Cheapest Homeowners Insurance in Florida (2024 Rates)

Insurance rates can vary widely in Florida, with providers catering to diverse needs. For example, Nationwide offers the best rates for $100K in coverage, but those seeking bundled policies with auto insurance might find Travelers more economical. ASI is the most affordable option in many Florida cities, but Nationwide offers cheaper insurance in some high-density cities. To help Florida homeowners, MoneyGeek's comprehensive research of multiple quotes pinpointed the most budget-friendly choices in the state.

In Florida, Nationwide offers the lowest home insurance premium at $1,573 for $100K in dwelling coverage. Home insurance premiums are largely determined by dwelling coverage amounts — the higher your limits, the higher your premiums. Here's a glimpse of the most affordable home insurance options in Florida:

• Cheapest for $100,000: Nationwide at $1,573 per year
• Cheapest for $250,000: Nationwide at $3,845 per year
• Cheapest for $500,000: Nationwide at $6,749 per year

To see how costs vary by dwelling coverage, check out the table below on the cheapest home insurance providers.

Obtaining budget-friendly home insurance in Florida requires collecting quotes from several providers, which often entails submitting personal information. Save time with MoneyGeek’s practical home insurance calculator, designed to provide Florida quotes without needing personal data submission.

For $750K in dwelling coverage, Nationwide offers the most affordable policy in Florida at $9,895 per year. Higher dwelling coverage is often required for homes that cost more to replace, and home insurance costs increase with higher limits. If your home requires higher limits, see the cheapest providers in Florida below:

• Cheapest for $750,000: Nationwide at $9,895 per year
• Cheapest for $1,000,000: Nationwide at $12,740 per year

With a competitive rate of $753 annually for $100K in dwelling coverage, Nationwide is the most affordable home insurance for new homes in Florida. Insuring new homes in Florida tends to be more economical, primarily due to their construction according to the latest building standards, rendering them less susceptible to damage from frequent hurricanes and other weather events.

Here's a breakdown of how Nationwide fares in affordability for different levels of coverage:

• Cheapest for $100,000: Nationwide at $753 per year
• Cheapest for $250,000: Nationwide at $1,594 per year
• Cheapest for $500,000: Nationwide at $3,049 per year

Explore the table below to learn how costs can vary for newly constructed homes by dwelling coverage. While Nationwide stands out for affordability, ensuring you're adequately covered, especially in a hurricane-prone state like Florida, is essential.

Nationwide offers the cheapest home insurance for Florida homeowners with poor credit, averaging $2,098 per year for coverage up to $100K. Credit scores are a significant determinant of insurance premiums, as they gauge the potential risk of missed payments. Here's how Nationwide fares in terms of affordability for different coverage levels for those with poor credit:

• Cheapest for $100,000: Nationwide at $2,098 per year
• Cheapest for $250,000: Nationwide at $4,646 per year
• Cheapest for $500,000: Nationwide at $8,998 per year

The impact of credit scores on insurance costs is evident. On average, homeowners in Florida with poor credit pay $4,364 annually, while those with good credit pay $3,618 for $100K in dwelling coverage — a difference of $746 per year. Explore the following table to understand how these costs fluctuate based on credit scores and dwelling coverage.

In the Sunshine State, Nationwide offers competitive home insurance rates for homeowners with one claim in the past five years, with premiums averaging $1,928 annually for $100K in dwelling coverage. If you've made claims in the past, insurers perceive you as high risk and think you are likely to make another claim in the future.

Here are the lowest rates for several coverages:

• Cheapest for $100,000: Nationwide at $1,928 per year
• Cheapest for $250,000: Nationwide at $4,270 per year
• Cheapest for $500,000: Nationwide at $8,269 per year

For a policy with $100K in dwelling coverage, homeowners with two claims pay an average of $470 more annually than those without claims. This data emphasizes the significance of a clean claims record for Florida homeowners aiming to optimize insurance expenses.

In Florida, a home's construction and roofing materials can significantly influence insurance premiums. For instance, for homes with frame construction and shake-treated roofs, Nationwide offers the best rate, with an annual premium of $1,573. Such homes are often seen as more vulnerable to damage, leading to increased insurance costs.

Here are the most affordable rates for different coverage amounts:

• Cheapest for $100,000: Nationwide at $1,573 per year
• Cheapest for $250,000: Nationwide at $3,485 per year
• Cheapest for $500,000: Nationwide at $6,749 per year

Choosing superior construction paired with a tile roof can lead to an average annual savings of $760 on home insurance. This choice is especially vital in Florida, known for its hurricanes, as tile roofs offer better protection, resulting in reduced insurance premiums. Making informed decisions about your home's construction and roofing can lead to significant insurance cost reductions.

In Florida, the choice of deductible can significantly impact annual home insurance premiums. Nationwide offers a rate of $1,296 annually for a $2,000 deductible and a rate of $1,701 for a $500 deductible.

The best rates for each deductible level are:

• $2,000 deductible: Nationwide at $1,296 per year
• $1,500 deductible: Nationwide at $1,573 per year
• $1,000 deductible: Nationwide at $1,573 per year
• $500 deductible: Nationwide at $1,701 per year

Your deductible is the amount you're responsible for before insurance coverage takes effect. For a policy with $100K in dwelling coverage, having a $2,000 deductible instead of a $500 deductible can save you $266 per year on average.

Travelers offers the cheapest auto and home bundled insurance in Florida, averaging $3,064 per year. Bundling policies with a single insurer can typically lead to significant financial savings.

• Travelers at $3,064 per year
• State Farm at $3,822 per year

Beyond the monetary benefits, bundling ensures a cohesive insurance experience, allowing you to manage your insurance efficiently with a single provider. Discover more about the best Florida insurance bundle to see how you can save.

In most Florida cities, Nationwide offers the most competitive home insurance rates, with premiums starting at $941 annually. However, rates can vary due to local considerations such as building regulations, crime statistics and potential weather hazards. For instance:

• In Gainesville, ASI offers the state's lowest annual premium at $757.
• Nationwide is the most affordable option in Fort Lauderdale at $2,890 per year.

Given the unique rate structures insurers employ for different cities, explore multiple options to identify potential savings.