Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.
In 2019, the average home insurance premium was $1,989 in the United States, according to the Insurance Information Institute. Florida’s average premium cost in 2022 is $3,585, a rate hike of about 55% over the past three years, according to To assure.
Over the past few years, natural disasters and political unrest have reduced the risk appetite of providers nationwide, Ken Gregg, CEO of Orion180, a home insurance provider serving the US, told Insider. independent agents in the southeastern United States.
Florida is experiencing some of the highest home insurance rate increases and the highest number of policy non-renewals in the country. According to data from S&P Global Market Intelligenceas of mid-April 2022, the Florida home insurance market has seen the cancellation of approximately 37,000 policies.
Due to housing scams, frivolous lawsuits and extreme weather conditions in the area, Florida residents are noticing a huge increase in
Is home insurance mandatory in Florida?
For Florida residents, home insurance is not mandatory. However, your lender will likely require you to purchase homeowners insurance to protect your assets. In Florida, consider purchasing flood insurance, as the state is prone to frequent flood damage. You’ll also want to make sure your policy covers you adequately against wind and water damage.
Florida’s Cheapest Home Insurance
Several factors affect your home insurance costs, for example, the age of your home and your credit score. The Insurance Information Institute recommends gathering quotes from three insurance companies to compare policies or using an online brokerage tool to compare multiple quotes at once.
More than half of policies written in Florida come from Citizens Insurance. Citizens Insurance was “designed as a ‘last resort’ option but is fast becoming the only option,” according to the Goosehead team.
According hen head:
Source: hen head
Best Florida Home Insurance, Based on Customer Satisfaction
The latest study from J.D. Power – a consumer research firm that conducts consumer surveys – shows that customer service and a home insurance company’s reputation are more important than price to homeowners.
Here’s how home insurance companies ranked when consumers were asked about overall satisfaction:
* USAA is restricted to active military members, veterans and their families.
Source: JD Power 2021 Home Insurance Satisfaction Survey
The Most Popular Home Insurance Companies in Florida Based on Market Share
Using S&P Global Market Intelligence, we have gathered the market share of the following insurance companies in Florida. Market share refers to the total percentage of customers for each vendor in Florida. Allstate holds the largest share of state financial assets in 2019.
Source: 2019 data from S&P Global Market Intelligence
The cheapest home insurance for homes with pools in Florida
Swimming pools are considered an “attractive nuisance” under “other structures” in your home coverage. Having a swimming pool can increase your liability as an owner, thereby increasing your premiums.
Here are some of the cheapest insurers in Florida for homes with pools:
Source: To assure
Cheapest landlords in Florida for homes near the coast
Coastal communities are exposed to frequent natural disasters such as tsunamis and hurricanes. As a result, homeowners in this region face higher insurance rates. Here are some of the cheapest home insurance companies for homes near the coast.
Source: To assure
Cheapest Home Insurance in Florida for Homeowners with Dogs
Owners who own dogs are considered a liability for insurers, especially if their dog is of an aggressive breed. Here are some of the cheapest insurance companies for households with a dog.
Source: political genius
Florida’s Cheapest Home Insurance for homeowners with bad credit
Insurance companies use credit-based insurance to determine your likelihood of filing a claim. If you have a poor
your premiums could be higher than someone who has
Here are some of the cheapest home insurance companies for homeowners with bad credit.
Source: political genius
Frequently Asked Questions — Florida Home Insurance
How Do I Add Flood Coverage to My Florida Home Insurance Policy?
Florida is prone to flooding everywhere and all year round. Ask your home insurer if they offer flood insurance. If not, you will need to purchase flood insurance from NFIP approved providers such as National Flood Services. Visit the NFIP website for flood insurance providers.
What are the Florida roofing scams and how does it affect my home insurance costs?
One of the major Florida home insurance scams involves bad faith roofing contracts. Contractors ask you, the homeowner, to pay for a new roof with your insurance, claiming that they can offer a discount for your deductible.
The scammer will have you sign an agreement allowing them to file a claim with your insurer. An adjuster will then visit your property to inspect the “damage” (the reason you filed the claim), and if they find little or no damage, your insurance company will refuse to provide compensation. The dishonest real estate contractor will then sue your supplier for underpayment, and the insurer will either have to initiate legal proceedings or settle compensation out of court.
The roof is not free for two reasons. First, your premiums will increase because you filed a claim for a new roof. And second, everyone who buys insurance will also have to pay for that new roof. As a result, the overall cost of premiums increases for policyholders. Due to a growing number of insurance scams and real estate lawsuits in Florida, insurers are seeing huge losses in net income.
How can I reduce the cost of my home insurance in Florida?
Compare the prices
Shop around and compare quotes each year to see if you can get a better deal elsewhere for the same level of coverage. Note that some insurers may charge you fees for early termination.
Look for discounts
Save on your insurance premiums by bundling several products such as your auto and home insurance policies. Discounts can also reduce your premiums. Insurers usually list the discounts they offer on their websites. Contact your insurance agent to see if you qualify for lesser-known discount opportunities.
Increase your deductible
Raising your deductible from $500 to $1,000 could save you up to 25% on your insurance bill, according to Insurance Information Institute. Be aware that deductibles may be subtracted from your total coverage amount.
Regularly maintain your home
Complaints can significantly increase your premiums and even be grounds for denial. Doing your due diligence in making sure your systems are working properly and identifying early signs of foundation problems will reduce the likelihood of major damage.
Fortify your home against wind damage
Fortifying your home’s structure and roof against wind-related damage can qualify you for wind mitigation discounts, says Gregg. This is especially important in Florida, where hurricanes are frequent and devastating.