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Cheap Home Insurance in Florida

Picture of Written by <a href="https://rateretriever.com/about/elizabeth-rivelli/"><span style="text-decoration: underline;">Elizabeth Rivelli</span></a>
Written by Elizabeth Rivelli
Written by Katie Dee
Picture of Edited by <a href="https://rateretriever.com/about/alyssa-dicrasto/"><span style="text-decoration: underline;">Alyssa DiCrasto</span></a>
Edited by Alyssa DiCrasto
Edited by Alyssa DiCrasto
Published on 2024-05-20

Read time: 3 min

For homeowners in Florida, having a comprehensive home insurance policy is essential. Many houses in Florida are susceptible to damage from extreme weather, like hurricanes and windstorms. Homeowners insurance covers these risks and others so you’re financially protected if your home or personal belongings get damaged or destroyed. 

Because of Florida’s extreme weather risks, the cost of home insurance is more expensive than in many other states. Additionally, some insurance companies have “pulled out” of high-risk areas in Florida, meaning they are no longer selling new policies to homeowners.  

However, there are ways to find cheap home insurance in Florida. In this guide, we’ll explain how you can find affordable homeowners insurance in the Sunshine State and share some ways to reduce your premium.  

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Why is home insurance so expensive in Florida?

There are a few reasons why homeowners insurance in Florida is so expensive. 

One of the biggest factors is the increasing instances of severe weather. Over the past few years, several major hurricanes have affected many parts of the state, which damaged or destroyed thousands of homes. Because insurance companies have had to settle a significant number of claims, they are raising rates to recoup their losses. 

Additionally, construction costs are getting more expensive in Florida. According to an NPR article about rising insurance rates, construction costs in Florida have risen by almost 40% over the last five years. As homes get more expensive to repair and rebuild, insurance companies are having to provide higher payouts, which affects their bottom line. 

Insuring homes in Florida has become so risky that some major insurance companies, including Farmers Insurance, have stopped insuring homes in the state. Climate change is another factor that is fueling rising home insurance costs in Florida.  

All of these factors combined have made it more difficult for homeowners in high-risk areas to get approved for voluntary coverage. 

How to get cheap home insurance in FL

If you are looking for cheap Florida home insurance, there are a variety of ways to get a lower premium. Use these tips to save money on homeowners insurance in Florida: 

  • Shop around: Before purchasing home insurance, it’s important to shop around and compare quotes from a few insurance carriers. Comparing quotes will help you find the cheapest insurer for your situation and coverage needs. 
  • Look for discounts: Many home insurance providers in Florida offer discounts that can help you get a cheaper premium. When comparing insurers, find out what discounts are available and how much you can save with each one. 
  • Bundle your policies: Most insurance companies offer a generous discount to customers who bundle multiple policies, like home insurance with car insurance or life insurance.  
  • Choose higher deductibles: Certain types of home insurance require a deductible. When you choose a higher deductible, it will reduce your monthly premium. However, it also means that you will receive a smaller settlement if you need to file a claim.  
  • Improve your credit: In Florida, home insurance companies can consider your credit history when calculating your premium. Improving your credit score can help you get a more affordable home insurance premium.  

Cheap home insurance companies in Florida

The cost of homeowners insurance depends on a variety of factors, including your ZIP code, the size of your home, the age of your home, and your policy preferences. Additionally, insurance companies charge different rates for the same type and amount of coverage. Here are some insurance companies that might offer cheap rates in Florida depending on your situation: 

  • State Farm 
  • Nationwide 
  • Tower Hill 
  • Heritage 
  • Chubb 

How much home insurance do I need?

The amount of home insurance you need is different for every individual. However, there are some general recommendations that can help you choose a sufficient amount of coverage. 

Your dwelling insurance coverage limit should match the cost of rebuilding your home back to its original condition in the event of a covered loss. For personal property insurance, pick a coverage limit based on the value of your personal items, like clothing, furniture, and decor. Keep in mind that you might need to add an endorsement to cover valuables. 

For liability insurance, your coverage limit should match or exceed the total value of your combined assets, including investments, savings, real estate, and vehicles. That way, your assets are protected in case of a third-party bodily injury or property damage liability claim. 

Most home insurance companies provide several fixed coverage limits for medical payments insurance and loss of use insurance. Choosing higher policy limits will provide more financial protection, but your rate will be more expensive.  

How to save money on home insurance in Florida

Some of the best ways to save money on home insurance in Florida include taking advantage of discounts, bundling your policies, paying your annual premium in full, installing safety features in your home, and shopping around to compare quotes. You can also take our short quiz to see how much you can expect to pay for home insurance and get matched with quotes from some of the top insurers in Florida. 

Why is homeowners insurance so hard to get in Florida?

It can be difficult to get homeowners insurance in Florida because many homes are susceptible to storm damage. For example, if your home is located along the coast, there is a higher likelihood of damage from hurricanes and tropical storms. Insurance companies want to avoid insuring high-risk homes, so you might have trouble finding an insurer to underwrite your policy.   

FAQs

Does homeowners insurance cover hurricanes? 

Most standard homeowners insurance policies do cover hurricanes, including damage from wind and rain. However, your coverage may vary depending on your location. For instance, if you live in an area that is prone to hurricanes, like Miami, you might be required to purchase a separate windstorm insurance policy. Additionally, many home insurance policies in Florida have a hurricane deductible that applies to hurricane-related claims.

Does homeowners insurance cover flooding in Florida?

No, homeowners insurance almost never covers flooding in Florida or in any other state. If your home is located in a flood zone, it’s a good idea to purchase a separate flood insurance policy. You can purchase flood insurance through the National Flood Insurance Program (NFIP) or through an insurer that sells private flood insurance.

Does homeowners insurance cover sinkholes in Florida? 

In Florida, all home insurance companies are required to cover catastrophic ground cover collapse, which includes sinkholes. However, whether or not a sinkhole-related claim is covered will depend on the ground on your property or underneath your home. Just because your home insurance policy includes sinkhole coverage does not guarantee that all sinkhole claims will be covered. It’s a good idea to read the fine print of your policy to learn more about the coverage requirements for sinkhole claims.