Best and cheapest homeowners insurance in Florida in 2024 (2024)

How much is home insurance in Florida?

The average homeowners insurance cost in Florida is $4,419a year, nearly $1,818 more than the national average of $2,601. These averages are based on the following coverage:

• $300,000 dwelling coverage
• $1,000 deductible
• 2% hurricane deductible
• $300,000 liability

These rates include a hurricane deductible. Without it, the average rate is $2,401. This seems like a bargain, but if the hurricane deductible isn't selected, hurricane damage to your home likely isn't covered. Make sure you read the fine print so you don't find yourself without coverage.

Florida faces a property insurance crisis, with rates rising fast, which makes finding affordable Florida homeowners insurance from a solid company harder, especially if you live near the coast.

of 42.1% since 2022 in Florida. An Insurance.com survey found Florida to be the hardest hit by the insurance crisis, along with California.

“Shop around among several different carriers. While many companies have gone bankrupt or are refusing to write new policies in Florida, there are still companies making sure Florida homeowners are protected,” says Anthony Martin, CEO of Choice Mutual.

Best homeowners insurance companies in Florida

State Farm is the best home insurance company in Florida thanks to low rates and a low complaint ratio with the National Association of Insurance Commissioners (NAIC). Travelers, Nationwide, Allstate, and Progressive are also among the top car insurance companies in Florida.

Below you’ll find the best home insurance companies in Florida. Remember that some companies only offer coverage in certain parts of Florida.

Cheapest homeowners insurance companies in Florida

Travelers is the cheapest home insurance company among those surveyed by Insurance.com. The average rate for the same amount of coverage varies significantly, which is why it pays to compare home insurance quotes.

Home insurance rates can vary a lot depending on the company you choose. The table below provides a look at average rates from home insurance companies in Florida, including national and local companies. Several dwelling coverage levels are displayed, all with liability levels of $300,000 and a $1,000 deductible.

*Citizens is the state-run insurer of last resort.

Florida homeowners insurance rates by ZIP code

Insurance.com analyzed home insurance rates from major insurance companies in nearly every ZIP code in Florida.

Enter your ZIP code in the search box in our tool below to see the average home insurance rate for your area, as well as the highest and lowest premium fielded from major insurers. Default rates are for coverage of $300,000 dwelling and liability and a $1,000 deductible (2% hurricane).

This will give you an idea of how much you can save by comparing home insurance rates for your home.

Florida homeowners insurance rates by county

Home insurance rates in Florida vary by county. Take a look at the average rates by county in Florida below to see how costs compare.

The most expensive home insurance rates in Florida by county

Florida homeowners insurance rates vary by county, with some areas experiencing higher premiums than others. Below is a list of the most expensive counties and their average rates.

The least expensive home insurance rates in Florida by county

Baker county leads with the lowest average annual premium at $2,919. It's closely followed by Leon and Bradford counties, with rates of $2,950 and $2,966, respectively. Find below the counties with the least expensive home insurance rates.

Homeowners insurance in Florida by city

Tallahassee has the cheapest homeowners insurance among the state's largest cities, with an average rate of $2,950 per year, which is $250 per month. Rates below are shown with a 2% hurricane deductible.

Florida homeowners insurance rates by coverage levels

Below are average rates for homeowners insurance in Florida by coverage level, including coverage with and without a hurricane deductible. Deductibles are $1,000 for all perils and 2% for hurricanes.

First, rates without a hurricane deductible. Please note that these rates may not include any coverage for hurricane damage.

Rates by coverage level with no hurricane deductible

Rates by coverage level with a 2% hurricane deductible

Why is homeowners insurance going up in Florida?

Make no mistake – homeowners insurance rates continue to increase in Florida. In the wake of Hurricane Ian's devastation rates are likely to rise again.

Insurance companies cite the following reasons why homeowners insurance is so expensive in Florida:

• High rates for reinsurance, which is insurance that backs up insurance companies
• Water-leak damage claims from non-hurricane causes
• Claims from recent hurricanes are still being filed, as homeowners have a three-year window to do so.

Rapid roof replacement fraud schemes and runaway litigation are also causing a price hike.

“Unscrupulous roofers tell homeowners there was recent storm damage in the area and are replacing roofs for free, even when they don’t qualify for insurance coverage. The insurer rejects the claim because it’s not a legitimate insured loss [and] the contractor partners with an unscrupulous attorney to file a lawsuit against the insurer. Even if the case never goes to court, the related expenses are exorbitant for the insurer.”

Friedlander explains that Florida is the most volatile private insurance marketplace in the country and is on a trajectory toward collapse due to these roof replacement fraud schemes and runaway litigation.

“Many Florida home insurers are in a dire financial position because of these schemes,” he says. “Over the past two years, Florida insurers have posted cumulative underwriting losses of more than $3.4 billion. Furthermore, in 2021, residential insurers posted a cumulative net income loss of nearly $1 billion – more than the net income losses incurred in the previous two years combined.”

“More than 100,000 property claim lawsuits were filed against Florida home insurers in 2021, equating to more than 80% of property claim lawsuits filed in the United States. In fact, no other state has more than 900 property claim lawsuits filed last year,” says Friedlander.