Average Cost of Homeowners Insurance in Florida (2024)


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Updated: July 6, 2024

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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.

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Rates updated:

Jul 12, 2024

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To establish the average cost of homeowners insurance in Florida, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Florida as of 2024.

5.5MQuotes Analyzed
 
8Companies Compared
 
61ZIP Codes

Average Cost of Home Insurance in Florida by Coverage Amount

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.

Average Annual Home Insurance Premium Florida by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$3,618
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$8,770
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$15,983
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$23,925

Average Cost of Home Insurance in Florida by Insurer

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.

Average Annual Home Insurance Premium Florida by Provider
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
NationwideAnnual Premium$3,485
State FarmAnnual Premium$5,492
ASIAnnual Premium$7,886
Florida Peninsula InsuranceAnnual Premium$8,006
ChubbAnnual Premium$8,442
Heritage InsuranceAnnual Premium$8,638
AllstateAnnual Premium$12,794
Universal PropertyAnnual Premium$15,419

Average Cost of Home Insurance in Florida by Credit Score

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.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$10,476
Below FairAnnual Premium$9,858
FairAnnual Premium$9,123
GoodAnnual Premium$8,770
ExcellentAnnual Premium$8,311

Average Cost of Home Insurance in Florida by Construction and Roof Type

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.

Average Annual Home Insurance in Florida by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
Construction:Frame
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$3,618
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$8,770
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$15,983
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$23,925
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$31,575

Average Cost of Home Insurance in Florida for Newly Constructed Homes

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.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$8,770
New Construction (2023)Annual Premium$4,234

Average Cost of Home Insurance in Florida by Claims History

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.

Average Annual Home Insurance in Florida by Claims Experience
Data filtered by:Results filtered by:
Coverage:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$8,770
1 claim in past 5 yearsAnnual Premium$9,083
2 claims in past 5 yearsAnnual Premium$9,906
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FLORIDA NATURAL DISASTERS AND HOME INSURANCE

In Florida, hurricanes, tropical storms, tornadoes, severe convective storms and wildfires pose the highest risks to homes. Homeowners insurance typically covers wind damage from hurricanes but often excludes flood damage, which can result from the same storm. For wildfires, homeowners insurance generally provides coverage for damage to your property. Look into other insurance policies for additional protection from other natural disasters.

Average Cost of Home Insurance by City in Florida

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.

Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
Boca RatonAnnual Premium$14,539
BrandonAnnual Premium$4,787
Cape CoralAnnual Premium$7,667
ClearwaterAnnual Premium$7,466
Coral SpringsAnnual Premium$12,409
DavieAnnual Premium$11,313
Fort LauderdaleAnnual Premium$16,798
Fort MyersAnnual Premium$7,346
GainesvilleAnnual Premium$2,558
HialeahAnnual Premium$15,592

How to Shop for Home Insurance in Florida

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.

1
Understand Your Needs

Assess how much coverage you need for your home.

2
Compare Quotes

Get the best coverage by comparing quotes online.

3
Check for Discounts

Ask about bundles and discounts to save money.

4
Choose a Deductible

Decide on a deductible that fits your budget.

5
Review the Policy

Make sure you understand the details of your policy.

6
Purchase Insurance

Buy the policy that best suits your needs.

Bundling Home Insurance With Auto Insurance in Florida

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.

Home Insurance Discounts in Florida

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.

FAQ: Homeowners Insurance in Florida

On average, what is the cheapest insurer in Florida?
Is hurricane coverage included in Florida homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Florida?
How much can I save bundling my home and auto insurance in Florida?
Is flood insurance included in Florida homeowners insurance?
Is there currently an insurance crisis in Florida?
Is homeowners insurance required in Florida?

Additional Resources for Homeowners Insurance in Florida

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:

About Mark Fitzpatrick


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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.