With homeowners insurance, you can safeguard your property and protect yourself from liabilities. MoneyGeek analyzed the best home insurance companies in Florida to help you find quality coverage at the most affordable rates for your property. You can compare your state’s average premium with the national average and choose the best and cheapest policy based on MoneyGeek’s ranking system. You’ll also find insurance options for having poor credit, a pool and a high-value home.
The Best Homeowners Insurance Companies and Cheapest Quotes in Florida for 2021
Quality Verified
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Quality Verified
- Home
- The Best Cheap Homeowners Insurance in Florida
The 5 Best Homeowners Insurance Companies in Florida
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.
1
TravelersScore: 93
5/5
Affordability
3.9/5
User Satisfaction
5/5
Financial Stability
Travelers ranks as the best home insurance provider in Florida, with high scores for affordability as well as AM Best’s ranking to pay out claims. With Travelers, you’ll get coverage for dwelling, other structures, personal property, loss of use, personal liability (starting at $100,000) and medical payments to others ($1,000 per person). If you have a certified green home in Florida, you’ll get coverage to repair, rebuild or replace green materials, and you’ll have coverage for water backing up in your sewer, which is helpful when there’s flooding. With the Travelers site or Travelers Mobile App, you can easily make a claim at your own convenience.
Read MoneyGeek's Travelers Home Insurance Review2
NationwideScore: 92
4.8/5
Affordability
4.3/5
User Satisfaction
4.5/5
Financial Stability
Nationwide has strong offerings and provides a variety of billing and payment options. You can access coverage for dwelling, other structures, personal property, loss of use, personal liability, medical payments ($1,000 to $5,000), ordinance or law insurance and credit card coverage. If you have to repair your roof in Florida after a hurricane, you can make a claim through Nationwide’s better roof replacement coverage, ensuring your roof will be stronger and more secure than it was before. You can also add protection for backup of a drain, sewer or sump pump.
Read MoneyGeek's Nationwide Home Insurance Review3
AllstateScore: 91
4.8/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
In Florida, Allstate offers dwelling coverage, personal property coverage, guest medical protection, liability protection, other structures and additional living expenses protection. You can also get coverage for flood insurance and water backup, which can come in handy during hurricane season. AllState has a website and app you can use for claims.
Read MoneyGeek's Allstate Home Insurance Review4
ChubbScore: 91
4.8/5
Affordability
3.8/5
User Satisfaction
5/5
Financial Stability
Chubb offers coverage like extended replacement cost and temporary living arrangements. You can also get coverage for the restoration of electronic data destroyed by a computer virus or lock replacement in the event that you lose your keys or they’re stolen. In Florida, you can get coverage for tree removal after a storm. Other highlights include risk consulting, which provides complimentary home appraisals and a cash settlement if you decide not to rebuild after a total loss.
5
State FarmScore: 88
4.4/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
State Farm features an online quoting system as well as a website and app you can access to make a claim. Coverage includes replacement value, dwelling, personal property, liability protection, other structures and medical payment and guest medical payments (up to $5,000 each). Coverage that could be useful in Florida includes water backup and energy efficiency upgrades, which will help you find environmentally friendly replacements for damaged assets.
Read MoneyGeek's State Farm Home Insurance ReviewWhat Is the Average Cost of Homeowners Insurance in Florida?
$0
$0
home insurance is 0.0% more than the average.
The average cost of home insurance in Florida is $2,359, making it 12.2% higher than the nationwide average of $2,103, with a $256 difference. The baseline coverage for Florida is $250,000, and the state has more expensive coverage due to its weather; it is highly susceptible to hurricanes since it’s located between the Atlantic Ocean and the Gulf of Mexico. Hurricanes can cause massive damage, including toppled-over trees, ruined roofs and flooded homes.
Home Insurance Calculator: Estimate the Cost of Homeowners 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
$50,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Florida
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
Dwelling Coverage:
$250,000
Scroll for more
- CompanyAmountper year
- 1. Travelers$1,083
- 2. Nationwide$1,480
- 3. Chubb$1,582
- 4. Allstate$1,612
- 5. ASI$1,951
Best Cheap Homeowners Insurance Companies for Expensive Homes
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
Scroll for more
- CompanyAmountper year
- 1. Allstate$7,161
- 2. Nationwide$11,062
- 3. Travelers$11,931
- 4. ASI$12,246
- 5. Chubb$12,455
Best Homeowners Insurance Companies if You Have a Pool
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
Scroll for more
- CompanyAmountper year
- 1. Travelers$1,019
- 2. Nationwide$1,487
- 3. Chubb$1,499
- 4. Allstate$1,539
- 5. ASI$1,728
Cheapest Home Insurance in Florida if You Have Poor Credit
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
Scroll for more
- CompanyAmountper year
- 1. Travelers$1,083
- 2. Nationwide$1,480
- 3. Allstate$1,612
- 4. Universal Property$2,268
- 5. Chubb$2,819
How to Get Homeowners Insurance Quotes in Florida
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.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in Florida
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.
Do You Need Hurricane Insurance in Florida?
You absolutely need hurricane insurance as part of your homeowners insurance in Florida. It is the state that’s most at risk of being hit by a hurricane. The damage for a category 1 hurricane will cost you an average of $71,708, while the average cost for reconstruction after a category 5 hurricane is $580,606. If you live on the coast or in an area threatened by hurricane damage, a high coverage amount can help protect you financially if your home is severely impacted. Even if you have hurricane coverage, you will likely need to purchase separate flood and windstorm policies as well.
Do You Need Flood Insurance in Florida?
Florida is the third most at-risk state for flooding. In 2020, 1,800,000, or 20.5%, of properties in the state are at risk of being flooded. You can find a government-run National Flood Insurance Program (NFIP) policy through Allstate, Travelers, Nationwide and State Farm, but you may need to buy an incremental private policy to increase the average amount.
Do You Need Windstorm Insurance in Florida?
As an add-on to hurricane insurance, you may need windstorm insurance coverage. Then, you’ll be covered if high winds (from a hurricane or rainstorm) were to blow a tree into your home, smash your windows or cause any other costly damage.
Expert Advice on Home Insurance in Florida
- What advice would you give for first-time buyers looking for homeowners insurance in your state?
- How do regulations and laws in your state impact the amount or type of coverage a homeowner should buy?
- Are there any environmental factors homeowners should consider when selecting a home insurance plan in your state?
Greg W. MarshallProfessor of Marketing and Strategy at Rollins College
Ken H. JohnsonAssociate Dean & Investments Limited Professor at Florida Atlantic University
Armando G. HernandezFounder / Trial Attorney
David M. HarrisonProfessor and Howard Phillips Eminent Scholar Chair in Real Estate at the University of Central Florida
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Florida that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Florida. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
About the Author
sources
- AM Best. "Rating." Accessed July 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed July 27, 2020.
- FBI. "2018 Crime in the United States." Accessed July 9, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed July 9, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed July 9, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed July 9, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed July 9, 2020.
- Insurance Information Institute.. "Facts + Statistics: Wildfires." Accessed July 9, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed July 26, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed July 9, 2020.