What is the average cost of homeowners insurance in Florida?
Asked by: Prof. Ova Schroeder | Last update: December 21, 2025Score: 4.7/5 (13 votes)
Why is Florida home insurance so high?
Priciest Areas Overall for Home Insurance
“The states with the highest home insurance costs are prone to severe weather events,” the Insurify report explains. “Florida, Louisiana, Texas, Arkansas and Mississippi are vulnerable to hurricanes. Texas, Colorado and Nebraska face a growing wildfire risk.
Who has the cheapest homeowners insurance in Florida?
Tower Hill is the cheapest homeowners insurance company in Florida, offering an average rate of $2,443 a year. Not only is Tower Hill's average rate the lowest in the state by far, but it's more than 40% cheaper than the state's average price for home insurance.
What is the 80% rule in homeowners insurance?
The 80% rule means that an insurance company will pay the replacement cost of damage to a home as long as the owner has purchased coverage equal to at least 80% of the home's total replacement value.
What is the 50% rule in insurance?
In California's personal injury cases, the concept of 50/50 liability applies when both parties are equally responsible for an accident or incident. This shared responsibility is also referred to as equal fault or shared fault, and it falls under the broader category of comparative fault.
What is the average cost of insurance in Florida
How much should I pay for home insurance 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.
How can I lower my homeowners insurance cost?
- Shop around for the best home insurance rates.
- Bundle your home and auto policies.
- Increase your home insurance deductible.
- Improve home security.
- Make home improvements.
- Review your coverage every year.
- Ask about savings.
- Consider actual cash value vs. replacement cost.
How do people afford home insurance in Florida?
Raise your deductible
Generally, the higher your deductible, the lower your premium. Florida homeowners can adjust both their all other perils deductible and their hurricane deductible to trim their premium. Just remember: it doesn't make sense to pay for insurance that you can't reasonably use when you need to.
What is the new insurance law in Florida in 2024?
Effective Date: July 1, 2024 with some provisions effective on May 13, 2024, the day Governor DeSantis signed the bill. Allows surplus lines insurance companies that meet certain financial requirements to take out policies from Citizens for dwellings that are not primary residences or homestead properties.
Which home insurance company has the highest customer satisfaction in Florida?
State Farm is the largest homeowners insurance company in the U.S., with a 17.79% market share in 2023. The company was ranked above average by J.D. Power for both overall customer satisfaction and property claims. Online quotes aren't available in Florida, however, so you'll have to work with a local State Farm agent.
How much is homeowners insurance on a $300,000 house in Florida?
The average homeowners insurance cost in Florida is $4,419, based on $300,000 dwelling and liability coverage with a $1,000 deductible and 2% hurricane deductible. Comparatively, the national average for the same coverage is $2,601.
What is a good price for home insurance?
The average cost of homeowners insurance in the U.S. is $2,181 per year for $300,000 in dwelling coverage. However, your actual rates may vary depending on several factors.
Are bigger houses more expensive to insure?
House Size and Features - Typically, the bigger your home, the more expensive it is to insure. In addition, if you use more expensive materials than your neighbor (i.e. the highest quality siding or roofing), the cost to insure will typically be higher.
Who pays for hurricane damage in Florida?
Florida law - specifically F.S. 627.0629 - requires property insurance policies to include "hurricane coverage" for any wind damage caused by an officially-declared hurricane. Usually, this is not a separate policy, but rather comes standard in most homeowners' insurance policies.
What is the number one insurance in Florida?
Here are the best car insurance companies in Florida:
Travelers: Best insurance company overall. Geico: Best for affordability. Auto-Owners: Best for having few customer complaints. State Farm: Best for ease of use.
Why is it difficult to get homeowners insurance in Florida?
The current Florida homeowners insurance crisis is the result of several factors, including hurricanes and litigation, that have caused home insurance companies to pull back, leave the state or even go out of business.
What is the cheapest homeowners insurance for seniors?
To help get you started, here are some of the cheapest home insurance companies available, potential discounts, and other ways to save as a senior homeowner. Allstate, State Farm, and Travelers are some of the cheapest home insurance companies for seniors.
Why is homeowners insurance getting so expensive in Florida?
Inflation and increased claims are joining together to make Florida's homeowners face huge premium jumps. Two of the state's private insurance companies have just applied to increase premiums by over 50%. The carriers, Castle Key and Amica have asked regulators to approve rate rises of 53% and 54% on some policies.
Did State Farm pull out of Florida?
State Farm to Remain in Florida as Farmers Insurance Pulls Out. Gov. Ron DeSantis' office confirmed that State Farm Insurance plans to continue its presence in the Florida insurance marketplace after Farmers Insurance declared plans to leave the state.
What is the 80% rule with insurance?
Some insurers offer tools or worksheets to help homeowners assess their property's value. In fact, these are a requirement in California. Once you have your total replacement cost, you multiply this value by 0.8 to find out what 80% of the replacement cost is.
What is the insurance 5% rule?
In each insurance year you can withdraw up to 5% of the premium paid into your policy without a gain happening in that year. An insurance year begins on the anniversary of the date of your policy was taken out and ends on the day before the anniversary in the next year, except in the final insurance year.
What does 50k 100k 50k insurance mean?
For example, if your net worth is $90,000, then a good car insurance policy for you might be structured as $50,000/$100,000/$50,000, giving you $100,000 in total bodily injury coverage per accident. Example:Chris causes an accident that results in $15,000 worth of medical bills for the injured driver.