The Best Home Insurance in Florida for 2023

Although Florida can be appealing to those who enjoy warm weather, living in the Sunshine State has its hazards, too. The average cost of homeowners insurance in Florida is $2,385 a year, or about $199 a month, according to a NerdWallet rate analysis. And that number is on the rise.

Florida home insurance rates have shot up in recent years due to frequent natural disasters and litigation expenses that insurers pass on to consumers. In the face of heavy losses, many insurers have raised rates, stopped selling policies in Florida or simply gone out of business. Massive claim losses from Hurricane Ian have added even more stress to an already struggling market.

Residents of Florida still have options when it comes to getting homeowners insurance. Here are a few companies to consider.

Note: Due to underwriting practices and market volatility, some companies in this article may not write new policies in your area.

The best homeowners insurance in Florida

If you’re looking to buy homeowners insurance from a well-rated national brand, consider one of these insurers from NerdWallet’s list of the Best Homeowners Insurance Companies. Click on each company’s name to read our review.

More about the best home insurance companies in Florida

See more details about each company to help you decide which one is best for you.

Chubb serves mostly affluent policyholders with high-value homes, offering lofty coverage limits and lots of perks. For example, the company covers water damage from backed-up sewers and drains, and pays to bring your home up to the latest building codes during reconstruction after a claim. (Many insurers charge more for these types of coverage.)

If you insure a secondary or seasonal home in Florida with Chubb, you can sign up for the company’s Property Manager service at no charge. With this service, a Chubb representative will inspect your home after a hurricane, report its condition to you, submit a claim on your behalf and help prevent further damage.

To learn more, read NerdWallet’s Chubb home insurance review.

As America’s largest insurer, State Farm stands out for its long list of coverage options. Its policies generally include extra dwelling coverage in case it costs more than expected to rebuild your home after a covered disaster. You may also be able to add coverage for things like utility lines, damage from backed-up drains and the breakdown of major appliances.

State Farm offers a free Ting device as a perk for home insurance policyholders. Ting is a smart plug that monitors your home’s electrical network to help prevent fires.

To learn more, read NerdWallet’s State Farm home insurance review.

Homeowners policies from Farmers may include two valuable types of insurance: extended dwelling and replacement cost coverage. Extended dwelling coverage gives you extra insurance for the structure of your house, while replacement cost coverage offers higher reimbursement for stolen or destroyed belongings.

You may be eligible for a discount if you go without filing a claim for at least five years.

To learn more, read our Farmers home insurance review.

Nationwide offers a variety of ways to customize your policy. For example, you can add coverage for things like identity theft, high-value items and backed-up sewers and drains. Another option worth considering is dwelling replacement cost, which can pay up to double your policy limit in case it costs more than expected to rebuild your home after a disaster.

Because Nationwide sells homeowners policies through independent agents in Florida, you can’t get an online quote.

To learn more, read NerdWallet’s Nationwide home insurance review.

Rhode Island-based Amica stands out for its customer service and broad range of coverage options. The company has drawn significantly fewer consumer complaints to state regulators than expected for an insurer of its size, according to the National Association of Insurance Commissioners, or NAIC.

You may be able to customize your policy with extra coverage above your dwelling limit, in case your house costs more to rebuild than expected. You may also want to add coverage for damage from water backups or recovery from identity theft.

To learn more, see our Amica home insurance review.

Cincinnati Insurance sells homeowners policies through independent agents, with various options for standard and high-value homes. You may be able to add coverage for things like identity theft, personal cyber attacks or certain types of water damage.

Cincinnati may offer you a discount for bundling home and auto insurance, having a newer home, installing a centrally monitored alarm system or going a certain amount of time without filing a claim.

To learn more, see our Cincinnati home insurance review.

Founded in 2016, Kin is an insurance startup that sells policies directly to consumers. Its policies generally include replacement cost coverage for your personal belongings. That means if a covered disaster destroys your stuff, your policy will pay enough for you to buy brand-new replacements. (Some companies pay less due to depreciation of older items.)

Kin offers discounts for things like windproofing your home, living in a gated community and having water detection devices.

For more information, read our Kin home insurance review.

USAA serves the military community, including active members, veterans and their families. If you fall into one of these categories, you may want to give USAA home insurance policies a look.

Standard USAA homeowners policies include replacement cost coverage for your personal belongings. That means if your stuff is stolen or destroyed, the company will pay enough for you to buy brand-new replacements. (Many companies pay less for older, less valuable items.) USAA also covers military uniforms with no deductible for active or deployed members.

To learn more, read NerdWallet’s USAA home insurance review.

More Florida home insurance companies

Having trouble finding an affordable rate or getting coverage from one of the best Florida home insurers above? Here are a few other companies you can try.

The insurer of last resort: Citizens Property Insurance Corporation

Although NerdWallet doesn’t have access to average homeowners insurance rates from Citizens, we include it here because many Florida homeowners find themselves with nowhere else to turn for coverage.

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. You may qualify for insurance from Citizens if:

• You can’t find a standard insurer willing to sell you a policy.

• The premiums offered by other insurers are more than 20% higher than the rates offered by Citizens.

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.

» MORE: Estimate your home insurance cost

How much does homeowners insurance cost in Florida?

The average cost of homeowners insurance in Florida is $2,385 per year, or about $199 per month. That’s 31% more than the national average of $1,820.

In most U.S. states, including Florida, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score. 

In Florida, those with poor credit pay an average of $3,295 per year, according to NerdWallet’s rate analysis. That’s 38% more than Floridians with good credit.

» MORE: What’s the average cost of homeowners insurance?

Average cost of homeowners insurance in Florida by city

You may pay more or less than the state average for your homeowners insurance, depending on where in Florida you live. For example, the average cost of homeowners insurance in Miami is $4,740 per year, while homeowners in Orlando pay about $2,320 per year, on average.

Why is homeowners insurance so expensive in Florida?

The cost of homeowners insurance in Florida is skyrocketing for several reasons. First, the state sees a lot of expensive natural disasters, such as hurricanes. The higher the risk of damage, the more insurance companies charge — and rates are continuing to go up in the wake of Hurricane Ian.

Second, homeowners insurance rates are rising across the country due to inflation and supply chain issues that make it more expensive to rebuild or repair damaged homes.

But most importantly, insurers in Florida face more lawsuits than in any other state, and the cost of all this litigation trickles down to consumers. Florida has 9% of the country’s homeowners insurance claims but 79% of lawsuits against insurance companies, according to data analysis by the Insurance Information Institute^[0]

In 2022, Florida’s legislature passed three bills designed to discourage lawsuits and stabilize the insurance market, with the hope of reducing prices for homeowners in the long term. In the meantime, however, home insurance costs will likely rise again this year.

What to know about Florida homeowners insurance

Floridians should make sure their homes are covered for some of the state’s most common natural disasters.

Hurricanes and tropical storms

Florida sees the most hurricane landfalls of any U.S. state. Hurricanes and other tropical storms typically cause two types of damage — wind and water — and a standard homeowners insurance policy may not fully cover them.

Just about every home insurance policy excludes coverage for flood damage. If you’re at risk, consider buying flood insurance through the federal government’s National Flood Insurance Program or a private provider. To check your flood risk, put your address into the Federal Emergency Management Agency's flood maps or visit RiskFactor.com, a website from the nonprofit First Street Foundation. 

If you have a homeowners insurance policy from Citizens, you’ll be required to buy flood insurance, thanks to a 2022 law.

Homeowners insurance usually covers wind damage, but those in high-risk coastal locations may have to purchase this coverage separately.

Note that if your homeowners insurance policy does include wind coverage, there may be a separate deductible for claims stemming from a named hurricane. For example, you may have chosen a $1,000 deductible for your policy, but the hurricane deductible may be a higher amount, such as 2% of your dwelling coverage. On a house with $300,000 in dwelling coverage, you’d be responsible for the first $6,000 of any hurricane-related repairs.

By law, Florida insurance companies must offer homeowners insurance discounts to policyholders whose homes are less likely to suffer wind damage. For example, you can save money by adding storm shutters or upgrading how your roof is attached to the rest of your house.

Learn more about hurricane insurance.

Sinkholes

Florida also ranks No. 1 in the nation for sinkholes. By law, homeowners insurers in Florida must offer coverage for “catastrophic ground cover collapse,” a specific type of sinkhole damage.

In order for this coverage to apply, the incident must meet all of the following conditions:

• The ground cover must suddenly collapse.

• The depression in the ground cover must be visible to the naked eye.

• There must be structural damage to the building’s foundation.

• A government agency must order the building condemned and vacated.

Because some sinkhole damage may not meet all these conditions, you may want to add specific sinkhole coverage to your policy.

Florida department of insurance

The Florida Office of Insurance Regulation oversees the state’s insurance industry. You can use the agency’s website to file a complaint against your insurance company, ask questions and get information about different types of insurance. The agency’s toll-free helpline is 877-693-5236.

Looking for more insurance in Florida?

• Florida car insurance.

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• Florida renters insurance.

• Fort Lauderdale car insurance.

• Jacksonville car insurance.

• Miami car insurance.

• Orlando car insurance.

• St. Petersburg car insurance.

• Tampa car insurance.