Best Rated Homeowners Insurance Companies In Florida - To find the best Florida homeowners insurance, we researched the top insurance providers and collected thousands of quotes in Florida. Tower Hill offers the cheapest rates, but it's important to compare services and coverage from different home insurers to find the best coverage in Florida.
Tower Hill has the cheapest homeowners insurance rates in Florida with an average cost of $1,242 per year. That's less than half the state average and $629 less than the second-cheapest company, State Farm.
Best Rated Homeowners Insurance Companies In Florida
Average home insurance rates in Florida vary widely. The difference between Tower Hill and Chubb, the cheapest and most expensive companies, is $1,933 per year. By comparing quotes from multiple home insurance companies, you could save $1,500 or more.
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State Farm is the best home insurance company in Florida for most homeowners. At an average rate of just $1,871 per year, State Farm is 16% cheaper than the average home insurance company in Florida.
State Farm also has a strong financial rating, which could be important during a large-scale natural disaster such as a hurricane. Many home insurance companies have stopped selling policies to Florida homeowners because of the higher risk of tropical storms, among other factors, but that's generally less likely with larger national companies like State Farm.
For Florida homeowners looking for the lowest possible homeowners insurance rates, Tower Hill has the cheapest average rate at $1,242 per year. That's 44% less than the state average rate of $2,220.
Tower Hill offers several types of flood coverage as well as special coverage for high value homes. You can also get coverage add-ons like equipment breakdown and debris removal, which comes in handy after a tropical storm. Tower Hill receives significantly fewer complaints than average.
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However, if you want to get home insurance, you'll need to call a Tower Hill agent as the company doesn't offer online quotes. And while you can get home, flood and even boat insurance from Tower Hill, you won't be able to combine car insurance.
Florida Peninsula Insurance offers unique benefits and expertise in coastal home insurance. However, with an average annual home insurance policy of $2,437, the Florida peninsula is only average in cost and above average in customer complaints.
The Florida peninsula has good policies for homes near the ocean with water storage coverage, a common consequence of major storms.
Florida Peninsula also offers private flood insurance with up to $2 million in coverage for your home. Government-sponsored flood insurance from the National Flood Insurance Program (NFIP) limits flood coverage to $250,000, so Florida Peninsula's high limits should be enough for all but the most expensive homes in Florida.
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Gainesville has the cheapest home insurance deals in Florida, while Hialeah has the most expensive deals among major Florida cities.
When considering the best insurance company to protect your home, it's important to look beyond quotes to other factors such as customer service and financial stability. An affordable insurance company may not be worth it if they end up providing careless service or undervaluing your claim. We took customer service ratings into account, including J.D.'s score. Performance and also about coverage options and rates.
Florida's location on the Gulf Coast makes it vulnerable to several major insurance risks, leading to the highest homeowner's insurance costs in the country. If you live in Florida, we recommend that you cover the most common and most expensive perils with your home insurance, including wind, storms, and flooding.
In May, Florida passed a law to help homeowners combat the state's high insurance costs. It aims to reduce fraudulent roofing claims and curb legal fees that cost Florida insurers a lot of money and drive up high home insurance premiums.
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The new law also prohibits insurance companies from denying coverage for homes with roofs less than 15 years old.
In addition, the state is contributing $150 million to the My Safe Florida Home program, which provides grants to help Florida homeowners upgrade their homes with hurricane-resistant features such as exterior doors and reinforced roof-to-wall connections.
The program pays $2 in grants for every $1 a homeowner spends on eligible improvements, up to $10,000.
High winds from storms and hurricanes are one of the most common and costly causes of property damage in Florida. Fortunately, wind damage is almost always covered by every homeowner's insurance policy. However, owners of some coastal homes that are particularly susceptible to wind damage may need to purchase special wind support.
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The good news is that state law requires insurance companies to offer discounts to homeowners who purchase and pass an optional wind mitigation inspection. You'll get a list of ways to reduce your home's risk of wind damage, and if you pass, you'll get a home insurance discount that more than offsets the cost of the inspection.
Aside from wind damage, flood damage is one of the most common risks facing Florida homeowners. Unfortunately, rain and flood damage caused by water is usually not covered by standard homeowner's insurance policies. If you live in an area with a high risk of flooding, such as at a low elevation or near the coast, consider purchasing flood insurance from a private insurance company or NFIS. Depending on where you live, flood insurance may be a requirement for a home loan.
Generally, it is rare to cancel home insurance, except in cases of fraud, too many claims or increased risk. But Florida home insurance risks have increased. Four Florida home insurance companies - Avatar, Lighthouse, Southern Fidelity and St. John's - became insolvent in 2022, meaning they don't have enough money to cover their debts or pay their claims. The companies are collectively responsible for more than 250,000 Florida home insurance policies. In addition, FedNat announced plans to cancel 68,000 policies.
You should be notified in advance so you can take the time to find a new policy, but it never hurts to be proactive. If you are worried about your policy being cancelled, call your insurance agent or customer support.
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Yes, home insurance rates typically increase each year to keep up with both inflation and risks. And Florida homeowners have faced mounting damage from storms that tend to increase rates over time. Florida home insurance rates have increased 33% since 2016 compared to the national average of 11%. It's a good time to buy a new policy if you get a notice that your rates are going up. Since each insurer decides how much the rates will change each year, you may be able to find a better deal from another company.
Tower Hill has the cheapest homeowners insurance quotes in Florida, averaging $1,242 per year. State Farm came in second at $1,817 a year, along with better customer satisfaction scores and access to online quotes. Your actual rates will depend on the value of your property, location, typical risks, past claims and other factors.
Florida homes face some additional risks not found in all states, including storms, hurricanes, and flooding. Insurance companies base rates on risk, so home insurance premiums are higher in states with a higher risk of property damage. Florida also faces more fraud than other states, especially when it comes to roof replacement.
The average annual cost of home insurance in Florida is $2,220, compared to a national average of $1,680. Florida home insurance premiums are 32% more expensive than other states.
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Get quotes from multiple insurers to find the best rate. Make sure you compare equivalent types of coverage and amounts across policies. You can also get the right amount of coverage by lowering your coverage limits or increasing your deductible. Just make sure you're not underinsured and can still pay your deductible.
For our study of Florida's best home insurance companies, we collected homeowners insurance quotes from nine of Florida's largest home insurance providers for a sample home in every zip code in the state, providing a comprehensive look at insurance costs across the state. Our sample policy was for a 2,100-square-foot home with $215,300 coverage built in 1986 based on median household data from the U.S. Census.
For quotes by city, we compared home insurance costs for every zip code in the state's 54 largest cities with populations over 50,000.
The analysis used insurance rates from Quadrant Information Services. These rates have been publicly obtained from insurers and should be used for comparison purposes only - your own quotes may differ.
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To get insurance over the phone, call: (855) 596-3655 | Agents are available 24/7! Check out the most popular home insurance agencies and companies in Palm Coast, Florida and compare their best deals.
The average cost of homeowners insurance in Palm Coast, Florida is $1,460.7. You spend your whole life accumulating possessions and saving money. When you finally buy a home, you want to make sure that it is safe against any unforeseen loss or damage. Homeowners insurance can protect you from the financial burden that is forced upon you if any mishap happens to your home and possessions.
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