Cheapest home insurance in Florida (July 2024)

Security First, Tower Hill, and State Farm all make our list of the cheapest home insurance companies in Florida.

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Jennifer GimbelSenior Managing Editor & Home Insurance ExpertJennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Edited by

Pat HowardPat HowardManaging Editor & Licensed Home Insurance ExpertPat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

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Security First Insurance is the cheapest home insurance company in Florida, with rates as low as $721 per year — $1,000 cheaper than the national average of $1,724 annually. Another plus? This insurer made our list of the best home insurance companies in Florida.

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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 Peninsula Insurance are also among the most affordable home insurance carrier options for Florida residents in 2024, as detailed in the table below.

Company

Average annual cost

Security First Insurance

$721

Tower Hill

$1,189

State Farm

$2,227

Universal Property

$2,314

Florida Peninsula Insurance

$2,515

American Integrity Insurance

$3,143

Chubb

$3,642

Citizens

$4,658

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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.

Cheapest home insurance rates with 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

Tower Hill

$1,397

Universal Property

$2,352

State Farm

$2,539

Florida Peninsula Insurance

$2,911

American Integrity Insurance

$3,410

Chubb

$4,754

Citizens

$6,012

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Find your best home insurance rates in Florida with our free tool

We don't sell your information to third parties.

Cheapest home insurance rates 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

Tower Hill

$1,898

Universal Property

$2,353

Florida Peninsula Insurance

$2,913

American Integrity Insurance

$3,412

State Farm

$3,816

Citizens

$6,019

Chubb

$7,147

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Cheapest home insurance rates 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

Tower Hill

$1,253

State Farm

$2,227

Universal Property

$2,352

Florida Peninsula Insurance

$3,146

American Integrity Insurance

$3,690

Chubb

$4,254

Citizens

$7,662

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Wind mitigation discounts & incentives in Florida

Many home insurance companies in Florida offer Fortified Roof, Fortified Home, and other wind mitigation discounts for installing fixtures or using construction techniques to reduce windstorm damage during a hurricane or tropical storm.Other incentives include:

  • Hurricane Loss Mitigation Grant: Offers grants for retrofits, inspections, and construction to fortify your home against flooding and hurricane-force winds

  • Florida Property Assessed Clean Energy (PACE) Program: Offers financing for up to 100% of the costs to fortify your home against wind damage — payments are added to your property tax bill each year for an agreed-upon term

Learn more >> Wind mitigation discounts & how to qualify

Find your best home insurance rates in Florida with our free tool

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Common home insurance discounts

Some popular home insurance discounts that can help you shave some dollars off your yearly bill when you buy home insurance in Florida include:

  • Multi-policy discount: If you have two or more policies with the same insurer, like home and auto insurance, this can trim anywhere from 15% to 30% off your premiums, depending on your insurer.

  • Claim-free discount: Some carriers will provide discounts if you go a certain number of years without filing a claim.

  • Protective devices discounts: If your home is fitted with deadbolts, smoke detectors, fire extinguishers, fire and burglar alarms, or other protective features, most insurers will reward you with lower rates.

  • Loyalty discount: If you’ve been a policyholder with the same insurance company for five years or more, you may be eligible for a loyalty discount of up to 10% off.

  • Going paperless discount: Signing up to receive your policy documents via email can also help save on premiums.

How to lower the cost of home insurance

Apart from asking your home insurance company about potential discounts you can qualify for, here are a few other ways to lower the cost of home insurance in Florida:

  • Switch to a higher deductible policy. Increasing your policy deductible generally lowers your home insurance premiums. If your home hasn’t faced many hazards or you’ve owned your house for a while without filing a claim, this might be a good option.

  • Ask about wind mitigation improvements you can make. With many Florida homeowners at high risk of damage caused by extreme winds due to hurricanes, many home insurance companies will offer discounts on your rates if you install wind-resistant features on your home in order to prevent damage and the need to file a claim.

  • Rethink the coverage levels in your policy. If the other structures on your property are insured for more than you think they’re worth — like an old shed or fencing — you might be able to lower your coverage limits to get your rates down. Same goes for the amount of personal property coverage you have for your belongings.

Find your best home insurance rates in Florida with our free tool

We don't sell your information to third parties.

Author

Jennifer Gimbel is a senior managing editor at Policygenius, where she oversees all of our insurance coverage. Previously, she was the managing editor at Finder.com and a content strategist at Babble.com.

Editor

Pat Howard is a managing editor and licensed home insurance expert at Policygenius, where he specializes in homeowners insurance. His work and expertise has been featured in MarketWatch, Real Simple, Fox Business, VentureBeat, This Old House, Investopedia, Fatherly, Lifehacker, Better Homes & Garden, Property Casualty 360, and elsewhere.

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