The average cost of homeowners insurance in Florida in 2024 is $8,770. This figure surpasses the national average of $2,423, illustrating the higher insurance costs Floridians may face.
Aside from the amount of coverage you get, the insurance provider has the largest impact on premiums, with the difference between the lowest and highest premium amounts reaching $13,846 on average. If your rates have recently increased, we've also analyzed the cheapest home insurance in Florida. Different insurers mean different premiums, so shopping around could be beneficial.
Home Insurance Calculator
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
High
Average
Low
Rates updated:
Sep 13, 2024
Why You Can Trust MoneyGeek
MoneyGeek partners with some of the companies we write about. However, our content is written and reviewed by an independent team of editors and licensed agents. Reference our data methodology and learn more about how we make money.
Table of Contents
- Average Cost by Dwelling Coverage Amount
- Average Cost by Provider
- Average Cost by Credit Score
- Average Cost by Construction and Roof Type
- Average Cost for New Homes
- Average Cost by Claims History
- Average Cost by City
- How to Shop for Home Insurance in Florida
- Florida Home Insurance FAQ
- Additional Resources
To establish the average cost of homeowners insurance in Florida, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.
These rates reflect the average cost of home insurance in Florida as of 2024.
5.5MQuotes Analyzed
8Companies Compared
61ZIP Codes
Average Cost of Home Insurance in Florida by Coverage Amount
In Florida, the average homeowners insurance premium for a policy with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage is $8,770, which is 262% higher than the national average of $2,423.
When considering how much coverage you need, it's essential to ensure your policy can cover completely rebuilding your home and replacing personal property after a total loss. In Florida, opting for $100K in dwelling coverage results in an annual premium of $3,618, whereas a policy with $500K in dwelling coverage sees the premium climb to $15,983.
Average Annual Home Insurance Premium Florida by Coverage Amount
| $100K Dwelling / $50K Personal Property / $100K Liability | Average Annual Premium$3,618 |
| $250K Dwelling / $125K Personal Property / $200K Liability | Average Annual Premium$8,770 |
| $500K Dwelling / $250K Personal Property / $300K Liability | Average Annual Premium$15,983 |
| $750K Dwelling / $375K Personal Property / $500K Liability | Average Annual Premium$23,925 |
Average Cost of Home Insurance in Florida by Insurer
Homeowners in Florida face a diverse range of premiums, with costs fluctuating significantly among insurers for comparable levels of coverage. For instance, Nationwide offers a policy at $3,485 annually, while Universal Property's similar plan stands at $15,419, highlighting the wide variance in pricing.
For those exploring options, review the best homeowners insurance in Florida. Differences in underwriting can lead to substantial disparities in premiums, so it's beneficial to compare offerings to find a suitable match for your needs.
Average Annual Home Insurance Premium Florida by Provider
Data filtered by:Results filtered by:
Coverage:
- $100K Dwelling / $50K Personal Property / $100K Liability
- $1MM Dwelling / $500K Personal Property / $1MM Liability
- $250K Dwelling / $125K Personal Property / $200K Liability
- $500K Dwelling / $250K Personal Property / $300K Liability
- $750K Dwelling / $375K Personal Property / $500K Liability
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
| Nationwide | Annual Premium$3,485 |
| State Farm | Annual Premium$5,492 |
| ASI | Annual Premium$7,886 |
| Florida Peninsula Insurance | Annual Premium$8,006 |
| Chubb | Annual Premium$8,442 |
| Heritage Insurance | Annual Premium$8,638 |
| Allstate | Annual Premium$12,794 |
| Universal Property | Annual Premium$15,419 |
Average Cost of Home Insurance in Florida by Credit Score
In Florida, homeowners with poor credit-based insurance scores pay an average annual premium of $10,476 for homeowners insurance, which is $1,706 above the state average. This stark contrast underscores the financial benefit of maintaining a good credit score, as those with good credit pay an average rate of $8,770.
While you may not be able to improve your credit score immediately, you can improve it over time to lower your rates. In the short term, you can compare the most affordable Florida home insurers in less than 15 minutes to see which will save you the most.
Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:
- $100K Dwelling / $50K Personal Property / $100K Liability
- $1MM Dwelling / $500K Personal Property / $1MM Liability
- $250K Dwelling / $125K Personal Property / $200K Liability
- $500K Dwelling / $250K Personal Property / $300K Liability
- $750K Dwelling / $375K Personal Property / $500K Liability
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
| Poor | Annual Premium$10,476 |
| Below Fair | Annual Premium$9,858 |
| Fair | Annual Premium$9,123 |
| Good | Annual Premium$8,770 |
| Excellent | Annual Premium$8,311 |
Average Cost of Home Insurance in Florida by Construction and Roof Type
The type of roof on your home influences insurance premiums, albeit modestly. In Florida, homes with composition roofing, which is common and cost-effective, have the lowest average annual premium. On the other hand, tile roofs, despite their durability and popularity in the state, show a slight increase in average premiums.
Construction materials also play a role in determining insurance costs. Concrete block construction, known for their resistance to certain perils, can lead to lower insurance rates. Conversely, standard frame construction, which is widespread, typically results in higher premiums due to its relative vulnerability.
Use the drop-downs in the table below to see how premiums change based on your home's materials.
Average Annual Home Insurance in Florida by Construction and Roofing Type
Data filtered by:Results filtered by:
Construction:
- Frame
- Masonry
- Superior
Construction:Frame
Roof Type:
- Composition
- Shake-Treated
- Tile
Roof Type:Composition
| $100K Dwelling / $50K Personal Property / $100K Liability | Annual Premium$3,618 |
| $250K Dwelling / $125K Personal Property / $200K Liability | Annual Premium$8,770 |
| $500K Dwelling / $250K Personal Property / $300K Liability | Annual Premium$15,983 |
| $750K Dwelling / $375K Personal Property / $500K Liability | Annual Premium$23,925 |
| $1M Dwelling / $500K Personal Property / $1M Liability | Annual Premium$31,575 |
Average Cost of Home Insurance in Florida for Newly Constructed Homes
Insuring a newly constructed home in Florida is generally more affordable, with an average premium of $4,234, which is $4,536 less than the $8,770 average for older homes. The table below illustrates the premium differences for varying coverage levels in new versus existing homes.
Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:
- $100K Dwelling / $50K Personal Property / $100K Liability
- $1MM Dwelling / $500K Personal Property / $1MM Liability
- $250K Dwelling / $125K Personal Property / $200K Liability
- $500K Dwelling / $250K Personal Property / $300K Liability
- $750K Dwelling / $375K Personal Property / $500K Liability
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
| Existing Construction (2000) | Annual Premium$8,770 |
| New Construction (2023) | Annual Premium$4,234 |
Average Cost of Home Insurance in Florida by Claims History
In Florida, homeowners who have maintained a claim-free record for over five years can expect an average annual premium of $8,770 for their homeowners insurance. However, those with one claim in the past five years will see their premiums rise to an average of $9,083, while two claims within the same period push the average cost up to $9,906. This indicates that a history of claims can lead to a noticeable increase in insurance costs, with one claim resulting in an additional $313 annually and two claims hiking the premium by $1,136 above the claim-free rate.
Average Annual Home Insurance in Florida by Claims Experience
Data filtered by:Results filtered by:
Coverage:
- $100K Dwelling / $50K Personal Property / $100K Liability
- $1MM Dwelling / $500K Personal Property / $1MM Liability
- $250K Dwelling / $125K Personal Property / $200K Liability
- $500K Dwelling / $250K Personal Property / $300K Liability
- $750K Dwelling / $375K Personal Property / $500K Liability
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
| Claim free for 5+ years | Annual Premium$8,770 |
| 1 claim in past 5 years | Annual Premium$9,083 |
| 2 claims in past 5 years | Annual Premium$9,906 |
FLORIDA NATURAL DISASTERS AND HOME INSURANCE
In Florida, hurricanes, tropical storms, tornadoes, severe convective storms and wildfires pose the highest risks to homes. Homeowners insurance typically covers wind damage from hurricanes but often excludes flood damage, which can result from the same storm. For wildfires, homeowners insurance generally provides coverage for damage to your property. Look into other insurance policies for additional protection from other natural disasters.
Average Cost of Home Insurance by City in Florida
For the cities we analyzed, we found premiums ranging from $2,525 to $16,798. In Miami, homeowners may pay around $16,393; in Gainesville, the cost is closer to $2,558. Location impacts premiums due to varying risks like weather and crime. City-based pricing differences can be more pronounced than other factors.
Average Annual Home Insurance Premium by City
Data filtered by:Results filtered by:
Coverages:
- $100K Dwelling / $50K Personal Property / $100K Liability
- $1MM Dwelling / $500K Personal Property / $1MM Liability
- $250K Dwelling / $125K Personal Property / $200K Liability
- $500K Dwelling / $250K Personal Property / $300K Liability
- $750K Dwelling / $375K Personal Property / $500K Liability
Coverages:$250K Dwelling / $125K Personal Property / $200K Liability
| Boca Raton | Annual Premium$14,539 |
| Brandon | Annual Premium$4,787 |
| Cape Coral | Annual Premium$7,667 |
| Clearwater | Annual Premium$7,466 |
| Coral Springs | Annual Premium$12,409 |
| Davie | Annual Premium$11,313 |
| Fort Lauderdale | Annual Premium$16,798 |
| Fort Myers | Annual Premium$7,346 |
| Gainesville | Annual Premium$2,558 |
| Hialeah | Annual Premium$15,592 |
| Hollywood | Annual Premium$13,504 |
| Jacksonville | Annual Premium$2,995 |
| Lakeland | Annual Premium$4,204 |
| Lehigh Acres | Annual Premium$7,360 |
| Miami | Annual Premium$16,393 |
| Miami Gardens | Annual Premium$15,651 |
| Miramar | Annual Premium$13,330 |
| Ocala | Annual Premium$3,104 |
| Orlando | Annual Premium$4,048 |
| Palm Bay | Annual Premium$5,746 |
| Pembroke Pines | Annual Premium$12,345 |
| Pensacola | Annual Premium$7,335 |
| Pompano Beach | Annual Premium$14,644 |
| Port St. Lucie | Annual Premium$11,228 |
| Spring Hill | Annual Premium$3,664 |
| St. Petersburg | Annual Premium$7,424 |
| Tallahassee | Annual Premium$2,525 |
| Tampa | Annual Premium$4,913 |
| West Palm Beach | Annual Premium$14,831 |
How to Shop for Home Insurance in Florida
Getting a handle on homeowners insurance in Florida doesn't have to be a chore. You can find a good deal that fits your needs by being smart with your choices and understanding the lay of the land. Here's how to find the best deal for you.
1
Understand Your Needs
Assess how much coverage you need for your home.
2
Compare Quotes
Get the best coverage by comparing quotes online.
3
Check for Discounts
Ask about bundles and discounts to save money.
4
Choose a Deductible
Decide on a deductible that fits your budget.
5
Review the Policy
Make sure you understand the details of your policy.
6
Purchase Insurance
Buy the policy that best suits your needs.
Bundling Home Insurance With Auto Insurance in Florida
Homeowners in Florida can often save on their insurance costs by bundling home and auto policies. Bundling can save you an average of 15% on the combined cost of your policies. While savings can vary, Florida residents have seen up to $653 in discounts when opting for a multi-policy bundle. Remember, the actual savings will depend on individual circ*mstances, but bundling is a smart consideration for those seeking a more economical insurance strategy. Explore the best Florida home and auto bundles to get the most out of multi-policy discounts.
Home Insurance Discounts in Florida
Florida homeowners can tap into several insurance discounts to lower their premiums.
- Impact-resistant windows, garage doors and exterior doors: Installing these can reduce windstorm damage risk.
- Home security systems: Enhanced security may lower burglary and damage risks.
- Roof upgrades: Modern, more resilient roofing materials and other upgrades can lead to discounts.
Remember, to maximize savings, inquire about potential discounts when requesting a quote.
FAQ: Homeowners Insurance in Florida
On average, what is the cheapest insurer in Florida?
Nationwide offers the cheapest average premium in Florida at $3,485. Find more affordable options by reviewing the cheap national providers.
Why is homeowners insurance so expensive in Florida?
Homeowners insurance is expensive in Florida due to a combination of increasing natural disasters, rising construction costs, legal system abuse and high reinsurance expenses. Frequent hurricanes and severe storms elevate the risk of significant property damage, driving up insurance costs. Additionally, higher prices for construction materials and labor, along with legal challenges and fraud, increase insurers' operating expenses. Lastly, the cost of reinsurance for Florida insurers has more than doubled, which insurers pass on to homeowners in the form of higher premiums.
Is hurricane coverage included in Florida homeowners insurance?
Hurricanes, a common natural disaster in Florida, are generally covered by homeowners insurance. Consider purchasing policies for other natural disasters to protect you financially. Hurricanes (as designated by the National Hurricane Center) trigger a separate deductible in your policy from your standard home deductible in Florida. All Florida home insurers must offer hurricane deductible options of $500, 2%, 5%, or 10% of the policy dwelling or structure limits.
What is the biggest factor that impacts the price of homeowners insurance in Florida?
The insurance provider is the biggest factor, with premiums ranging from $3,485 to $15,419.
How much can I save bundling my home and auto insurance in Florida?
Bundling can save you up to $653 on average.
Is flood insurance included in Florida homeowners insurance?
All areas of Florida are prone to flooding year-round, not just during hurricane season. Coastal homes are at the highest risk for flood and may be required to purchase flood insurance. Flood insurance is not typically included in a standard home policy, but it can be purchased through the National Flood Insurance Program, a private flood insurer or through a standard home insurer if they offer it as an endorsem*nt.
Is there currently an insurance crisis in Florida?
There is an ongoing property insurance crisis in Florida due to legal system abuse and claim fraud. There were seven residential insurer insolvencies between February 2022 and 2023. However, there have since been legislative actions to improve the market, and seven new insurers are entering the market in 2024. The state has seen a successful depopulation of Citizens Property Insurance Corp., the state-backed insurer of last resort, with tens of thousands of policies being taken over by private insurers.
Is homeowners insurance required in Florida?
No, homeowners insurance is not required in Florida. However, if you’re working with a mortgage lender, your lender may require insurance to protect their financial investment.
Additional Resources for Homeowners Insurance in Florida
Understanding homeowners insurance in Florida can be a breeze with the right resources at your fingertips. Whether you're a new homeowner or looking to update your policy, the following list offers a streamlined guide to essential information:
- Florida Office of Insurance Regulation: Official state resource for insurance regulations.
- Affordable Home Insurance in Florida: Find cost-effective options for your home.
- Florida Homeowners Insurance Calculator: Estimate your potential insurance costs.
- High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
- Top Home Insurance Options in Florida: Compare the best insurance providers.
- Personal Property Coverage Essentials: Guide to personal property insurance needs.
- Report Insurance Fraud: Online system for reporting insurance fraud.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
