What is the average cost of hurricane insurance in Florida?

Asked by: Daisha Kilback  |  Last update: March 6, 2023
Score: 4.6/5 (28 votes)

How much is hurricane insurance in Florida? The average cost of NFIP flood insurance in Florida is $628, while homeowners insurance costs $2,047 a year on average, according to NerdWallet's rate analysis. Depending on where you live, you may also need to buy separate windstorm insurance.

Do you need hurricane insurance in Florida?

Despite the high risk, Florida doesn't specifically require hurricane insurance. That's because hurricane insurance isn't a separate policy you can purchase. It's included in a standard property insurance policy.

What is the average hurricane deductible in Florida?

Hurricane Deductible Florida

Insurers are required by law to offer an average hurricane deductible in Florida of $500, 2%, 5% and 10% of your policy's dwelling limit.

How much is hurricane insurance in Florida Keys?

However, the average cost of homeowners insurance in Florida is $1,951 and the average cost of flood insurance is $723, according to Bankrate. Therefore, on average, Florida homeowners pay approximately $2,674 per year in premiums to protect against hurricane damage.

How much is hurricane insurance in Clearwater Florida?

Finding Homeowners Insurance in Clearwater, Florida

The potential for a bad hurricane, flooding, and sinkhole risk make finding affordable homeowners insurance in Clearwater a challenge. That said, Clearwater policyholders pay about $1,206 a year on average with Kin, well below the average premium for other carriers.

Home insurance costs continue to rise in Florida

23 related questions found

Does flood insurance cover hurricanes in Florida?

In Florida, residential property policies are also required to cover damage from windstorms, such as hurricanes. Insurers must include this coverage in their policies, though policyholders can sign a waiver to remove this from their insurance plan. Note that flood damage is not a part of this basic coverage.

How much should a hurricane deductible be?

The typical hurricane deductible is between 1% and 5% of the home's insured value, although policies in some vulnerable coastal areas could have an even higher deductible.

Does Florida homeowners insurance cover hurricane damage?

Coverage for Wind Damage

Most homeowners' insurance policies in Florida cover damage caused by windstorms, hurricanes, and hail, unless you sign to specifically waive the coverage.

Who provides hurricane insurance in Florida?

The Florida legislature created a state run insurance safety net, Citizens Property Insurance Corporation, to provide insurance to homeowners who cannot find insurance in the private market. Citizens is currently Florida's largest property insurer, covering 1.2 million policyholders.

What is 2% hurricane deductible?

While a regular homeowners insurance policy deductible is a fixed dollar amount—say, $500 or $2,000—a hurricane deductible might be 2% to 5% percent of a home's insured value, or $2,000 to $5,000 for every $100,000 in home coverage.

How much is hurricane insurance in Naples Florida?

How much is hurricane insurance in Florida? The average cost of NFIP flood insurance in Florida is $628, while homeowners insurance costs $2,047 a year on average, according to NerdWallet's rate analysis. Depending on where you live, you may also need to buy separate windstorm insurance.

Do I need windstorm insurance in Florida?

Wind insurance isn't mandatory in Florida, but your mortgage lender may require it. Regardless of whether it is required for you, windstorm insurance is a good consideration for Florida homeowners, given that the state regularly experiences strong winds, hurricanes and other storms.

Is it expensive to insure a house in Florida?

First, it could be helpful to know that the average cost of home insurance in Florida in 2022 is $1,648 per year for $250,000 in dwelling coverage, which is higher than the national average of $1,383 per year.

What is covered under hurricane deductible?

What Are Hurricane Deductibles? Hurricane deductibles are what you pay for home repairs after hurricane damage and are usually higher (much higher) than a regular home insurance deductible. For example: If you have a house fire, you would pay the amount of your regular deductible toward repairs—let's say, $1,000.

What type of homeowners insurance is required in Florida?

Florida law does not require the purchase of homeowners' insurance, but most people want to insure the largest investment they may ever make – their home.

How much is the average home insurance in Florida?

Average Costs and Cheapest Homeowners Insurance Companies in Florida. The average cost of homeowners insurance in Florida is $2,359 per year. At an average cost of $1,083 per year, Travelers offers the cheapest policies in the state.

What happens if you lose your house in a hurricane?

If a covered disaster completely destroys your house, your standard homeowner's insurance policy includes a "loss of use" or "additional living expense" protection, providing temporary housing until you recover. It pays off your mortgage, freeing you of that obligation.

How does insurance work after a hurricane?

While damages from wind and wind-driven rain are covered by a standard homeowners policy, many charge separate wind deductibles, which means higher out-of-pocket costs for you. The deductibles are usually based on a percentage (roughly 5% to 10%) of your coverage rather than a flat dollar amount.

Is wind coverage the same as hurricane coverage?

With a hurricane comes both wind and water, but a windstorm policy will only cover you for wind. Dealing with the insurance company can become a major hassle if the cause of the damage — wind or water — is ambivalent.

What is the difference between a hurricane deductible and a named storm deductible?

Named storm deductibles cover damage caused by named storms, including tropical storms. Hurricane deductibles only apply to storms that qualify as at least Category 1 hurricanes when making landfall.

How is a hurricane deductible calculated?

The hurricane deductible applies only once during a hurricane season. All insurers must offer a hurricane deductible of $500, 2 percent, 5 percent and 10 percent of the policy dwelling or structure limits. The percentages are based on the total value of the home.

How expensive is flood insurance in Florida?

The average cost of flood insurance in Florida is $570 per year. However, costs can vary by thousands of dollars from one property to another depending on many factors.

What is the difference between hurricane and flood insurance?

Flood insurance, generally covers water coming into your home from off of your property. Hurricane insurance is for wind damage, not flooding, from a storm over 74 mph, ie a hurricane.

How much does hurricane insurance cost in Pensacola Florida?

Pensacola Home Insurance Costs

Florida is one of the most expensive states for home insurance because of its hurricane exposure. Among all carriers, the state's average premium is $1,951 whereas the average cost of Kin's Florida policies is $1,354 a year.