The 25 Largest Homeowners Insurance Companies in Florida | Alliance Insurance (2024)

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The 25 Largest Homeowners Insurance Companies in Florida | Alliance Insurance? ›

1. Universal Insurance Holdings Inc. 2. Citizens Property Insurance Corp.

1. Universal Insurance Holdings Inc. 2. Citizens Property Insurance Corp.

Tower Hill offers the best and cheapest homeowners insurance in Florida, with rates that average $2,443 a year (or $204 a month). Consider Progressive and State Farm, too, as their discounts and customer service could make them the better choice for some homeowners.

In mid-2022, Bankers Insurance Company reported its exit from Florida, only to be followed by AIG and Lexington Insurance, a subsidiary of AIG.

Our picks for the top home insurance companies in Florida are State Farm, Allstate and Progressive. The average homeowners insurance cost in Florida is $2,490. The cheapest homeowners insurance company in Florida is Travelers at $1,315 per year.

Erie Insurance, Amica, and Nationwide are the three best insurance companies for home insurance claims satisfaction in J.D. Power's 2023 Property Claims Satisfaction study, the most recent. Automobile Club of Southern California (AAA) and Homesite were ranked in the bottom two slots.

Is State Farm leaving Florida? ›

WASHINGTON, D.C. (NewsNation) — Days after a major insurance provider announced it was pulling out of Florida due to environmental risks, State Farm Insurance announced Thursday it is recommitting itself to the residents of the state, NewsNation has learned.

How much does homeowners insurance cost in Florida? The average cost of homeowners insurance in Florida is $2,625 per year, or about $219 per month. That's 37% more than the national average of $1,915. In most U.S. states, including Florida, many insurers use your credit-based insurance score to help set rates.

And State Farm announced it would no longer write policies for new customers in Florida. Lawmakers reacted by forming Citizens Property Insurance Corp. to serve as the insurer of last resort for Florida homeowners who could not otherwise find affordable coverage.

Is Progressive pulling out of Florida? Progressive said it has no plans of leaving Florida. A spokesperson told WFLA that this rebalancing would help the company continue writing business in Florida in a “meaningful” way.

However, on May 26, 2022, SB 4-D took effect, which eliminated Florida's 25% Roof Replacement Rule. Now, so long as the rest of the roof is in compliance with the 2007 Florida Building Code, or any subsequent versions of that code, then a full roof replacement is not required.

The Auto Club Insurance Company (AAA) of Florida has announced that it will not renew a “very small percentage” of auto and home insurance package policies in Florida. But, the insurer stressed, it is not leaving the state — it's just trying to manage its risk. In fact, it plans on growing its business in the state.

State Farm is the best car insurance company in Florida for ease of use. It has an easy-to-use website and simple claims filing process compared with other top-rated companies in Florida. State Farm also has high app store ratings for iOS and Android devices.

Based on our findings, State Farm, Geico, Progressive and Allstate offer some of the best car insurance in Florida. Auto insurance rates are known to fluctuate frequently, but you can rely on Bankrate to offer you the latest options available.

Top 10 home insurance companies. State Farm is the largest provider of homeowners insurance in the U.S., with $19.7 billion in direct premiums written in 2020. That figure is double the amount of the second-largest insurer, Allstate.