Florida is one the favorite places to retire in the U.S., for its warm weather year-round, affordability, and quality of life. But living in the Sunshine State comes with a higher risk of being affected by natural disasters such as hurricanes and tropical storms, tornadoes, floods and wildfires. For homeowners in Florida, it is imperative to find the right insurance to protect your property and belongings.
We aimed to find the best homeowners insurance in Florida and examine homeowners insurance providers, including the largest carriers. After evaluating their costs, customer satisfaction scores and ratings, we picked Nationwide, Travelers, Allstate and State Farm as the best homeowner insurance companies in Florida. Some of these companies made it to our top picks for national best homeowners insurance companies and our list of the best cheap homeowners insurance companies.
The 4 Best Homeowners Insurance Companies in Florida
Compare Florida’s top insurance companies
| Reviews.com Score | Average Price | AM Best AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim. | J.D. Power J.D. Power scores are based on surveys for customer satisfaction and product quality. | ||
|---|---|---|---|---|---|
| Pin Nationwide | 3.75 | $963 | A+ | 796 | Show Details PROS
CONS
|
| Pin Travelers | 4.25 | $1,246 | A++ | 796 | Show Details PROS
CONS
|
| Pin Allstate | 4 | $1,994 | A+ | 814 | Show Details PROS
CONS
|
| Pin State Farm | 3.75 | $2,926 | A++ | 831 | Show Details PROS
CONS
|
*J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale.
Information as of 09/04/2020
Nationwide
Nationwide offers multiple discounts and a wide variety of coverage. Their primary homeowners’ policies include dwelling, personal property, personal liability and even credit card coverage. This provider’s premiums are usually on the higher end, but that can be attributed to the value of the coverage you’re getting.
Best for Discounts
Why we chose it
Why we chose it
Pros
- Brand New Belongings policy
- Wide range of discounts
Cons
- Mobile app not geared toward homeowners insurance
Discounts available
- Home renovation credit
- Gated community discount
- Home purchase discount
Unique features
- You can save money on your premium based on your roof’s age and surface type
- If your belongings get damaged or stolen, the company will cover the full cost of repairing or replacing them.
*J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale
Further Reading on Nationwide:
- Nationwide Homeowners Insurance Review
- Nationwide Motorcycle Insurance Review
- Nationwide Life Insurance Review
Travelers
Travelers Insurance is a company with over 165 years in the insurance business offering an outstanding variety of policies across insurance industries such as auto, travel, event and umbrella coverage. Their comprehensive options allow their customers to bundle their multi-policies to save more money on their total premium costs.
Best for Eco-Friendly Homes
Why we chose it
Why we chose it
Pros
- National homeowners insurance coverage
- Multiple coverage options
- Discounts available for policy bundles and green homes
Cons
- Below average claims and customer satisfaction
- You might have to complete purchase over the phone
Discounts available
- Protective devices and smart home system
- Newly purchased home (up to 12 months)
Unique features
Travelers’ green home coverage will help repair, replace or rebuild with eco-friendly materials after you experience a loss.
*J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale
Further Reading on Travelers:
- Travelers Homeowners Insurance Review
- Travelers Renters Insurance Review
- Travelers Auto Insurance Review
Allstate
Allstate’s strength is in the diversity of its offerings and discounts, which allow you to pick and choose the coverage that works best for your circumstances. It has a great website, with tons of useful information.
Best for Customization
Why we chose it
Why we chose it
Pros
- Diverse discount opportunities
- Informative website and digital tools
- Above-average customer service
Cons
- NAIC complaint index high
- Financial strength ratings good, but not great
Discounts available
- Early signing discount
- Home buyer discount
- Hail-resistant roof discount
Unique features
Allstate’s discount list is longer than most national insurers. You could save up to 10% on your premiums if you sign up for your new policy at least 7 days before the current one expires.
*J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale
Further Reading on Allstate:
State Farm
State Farm offers above-average customer support along with competitive pricing and solid coverage options. For those new to home ownership, its Simple Insights blog can tell you everything you need to know about home ownership in general.
Best for Web Experience
Why we chose it
Why we chose it
Pros
- Financially strong
- Excellent web presence
- 19,000+ agents nationally
- Informative blog
Cons
- Limited discounts
- Higher premiums
Discounts available
- Multiple policy discount
- Fire, smoke, or burglar alarms discount
- Impact-resistant roof discount
Unique features
State Farm’s comprehensive website makes it easy to get a detailed quote in minutes. You can also pay your bill, file and manage a claim, and handle most maintenance tasks either online or via the company’s app.
*J.D. Power 2019 Home Insurance Customer Satisfaction Survey, based on a 1,000-point scale
Further Reading on State Farm:
Average Cost of Homeowners Insurance in Florida
Florida has the second-highest rate for homeowners insurance across the United States. The Insurance Information Institute indicates the average cost of homeowners insurance in Florida is $1,951 compared with a national average of $1,211. The above-average prices are due to the high frequency of major natural disasters, such as hurricanes and other weather-related damage. Other things that might affect the premium prices include your home’s age, roof condition, and even if your property has a pool.
Top 3 Cheapest Homeowners Insurance Companies in Florida
- Travelers – $875.99 average annual premium
- Southern Farm Bureau – $668.16 average annual premium
- Security First Ins Co – $493.08 average annual premium
Average Premium from Homeowner Insurance Companies in Florida
Using Quadrant Information Services data, we analyzed home insurance companies in the United States and compared the best homeowners insurance rates in Florida. We found that the average premium for home insurance in Florida is $1,511. However, homeowners may be able to find cheap home insurance rates, like $875 a year with Travelers.
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
The coverage limits in our methodology are these:
- Coverage A, Dwelling: $200,000
- Coverage B, Other Structures: $0
- Coverage C, Personal Property: $100,000
- Coverage D, Loss of Use: $40,000
- Coverage E, Liability: $250,000
- Coverage F, Medical Payments: $1,500
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
| Carrier | Yearly Average Premium | Monthly Average Premiums |
| Citizens Property Ins Corp | $ 3,819.17 | $ 381.92 |
| Heritage Ins Holdings Grp | $ 2,367.94 | $ 236.79 |
| Florida Peninsula Holdings Grp | $ 2,123.12 | $ 212.31 |
| HCI Grp Inc | $ 1,902.34 | $ 190.23 |
| Bankers Ins Grp | $ 1,744.19 | $ 174.42 |
| Chubb | $ 1,735.76 | $ 173.58 |
| State Farm | $ 1,702.98 | $ 170.30 |
| American Integrity Ins Co of FL | $ 1,702.08 | $ 170.21 |
| St Johns Ins Co Inc | $ 1,673.93 | $ 167.39 |
| Universal Ins Holding Grp | $ 1,542.60 | $ 154.26 |
| Allstate | $ 1,322.92 | $ 132.29 |
| UNIVERSAL Ins CO Grp | $ 1,252.50 | $ 125.25 |
| Progressive | $ 1,240.17 | $ 124.02 |
| Tower Hill Ins Grp | $ 1,203.18 | $ 120.32 |
| United Ins Holdings Grp | $ 1,182.45 | $ 118.25 |
| Nationwide | $ 1,128.64 | $ 112.86 |
| Armed Forces Ins Exch | $ 1,081.31 | $ 108.13 |
| ARX Holding Corp Grp | $ 987.85 | $ 98.78 |
| Travelers | $ 875.99 | $ 87.60 |
| Southern Farm Bureau | $ 668.16 | $ 66.82 |
| Security First Ins Co | $ 493.08 | $ 49.31 |
Source: Coverage.com
Largest Companies by Market Share in Florida
| Largest Companies by Market Share in Florida |
| Nationwide |
| Travelers |
| Chubb |
| Allstate |
| State Farm |
Cost of Homeowners Insurance by Age of Home
| Age of Home (years) | Sample Annual Premium |
| 5 | $3,276 |
| 20 | $3,971 |
| 35 | $4,229 |
| 50 | $4,276 |
| Average Across Ages | $3,938 |
Top 4 Most Expensive Homeowners Insurance Companies in Florida
- Citizens Property Ins Corp – $ 3,819.17 average annual premium
- Florida Peninsula Holdings Grp – $2,123.12 average annual premium
- Chubb – $1,735.76 average annual premium
- State Farm – $1,702.98 average annual premium
Home Insurance Add-Ons That Will Further Protect You
According to the Florida Department of Financial Services, when it comes to homeowners insurance add-ons, “it pays to plan ahead.” Your basic policy might not have all the coverage you need, like flood insurance, which you will have to purchase separately. If you have a mortgage, many lenders require windstorm coverage in Florida, and flood coverage is just as imperative if you’re in or near a flood zone. If your area experiences a significant weather event such as a hurricane, these will help your recovery. If you have insurance coverage, Florida also requires a hurricane deductible alongside your insurance deductible.
Resources Helpful for Florida Homeowners
Living in an area prone to disasters, means that you need to understand your homeowners insurance very well. The Florida Department of Financial Services offers helpful resources, including a homeowners Insurance toolkit for consumers. The guide lays out policy requirements, claims process, and a checklist of necessary documents. The Florida Bar also has a consumer pamphlet to give you an overview of the types of coverage, your rights and obligations under an insurance policy.
To find the right coverage for you, the Florida Office of Insurance Regulation offers a comparison tool called “CHOICES” to help shoppers find the right provider. And in terms of getting ready for natural disasters, the FloridaDisaster.org’s website also offers thorough information on preparing for events, such as hurricanes, tornadoes, flooding, and other possible hazards.
Homeowners Insurance FAQ
Is Homeowners Insurance Required in Florida?
Homeowners insurance is not required in the state of Florida, but if you have a mortgage, the lender is most likely to ask you to have at least basic coverage as a loan condition. As Florida has a high risk for weather-related catastrophes, the requirements from the lender might be different from what they’ll ask from homeowners insurance in other states.
Why is Homeowners Insurance so expensive in Florida?
According to the Insurance Information Institute (III), Florida is located in an area considered a high-risk market. The Sunshine State confronts a disposition of natural disasters such as hurricanes, tropical storms, tropical depressions, tornadoes, wildfires and regular floods.
Methodology
We evaluated the companies based on their customer rating and experience, financial stability, and coverage to determine the best providers. To compare home insurance companies across the board, we then calculated a Reviews.com score based on the following:
- Customer Ratings — Customer ratings are an indication of satisfaction with the process of filing a claim. We measured this using J.D. Power Homeowners Satisfaction ratings.
- Coverage — As there isn’t one company to fit everyone’s needs, we evaluated companies by the amount of coverage options and add-ons available.
- Confidence — It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength will not have issues paying out claims, regardless of the amount. However, companies with weak financial strength might not be able to pay out claims. We measured this using AM Best’s ratings, which specializes in assessing the financial strength of insurance companies.
- Customer Experience — The amount of complaints a company receives is an indicator of the overall customer experience as it expresses dissatisfaction. We have based this measure on the NAIC National Complaint Index.
About the Authors
Nina Rodríguez-Quirós is a feature writer for Reviews.com. Over the last year, she has covered insurance providers, claims handling, coverage and more. She has been featured in Allconnect.com and holds a Master’s Degree in Theory and Research of Communications from the University of Puerto Rico. Her favorite review is Millennials and Auto Insurance.
