The average cost of homeowners insurance in Florida is $191 per month or $2,288 per year for $300,000 in dwelling coverage, according to our latest insurance pricing analysis. This is around 30% higher than the national average of $1,754 per year.
And rates continue to rise due to devastating hurricanes, expensive roofing lawsuits, and companies leaving the state due to the high risk of losses. You can learn more about the current state of the home insurance crisis in Florida below and find tips for finding the best home insurance company for your needs.
Our picks for the best homeowners insurance companies in Florida reflect the best options for the here and now, so carriers with limited or no policy options were not considered in this guide. Because of the state's recent news events and constantly evolving insurance landscape, we will continue monitoring the situation and updating our list accordingly.
Compare the best homeowners insurance companies in Florida
Based on Policygenius' analysis of the most widely available insurance companies in the state, State Farm, Security First Insurance, Tower Hill, Universal Property, Frontline Insurance, Citizens, and Slide Insurance are Florida's best homeowners insurance companies in 2023.
Company | Best for... | Average monthly cost | Policygenius rating |
|---|---|---|---|
Overall | $186 | 4.8 out of 5 | |
Security First Insurance | Affordable rates | $60 | 4.1 out of 5 |
Frontline Insurance | Hurricane deductible cash-back program | N/A | 3.9 out of 5 |
Coverage exclusive to Florida homeowners | N/A | 3.9 out of 5 | |
Flood insurance add-on | $99 | 3.6 out of 5 | |
Universal Property | Older homes & roofs | $193 | 3.6 out of 5 |
High-risk homes | $388 | 2.5 out of 5 |
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
Best overall home insurance company in Florida: State Farm
2023 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Offers earthquake insurance
Wind/hail deductible
Offers wildfire insurance
Why we chose it
State Farm home insurance is the best overall home insurance company in Florida thanks to its statewide availability, large selection of policy options for most home types, high customer service marks, and industry-best financial stability ratings.
Pros and cons
Pros
High customer satisfaction and financial strength ratings
Top-tier coverage add-ons, including extended replacement cost coverage
Offers large discounts when you bundle your home and auto insurance
Cons
20% more complaints filed with the NAIC than other companies of its size
No discounts for first-time homebuyers
More details
Why State Farm is the best overall company in Florida
At a time when lots of competitors are no longer insuring homes in areas prone to wildfires and hurricanes, State Farm continues to offer its relatively affordable and highly-rated home insurance to homeowners in most parts of the country, including Florida.
And it doesn't skimp on coverage, offering flood, wildfire, and earthquake protection — one of few competitors that offers all three insurance policies to homeowners in many high-risk states.
Plus, while many competitors don't have the financial strength to pay out claims after several natural disasters in the same year, State Farm isn't one of them. It earns the highest rating possible from A.M. Best for financial strength and stability — only six insurance companies out of nearly 70 we reviewed hold this title.
How much does State Farm home insurance cost?
The average cost of State Farm home insurance in Florida is $2,227 per year, which is about 3% cheaper than the Florida average of $2,288.
How to get a quote
Online through State Farm
Best for affordable rates: Security First Insurance
Security First Insurance
4.1
Offers flood insurance
Offers extended replacement cost
Wind/hail deductible
Insures older homes
Why we chose it
Security First Insurance comes with cheap rates that are $1,000 below the state average in Florida. It also stands out thanks to its wealth of discounts — 14 to be exact — that can help you save even more on coverage.
Pros and cons
Pros
Cheap rates that are $1,500 below the annual state average
14 discounts allow you to save even more on your policy
Insures homes that are more than 30 years old
Cons
Received 13 times the number of complaints than other home insurance companies of its size, according to the NAIC Complaint Index
Can’t bundle your home and auto insurance
More details
Why Security First Insurance is the best company for affordable rates in Florida
Security First Insurance is one of the cheapest home insurance companies we've seen not just in Florida, but nationwide. On top of its affordable rates, the insurer also offers a slew of home insurance discounts to help you save even more, including savings if you're age 55 or older, lived in a gated community, have a newer home, or have a security system.
How much does Security First home insurance cost?
The average cost of Security First home insurance in Florida is $721 per year, which is $1,500 cheaper than the annual statewide average of $2,288.
How to get a quote
Online or by contacting an agent
Best for flood insurance add-on: Tower Hill
Tower Hill
3.6
Bundle home & auto
Wind/hail deductible
Offers extended replacement cost
Offers flood insurance
Why we chose it
Tower Hill home insurance offers cheap rates and lots of coverage add-ons, including a rare private flood insurance endorsement with up to $5 million in protection.
Pros and cons
Pros
Private flood insurance endorsement with up to $5 million in coverage
Cheap rates that are 50% lower than the national average
20+ coverages and policy add-ons available
Cons
AM Best rating downgraded to B (fair) in Oct. 2022
Averaged 5 times more complaints than similar insurance companies in 2021
More details
Why Tower Hill is the best company for flood insurance add-on
Tower Hill’s private flood insurance endorsement lets you add up to $5 million in private flood coverage to your existing home insurance policy — an especially valuable add-on if you live in a coastal area of Florida at high risk of flooding. It also offers a slew of other coverage add-ons related to flooding, including protection against mold, fungus, or rot damage; debris removal; and water backup coverage.
How much does Tower Hill home insurance cost?
The average cost of Tower Hill home insurance in Florida is $1,189 per year, which is around $1,000 cheaper than the annual statewide average of $2,288.
How to get a quote
Online through Policygenius
Best for older homes & roofs: Universal Property
Universal Property
3.6
Wind/hail deductible
Why we chose it
Universal Property home insurance offers cheap rates and lots of coverage add-ons, including a rare private flood insurance endorsement with up to $5 million in protection.
Pros and cons
Pros
Insures homes over 70 years old and roofs up to 20 years old
Offers 10 discounts to help you save on your policy
Receives A rating with AM Best, meaning it has the financial stability to pay out claims in the wake of a disaster
Cons
Received 11 times more complaints than similar-sized insurance companies in 2022, according to the NAIC Complaint Index
Cheaper rates can be found with other companies on this best list
More details
Why Universal Property is the best company for older homes & roofs
Unlike many home insurance companies in Florida that shy away from covering older homes or those with roofs more than 10 years old, Universal Property doesn't.
It's willing to cover homes that are more than 70 years old. And you can get coverage for shingle roofs that are up to 20 years old and wood roofs that are up to 15 years old.
How much does Universal Property home insurance cost?
The average cost of Universal Property home insurance in Florida is $2,314 per year, which is on par with the annual statewide average of $2,288.
How to get a quote
Online or through a local agent
Best for hurricane deductible cash-back program: Frontline Insurance
Frontline Insurance
3.9
Wind/hail deductible
Why we chose it
Frontline Insurance offers a rare cash-back program for your hurricane deductible — if you file a hurricane-related claim and go five years without filing a claim after that, you can get up to 100% of your hurricane deductible back in cash.
Pros and cons
Pros
Earn up to 100% cash back on your hurricane deductible the more years you go without filing a claim
Offers excess flood insurance to protect your home from flooding due to hurricanes, thunderstorms, and other natural disasters
Receives A rating with Demotech, meaning it likely has the financial resources to pay out claims in the wake of a disaster
Cons
Received 2 times more complaints than similar-sized insurance companies in 2022, according to the NAIC Complaint Index
Website isn't as transparent as other companies about discounts and coverage options available
More details
Why Frontline Insurance is the best company for a hurricane deductible cash-back program
Frontline Insurance is one of the only insurance companies nationwide that offers a cash-back program for your hurricane deductible. If you file a hurricane-related claim and go five consecutive years without filing a claim after that, you can get up to 100% of your hurricane deductible back in cash.
How much does Frontline Insurance home insurance cost?
We don't have access to the average cost of Frontline home insurance as of June 2023.
How to get a quote
Through a local agent
Best for coverage exclusive to Florida homeowners: Slide Insurance
Slide Insurance
3.9
Wind/hail deductible
Why we chose it
Slide Insurance is brand new to the insurance industry, offering coverage exclusively to Florida residents with a goal to revolutionize how insurance is underwritten and sold using technology, data, and leadership taken from Big Tech companies.
Pros and cons
Pros
Offers coverage to Florida homeowners who may not have other options
Earns A (Exceptional) rating from Demotech for its financial strength and stability
Cons
Still too new to gauge customer service around claims and policy management
Website lacks detailed information about all of its coverage and discount options available
Doesn’t offer a mobile app, access to an online account, or online quotes
More details
Why Slide Insurance is the best company for coverage exclusive to Florida homeowners
As other home insurance companies are leaving Florida or going out of business altogether, Slide Insurance has been purchasing renewal rights and selling new home insurance policies exclusively to Florida residents.
It purchased home insurance policies from St. John’s Insurance and UPC Insurance — two Florida insurers that went out of business in the last year. And by using technology, data, and leadership taken from a range of Big Tech companies, Slide Insurance says it is offering a new approach to insurance in a market that is in desperate need of a change.
How much does Slide home insurance cost?
We don't have access to the average cost of Slide home insurance as of June 2023.
How to get a quote
Online or through a local agent
Best for high-risk homes: Citizens
Citizens Property Insurance
2.5
Wind/hail deductible
Why we chose it
As Florida’s version of the Fair Access to Insurance Requirements (FAIR) Plan, Citizens home insurance might be a good fit if you’ve struggled to qualify for coverage due to multiple past claims, living in a high-risk coastal area, or having an old roof.
Pros and cons
Pros
Provides homeowners insurance to high-risk homes that are often denied coverage by private insurers
Wind, flood, and dwelling fire insurance policies available
Sets up catastrophe response centers after natural disasters to offer in-person support to homeowners without power or means of communication
Cons
Rates are nearly 3 times higher than the national average — and the insurer proposed a 12% rate hike in June 2023
Fewer coverage options and lower limits than competitors
No online quote tool
More details
Why Citizens is the best company for high-risk homes in Florida
Citizens Insurance offers basic home and wind-only insurance coverage for homes in high-risk coastal areas of Florida. If you're having a difficult time finding a company to insure your home, Citizens is a decent last-resort option.
How much does Citizens home insurance cost?
The average cost of Citizens home insurance in Florida is $4,658 per year, which is nearly $2,500 more expensive than the annual statewide average of $2,288.
How to get a quote
To get a home insurance quote with Citizens, you’ll first need to prove that you were unable to find coverage with a standard home insurance company or that the coverage you did qualify for was 20% more expensive than a similar policy with Citizens. If it is, then you can get a quote from any licensed insurance agent who’s authorized to sell Citizens coverage.
How much is homeowners insurance in Florida?
The average cost of homeowners insurance in Florida is $2,288 per year. This is higher than the national average of $1,754 per year.
Florida homeowners insurance rates by city
Looking at average home insurance costs for the 20 largest cities in Florida, we found that Palm Bay has the cheapest homeowners insurance in the state, followed by St. Pete and Gainesville.
City | Average monthly cost | Average annual cost | Difference from state average (%) |
|---|---|---|---|
Jacksonville | $157 | $1,884 | -18% |
Miami | $298 | $3,572 | 56% |
Tampa | $189 | $2,266 | -1% |
Orlando | $193 | $2,315 | 1% |
St. Petersburg | $153 | $1,836 | -20% |
Port St. Lucie | $203 | $2,439 | 7% |
Hialeah | $325 | $3,898 | 70% |
Cape Coral | $166 | $1,993 | -13% |
Tallahassee | $157 | $1,888 | -17% |
Fort Lauderdale | $286 | $3,429 | 50% |
Pembroke Pines | $342 | $4,099 | 79% |
Hollywood | $300 | $3,596 | 57% |
Gainesville | $156 | $1,875 | -18% |
Miramar | $341 | $4,086 | 79% |
Coral Springs | $346 | $4,148 | 81% |
Palm Bay | $150 | $1,795 | -22% |
West Palm Beach | $224 | $2,692 | 18% |
Lakeland | $226 | $2,715 | 19% |
Clearwater | $159 | $1,905 | -17% |
Pompano Beach | $302 | $3,621 | 58% |
Florida homeowners insurance rates by coverage amount
One of the most important (and expensive) parts of your home insurance policy is your dwelling coverage, since it protects the physical structure of your home from covered hazards like hurricanes and fires.
How much dwelling coverage you purchase should be based on the replacement cost of your home — not its market value. That means even if you paid $600,000 for a home that would really only cost $400,000 to rebuild — you’d only need $400,000 in dwelling coverage.
The table below highlights the average annual premium in Florida for five different levels of dwelling coverage.
As you can see, the higher your dwelling coverage limit, the higher your premiums. In Florida, the most significant rate jump occurs in the $400,000 to $500,000 range — with a nearly $800 difference in premiums between these two coverage levels.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $878 |
$200,000 | $1,588 |
$300,000 | $2,288 |
$400,000 | $2,982 |
$500,000 | $3,762 |
Cheapest homeowners insurance companies in Florida
Based on our analysis, Security First, Tower Hill, and State Farm are the three cheapest home insurance companies in Florida, with statewide average premiums ranging from $721 to $2,227 per year. Universal Property and Florida Penninsula Insurance are also among the most affordable home insurance carrier options for Florida residents in 2023, as detailed in the table below.
Company | Average annual cost |
|---|---|
Security First Insurance | $721 |
$1,189 | |
$2,227 | |
Universal Property | $2,314 |
$2,515 | |
American Integrity Insurance | $3,143 |
$3,642 | |
$4,658 |
Cheapest Florida homeowners insurance if you have poor credit
Your credit score also plays a role in your home insurance premiums. Homeowners with lower credit scores generally see higher rates, since insurers consider you more likely to file a claim.
With an average rate of $721 per year, Security First Insurance has the cheapest home insurance rates in Florida for a homeowner with poor credit, while Chubb’s average yearly premium of $7,147 is the highest.
Company | Average annual cost |
|---|---|
Security First Insurance | $721 |
$1,898 | |
Universal Property | $2,353 |
$2,913 | |
American Integrity Insurance | $3,412 |
$3,816 | |
$6,019 | |
$7,147 |
Cheapest Florida homeowners insurance if you have an older home
The median age of homes in Florida is 34 years old, according to an analysis of U.S. census data by House Method. And like everything else, the age of your home plays a role in how much you pay for home insurance in Florida.
Older and historic homes are usually more expensive to insure than newer homes. This is because insurers consider them a higher risk than newer homes since they can be fragile, their construction materials may be obsolete, and certain structural components like the roof or plumbing may not be in good shape or up to current-day code. Because of this, they'll charge higher premiums to offset the risk.
Here's the cheapest home insurance in Florida for a 50-year-old home:
Company | Average annual cost |
|---|---|
Security First Insurance | $598 |
$1,253 | |
$2,227 | |
Universal Property | $2,352 |
$3,146 | |
American Integrity Insurance | $3,690 |
$4,254 | |
$7,662 |
Cheapest Florida homeowners insurance if you have a history of claims
One of the biggest factors that plays a role in your home insurance premium is your claims history. You'll typically pay more for home insurance if you have multiple claims on your record, since insurers perceive you as posing a greater risk of filing more.
Here's the cheapest home insurance companies in Florida for a homeowner with three claims within a five-year period.
Company | Average annual cost |
|---|---|
Security First Insurance | $721 |
$1,397 | |
Universal Property | $2,352 |
$2,539 | |
$2,911 | |
American Integrity Insurance | $3,410 |
$4,754 | |
$6,012 |
Florida home insurance crisis — updates for 2023
Florida homeowners know all too well how unstable the state’s home insurance industry is.
Every week, there's a new story in the news about insurers going out of business or leaving the state, homeowners struggling to get their claims paid out, roofing lawsuits between homeowners and their insurers or contractors, and sky-high rates that have become unaffordable for many — if they can even qualify for coverage at all.
Here, we break down the latest updates in Florida's ongoing insurance home crisis and give tips for navigating the complex insurance market as you shop for coverage.
A breakdown of the home insurance crisis in Florida
Here are the developments over the last two years that have put Florida’s home insurance market on the brink of collapse:
Hurricanes Nicole and Ian cause as much as $60 billion in losses in 2022
Hurricane Nicole, which hit the state in November 2022, is expected to have caused no more than $750 million in losses, according to a CoreLogic prediction. [1] However, add to that the devastating destruction caused by Hurricane Ian just two months prior, and you’re looking at loss estimates totaling as high as $60 billion for just two Florida weather events in 2022.
Disreputable home insurance companies slash claim payouts for losses
In March 2023, Florida Peninsula Insurance and Heritage Property Insurance were investigated by The Washington Post for underpaying claims by more than 80% after Hurricane Ian. [2]
Even worse, the American Policyholder Association, a nonprofit insurance industry watchdog group, reported several cases of what appears to be “systemic criminal fraud perpetrated to cheat policyholders out of fair insurance claims.” It has plans to submit criminal referrals to authorities in Florida and several other states later on in 2023.
Florida gets the majority of home insurance lawsuits over claims each year
Florida sees 79% of all home insurance lawsuits over claims filed nationwide. However, the state of Florida only makes up 9% of the nation’s home insurance claims, according to the Florida Governor’s Office. [3]
“Floridians are seeing homeowners insurance become costlier and scarcer because for years the state has been the home of too much litigation and too many fraudulent roof replacement schemes,” says Sean Kevelighan, CEO of the Insurance Information Institute. [4]
Florida insurers consistently file for double-digit rate increases each year
To recoup the losses from the combination of natural disaster claims and litigation expenses, Florida insurance companies are consistently filing for rate increases each year with the Florida Office of Insurance Regulation.
Just last year, Florida insurer First Community Insurance raised its average rate by almost 45% for more than 25,500 Florida homeowners. In March 2023, Citizens Property Insurance filed a 14.2% average rate increase on all of its 1.2 million home insurance policies in Florida. And Kin Insurance asked for a whopping 61.5% rate increase on its standard home insurance policies. [5]
While these rate increases need to be approved by the Florida Office of Insurance Regulation before they take effect, they’re still a startling indication of the rising cost of home insurance in Florida.
Insurers’ ratings downgraded due to poor financial strength and stability
Demotech, an Ohio-based rating firm that measures the financial strength and stability of 40 insurance carriers, downgraded the ratings of five Florida home insurance carriers in August 2023: UPC Insurance, Weston, FedNat Insurance, Bankers Specialty Insurance, and First Community Insurance. This led to many going out of business or leaving the state altogether. [6]
Over 10 Florida home insurance companies went bankrupt
As of April 2023, 11 home insurance companies in Florida went bankrupt over the last two years and are in the process of liquidation, including:
American Capital Assurance
Avatar Insurance
FedNat Insurance
Florida Specialty
Guarantee Insurance
Gulfstream Insurance
Southern Fidelity
St. Johns Insurance
UPC Insurance
Weston
Windhaven
This left hundreds of thousands of homeowners scrambling to find a new home insurance company, forcing many to get coverage through Citizens Property Insurance — Florida’s state-mandated FAIR Plan designed as a last-resort option for homeowners struggling to find coverage on the private market.
How to find a reputable home insurance company during Florida's insurance crisis
Even with the volatile home insurance market, it’s possible to find a reputable home insurance company in Florida if you do your homework. Here are a few tips to keep in mind as you compare home insurance companies in Florida.
Research every company's claims satisfaction scores
With the news that Florida Peninsula Insurance and Heritage Property Insurance were slashing claim payouts to homeowners after Hurricane Ian, now it’s more important than ever to find a company with high claims satisfaction. You can check J.D. Power’s 2023 Claims Satisfaction Study or the National Association of Insurance Commissioners Complaint Index for a look at what companies fare well when it comes to claims and customer service.
Consider storm-proofing your home with wind-resistant features
If you live in an area of Florida at high risk of hurricanes or tropical storms, installing wind-resistant features can make your home more attractive to home insurance companies and can even help lower your rate. Here are a few wind-resistant features to consider installing:
Strong, secondary water-resistant layer on your roof
Hip roof made of metal that slopes downward
Storm-proof garage doors
Roof-wall attachments that use double wraps
Impact-resistant coverings over all windows and doors with glass openings
If you’re not sure where to start or whether your home already has any of these features, you can reach out to a wind mitigation inspector for an assessment.
Research the financial strength rating of any company you're considering
With more than 10 Florida home insurance companies going bankrupt over the last year, it’s vital to research the financial strength of any home insurance company you’re considering to ensure they have the funds to pay out claims in the wake of a disastrous hurricane or tropical storm. The best way to do this is by checking the company’s financial strength rating with AM Best, Standard & Poor's, Moody’s, or Demotech. You can find this information on our home insurance company reviews.
Take advantage of the My Safe Florida Home program
The My Safe Florida Home program is designed to help homeowners mitigate hurricane risk by providing free home inspections that identify and recommend improvements that can be done to your home. Eligible homeowners who live in participating areas of Florida can then apply for grants to get their homes retrofitted with these improvements to lessen the risk of hurricane damage.
Stay up to date on the latest Insurer Accountability bill in the works
A new bill was submitted to the Florida Senate in March 2023 that would increase fines for insurance companies practicing bad behavior, require insurers to report their claims-handling policies to the state, and give insurance regulators more oversight to examine insurer conduct. [7]
Florida home insurance coverage options for hurricanes and flooding
In addition to looking at how much each insurance company charges for different coverage levels and risks, you should also be aware of what your policy does and doesn’t cover.
When buying homeowners insurance in Florida, there are two additional insurance options you may need to consider to protect against the state’s frequent hurricanes and flooding.
Windstorm insurance
Homeowners insurance generally covers the cost of repairs if your home is damaged by wind or hail. However, since Florida sees frequent hurricanes, tropical storms, and tornadoes, policies often exclude coverage for wind and hail in high-risk areas.
If that’s the case, you’ll need windstorm insurance — a special type of property insurance that specifically covers your home and belongings from wind or hail damage. Windstorm insurance is sometimes available as an add-on to your homeowners insurance, though it can also be purchased as a separate wind-only policy.
Flood insurance
Most homeowners insurance policies don’t cover flood damage, so Florida residents in at-risk areas will want to consider flood insurance on top of their coastal home insurance policy.
In addition to comparing home insurance quotes, Florida homeowners can also compare private flood insurance rates with Policygenius, or choose a policy through a government entity like the National Flood Insurance Program.
Learn more >> Flood insurance in Florida: Coverage & costs
How to buy homeowners insurance in Florida
With so many insurance companies pulling out of Florida thanks to the severe weather that makes expensive claims difficult to finance, it’s extra important to compare policies from multiple companies to make sure you’re getting the best coverage at the fairest price.
Frequently asked questions
What is the average cost of homeowners insurance in Florida?
The average cost of homeowners insurance in Florida is $191 per month or $2,288 per year.
Why is home insurance in Florida so expensive?
Home insurance is so expensive in Florida because the state is at high risk for severe weather damage due to lightning strikes, hurricanes, tornadoes, wildfires, and more. Since there’s a higher chance of homeowners filing a claim, home insurance companies charge higher rates for this added risk.
How can I lower my homeowners insurance in Florida?
You can lower your homeowners insurance in Florida by taking advantage of discounts offered through your home insurance company. This might mean bundling your home and auto policies together for discounts of up to 30% off your premiums, or adding security systems to get discounts of almost 5%.
Another way to lower your homeowners insurance rates is by opting for a higher deductible. Just keep in mind a higher deductible means you’ll have to pay more money out of pocket when you file a claim before your insurance company kicks in to cover the rest.
Is it mandatory to have homeowners insurance in Florida?
While it’s not legally required to purchase homeowners insurance in Florida, most mortgage lenders require you to purchase home insurance before they’ll extend a home loan to you. This is because they have a financial investment in the property until you pay off your mortgage, so they want to ensure it’s fully protected.
