Best and cheapest homeowners insurance in Florida in 2024

Table Of Content

• Surplus Lines - Bridging the Gap: Understanding Florida's Excess and Surplus Market
• Universal Property
• Best for high-risk homes: Citizens
• How much is homeowners insurance in Florida?
• Average Home Insurance Costs for $350,000 Dwelling Coverage
• Best for high value coverage
• Why Is Homeowners Insurance So Expensive in Florida?

It’s also led the state’s insurer of last resort, Citizens Property Insurance, to jump to 1.3 million policyholders. Travelers has the cheapest home insurance policies in Florida, with average annual premiums of $2,002 for a $300,000 dwelling coverage policy. With average rates climbing as high as $27,986 for the same dwelling coverage policy through Florida Farm Bureau Insurance, Travelers offers substantially lower rates for qualifying homeowners. USAA’s high customer service rating is thanks to its coverage and discount offers. Included in its policies at no additional cost is the Contents Replacement Cost coverage, which can pay for the loss of personal belongings at its most recent replacement cost and no depreciation. USAA also offers Home Rental coverage, which protects a policyholder and their property if they choose to rent out rooms or the entire unit.

Surplus Lines - Bridging the Gap: Understanding Florida's Excess and Surplus Market

These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages. That's why GEICO offers a variety of homeowner insurance options that can be tailored to your specific needs.

Universal Property

Florida faces a property insurance crisis, with rates rising fast, which makes finding affordable Florida homeowners insurance from a solid company harder, especially if you live near the coast. At Insurance.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing.

Best for high-risk homes: Citizens

Cancellation may be triggered by filing multiple claims, failing a house inspection or because your insurer believes the area you live in is too much of a risk for storm damage. If your homeowner insurance is canceled there are steps you can take to find out why and appeal the decision. While a Florida home policy generally covers hurricane damage, you may have a separate deductible for this coverage. In some cases, you may need to add hurricane or windstorm coverage as an option on your policy.

He cited evidence of law firms backed by deep-pocketed investors that use search engine optimization to find homeowners who want repairs done, and then encourage them to bring suit. The challenges faced by the Florida insurance market are painfully felt by homeowners in the state. Several policyholders appeared at the roundtable discussion to report how rising insurance costs have made their lives more difficult. One reduces the amount of time insurers have to pay claims from 90 days to 60 days, she said.

Ranking as the second-best home insurance in Florida, Allstate has several unique coverage options not found among other providers, including Home Rental Coverage. Allstate also offers yard and garden coverage, which increases the limits for trees, landscaping and riding lawn mowers. The average cost of home insurance in Florida is $4,218 a year for $300,000 in dwelling and liability coverage with a $1,000 deductible and a 2% hurricane deductible. In 2024, Florida law will begin requiring those who have homeowners insurance through Citizens to buy flood insurance. The requirement will roll out over three years, with most homes requiring flood insurance by the end of that period. So, to make shopping for homeowners insurance in Florida easier, we’ve gathered everything you need to know in one place.

Cheapest Florida homeowners insurance if you have an older home

In addition to insurance, Nick specializes in writing about business, entrepreneurship, personal finance, and travel. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. The information is accurate as of the publish date, but always check the provider’s website for the most current information. No, earthquake insurance is not required in Florida, but home insurance excludes coverage for earthquake damage.

The Average Cost of Homeowners Insurance in April 2024 - MarketWatch

The Average Cost of Homeowners Insurance in April 2024.

Posted: Mon, 22 Apr 2024 07:00:00 GMT [source]

Another reason may be that the Jacksonville Fire and Rescue Department has 64 fire stations serving 918 square miles, while Miami-Dade Fire Rescue has 68 stations serving more than 2,000 square miles. Here you can see how your premiums shift based on varying deductibles for $300,000 in dwelling coverage. The average cost of home insurance in Florida ranges between $3,557 and $15,272 per year, depending on your level of dwelling coverage and your deductible. Citizens is a last resort for homeowners who can’t afford a policy elsewhere. Along with limited coverage options and eligibility requirements, another downside of Citizens is its legal ability to apply additional surcharges, assessments, and adjustments to its policyholders.

Still, the best home insurance company in Florida for veterans, active-duty military and their families is USAA. To better understand the credibility of State Farm and Allstate as top-rated insurance providers, MoneyGeek evaluated their unique coverages and discounts. If you own your home outright with no loan, there is no requirement for homeowners insurance. Home insurance in Florida can be difficult to find, especially in coastal areas. While no Florida law requires homeowners insurance, mortgage companies do.

Lawmakers also restricted situations that allowed attorneys to file “bad-faith” lawsuits against insurers, and enabled insurers to impose deductibles on non-hurricane-related roof replacement costs. We used data from Quadrant Information Services, a provider of insurance data and analytics. Rates are based on ZIP codes across the nation for varying coverage limits, deductibles and credit. Bundling insurance means you buy both your home and auto insurance policies from the same company. A bundling discount is typically one of the better discounts you can obtain.

Tower Hill is the cheapest homeowners insurance company in Florida, offering an average rate of $2,443 a year. Aside from Catastrophic Ground Cover Collapse coverage, which is included in a standard policy at no additional cost, Citizens offers a few additional coverages that not all providers offer. For example, they have Sinkhole Loss coverage, which insures Florida homeowners in the event of structural damage caused by ground subsidence. For instance, Travelers offers discounts to homeowners who bundle auto and home insurance policies, stay claims-free or have security devices at home.