Although Florida home insurance costs can be expensive, it's a mistake to cut corners in an attempt to save. III recommends that you get enough insurance to cover the costs to:

  • Repair or replace the structure of your home and personal possessions
  • Defend yourself against liability costs if someone is hurt on your property
  • Pay for a temporary place to live while your home is repaired or replaced

Who has the cheapest Florida home insurance?

Here are home insurance rates by company for six coverage sets. Based on our rate analysis, you’ll see Allstate was the cheapest insurance company in Florida and USAA was the most expensive insurance company for the coverage levels analyzed.

Home insurance: Florida rates by company for six coverage levels

$200,000 dwelling/$1,000 deductible/$100,000 liability $200,000 dwelling/$1,000 deductible/$300,000 liability
Allstate $2,254 Allstate $2,272
Travelers $2,283 Travelers $2,303
Florida Peninsula $3,271 Florida Peninsula $3,289
State Farm $3,692 State Farm $3,712
Universal $4,079 Universal $4,097
United $4,519 United  $4,537
USAA $4,925 USAA $4,925
$300,000 dwelling/$1,000 deductible/$300,000 liability $400,000 dwelling/$1,000 deductible/$300,000 liability
Allstate $3,212 Allstate $4,151
Travelers $3,435 Travelers $4,712
Florida Peninsula $4,124 Florida Peninsula $5,152
State Farm $5,493 State Farm $7,131
Universal $6,184 Universal $8,727
United  $6,642 United  $8,762
USAA $7,361 USAA $9,734
$500,000 dwelling/$1,000 deductible/$300,000 liability $600,000 dwelling/$1,000 deductible/$300,000 liability
Allstate $5,091 Allstate $6,031
Travelers $5,991 Florida Peninsula $7,207
Florida Peninsula $6,179 Travelers $7,268
State Farm $8,642 State Farm $10,214
United  $10,882 United  $13,000
Universal $11,001 Universal $13,274
USAA $12,076 USAA $14,433

Best Florida home insurance companies

The homeowners insurance company with the cheapest rates isn’t necessarily the best. Other factors to consider are customer service and claims processing. Insure.com’s 2017 Best Home Insurance Companies report ranks major insurers on feedback from 3,700 customers. They are asked about the value for the price, customer service, claims service and if they’d recommend the company.

Here are the top 10 for the Southern region of the country:

  1. USAA
  2. Chubb
  3. American Family
  4. Erie
  5. Allstate
  6. Nationwide
  7. State Farm
  8. The Hartford
  9. Travelers
  10. AIG

 Florida home insurance discounts

There are several ways to reduce your Florida home insurance costs, which will qualify you for home insurance discounts. Many insurers will lower your bill if you purchase more than one type of insurance policy from them. This process – known as "bundling" – can cut your costs by up to 15 percent, III says.

You can also cut your costs by making your home more disaster-resistant. Installing hurricane glass or accordion shutters might net you a discount.

According to III, other possible home insurance discounts include:

  • Installing smoke detectors, a burglar alarm or dead-bolt locks -- 5 percent each
  • Installing a sprinkler system, and a fire and burglar alarm -- 15 to 20 percent
  • Loyalty discounts -- up to 5 percent after three to five years, and 10 percent for six years or more

Florida home insurance FAQ

What is wind mitigation?

Another way to save money on insurance is to fortify your home against wind damage. Making additions and renovations to your home can make it more resistant to hurricane damage.

For example, you might seal the roof deck to keep storm water out. Or, you might install shatterproof glass. Such improvements can significantly reduce the price you pay for windstorm coverage. In fact, such discounts cut your insurance premium by up to 88 percent, according to the Florida Division of Emergency Management.

To get an estimate of how much you can save, check out the State of Florida's Wind Insurance Savings Calculator

Why do I need flood insurance?

If you have Florida home insurance, don't assume you are covered in the event of a flood. A homeowners policy does not cover flood damage -- the most common natural disaster in the U.S., according to III.

In the U.S., the federal government offers flood insurance to homeowners through the National Flood Insurance Program (NFIP).  Fail to buy this type of policy, and you will be out of luck if flood waters roll through your home.

How do hurricane deductibles work?

As noted above, an increasing number of insurance companies are turning to percentage deductibles when insuring homes. This is especially true for windstorm coverage.

A percentage deductible can be considerably more expensive than a traditional deductible. Instead of paying a flat fee of $1,000, you could be charged a percentage of your overall Florida home insurance coverage amount. A 2 percent deductible on coverage of $100,000 leaves you on the hook for $2,000.

Although this might seem onerous, III points out that such deductibles make insurance more affordable for policyholders who live in homes near the coast that are frequently in harm's way. 

The good news in Florida is that windstorm deductibles apply per season, not per storm. So if you have the misfortune to be hit by three storms in one year, just one single deductible will apply to them all.

What do I do if I can't get home insurance in Florida?

Some people struggle to find coverage. The Florida Market Assistance Plan allows these homeowners to locate and purchase coverage from authorized insurers in the private market. The toll-free telephone number is 1-800-524-9023.

Citizens Property Insurance Corp. is another option for homeowners who can't find good Florida home insurance coverage. For example, many Floridians use Citizens for windstorm coverage if they live in wind-pool areas near the coast that make their homeowners insurance company unlikely to provide windstorm protection.  

Are sinkholes covered?

Sinkhole coverage might or might not be part of your homeowners policy coverage. Insurers have the right to inspect your property and -- if evidence of sinkhole activity is found -- to decide not to offer you the coverage. They can also refuse coverage if your home is within a certain distance from confirmed sinkhole activity.

Is mold covered?

Mold that results from a covered peril -- such as a burst pipe -- typically is covered under a Florida home insurance policy. However, the amount of mold coverage often is capped at around $10,000. It might be possible to increase such limits by paying an additional premium amount. It's important to note that some policies do not cover mold damage at all.

What is an ordinance or law exclusion?

In some cases, a law or local building ordinance can make it more expensive to repair or replace your home. If this happens, your insurer typically is not obligated to pay this higher amount. However, some policies include ordinance or law coverage. In that case, the insurer would be obligated to pay the extra amount.

Where do I get claims processing info or file a complaint?

If you have concerns about how your claim was handled, call the Florida Department of Financial Services at 1-877-My-FL-CFO (1-877-693-5236). The department recommends that you keep records of all dates and times and names of company representatives when you communicate with your insurer about a claim.  Keep copies of written records and correspondence as well.

If you are unable to resolve a claim dispute with your insurer, mediation might be available. In this process, a trained, neutral mediator works with both sides and tries to reach a mutually satisfying agreement. The insurer pays for the service, and neither the insurer nor you are obligated to accept the result. To find out if you are eligible, call 1-877-My-FL-CFO (1-877-693-5236).

 

 

Methodology:

Insurance.com in 2016 commissioned Quadrant Information Systems to field home insurance rates from major insurers in each state for nearly all ZIP codes in the country for 75 coverage levels based on various dwelling and deductible limits. The homeowner profile is a 35-year-old married applicant with excellent insurance score; new business HO3 policy for house built in 2000 with frame construction and composition roof. Other Structures: 10%. Loss of Use defaulted: 10%. Personal Property defaulted: 50%. Guest Medical limit: $5,000. Personal property: 50% of dwelling coverage for actual cash value.

 

 

 

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