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.
Average monthly cost
4.8 out of 5
Security First Insurance
4.1 out of 5
Hurricane deductible cash-back program
3.9 out of 5
Coverage exclusive to Florida homeowners
3.9 out of 5
Flood insurance add-on
3.6 out of 5
Older homes & roofs
3.6 out of 5
2.5 out of 5
Best overall home insurance company in Florida: State Farm
Best for affordable rates: Security First Insurance
Best for flood insurance add-on: Tower Hill
Best for older homes & roofs: Universal Property
Best for hurricane deductible cash-back program: Frontline Insurance
Best for coverage exclusive to Florida homeowners: Slide Insurance
Best for high-risk homes: Citizens
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.
Average monthly cost
Average annual cost
Difference from state average (%)
Port St. Lucie
West Palm Beach
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
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.
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.
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:
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.
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.  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. 
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. 
“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. 
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. 
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. 
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
St. Johns Insurance
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. 
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.
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.
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.