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While Florida is attractive to those who enjoy a warm climate, living in the Sunshine State has its perils. The average cost of homeowners insurance in Florida is $2,122 per year, or about $177 per month. And this number is increasing.
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Home insurance rates in Florida have skyrocketed in recent years due to frequent natural disasters and litigation costs that insurers pass on to consumers. Facing large losses, many insurers raised rates, stopped selling policies in Florida or simply went out of business. Some experts believe Hurricane Ian's massive claim losses could be a devastating blow to businesses on the brink.
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Floridians still have options for purchasing homeowners insurance. Here are some companies to consider.
Our writers and editors follow strict editorial guidelines to ensure fairness and accuracy in our writing and data analysis. You can trust the prices we show you because our data analysts take serious steps to remove inaccuracies in price data and may update rates to be more accurate as new information becomes available.
We include rates for all locations in the country where coverage is offered and data is available. When we compare rates for different coverages and backgrounds, we only change one variable at a time so we can easily see how each factor affects prices.
Below is a list of top-rated homeowners insurance companies in Florida, with their average annual rate, when available. Click on the company name to read our review.
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Rating points are determined by our editorial team. The pricing formula includes discounts, coverage options, website transparency, financial strength, complaint data, etc. is taken into account.
The most affordable companies on this list may not be the best for your coverage needs, so we encourage you to shop around with multiple insurers. Here is more information.
With a combination of low rates and high ratings, we consider Nationwide to be the best Florida homeowners insurance company for many people.
Nationwide offers a variety of ways to customize your policy. For example, you can add coverage for things like identity theft, high-value items, clogged drains, and sewage. Another option worth considering is "replacement cost plus," which increases your home coverage by 50% or even 100% if it costs more than expected to rebuild your home after a disaster.
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One of the advantages of Nationwide's homeowners policies is that they come with some "ordinance or law" coverage. This coverage pays to update your home to the latest building codes during repairs after a covered claim.
Founded in 2016, Kin is an insurance startup that sells insurance policies directly to consumers. It comes with generous standard coverage, including coverage for the cost of replacing your personal belongings. This means that if a covered disaster destroys your belongings, your policy will pay enough to buy new replacements. (Some companies pay less due to wear and tear on older items.)
However, Kin does not include animal liability in its standard policies. If you want coverage in case your dog bites a small child or breaks a neighbor's prized vase, you should add it to your policy as an endorsement.
Kin offers discounts for windproofing your home, living in a gated community and having water detectors.
Best Homeowners Insurance In Florida (2022 Guide)
Having trouble finding an affordable rate or getting coverage from one of the top Florida home insurers listed above? Here are some other companies you can try.
Rating points are determined by our editorial team. The scoring formula takes into account consumer complaints and customer satisfaction data.
Although Citizens doesn't have access to average homeowners insurance rates, we include them here because many Florida homeowners have nowhere else to turn for coverage.
Citizens is a state agency created by the Florida Legislature in 2002 to serve as an "insurer of last resort" for eligible homeowners who cannot obtain coverage in the private market. You may be eligible for Citizen insurance if:
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A severe storm can be very costly for policyholders as citizens pay their claims entirely with money collected in premiums. If Citizens is unable to pay all claims, you are legally required to collect an assessment of up to 45% of your annual premium to cover the shortfall.
Depending on where you live in Florida, you may pay more or less than the state average for homeowners insurance. Check out the average cost of home insurance for Florida's top 25 cities below.
The cost of homeowners insurance in Florida is rising for a number of reasons. First, the state faces very costly natural disasters like hurricanes. The higher the risk of loss, the more insurance companies charge, and rates are likely to rise again after Hurricane Ian.
Second, homeowners insurance rates are rising across the country due to inflation and supply chain issues that make it more expensive to restore or repair damaged homes.
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But more importantly, insurers in Florida face more lawsuits than any other state, and the cost of all that litigation falls on consumers. Florida has 8% of the nation's homeowner's insurance claims but 79% of the claims against insurance companies, according to an analysis of data from the Insurance Information Institute.
It often works like this: An unscrupulous roofing contractor goes door-to-door to inspect homeowners' roofs. The contractor says he found damage and asks the owner to sign an "assignment of benefits" form so the roofer can file a claim on his behalf. If the insurance company refuses to pay the claim, the contractor sues the insurer. The insurance company often settles or pays exorbitant legal fees to defend itself.
Florida sees the most landfalling hurricanes of any US state. Hurricanes and other tropical storms typically cause two types of damage: wind and water, and cannot be fully covered by a standard homeowner's insurance policy.
Almost all home insurance policies exclude flood damage coverage. If you're at risk, consider purchasing flood insurance through the federal government's National Flood Insurance Program or a private provider.
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Wind damage is usually covered by homeowners insurance, but those in high-risk coastal areas may need to purchase this coverage separately.
Note that if your homeowners insurance policy includes wind coverage, there may be a separate deductible for claims arising from said hurricane. For example, you may have selected a $1,000 deductible for your policy, but the hurricane deductible may be a higher amount, such as 2% of your homeowner's coverage. On a home with $300,000 in homeowner's coverage, you would be responsible for the first $6,000 of any hurricane-related repairs.
Florida also ranks first in the nation for sinkholes, with the highest risk in the northern and central parts of the state. By law, homeowners insurers in Florida must offer coverage for "catastrophic collapse of vegetation," a specific type of pothole damage.
Some pothole claims may not meet all of these conditions, so you may want to add specific pothole coverage to your policy.
Will 2022 Bring The Collapse Of The Florida Homeowners Insurance Market?
With homeowners insurance premiums on the rise, here are some tips that can help you find cheaper options.
Fortify your home against hurricanes. By law, Florida insurance companies must offer homeowners insurance discounts to policyholders whose homes are less likely to be damaged by wind. Some examples of upgrades that can save you money are adding storm shutters and improving roof bracing.
Group your policies. Many insurers offer discounts when you buy more than one policy, such as homeowners and auto.
Ask about other discounts. If you live in a gated community, have a burglar alarm, or haven't filed a claim in the past, you can save money.
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Shopping around. The best option for your home can change from time to time, so we recommend looking up home insurance quotes once a year. Compare at least three options to make sure you're getting the best deal.
The Florida Office of Insurance Regulation oversees the state's insurance industry. You can use the agency's website to file a complaint against your insurance company, ask questions, and get information about different types of insurance. The agency's toll-free hotline is 877-693-5236.
Homeowner's insurance is not required by law in Florida. However, if you have a mortgage, your lender will likely require you to purchase a policy.
Some of the largest homeowners insurance providers in the state by market share include Universal, State Farm, Tower Hill, USAA and Heritage, according to the NAIC. Citizens Insurance, the state's insurer of last resort, is writing an increasing number of policies as other companies close or reduce coverage.
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About the Author: Sarah Schlichter is an authority on homeowners, renters, auto and pet insurance. Their
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