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Best Homeowners Insurance in Florida in 2022

Updated Dec 7, 2022

Updated Dec 7, 2022

Home > Home Insurance > Best Homeowners Insurance in Florida in 2022

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Having the best homeowners insurance policy you can afford is important no matter where you live, but it’s absolutely vital if you live in Florida. Despite being dubbed The Sunshine State, Florida is home to some of the wildest weather in the country, with residents regularly contending with tornados, hurricanes, flooding, and heavy rainfall.

Unsurprisingly, homeowners insurance premiums in Florida are through the roof, with the average cost of insuring a single-family home of $1,988 per year, more than $700 over the national average of $1,272. The exorbitant costs of homeowners insurance in Florida make it even more important for Floridians to do their homework to ensure they’re getting the best deal they can without sacrificing coverage.

This guide presents the six best home insurance companies in Florida as determined by our exhaustive analysis and stringent criteria. We rank homeowners insurance companies based on the level of coverage they provide, annual premiums, available discounts, optional endorsements, and customer satisfaction.

The following providers can help get you started on homeowners insurance. Contact them to get a free quote.

The 6 Best Home Insurance Companies in Florida

Home insurance companies that insure Florida homes are keenly aware of the increased risk they’re accepting, which means they tend to charge higher premiums for more restrictive coverage. While that puts Florida homeowners in a tight spot, some companies offer better value than others in terms of insurance coverage per dollar, and those companies are the ones we’ve decided to highlight here.

  • Lemonade — Quickest Claims Process
  • State Farm — Most Affordable
  • Nationwide — Best Optional Coverages
  • Progressive — Best for New Homeowners
  • Allstate — Best for Bundling
  • Liberty Mutual — Best for Standard Coverage

Compare the Best Homeowners Insurance Companies in Florida in 2022

Below, we’ll include a table summarizing the six best homeowners insurance companies in Florida.

Home Insurance CompanyAverage Annual PremiumHouse Method Star RatingA.M Best RatingSavings vs. National Average
Lemonade$2,4834.8N/A$-495
State Farm$1,5674.8A++$420
Nationwide$1,6724.6A+$315
Progressive$2,0764.5A+$-88
Allstate$2,1084.5A+$-120
Liberty Mutual$1,7254.3A$262

Lemonade: Quickest Claims Processing

Lemonade was founded in 2015, making it one of the newest faces in the insurance industry. The company’s mission is to make homeowners insurance more accessible and less painful to deal with for the average homeowner. Lemonade is dedicated to taking a modern approach to insurance, with a fully-automated online claim filing pipeline, an easy-to-use mobile app, and infrastructure to provide free quotes online.

Quickest Claims Process

Why We Chose Lemonade

Lemonade is determined to modernize the home insurance industry, and so far, they’re doing an excellent job. The company’s streamlined tech-based approach is revolutionizing homeowners insurance and has already driven its competitors to offer similar — usually inferior — online tools.

The company’s standard coverage is good, albeit expensive, and it offers a decent selection of optional add-ons to fill in the gaps, something that’s extremely important in Florida. Lemonade’s strength is its customer service, which makes purchasing a new policy, filing a claim, or adding coverage to an existing policy a breeze.

Below, we’ll provide a quick list of some pros and cons you can expect when choosing to work with Lemonade in FL.

Pros and Cons of Lemonade

Pros

  • Unparalleled claims filling speed
  • Solid standard home insurance coverage
  • Good selection of add-on coverage
  • Available in Florida

Cons

  • Relatively young
  • Doesn’t offer flood insurance
  • On the expensive side

Annual Cost in Florida

The annual cost of Lemonade homeowners insurance in Florida is approximately $2,483, $495 over the average in the state.

Click here to get a quote from Lemonade today.

State Farm: Most Affordable

At the opposite end of the spectrum, we have State Farm, a long-time leader in the insurance business. The company was founded in 1922, giving it 100 years of experience that dwarfs Lemonade’s seven years in the business. State Farm also offers car insurance, life insurance, renters insurance, and pet insurance and provides multi-policy discounts for people who bundle another policy with their homeowners’ insurance.

Why We Chose State Farm

State Farm’s most attractive quality is its affordable annual premiums. In a state like Florida, choosing a more affordable insurance company often means accepting less-than-stellar coverage with restrictive coverage limits and high deductibles, but that’s not the case with State Farm. The company designs its policies to cover as many perils as possible in its base plan, alleviating the need for customers to tack on tons of supplemental coverage.

However, most Floridians wind up adding optional coverage for the many weather-related risks they have to deal with, and State Farm has them covered. The company offers additional coverage for hurricanes, tornados, and floods, among others.

Below, we’ll include some upsides and downsides of working with State Farm to insure your Florida home.

Pros and Cons of State Farm

Pros

  • Very affordable
  • Great standard coverage
  • Good selection of endorsements for Floridians
  • 100 years in the business

Cons

  • Not many discounts
  • Online quotes unavailable in Florida

Annual Cost in Florida

The average cost of State Farm home insurance in Florida is $1,871, $118 below the statewide average.

Click here to get a quote from State Farm for your home insurance.

Nationwide: Best Optional Coverages

Nationwide was founded four years after State Farm in 1926. The company’s long history makes its perennially outstanding ranking on J.D Power studies all the more impressive and provides peace of mind for potential customers.

Nationwide uses a different structure for its homeowners’ insurance policies than State Farm, choosing to offer less comprehensive coverage in its standard policies in favor of off-loading coverage to supplemental add-ons. While this might seem like a nuisance, it works well in states like Florida, where most homeowners need add-ons anyway.

Best Optional Coverages

Why We Chose Nationwide

Nationwide’s plans are designed to be supplemented with optional coverage, making its policies ideal for piecing together a customized home insurance plan. The company’s prices are also competitive, and it offers a wide array of discounts for first-time buyers, not making claims, and bundling your homeowners insurance with the company’s auto insurance.

Below are some benefits and drawbacks to working with Nationwide for your homeowners insurance.

Pros and Cons of Nationwide

Pros

  • Many optional add-ons available
  • Reasonable annual premiums
  • Consistently high customer satisfaction

Cons

  • Doesn’t offer online quotes for single policies
  • Less comprehensive coverage in its standard policies

Annual Cost in Florida

Nationwide homeowners insurance costs around $1,668 per year, which is $320 less than the typical cost for home insurance in Florida.

Click here to get a quote from Nationwide for your home.

Progressive: Best for New Homeowners

Progressive was founded in 1937 and has been providing Americans with outstanding home insurance, car insurance, and life insurance ever since. Progressive is ideal for Florida residents looking to purchase their first home since the company offers several discounts aimed at first-time home buyers.

Progressive Home Insurance

Why We Chose Progressive

Progressive offers excellent coverage for only slightly more than the average premium in the state, making it a good choice for people who don’t mind spending a bit more for additional peace of mind. The company is especially good for new homeowners since they can take advantage of several sizable discounts reserved exclusively for first-time home buyers. Progressive also offers other discounts like multi-policy discounts and discounts for not making claims, but these vary by location.

Below are some pros and cons you’ll experience if you choose Progressive for your insurance needs.

Pros and Cons of Progressive

Pros

  • Solid coverage well-suited for Florida’s climate
  • Discounts for first-time home buyers
  • Easy-to-use mobile app
  • Online quotes

Cons

  • Discounts vary between locations
  • On the expensive side

Annual Cost in Florida

The average annual premium for Progressive home insurance in Florida is $2,076, putting the company slightly above the state’s average of $1,988 per year for home insurance.

Click here to get a quote from Progressive today.

Allstate: Best for Bundling

Allstate has been in business for 85 years, helping homeowners protect their investments from weather damage, theft, and more. The company offers a wide variety of customizable home insurance policies that makes it easy for Floridians to craft a policy with the right level of coverage for them. Allstate offers extremely generous multi-policy discounts that incentivize its customers to bundle home insurance with auto insurance and life insurance.

Allstate Home Insurance

Why We Chose Allstate

Allstate is one of the few companies that offers a claim RateGuard, guaranteeing your rates won’t increase just because you file claims. This makes the company an extremely attractive option for Floridians since they make more claims on average than customers who live in other states.

Allstate is also a great choice for homeowners looking for a company that can provide other types of insurance since the company offers sizable discounts for customers who hold multiple policies.

Below, we’ll discuss some of the pros and cons of working with Allstate to help you decide if this is the right insurer for your FL home.

Pros and Cons of Allstate

Pros

  • Multi-policy discounts make bundling a great option
  • Claim RateGuard protects you from premium increases
  • Highly customizable plans

Cons

  • More expensive than average by Florida’s standards
  • Online infrastructure is lacking

Annual Cost in Florida

The average annual cost for Allstate homeowners insurance in Florida is $2,108.

Click here to go to Allstate’s website to get a quote for coverage.

Liberty Mutual: Best for Standard Coverage

Liberty Mutual is one of the oldest insurance companies in the United States, providing homeowners insurance to Americans for 110 years. The company’s strength lies in its standard policies, which offer more coverage than similar plans from its competition. Unfortunately, Floridians will still have to spring for optional endorsements to protect their homes from hurricane damage and other weather-related problems.

Despite some quirks — like refusing to insure customers who own certain dog breeds — Liberty Mutual remains one of the best homeowners insurance providers for residents of the Sunshine State.

Liberty Mutual Home Insurance

Why We Chose Liberty Mutual

Liberty Mutual excels at giving its customers value for their premium. The company’s standard policies offer an impressive level of coverage for the premium. Liberty Mutual customers save more than $250 per year on average compared to the average homeowners insurance policy in Florida, and the coverage they get is better than most.

Below are some upsides and downsides to working with Liberty Mutual for your insurance needs in Florida.

Pros and Cons of Liberty Mutual

Pros

  • Outstanding coverage in standard policies
  • Decent selection of endorsements
  • Online discounts available

Cons

  • Fewer coverage options
  • Conservative policies will limit certain customers

Annual Cost in Florida

Liberty Mutual’s annual premium in Florida is approximately $1,725, more than $250 below the statewide average for home insurance.

Click here to get a quote for insurance from Liberty Mutual.

How Much Does Home Insurance in Florida Cost?

Home insurance is more expensive in Florida than in most states because Florida’s weather is adept at causing property damage. Hurricanes are the biggest culprit driving Florida’s high homeowners insurance premiums, but tornados and floods also contribute.

Average Annual Premium in Florida by Coverage

The number one factor that will determine your annual homeowners insurance premium is the level of homeowners insurance coverage you have. Here’s a table presenting the average annual premium for different levels of coverage in Florida.

Coverage LevelAverage Annual Premium in Florida
$49,999 and under$1,218
$50,000 to $74,999$1,187
$75,000 to $99,999$1,039
$100,000 to $124,999$1,209
$125,000 to $149,999$1,339
$150,000 to $174,999$1,425
$175,999 to $199,999$1,484
$200,000 to $299,999$1,742
$300,000 to $399,999$2,242
$400,000 to $499,999$2,767
$500,000 and over$4,243

Home Insurance Rates in Popular Florida Cities

Florida homeowners insurance rates vary substantially between cities. Here’s a table with the average cost of home insurance in several popular Florida cities. Keep in mind that these averages are subject to change, as home insurance rates in Florida tend to fluctuate more than they do in other states with less volatile climates.

CityAverage Annual Premium
Boca Raton$2,200
Fort Lauderdale$2,850
Jacksonville$1,250
Lakeland$1,450
Miami$3,800
Orlando$1,600
Pensacola$1,500
Port St. Lucy$1,725
Tampa$1,500
West Palm Beach$2,000

In general, coastal regions will have higher home insurance premiums due to the increased risk of weather damage during hurricanes and tropical storms.

Tips for Saving Money on Home Insurance in Florida

Florida homeowners need to work a little bit harder than residents of other states to offset the high cost of home insurance throughout the state. Here are some tips for saving money on home insurance in Florida.

  • Keep your credit score high. A low credit score can have a major impact on your homeowners insurance premiums, so keep it high by decreasing your utilization ratio, paying off old debt, and making payments on time.
  • Look for discounts. Many home insurance companies offer discounts for having a home security system, smoke detectors, and other devices that generally make your home less of a risk to insure. Not all systems qualify, so make sure to ask your insurance agent what discounts are available for existing policyholders before you buy anything.
  • Make your home more resistant to storms. It’s no secret that insurance premiums are through the roof in Florida because the risk of damage from extreme weather is exceptionally high in the state. Adding extra protection to your home in the form of storm shutters, hurricane clips, and protection against water damage. Some Florida homeowners report a 50% reduction in the price of their home insurance after they fortified their homes.
  • Limit your claims. Most insurance companies will raise your premiums if you make too many claims, so make sure only to make a claim when you really need to. The long-term cost of increased premiums may be higher than the cost of simply repairing something yourself.

What Factors into Home Insurance Rates in Florida?

Home insurance rates in Florida are determined by several factors, including:

  • Where you live: Florida insurance rates are heavily influenced by the risk of storm-related damage, with premiums in coastal regions being several times higher than premiums further inland.
  • How much coverage you have: The more coverage you have, the higher your annual premium will be.
  • Your policy’s details like deductibles and coverage limits: Policies with low deductibles cost more per month than plans with higher deductibles. Similarly, a policy with a high coverage limit will cost more than one with a lower coverage cap.
  • Your home’s age: An old home is more likely to experience damage than a new home, making them riskier to insure. Home insurance companies offset these risks by charging higher premiums.
  • Your claims history: Right or wrong, insurance companies count your claims against you. If you make a lot of claims, your insurance company will see you as a high-risk customer, and you can expect your premiums to increase.

What Does Florida Homeowners Insurance Cover?

Florida homeowners insurance typically covers the following:

  • Dwelling. Dwelling coverage is for your home’s structure, including any permanently attached appliances you may have. It doesn’t cover your home’s contents or any additional structures you have on your property.
  • Personal Property. Florida home insurance policies also cover any personal belongings you keep in your home. This includes replacement cost coverage in most cases. Some insurance companies will reimburse you for the claimed cost of an item minus any depreciation from the time of purchase, while others will pay for a new replacement.
  • Liability. Liability coverage—sometimes called personal liability coverage—is for any injuries sustained on your property. The insurance typically makes medical payments for any treatment required due covered event that occurs on your property.
  • Other Structures. Some Florida home insurance policies offer coverage for additional structures on your property as part of a standard policy, while others relegate this coverage to optional add-ons.
  • Loss of use. When you’re forced to vacate your home due to a covered loss, your homeowners insurance will usually cover additional living expenses associated with living away from home. These loss of use costs are often things like paying for a hotel room and the increased cost of eating out.
  • Endorsements. Endorsements are optional add-ons that provide coverage for perils and events that aren’t covered in your standard policies. Virtually all Florida residents will want endorsements for wind damage, water damage, hurricanes, tornados, and flood damage.

Each insurance company and policy will have exclusions, so make sure you understand the details of what’s covered by your plan and what isn’t before you sign any contracts.

Common Home Insurance Claims in Florida

The most common insurance claims in Florida are — unsurprisingly — almost all related to weather. The top three most common claims are wind and hail damage, water damage, and fire and lightning damage.

The next two most common claims are theft and non-theft damage to personal property, including claims for accidents, vandalism, dog bites, and pool-related injuries.

How to Find the Best Home Insurance in Florida

The name of the game for finding the best homeowners insurance in Florida is compare, compare, compare. Comparing quotes from as many companies as possible is the best way to find affordable insurance no matter where you live, but it’s especially important in Florida. Home insurance rates in Florida are more volatile than in other places, so you need to do your homework and be patient.

Important: What to Know About Home Insurance in Florida

Even though we’ve mentioned this several times already throughout the article, it bears repeating: home insurance in Florida is both expensive and volatile. If you want to find the best deals, you’ll have to shop around since companies change their premiums more quickly in Florida than in most other places.

Florida homes are more exposed to wind, rain, lightning, and floods than homes in other parts of the country, so homeowners insurance rates are much higher across the state than they are elsewhere. Still, different companies have different risk profiles, and not all Florida insurance companies charge the same amount for coverage. If you reinforce your home against the most common weather-related damages, keep your credit score in line, and limit your claims as much as possible, you might be surprised at how low you can get your rate.

Key Takeaways

You can’t go wrong with any of the six insurance providers covered in this article, but we believe Lemonade, State Farm, and Nationwide offer Florida residents the best coverage available in the state. Which company is right for you depends on what kind of coverage you want, how much you’re willing to pay, and what kind of customer experience you prefer.

Contact any of the providers below to get started with home insurance coverage today.

Frequently Asked Questions

Why is homeowners insurance in Florida so expensive?

To put it simply, insuring the average home in Florida is riskier than insuring the average home elsewhere, making it more expensive to purchase coverage. Insurance companies need to charge higher premiums and set their deductibles higher to offset the costs associated with the higher-than-average number of claims made by Florida residents.

Florida is prone to hurricanes, floods, tornados, hail, lightning, and heavy rainfall, making it much more likely that your home will suffer damage at some point. Purchasing endorsements like hurricane coverage and a flood insurance policy drives the price of home insurance up, but Florida residents don’t have much choice.

What is the most common home insurance policy in Florida?

The most common home insurance policy is the HO-3 policy. HO-3 is what most people call “homeowners insurance.” It provides coverage for your home’s structure, contents, and personal liability, up to a reasonable limit.

Most Florida residents add endorsements for windstorms, water damage, and flood insurance to protect themselves from the elevated risk of weather-related issues in the state.

Who is the largest home insurer in Florida?

The largest home insurer in Florida is Citizens Property Insurance Corp., according to a report by CNN. The company is run by the state, so its rates tend to be less competitive, and many people view it as only a viable option when extenuating circumstances prevent you from having private insurance.

Is home insurance required in Florida?

No, homeowners insurance is not required by law in Florida, although you’ll be hard-pressed to find a lender who will give you a loan without it. Virtually all mortgage companies will require you to have home insurance before they consider you for a loan, making homeowners insurance basically required.

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