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Best Homeowners Insurance in Florida in 2023

Updated Jan 12, 2023

Updated Jan 12, 2023

Home > Home Insurance > Best Homeowners Insurance in Florida in 2023

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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.

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 coverage, 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.


Compare the Best Homeowners Insurance Companies in Florida in 2022

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

Home Insurance CompanyAverage Annual PremiumHouse Method Star RatingA.M Best RatingSavings vs. National Average
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

State Farm: Most Affordable

Most Affordable
State Farm
  • Low average premiums
  • Available in 48 states and D.C.
  • Unique add-on coverage options

Why We Chose State Farm

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. State Farm also offers car, life, renters, and pet insurance and provides multi-policy discounts for people who bundle another policy with their homeowners’ insurance.

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 add optional coverage for the many weather-related risks they have to deal with, and State Farm covers them. This company offers additional coverage for hurricanes, tornados, and floods.

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

Best Optional Coverages
Nationwide
  • Choice between replacement and actual cash value
  • Coverage options for rebuilds and home renovations
  • Offers identity theft protection with policies

Why We Chose Nationwide

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.

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, offering a wide array of discounts for first-time buyers, not making claims, and bundling your homeowner’s insurance with the company’s auto 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 Home Insurance

Why We Chose Progressive

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

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.

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 Home Insurance

Why We Chose Allstate

Allstate has been in business for 85 years, helping homeowners protect their investments from weather damage, theft, and more. The company offers various customizable home insurance policies that make 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 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 with multiple policies.

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 Home Insurance

Why We Chose Liberty Mutual

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 excels at giving its customers value for their premium. The company’s standard policies offer an impressive premium coverage level. 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.

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?

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 get the best deal without sacrificing coverage.

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 homeowner’s insurance premiums, but tornados and floods also contribute.

Average Annual Premium in Florida by Coverage

The number one factor determining your annual homeowner’s 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 Homeowners Insurance in Florida

Florida homeowners need to work a little 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 significantly impact your homeowner’s 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 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 need to. The long-term cost of increased premiums may be higher than 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 inland premiums.
  • 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 many 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 your personal belongings. 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 to a covered event 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 homeowner’s 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. All Florida residents 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

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 elsewhere. Still, different companies have different risk profiles, and not all Florida insurance companies charge the same amount for coverage.

According to the Tampa Bay Times, more than 400,000 Floridians have had their home insurance policies dropped or nonrenewed due to the aftermath of Hurricane Andrew and other devastating natural disasters. Watch this video to learn more about the home insurance litigation suits impacting Florida’s home insurance crisis:


Final Thoughts: Best Homeowners Insurance in Florida

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