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Although Florida can be appealing for those who enjoy warm weather, living in the Sunshine State has its hazards, too. Homeowners insurance can be particularly costly because of the state’s frequent natural disasters, regular occurrences of small problems, like leaking pipes, and litigation expenses that insurers pass on to consumers. In fact, several large insurers have left Florida entirely due to these risks.
Residents of Florida still have plenty of options when it comes to getting cheap homeowners insurance. NerdWallet examined rates and coverage from nearly 100 insurers across the state to find the best cheap homeowners insurance in Florida.
Home insurance companies in Florida
Many of the largest homeowners insurance companies in the U.S. don't have a large presence in Florida. Instead, smaller companies provide the majority of coverage in the state.
Based on a NerdWallet analysis, here are the 15 biggest home insurance companies in Florida, as well as their average annual premiums:
Here's a little more about some of the biggest insurers in the state:
In addition to offering the standard coverage for home, property and liability issues, Universal Property has several types of optional coverage — such as utility service line and debris removal — that Florida residents might find useful. Additionally, you can get discounts for having devices that protect against wind damage.
Citizens Property Insurance
Citizens is a government entity created in 2002 by the Florida Legislature to serve as an "insurer of last resort" for eligible homeowners who can't get coverage on the private market. Because Citizens pays claims entirely using the money it collects in premiums, a severe storm can be very costly for policyholders. If Citizens finds itself in a situation where it cannot pay out all claims, it’s legally required to charge an assessment of up to 45% of your annual premium to make up for that shortfall.
American Strategic Insurance
American Strategic Insurance, or ASI, was acquired by Progressive in 2015 but continues to operate in Florida under the ASI name. Policyholders have access to several of Progressive's services and can receive bundling discounts with other Progressive policies.
State Farm’s home insurance in Florida provides residents with a free “increased dwelling limit” add-on, which provides an additional 20% of replacement cost coverage as long as the home is insured for at least the amount State Farm thinks it will cost to rebuild it. And if your AC breaks down in the middle of the summer — or any other time — State Farm's Home Systems Protection add-on covers the cost to repair it.
Cheap home insurance in Florida
Based on NerdWallet's data analysis, Farmers is the best option for cheap homeowners insurance in Florida, with an average rate of $1,300 per year (about $108 per month). Here’s the whole list:
Average annual premium
American Traditions Insurance Company
Cypress Property & Casualty Insurance Company
Edison Insurance Company
Clear Blue Insurance Group
Florida Farm Bureau
Here's a bit more about some of the cheapest home insurance companies in Florida. Keep in mind that not all of them may be available in your area and, depending on your situation, they may not be the cheapest option.
Farmers offers standard coverage with several optional enhancements through its Smart Plan Home. For an extra cost, the Enhanced and Premier packages build off the standard plan with higher limits and expanded types of coverage like roof or personal contents replacement, which could come in handy after a major storm.
» MORE: Farmers home insurance review
Offering insurance exclusively in Florida, American Integrity has a substantial number of optional add-ons that might appeal to homeowners. For example, you can get additional coverage for things like service lines, home computers and watercraft. American Integrity also offers private flood insurance for those who qualify.
Although it focuses specifically on manufactured homes, American Traditions offers standard homeowners insurance coverage to Florida residents, as well. If you’ve taken steps to protect your home from wind damage, you may be able to receive discounts on your policy following a wind mitigation inspection.
Security First offers both standard and enhanced coverage for homeowners. Both options have coverage for your home, attached structures like in-ground pools, liability issues and temporary relocation due to a covered event. It also reimburses the actual cost of replacing damaged or lost items, rather than giving a depreciated amount.
Average cost of home insurance in Florida
The average cost of homeowners insurance in Florida is $2,682 annually, according to a NerdWallet data analysis. However, rates vary depending on where you live.
To get a better idea of how much insurance will cost in your specific location, enter your ZIP code below to see the average rate in your area.
Why is home insurance in Florida so expensive?
Florida is the seventh-most expensive state in the country for home insurance, according to a NerdWallet analysis. There are several reasons for the high cost of homeowners insurance, including:
Extreme weather. Homeowners aren’t the only ones who feel the impact of Florida's heat and humidity. The climate can also strain household systems and cause faster-than-normal equipment breakdowns, which in turn lead to homeowners insurance claims.
Natural disasters. Florida is the hurricane capital of the United States, with nearly twice as many landfalls as any other state. Damage from hurricanes — plus tropical storms and even extreme rainstorms — can increase the risk for insurers, which pass the cost along to homeowners in the form of higher premiums.
Legal issues. Costs surrounding litigation tend to be passed along to consumers, and Florida insurers had almost $3 billion in lawsuit-related expenses in 2019 alone. Although the Florida government recently passed legislation to address the issue, the bill's impact on premiums remains to be seen.
NerdWallet collected rate information from the Florida State Office of Insurance Regulation (or FLOIR), which makes rate filings available for all insurers in the state. To calculate statewide average premiums, we divided each insurer's total premiums collected by its total policies in force. Rates vary depending on a variety of factors, so yours will be different.