Average Cost of Homeowners Insurance in Florida (2024)

The average cost of homeowners insurance in Florida in 2024 is $8,770. This figure surpasses the national average of $2,423, illustrating the higher insurance costs Floridians may face.

Aside from the amount of coverage you get, the insurance provider has the largest impact on premiums, with the difference between the lowest and highest premium amounts reaching $13,846 on average. If your rates have recently increased, we've also analyzed the cheapest home insurance in Florida. Different insurers mean different premiums, so shopping around could be beneficial.

In Florida, the average homeowners insurance premium for a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage is $8,770, which is 262% higher than the national average of $2,423.

When considering how much coverage you need, it's essential to ensure your policy can cover completely rebuilding your home and replacing personal property after a total loss. In Florida, opting for $100K in dwelling coverage results in an annual premium of $3,618, whereas a policy with $500K in dwelling coverage sees the premium climb to $15,983.

Homeowners in Florida face a diverse range of premiums, with costs fluctuating significantly among insurers for comparable levels of coverage. For instance, Nationwide offers a policy at $3,485 annually, while Universal Property's similar plan stands at $15,419, highlighting the wide variance in pricing.

For those exploring options, review the best homeowners insurance in Florida. Differences in underwriting can lead to substantial disparities in premiums, so it's beneficial to compare offerings to find a suitable match for your needs.

In Florida, homeowners with poor credit-based insurance scores pay an average annual premium of $10,476 for homeowners insurance, which is $1,706 above the state average. This stark contrast underscores the financial benefit of maintaining a good credit score, as those with good credit pay an average rate of $8,770.

While you may not be able to improve your credit score immediately, you can improve it over time to lower your rates. In the short term, you can compare the most affordable Florida home insurers in less than 15 minutes to see which will save you the most.

The type of roof on your home influences insurance premiums, albeit modestly. In Florida, homes with composition roofing, which is common and cost-effective, have the lowest average annual premium. On the other hand, tile roofs, despite their durability and popularity in the state, show a slight increase in average premiums.

Construction materials also play a role in determining insurance costs. Concrete block construction, known for their resistance to certain perils, can lead to lower insurance rates. Conversely, standard frame construction, which is widespread, typically results in higher premiums due to its relative vulnerability.

Use the drop-downs in the table below to see how premiums change based on your home's materials.

Insuring a newly constructed home in Florida is generally more affordable, with an average premium of $4,234, which is $4,536 less than the $8,770 average for older homes. The table below illustrates the premium differences for varying coverage levels in new versus existing homes.

In Florida, homeowners who have maintained a claim-free record for over five years can expect an average annual premium of $8,770 for their homeowners insurance. However, those with one claim in the past five years will see their premiums rise to an average of $9,083, while two claims within the same period push the average cost up to $9,906. This indicates that a history of claims can lead to a noticeable increase in insurance costs, with one claim resulting in an additional $313 annually and two claims hiking the premium by $1,136 above the claim-free rate.

For the cities we analyzed, we found premiums ranging from $2,525 to $16,798. In Miami, homeowners may pay around $16,393; in Gainesville, the cost is closer to $2,558. Location impacts premiums due to varying risks like weather and crime. City-based pricing differences can be more pronounced than other factors.

Getting a handle on homeowners insurance in Florida doesn't have to be a chore. You can find a good deal that fits your needs by being smart with your choices and understanding the lay of the land. Here's how to find the best deal for you.

Homeowners in Florida can often save on their insurance costs by bundling home and auto policies. Bundling can save you an average of 15% on the combined cost of your policies. While savings can vary, Florida residents have seen up to $653 in discounts when opting for a multi-policy bundle. Remember, the actual savings will depend on individual circumstances, but bundling is a smart consideration for those seeking a more economical insurance strategy. Explore the best Florida home and auto bundles to get the most out of multi-policy discounts.

Florida homeowners can tap into several insurance discounts to lower their premiums.

• Impact-resistant windows, garage doors and exterior doors: Installing these can reduce windstorm damage risk.
• Home security systems: Enhanced security may lower burglary and damage risks.
• Roof upgrades: Modern, more resilient roofing materials and other upgrades can lead to discounts.

Remember, to maximize savings, inquire about potential discounts when requesting a quote.

Understanding homeowners insurance in Florida can be a breeze with the right resources at your fingertips. Whether you're a new homeowner or looking to update your policy, the following list offers a streamlined guide to essential information:

• Florida Office of Insurance Regulation: Official state resource for insurance regulations.
• Affordable Home Insurance in Florida: Find cost-effective options for your home.
• Florida Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Florida: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.