Living in Florida can be beautiful, but it also comes with weather hazards like hurricanes. Since these disasters can do extensive damage to your property, it’s imperative to have good homeowners insurance.
To aid you in finding the best homeowners insurance for your needs, we looked at the largest carriers in Florida. After examining their costs and customer satisfaction scores, financial standings, and Better Business Bureau ratings, we picked Travelers as our recommended carrier.
The company has an elite financial rating from A.M Best, S&P Global, and Moody’s, so customers can be confident Travelers is financially capable of paying claims. Combined with its low cost, broad coverage, and helpful discounts, Travelers should be the first consideration for Florida homeowners.
The 4 Best Homeowners Insurance Companies in Florida
| Travelers | Nationwide | Allstate | State Farm | |
| Our review | Our review | Our review | Our review | |
| A.M Best Financial Strength Rating | A++ | A+ | A+ | A++ |
| J.D. Power 2019 Overall Customer Satisfaction Score | 2/5 | 2/5 | 3/5 | 4/5 |
| Online Quote Tool | ✓ | ✓ | ✓ | ✓ |
Average Cost of Homeowners Insurance in Florida
The Insurance Information Institute indicates the average cost of homeowners insurance in Florida is $1,951. This is the second-highest rate in the U.S., which has a national average of $1,211. The above-average premiums are due to the high frequency of major natural disasters, such as hurricanes and other weather-related damage. There are other more standard factors that contribute to cost as well, including the age of your home, roof condition, and whether your property has a pool.
Home Insurance Add-Ons That Will Further Protect You
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. Florida also requires a hurricane deductible alongside your insurance deductible.
Helpful Resources for Florida Homeowners
Florida homeowners should familiarize themselves with useful state resources like the Homeowners Insurance: A Toolkit for Consumers guide provided by the Florida Department of Financial Services. It lays out policy requirements, claims process, and a checklist of necessary documents. The FloridaDisaster.org website also offers thorough information on preparing for events, such as hurricanes, tornadoes, flooding, and other possible hazards.
When buying a home, it’s essential to purchase homeowners insurance for your property as soon as possible to protect your assets.
For new homeowners, insurance companies need the closing disclosure before giving you coverage. Previous homeowners also need to present proof of prior insurance. In both cases, insurance providers require a wind mitigation inspection report.
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.
Methodology
To find our results, we took the largest companies in Florida and compared their financial, customer satisfaction, and BBB ratings. These ratings show us the overall quality of a company and its services.
We worked with Quadrant Information Services to provide data on home insurance rates by company, state, and age of home. Quadrant makes this information available using rate data that insurers are required to file with the state Department of Insurance. Rates are based on a sample profile created by Reviews.com for comparative purposes.
Best Florida Homeowners Insurance Companies
Travelers
Best Florida Homeowners Insurance
Pros
- Discounts for eco-friendly homes
- Catastrophe response team
- Broad contents coverage
Cons
- Low customer satisfaction J.D. Power rating
Travelers Insurance offers Florida customers several deductions, including green home coverage. It also helps with eco-friendly repairs or replacements when customers file claims. Customers can upgrade their homes and save money in the long run.
Travelers also has a catastrophe response team and will be at the scene of large catastrophes with mobile claims offices and thousands of employees ready to help. In addition, it offers broad contents coverage, which means it protects the house contents and handles replacement costs.
Its rating on the 2019 J.D. Power U.S. Home Insurance Study, however, is not ideal. Travelers Insurance ranks below average in customer satisfaction. So when determining whether Travelers Insurance is right for you, you may want to keep in mind the experiences of other Travelers customers.
Nationwide
Best Florida Homeowners Insurance
Pros
- Flexible policies
- Website has lots of helpful resources
Cons
- Mobile app geared toward auto insurance
Nationwide has a useful website and mobile app. The app allows you to file claims and manage your policy, although customers find it designed with a bias towards auto insurance.
Nationwide’s website has a lot of useful information to help customers make sure they understand how to best protect themselves and their Florida property. It also offers plenty of discounts to help lower premiums, such as gated community and home renovation credit.
Allstate
Best Florida Homeowners Insurance
Pros
- Educational resources on the website
- Customizable coverage
Cons
- Lower-than-average, loss-of-use coverage
Allstate has an informative website, which is excellent for first-time Florida homeowners and long-term policyholders. It has general information regarding fire, storm, and contractor damage. But it also offers personalized insurance tips that are gauged through data like weather patterns and public records.
Its coverage is customizable, offering several add-ons on top of your general coverage. Allstate can even cover valuables such as jewelry under your home insurance. It’s important to note that some of its coverage, such as loss of use, is lower than average.
State Farm
Best Florida Homeowners Insurance
Pros
- High J.D. Power rating and financial ratings
- Informational resources and calculators on the website
Cons
- Potentially overcharges customers
State Farm has some of the best financial ratings and J.D. Power customer satisfaction ratings in the industry. These high ratings can help customers feel more confident when buying insurance for their Florida home with State Farm. Its informational resources, like calculators, are also particularly useful for first-time homebuyers.
One important thing to note is that there’s an alert on the Better Business Bureau website making people aware of a case against State Farm. In California, the company was ordered to reimburse customers after overcharging them by about 7%. While the matter relates to a state other than Florida, this may be information to consider when comparing carriers.
The Cheapest Homeowner Insurance Companies in Florida
| Largest Companies by Market Share in Florida | Average Annual Premium |
| Nationwide | $963 |
| Travelers | $1,246 |
| Chubb | $1,723 |
| Allstate | $1,994 |
| State Farm | $2,926 |
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 2 Cheapest Homeowners Insurance Companies in Florida
- Nationwide – $963
- Travelers – $1,246
Top 3 Most Expensive Homeowners Insurance Companies in Florida
- Chubb – $1,723
- Allstate – $1,994
- State Farm – $2,926
The lowest costs for homeowners insurance come from Nationwide and Travelers insurance. The more expensive companies are premier providers like Chubb, Allstate, and State Farm. We used general profiles to pull premium estimates. It’s essential to do your research and request personalized quotes to find the best value for the coverage you need.
Homeowners Insurance FAQ
Is homeowners insurance required in Florida?
By law, homeowners insurance isn’t required in Florida. However, your mortgage company most likely requires it as a condition of the loan.
What is the cheapest homeowners insurance in Florida?
Based on our research, the cheapest homeowners insurance in Florida is Nationwide Insurance. Be sure to get quotes from different companies to see which policy would be the lowest for your circumstances as these numbers are averages based on sample data and may not match your premium quote.
About the Authors
Lorraine Roberte is a South Florida-based personal finance writer. Her work has been published on sites such as Thrive Global, Elephant Journal, Red Tricycle and Tweak Your Biz.
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