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Average Florida Home Insurance Cost

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Home insurance costs continue to rise in Florida

While you canât pick up your home and move it to a new location, you can opt out of adding things to your home that may raise your premium. For example:

  • Swimming pools usually raise the cost of your coverage because they increase your liability exposure.
  • Trampolines, while fun, are injuries waiting to happen. Trampolines raise your risk of visitor injuries and so increase your liability coverage needs.

Why Universal Property Tops Our Best List

We like Universal Property thanks to its flexible underwriting criteria. It offers coverage to high-risk homeowners who might struggle to qualify with other insurers a valuable benefit when so many homes are located in hurricane-prone areas throughout the state.

You also have the option of adding tree and debris removal coverage to your policy something youd likely want to consider with the high number of thunder and lightning storms the state sees each year. And you can score discounts for fortifying your home with windstorm protective devices, meaning youre saving money while keeping your family safe. Talk about a win-win.

Cost Factors You Can Control

The following factors impact your home insurance costs, but you can tinker with them to make your policy more affordable:

  • Your coverage types and amounts. The more coverage you have, the more the policy will cost. Thatâs why itâs smart to comparison-shop and weigh the amount of coverage against the cost of coverage. Ideally, you will look for a policy that offers the maximum amount of coverage at the most affordable price.
  • Your deductibles. Typically, the higher your deductible amount, the lower your premium. Thatâs because when you accept a higher deductible, your insurer will simply have to pay out less for a claim.
  • Yourhomeowners insurance discounts. Ask your insurer about every discount you may qualify for. With Kin, Florida residents are eligible for wind mitigation discounts, claims-free discounts, fire and security alarm discounts, and more.
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    Budgeting For The Monthly Cost Of Home Insurance

    Insurance is designed to save you money in the event of misfortune, but its still a monthly expense that must be built into your budget. Comfortably making these monthly payments entails creating a spending plan and sticking to it, ideally with the help of an expense tracking plan alongside it.8 Its important to remember that you can take your insurance rate into your own hands, however. Improving your home security, modernizing your heating, plumbing and cooling systems, and checking for any additional discounts you may qualify for are all ways to drop your monthly home insurance rate.

    Remember, dependable homeowners insurance shouldnt have to strain your budget. There are plenty of opportunities to save, such as bundling your auto and homeowners policies. Take a look at some of the insurance discounts Nationwide has to offer.

    Cheapest Home Insurance Rates In Miami

    Average Cost Of Home Insurance In Tampa Fl

    State Farm offers the cheapest homeowners insurance rates in Miami, $274 a month, slightly lower than Tower Hills rate of $276 a month and considerably lower than Universals rate of $329 a month.

    The average rate of homeowners insurance in Miami works out to $412 a month, which is more than double the state average. In general, the susceptibility to extreme weather events make home insurance more expensive in Miami and neighboring South Florida communities than it is in other parts of the state.

    Cheapest home insurance in Miami

    Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

    Also Check: How To Get A Home Insurance Quote

    Florida Department Of Insurance

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

    Looking for more insurance in Florida?

    How Much Do Florida Homeowners Insurance Rates Increase After A Claim

    This depends on many factors.

    The variables can vary from the type of coverage you have to your deductible level to the type of loss whether its a fire, water-related, or act-of-God loss, explains Kenneth Gregg, CEO for Orion180 in Melbourne, Florida.

    According to Carolyn Rummel, president of Meadowbrook Insurance Agencys Sarasota office, homeowners policies work a little differently than auto policies because there arent always surcharges for claims as there would be if you were involved in an automobile accident.

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    Why Do I Need Hurricane Windtorm Insurance

    Florida is at significant risk for hurricanes every year, and the damage can be costly. Five of the 10 most costly U.S. hurricanes based on insured losses have impacted the Sunshine State, according to the III.

    And there is nowhere to hide if you are a Florida homeowner. More than 75% of the states population lives in a coastal county, putting these residents in danger of a hurricanes high winds and storm surge. Even inland areas, such as Metro Orlando, can sustain significant wind and flood damage from a tropical system.

    How To Save On Home Insurance Coverage

    Here’s why home insurance costs continue to rise in Florida

    Regardless of where you live or what type of home you have, there are ways to save on what you pay for home insurance. Here they are:

    Compare insurance quotes: Be sure to compare home insurance quotes from at least three companies for the same insurance coverage at least once a year. The best company for you today might not be down the road if your circumstances change, say you remodel your home, your credit score changes or you have to file a claim. Even if your homeowner profile remains unchanged, you can save on your insurance rate by comparing insurance quotes because the price for identical insurance policies will differ significantly among carriers.

    Get all the discounts that match your homeowner profile: There are lots of home insurance discounts that insurance companies offer that can lower your rate, including those for new homes, upgrades, security and monitoring features and paying online. One of the biggest price breaks you can get is from bundling your auto insurance with your home insurance. You can save, on average, 17% or about $730 annually, when you bundle home and auto insurance. Thats based on a 2021 rate analysis of over 50 car insurance and home insurance companies rates for those who bundle home and auto insurance.

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    Average Rates In Top 10 Cities Most At Risk Of Climate Change

    Florida, Texas, and Louisiana are just some of the states most vulnerable to climate change. And homeowners throughout these states are feeling the effects not only in the increase in severe weather, but in the cost of home insurance.

    Whether being battered by hurricanes, tornadoes, or excruciating heat, many cities that made our top 10 list of the Worst Cities for Climate Change are seeing home insurance rates as much as 89% higher than their state average.


    Whats Not Covered By Homeowners Insurance

    Common exclusions found in a standard Florida home insurance policy include events like power failure, floods, earth movement , neglect, wear and tear, bird, vermin and insect infestations and intentional loss.

    Its always wise to review your policy closely to understand what is excluded from coverage.

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    Related Topics & Resources

    Nationwides relationship with Axos Bank gives Nationwide members access to Axos Banks banking products and services.All banking products and services are solely offered and provided by Axos BankTM.Axos Bank is a federally chartered savings bank, and all deposit accounts opened with Axos Bank, including those of the same ownership and / or vesting held at Axos Bank, are combined and insured by the FDIC under the same FDIC Certificate 35546. .

    Programs are subject to change without notice. Specific costs or fees for a banking product or service received from Axos Bank may apply and will be provided in a separate disclosure to you.

    Reasons Why Rates Are So Low In Some Areas

    Average Cost Of Mobile Home Insurance In Florida

    Hawaii ZIP code 96859 has the lowest average homeowners insurance cost in the nation, but dozens of other Hawaii ZIP codes are also among the cheapest in the country. So, why does Hawaii have such low home insurance rates? It may be that standard home policies in Hawaii do not absorb high claims costs for hurricane damage.

    One major factor in Hawaii is the fact that most standard homeowner insurance policies do not cover hurricane damage. Hurricane Iniki, which hit in 1992 did so much damage that the majority of insurers excluded hurricane damage from their coverage. Homeowners in Hawaii now have to purchase a separate hurricane damage policy, says Michael Barry, spokesman for the Insurance Information Institute.

    Barry also points to Hawaiis underwriting laws, which prohibit the use of credit ratings. The fact that Hawaii does not consider credit ratings could also be a factor, he says, but probably has a bigger impact on car insurance rates than homeowner premiums.

    Other locations on the cheapest list are low compared to the rest of the country, in part, because of the following factors:

    • Few major weather-related losses.
    • Relatively few major liability lawsuits.
    • Many well-organized neighborhood watch groups.

    Barry agrees, saying, in general, that Neighborhood watches are a factor that would be considered by insurers and can have an impact on rates. These groups help prevent vandalism and theft leading to fewer claims, and lower rates.

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    Cost Factors That Are Largely Out Of Your Hands

    The following variables are often fixed but have a significant impact on your home insurance rates:

  • Where you live. Your location has the biggest impact on your premium. Chances are youâll pay a higher rate if your home is in an area prone to catastrophes like hurricanes and wildfires. If your home is remote and far from fire stations and emergency services, your rate may be higher. And if youâre in an area with a high rate of property crimes, that can drive up your cost, too.
  • Claims history. While you can contest your claims record in certain situations and not all types of claims have the same impact on your rates, a checkered claims history will increase your premium. Luckily, claims do fall off your record eventually.
  • How old your home is. An older home with outdated plumbing and older wiring can increase your premiums or make a home ineligible for coverage. While you canât change the construction date of your home, you can make updates that make the home safer and more affordable to insure.
  • The cost to rebuild your home. If you have a sprawling, high-value house that is custom-built, itâs going to cost more to insure it for its replacement cost. In the event of a total loss, both the quantity and the quality of materials may cost more at the current market value to match what you originally had.
  • Average Cost Of Homeowners Insurance Through The Years


    Insurance Information Institute& 2019 National Association of Insurance Commissioners

    That said, your individual costs depend on several factors:

    • Where you live and your regionâs weather-related risks
    • The amount of coverage you carry
    • The characteristics of your home
    • Your deductible
    • Your background
    • And more

    These variables mean that the cost of home insurance fluctuates â a lot. Thatâs why answering questions like, âWhat is a good price for home insurance?â isnât always straightforward. Your stateâs averages likely offer a more helpful impression of the baseline price for home insurance in your area. Letâs take a look.

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    Florida Homeowners Pay Nearly 3x National Average For Homeowners Insurance

    TAMPA BAY, Fla. The price to live in paradise is getting higher for homeowners. A new analysis found that Floridians are paying property insurance premiums nearly three times the national average.

    The latest analysis from the Insurance Information Institute found Florida homeowners are paying an average premium of $4,231 for insurance, compared to the U.S. average of $1,544.

    That gap is just increasing further and further. And in terms of average percentage increases, we’re seeing well over 30% averages in Florida. The average in the U.S. is under 10%, explained Mark Friedlander, a spokesperson for the Insurance Information Institute.

    On top of that, we’re now learning the impact on the state-backed insurance provider, Citizens Insurance Corps which is currently dealing with nearly 20,000 lawsuits a direct correlation of the number of policies theyve added in the last year.

    Our policy count as of Friday, June 17 was 899,642 and I can tell you with confidence that we are over 900,000 by today, Citizens Spokesperson Christine Ashburn told ABC Action News Wednesday morning.

    Florida as a whole had about 100,000 lawsuits against insurance companies last year, while other states combined had about 20,000. Insurance company CEOs have said these lawsuits are why so many companies are going bankrupt, raising premiums, and canceling coverage sending more and more residents to Citizens.

    The board of governors will make their decision in a meeting on July 13.


    Best For Price: Travelers

    Florida homeowners pay nearly 3x national average for homeowners insurance

    Travelers had the cheapest Florida home insurance rate, $1,762, which is more than half the state average of $3,643. Travelers also offers:

    • Green home coverage, which pays for green materials when rebuilding or repairing your home.
    • Identity fraud expense reimbursement coverage pays up to $25,000 for costs incurred to restore your identity.
    • Policy management from an Alexa.
    • Flood insurance.

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    How Much Is Homeowners Insurance On A $400 000 House

    The average annual rate for a home with $400,000 in dwelling coverage and $100,000 in liability and $1000 deductible is about $4000, according to a rate analysis by However, the rates may vary depending on where you live. Homeowners in Oklahoma pay the highest rate for a home insurance policy. Its average rate for a $400,000 house is $4,938 a year thats $2,229 more than the national average of $2,709.

    Reasons Why Home Insurance Rates Are So High In Some Areas

    Its likely no surprise that many of the most expensive ZIP codes for home insurance are in states that experience lots of severe weather. The most expensive ZIPs in Louisiana, Mississippi, Alabama, Texas, South Carolina, and Massachusetts are all coastal areas prone to catastrophic storms that are costly to insurers, who then pass that cost to homeowners. Texas, Kansas, Oklahoma, Florida, Alabama, and Mississippi have lots of tornadoes as well. Naturally, the more claims paid out by insurers for damage due to wind, hail, and flooding, the higher home insurance rates will be for everyone.

    Homeowner rates are based on actual and anticipated losses across the state so if a state is prone to natural disasters, it will push up the cost of insurance for everyone in the state, says Barry. It will have the biggest impact on areas where natural disasters tend to hit most often, coastal areas for example.

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    Additional Ways To Save On Home Insurance

    Here are a few additional ways you can lower your home insurance rates.

    Senior Editor & Licensed Home Insurance Expert

    Kara McGinley is a senior editor and licensed home insurance expert at Policygenius, where she writes about homeowners and renters insurance. As a journalist and as an insurance expert, her work and insights have been featured in Kiplinger, Lifehacker, MSN,, and elsewhere.

    Expert reviewer

    Licensed Property & Casualty Insurance Expert

    Fabio Faschi is a licensed property and casualty insurance agent. His expertise on home and auto insurance has been featured on Forbes, Consumer Affairs,, Apartment Therapy, SFGATE, Bankrate, and Lifehacker.

    Questions about this page? Email us at .

    32 Old Slip, 30th Fl New York, NY 10005

    How Much Is Condo Insurance

    Average Home Insurance Cost In South Florida

    The average condo insurance cost is $625 nationwide, for $60,000 in personal property coverage, with a $1,000 deductible, and $300,000 in liability protection the limits of a typical policy.

    But thats based on just one of the eight coverage sets provided in the condo insurance calculator below. Your particular condo H0-6 insurance cost will depend on your coverage limits and deductible, and the value of your possessions, among other factors.

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    Average Home Insurance Cost By Credit Tier

    In some states, your credit score could be used as an insurance rating factor. Credit scores can be an indicator of risk, as studies show that those with lower credit scores tend to file more claims compared to those with higher credit scores. For this reason, home insurance for people with bad credit is more expensive compared to those with average, good and excellent credit scores.

    Not all states factor in credit scores, however. California, Hawaii, Maryland, Michigan and Massachusetts do not allow the use of credit scores for insurance rating purposes, while Washington is currently deciding on a temporary ban.


    How Much Insurance Do You Need For A Condo

    If your condo is subject to bare-walls rules, assigning a replacement value to the interior can be challenging, because the value of your individual condo is partially based on the common features such as the building exterior, as well as a swimming pool and other amenities.

    The exact dollar amount of coverage you need also depends on other factors, such as:

    • Construction costs in your area
    • The type of materials used in your condo
    • The value of your personal possessions

    If you’re struggling to put a dollar figure on the amount of coverage you need, talk to your insurance agent. Powell says it is always better to buy too much coverage rather than not enough.

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