The Best Homeowners Insurance Companies and Cheapest Quotes in Florida for 2020

When choosing the best home insurance in Florida, you should look at how comprehensive the coverage is, how much it costs, the company’s ability to pay claims and how high they rank in terms of customer service. You want to know that if you have a claim, you can get in contact with an agent, have the claim processed and get paid out for the damages.

MoneyGeek ranked the top five companies for the best homeowners insurance in Florida based on various factors, including affordability, J.D. Power customer satisfaction and AM Best’s financial stability rating, which measures a company’s ability to pay claims and the cost of insurance in Florida.

To estimate the cost of homeowners insurance in Florida, insurance providers will look at the dwelling value, which is the value of the home as determined by the insurance company, how old the home is and the location, since those that are in locations where they could become damaged will be more expensive to cover.

Home Insurance Calculator

State

Florida

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$150,000

Credit Score

Excellent

low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

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If you’re looking for cheap homeowners insurance in Florida, Travelers may be your best option. With Travelers, you’ll pay an average premium of $1,083 as a baseline for dwelling coverage. It is $1,277, or 54.1% cheaper, than the state average. Dwelling coverage is for repairing your home’s physical structure if it were to be damaged by factors like fire and smoke, falling objects, theft, hail, explosions or vandalism. It’s basic coverage is up to $250,000. If you need more coverage than Travelers offers, or you want to see how much you’d pay for other companies’ home insurance in Florida, comparing homeowners insurance quotes can help you find the best coverage for your home and budget.

Cheapest Homeowners Insurance by Dwelling Coverage

If you own an expensive home, you want to get the best home insurance in Florida possible. The most affordable coverage on average comes from Allstate. It costs an average of $7,161 per year to insure a $2 million home with Allstate. That’s leagues below the second most affordable coverage from Nationwide, which averages $11,062 per year. If you have an expensive home, you may also have a high mortgage, so this kind of savings from Allstate will enable you to set aside money for other necessities instead.

Cheapest Homeowners Insurance Companies for High-Value Homes

If you have a pool home with an average dwelling cost of $250,000, then the best homeowners insurance in Florida is typically Travelers. Whether you have an above-ground or in-ground pool, Travelers provides coverage for an average of $1,019 per year. Typically, you’ll get liability coverage in case anyone is injured in your pool, as well as scheduled structure coverage in case your pool is damaged. This is especially helpful in Florida, where pools can be damaged in a hurricane or rainstorm.

Cheapest Homeowners Insurance for Pool Home

Many insurance companies use a homeowner’s credit score as one of the many factors used to determine insurance costs. Improving your credit score by paying down high credit card debt and ensuring your credit utilization rate is below 30% could help you save money on your homeowners insurance. Travelers offers the best homeowners insurance in Florida if you have poor credit, with an average rate of $1,083 per year with $250,000 in dwelling coverage.

Cheapest Homeowners Insurance for Poor Credit

To get home insurance in Florida, you’ll need to provide basic information like your name, address, phone number and Social Security number. You’ll also need to know how much your home is worth, along with what’s inside of it and any add-ons you may have like solar energy panels or a pool. If you have a lot of guests over, you’ll need to factor in how much you need in medical payments coverage should one of your guests get injured. The insurance company will ask you questions and, based on this information, come up with a quote for you.

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There are other considerations that need to be taken into account when getting homeowners insurance in Florida. When it comes to emergency preparedness for hazardous weather conditions, you should look into three types of insurance in Florida: hurricane, flood and wind insurance. By covering yourself for any type of natural catastrophe and the damage that comes as a result of it, you’ll have the funds you need to repair your home and/or replace essential assets in your time of need.

1. How do regulations and laws in your state impact the amount or type of coverage a homeowner should buy?

   Armando G. Hernandez

   First-time buyers should be vigilant and on the lookout for caps on water or water backup damages. The law allows insurance carriers in Florida to cap water or water backup damages to a certain fixed amount. In the event of a water backup loss, the damages can be extensive and far exceed the arbitrary cap.

2. Are there any environmental factors homeowners should consider when selecting a home insurance plan in your state?

   Armando G. Hernandez

   In Florida, flood coverage is highly recommended (and oftentimes essential) depending on where the property is located. Given the prevalence of hurricanes in Florida, flooding and storm surges are very common and real possibilities.

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Armando G. HernandezFounder / Trial AttorneyREAD ANSWERS

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