The Best Florida Homeowners Insurance Companies
The sunshine state is no stranger to weather events, flooding, hurricanes, and wildfires, are all situations a dynamic provider can handle. So with our top picks, you can be assured to get grade-A coverage for you and your assets. In order to create our list, we spent time digging deep into what makes these companies great. Florida is known for high insurance premiums, but with these companies, a weather catastrophe doesn’t have to mean breaking the bank. We compiled data ranging from market share reports, rating agencies, and even the details of provider coverage to find the best Florida homeowners insurance.
The 6 Best Homeowners Insurance Companies in Florida
- Tower Hill Insurance Group
- State Farm
- Citizens Property Insurance Corporation
- Universal Insurance Holdings, Inc.
- FedNat Insurance Company
- USAA
| Tower Hill Insurance Group | State Farm | Citizens Property Insurance Corp. | Universal Insurance Holdings, Inc. | Federated National Insurance Company | USAA | |
|---|---|---|---|---|---|---|
| Our review | Our review | |||||
| A- | A++ | N/A | N/A | N/A | A++ | |
| N/A | 4/5 | N/A | N/A | N/A | 5/5 | |
| ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | |
| Compare rates | Compare rates | Compare rates | Compare rates | Compare rates | Compare rates |
Average Cost of Homeowners Insurance in Florida
The average cost of homeowner’s insurance premiums in Florida, according to the Insurance Information Institute, is $1,918. Out of all 50 states and Washington D.C, this is the third -highest average in the country behind Texas and Louisiana. In comparison, the national average for homeowners insurance premiums in 2016 is at $1,192 annually. Florida is filled with property built on wetlands and floodplains, increasing the risk of flash floods or hurricane -related flooding. Larger homes, and older residences can also cost more to insure because their size means more coverage is needed, or the building materials may be weaker due to age. These are all factors homeowners should consider when choosing the perfect policy for their needs.
Home Insurance Add-ons That Will Further Protect You
Florida, like every other state, can participate in the National Flood Insurance Program. Still, many providers like Tower Hill include its own private flood insurance, which can come in handy if your assets are valued high enough. Flooding is common during heavy rain or the occasional hurricane, so this coverage is a must if you plan on keeping your dwelling covered in a weather event. Flood prone areas are also subject to erosion, which can create sinkholes over time, and insurance companies don’t normally include this, especially if your property is near land where sinkholes have occurred. This behooves you to proactively get coverage for these kinds of accidents proactively.
Helpful Resources for Florida Homeowners
Florida offers many tools and assistance for both prospective and current homeowners. New homeowners can start their search for an affordable rate through the Florida Office of Insurance Regulation, and its rate comparison tool. This will give new policyholders a good overview of what they can expect for their annual rate on their home. Residents in Florida can also stay up to date on the latest severe weather information by going to FloridaDiaster.org. This site offers updates, resources, and guides on how to keep you and your valuables safe in the event of flooding, hurricanes, or any other emergency. The Florida Department of Financial Services also offers a free homeowners insurance guide that can give you a detailed look at policy basics, and even home inventory checklists. Finally, current homeowners should consult their current provider for any additional guidance needed in understanding their policy, questions they may have, and the terms of service with regards to covering a home insurance claim.
Methodology
We took a look at those top six providers and compared them using the same methodology and metrics we developed for our review of the best nationwide homeowners insurance companies. We checked provider ratings with agencies like J.D. Power and A.M. Best, compared lists of policy options and discounts, and even called customer service to see what type of experience a client might get.
Tower Hill Insurance Group
Florida Homeowners Insurance
Tower Hill Insurance Group is the third-largest homeowners insurance provider in Florida, but it provides some of the most extensive services, including coverage for water, sewer, valuables, and identity theft. Tower Hill also offers its own flood insurance. Although Floridians can purchase flood insurance through the federal government’s National Flood Insurance Program(NFIP), Tower Hill’s flood insurance provides coverage for up to $5 million in building replacement costs and $3.5 million for your home’s contents. For context, the NFIP typically only covers up to $250,000 in building replacement costs and $100,000 for personal belongings at twice the waiting period of Tower Hill’s.
We found Tower Hill to be affordable when we compared insurance rates, especially given the comprehensive nature of coverage offered. Tower Hill’s Emerald Endorsement offers a package that can cover additional items, and its Imperial Shield program is designed to meet the needs of high-value homeowners. Not only is it affordable, but it’s also reliable: Tower Hill received an A- rating from A.M. Best, which means it is very likely to meet its financial commitments.
If you’re new to insurance, Tower Hill has a trove of resources available on its website to kick-start your research process. The willingness to help doesn’t stop there — Tower Hill’s customer service reputation is solid as well. It offers live chat, which is a great option for people who don’t want to sit on hold, but when we called Tower Hill’s customer service, we were able to connect with a representative in under a minute.
State Farm
Florida Homeowners Insurance
State Farm is the only national insurer on our list aside from USAA, and it comes with a national acclaim. It received an A++ rating from A.M. Best — the highest possible ranking — and it offers a variety of coverages, including umbrella liability coverage, personal property coverage, and identity theft coverage. State Farm also includes a long list of discounts: If you’re looking for a multi-line discount for both auto and home insurance, for example, you might want to start with State Farm.
We appreciated State Farm’s easy-to-navigate website, its educational articles, and its customer service — as with Tower Hill, we were able to speak to a representative in under a minute. However, one of the biggest differences between State Farm and Tower Hill is the gap in rates. Upon comparing rates through the Florida Office of Insurance Regulation, we noticed that State Farm’s were, on average, more expensive than Tower Hill’s. It’s also important to note that, like many homeowners insurance policies, State Farm does not provide flood insurance — so you might have to look to the National Flood Insurance Program (NFIP) for coverage. Our suggestion: Compare State Farm and Tower Hill for yourself by speaking to an agent or asking for quotes from both, as rates will vary.
Citizens Property Insurance Corporation
Florida Homeowners Insurance
Citizens Property Insurance Corporation‘s state-backed insurance program is often called the “insurer of the last resort,” because it’s available to people who don’t have other insurance opportunities — but that doesn’t mean we need to put it last on our list. Citizens doesn’t offer as many coverage packages as Tower Hill or as many discounts as State Farm, but it does include options like personal property coverage and, according to our experts, increasingly rare sinkhole damage coverage. You can also get discounts for installing fire or burglar alarms and installing wind-mitigation features in your home.
“When shopping for homeowners insurance in Florida, you absolutely must look into sinkhole coverage. Truly, you could end up in financial ruin if your property gets a sinkhole, and a lot of insurance companies are shying away from sinkhole coverage.”
Melanie Musson
Homeowners insurance expert and writer for ExpertInsuranceReviews.com
We were impressed with Citizens Property’s Learning Center. Like Tower Hill, Citizens Property offers educational materials in both text and video form to help you better understand how to dissect policies. Unlike Tower Hill, Citizens Property also caters to Spanish speakers. However, there is no online form to request a quote — you have to speak directly to an agent to do this or request any specific information.
We were less impressed with Citizens Property’s customer service. Although the representative we spoke with was able to answer our questions, we had to navigate through multiple phone trees with lengthy menu options just to get the opportunity to talk to a person.
Universal Insurance Holdings, Inc.
Florida Homeowners Insurance
Universal Insurance Holdings is the largest insurance provider in Florida and offers a wide range of optional coverage and discounts to cater to a variety of homeowners. Along with basic coverages, like homeowners insurance and personal property insurance, customers can also opt for limited animal liability, debris removal, personal injury, and a whole host of other add-ons. On top of that, customers might be eligible for discounts for things like getting a new roof, installing wind mitigation devices, and being claim-free. There’s even a senior citizen discount for occupants over the age of 65.
Overall, Universal Property and Casualty has a sound reputation, with an A+ rating on the Better Business Bureau’s site. This means that the majority of people are pleased with the company as a whole. That said, most complaints deal with products and less-than-stellar customer service; if you’re concerned about the quality of the company’s service, it may be worth speaking to a representative yourself.
Universal does offer an online quote tool (and live chat) that can actually be pretty helpful when trying to gauge the annual price of your policy. The more information you fill in about your home, the more accurate the estimate appears on the right-hand side of the page. The tool even has a guide to help explain each step of the process. You can fill in as much information as you want, gauge a price, and continue with the process, or you can leave, conduct a quick comparison evaluation, and come back later. This is more interactive and results-oriented than most of our other contenders, which often feature online quote tools that end up directing you to an agent for more information. Granted, speaking to an agent will probably help you get the most personalized and specific information possible, but we still appreciate the level of detail.
FedNat Insurance Company
Florida Homeowners Insurance
Federated National Insurance Company is very forthcoming about its Demotech, Inc. financial stability rating of “A” (“Exceptional”) and for having an A+ from the Better Business Bureau. While we tend to put more stock in ratings organizations like A.M. Best, Moody’s, and S&P Global, Demotech, Inc. is also a reputable judge of a company’s financial standing and has been in business since 1985. Furthermore, the Better Business Bureau is a very trustworthy source of information when it comes to evaluating various businesses and how customers are treated. This means that, based on our findings with Demotech and BBB, you can rely on FedNat to have the financial clout to settle your claims. However, we would have liked some more information about available plans and policies on FedNat’s site. As it stands, its website provides only a single generic paragraph about the benefits of homeowners insurance before urging you to contact an agent for a quote. On the plus side, you can fill out a quote request online and, like Citizens Property, FedNat also caters to Spanish speakers.
You can also buy umbrella liability insurance and flood insurance through FedNat, but you aren’t going to learn much about these policies until you talk to an agent. There isn’t even a learning center to help you understand what types of insurance you might need as a homeowner.
Although the lack of information on FedNat’s website likely won’t satisfy an initial search, even with the online quote request tool, it certainly isn’t uncommon among local insurance providers. The trend isn’t going unnoticed, though. Insurance companies have historically favored human interaction for sales purposes, and this has caused a lag in their reach to millennials, especially. However, as more people look to the web for quick answers, there is a significant amount of pressure for insurance companies to adapt.
USAA
Florida Homeowners Insurance
If you’re one of the more than 55,000 active-duty military service members in Florida, USAA is definitely worth checking out (USAA is exclusively for active or retired service members and their families). With its solid financial strength, you won’t have to worry about the company being unable to settle your claims, and the company’s five out of five in overall customer satisfaction means you’ll likely walk away satisfied with your experience.
USAA’s site is easy to navigate, with each and every product (including homeowners insurance) clearly outlined along with any discounts. The company’s homeowners insurance policies cover things like fire, theft, and vandalism, as well as damages caused by most weather-related events. This last item is especially nice, since the Sunshine State isn’t always so sunny. The policy also caters directly to service members’ specific needs, such as coverage for uniforms should they be lost in a disaster.
How We Found the Best Florida Homeowners Insurance Companies
We took a look at those top six providers and compared them using the same methodology and metrics we developed for our review of the best nationwide homeowners insurance companies. We checked provider ratings with agencies like J.D. Power and A.M. Best, compared lists of policy options and discounts, and even called customer service to see what type of experience a client might get.
Guide to Florida Homeowners Insurance
How much is homeowners insurance in Florida?
Make good use of the Florida Office of Insurance Regulation’s online rate comparison tool to make informed decisions about insurance in your area, especially if a provider’s website urges you to pick up the phone in order to gain any inkling as to the policy’s specifics. Although this tool doesn’t give you a personalized quote, it does let you select from a few different sample homes and view typical insurance rates for that type of home in your county.
For example, when we looked at potential rates for a $300,000 new construction home in Polk County, we learned that Tower Hill offered the best rates, starting at $1,896. Meanwhile, State Farm offered the most expensive rates at $4,420. You’ll want to get a quote of your own, but this tool can help you get an idea of which insurers offer the lowest rates for your property and in your area.
Of course, this is not to suggest that you should opt for a weaker policy for a cheaper price. Sometimes it pays to pay more for a policy that fits better with your lifestyle.
“Don’t rely solely on price; home insurance is not just a commodity. Every policy is different, with varying limits and coverages. Some policies cover personal property only in the home, while others cover items anywhere in the world. Some cover screen enclosures, while others exclude or limit such coverage.”
Mr. Stacey A. Giulianti, Esq.
Chief Legal Officer with Florida Peninsula Ins Co
Mr. Giulianti, Esq. goes on to explain how important it is for customers to take the time to understand the coverages and limitations of various home insurance providers in order to find the policy that fits best with your home and lifestyle.
Look for flood insurance
Flood insurance is a must in most Florida counties — but it isn’t included in a standard homeowners insurance policy. If your insurer doesn’t offer a separate flood insurance policy, you can buy flood insurance through the National Flood Insurance Program (NFIP), a U.S. Department of Homeland Security initiative to ensure that homeowners in areas affected by floods have the opportunity to purchase coverage.
Prepare to pay for a hurricane deductible
Florida is among 19 states (plus the District of Columbia) that require homeowners to have hurricane deductibles in addition to their standard insurance deductible. Hurricane deductibles are calculated as a percentage of the total value of your home, and in Florida, these deductibles can be as high as 10%.
“Home damage caused by a hurricane can range from the low thousands of dollars all the way up to the total value of the home. Coverage for hurricanes may or may not be covered under a standard homeowners insurance policy as many times it comes down to what element of the hurricane caused the damage to the home (wind or rain or flooding etc – sometimes this is very difficult to determine and must be decided in court).”
Joel Ohman
Certified Financial Planner™ with InsuranceProviders.com
Florida Homeowners Insurance FAQ
About the Authors
Brett Benningfield is a staff writer for Reviews.com. He has spent countless hours researching and writing about insurance and financial services. Joining in November of 2018 Brett has helped Reviews by delivering research and expertise on a variety of topics like insurance, finance, and more.
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