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Cheapest Homeowners Insurance In Florida

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South Florida Homeowners Insurance

South Florida residents stunned by rising cost of homeowner’s insurance

From Miami and Fort Lauderdale to Palm Beach County and everywhere in the middle, homeowners insurance in South Florida is among the most expensive in the nation due to the number of hurricane hits, amount of claims filed each year and so many other factors that go into pricing homeowners insurance quotes in South Florida.

The fact of the matter is that Floridas average cost of homeowners insurance at $2,043 per year is among the highest in the country, and that number is heavily inflated by premium prices in South Florida. Lets dig in and evaluate how much you can expect to pay for home insurance in South Florida with a county-by-county analysis.

How Can I Lower My Home Insurance Premium

To lower your insurance premium, look for discount opportunities, such as a home and auto insurance bundle. You can also get better prices when you lower your coverage limits, select a higher deductible, maintain a good credit score, renovate your home and remove any risky elements on your property, such as a trampoline or broken fence. When requesting a quote, it also doesnt hurt to reach out to an insurance agent to see what additional savings options may be available to you.

What Is The Average Cost Of Home Insurance In Florida

The average cost of homeowners insurance in Florida is $1,648 per year for a $250,000 dwelling coverage policy. This is about 19% higher than the national average premium of $1,383 per year for the same amount of coverage. However, the average rate in your area may vary drastically depending on your proximity to the coast and other risk factors. The average premium in coastal Miami is $3,090 per year, for example, while homeowners in inland Orlando pay an average of $1,432 per year.

Several additional factors also affect your Florida insurance premium. Your homes location may have the most significant impact on your property insurance rate and the availability of standard coverage. However, the age of your home, roof age, marital status, credit-based insurance score and claims history can also impact your Florida premium.

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How To Get A Homeowners Insurance Estimate In Florida

Home insurance quotes in Florida are not difficult to obtain.

To get a home insurance quote in Florida, begin by reviewing our top-rated Florida insurers and our annual best home insurance companies rankings. Once you’ve narrowed down the list to three to five companies, begin requesting the estimates.

Most insurers offer various quoting options, including online forms, via email, by phone and sometimes even in person if the agent is local.

When requesting quotes, be sure to request the same exact coverage from each insurance company. This will allow you to compare equivalent quotes to determine where to get the best home insurance rates in Florida and the best overall value.

What Is A Deductible

Cheap Homeowners Insurance Florida

A deductible is present in every home insurance policy. It is the amount of money that you pay before your policys coverage kicks in. If your deductible is $1,000, you will pay that amount when repairs are made, even if the repairs cost more. Your provider will pay the rest, up to your predetermined policy limits. Often, choosing a higher deductible will grant you a lower monthly or annual premium.

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Average Cost Of Condo Insurance In Florida

The average cost of condo insurance in Florida is $1,348 per year or $112 per month for $40,000 as personal property coverage with a $1,000 deductible and $100,000 in liability protection. However, rates can vary, based on the insurance company you choose and the zip code you live in.

If you are looking to buy a condominium, condo insurance is an important consideration. Not only does it provide coverage for common areas and appliances in the building but also provides protection for personal belongings and the interior of the unit against damage caused by fire or theft, vandalism, or natural disasters.

Investing in a condo is one of the largest investments you’ll make in your lifetime. Therefore, it makes sense to protect this investment with condo insurance.

Average annual premium
  • Methodology√ó commissioned Quadrant Information Systems to provide condo insurance rates for nearly every ZIP code in the country from up to six major insurers. The applicant profile is of a married, 35-year-old who has filed no claims in five years. Coverage includes dwelling coverage of $50,000, medical payments coverage of $5,000, contents replacement at replacement value and loss of use at 10 percent of personal property limit.


Best Homeowners Insurance Companies In Florida

Going without sufficient homeowners insurance is a no-no, especially in a state like Florida, where hurricanes and extreme weather can pose a significant threat to your property.

The challenge for Florida homeowners is that premiums can differ widely, depending on the carrier, the age and condition of your home, your creditworthiness and other factors. Thats why the experts agree: its a smart move to shop around to look for cheap homeowners insurance and compare policies and coverages from different insurance providers carefully.

But which insurer is the best homeowners insurance in Florida for you? Heres more about the three cheapest Florida homeowners insurance companies, on average:

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What To Do If Your Florida Homeowners Insurance Company Goes Out Of Business

Thousands of Floridians have had to scramble to find new homeowners insurance after their insurers were liquidated, went out of business or simply stopped selling policies in the state.

The states Chief Financial Officer Jimmy Patronis lists 13 Florida insurers in liquidationand that doesnt include the insurance companies that simply closed up shop in the state.

The Florida Insurance Guaranty Association is the state program that temporarily handles payments and claims involving insolvent property and casualty insurance companies. Heres what happens if your insurance company becomes insolvent and files for bankruptcy.

  • A state court enters an order of liquidation.
  • The Florida Insurance Guaranty Association takes over the claims for the company.
  • Policyholders make their due payments to the association and look for a new insurance company.
  • The association handles outstanding claims involving the insolvent company prior to liquidation or within 30 days after the liquidation order unless the policyholder replaces the policy before the 30 days end. The association pays covered claims between $101 and less than $300,000.
  • FIGA also refunds unearned premiums. For instance, if you paid up your insurance for the year, but your policy ends because of the liquidation.

The Best Overall Homeowners Insurance Companies In Florida

Florida homeowners face soaring property insurance rates

In order to find the best home insurance options in Florida, MoneyGeek examined 10 providers within the state based on their customer satisfaction, claims ratings, financial stability and affordability.

  • State Farm: MoneyGeek score of 85 out of 100
  • Allstate: MoneyGeek score of 85 out of 100

Although State Farm and Allstate rank equally across multiple categories, according to J.D. Powers scoring system, State Farm has a slightly higher customer satisfaction score of 4.01 than Allstate whose score is 3.96.

Not included in this analysis, however, is USAA, as their policies are only available to military members and their families. This provider ranks 95 out of 100 across the country, making it the best option for home insurance in Florida for eligible military members.

To better understand the credibility of State Farm and Allstate as top-rated insurance providers, MoneyGeek evaluated their unique coverages and discounts.

The Top Home Insurance Companies in Florida

Financial Stability

Allstate ranks first in affordability and second-best overall, with home insurance policies costing an average of $1,612 annually. Homeowners who rent out their homes can take advantage of Home Rental coverage, but note that Contents Replacement Cost coverage will be an additional add-on by request of the policyholder.

Financial Stability

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Cheapest Homeowners Insurance Companies

After in-depth research, our Home Media Reviews Team selected the following top 5 picks for cheap homeowners insurance providers:

We included sample quotes below on a 2,000-square-foot single-family house in Richmond, Va., with a rebuilding cost of around $275,000. Because home insurance pricing depends on your personal information, property details, required coverage and exact location, we recommend getting quotes from a few providers and comparing rates.

  • Our pick for: Fast claims
  • AM Best rating: NR
  • J.D. Power rating: NR

Not only is Lemonade one of the cheapest home insurance companies on the market, its also one of the most accessible, providing a mobile app with AI technology that helps customers sign up for a policy, file fast claims and manage documents.

Pros and Cons of Lemonade Homeowners Insurance

+ Includes specific electronics coverage in standard policies+ Offers coverage add-ons for swimming pool liability and musical instruments+ Offers customizable coverage limits for dwelling, personal property and liability

Has only been in business since 2015 Is only available in 23 states and Washington, D.C.

Sample Annual Premium: $885.00

Lemonade offers discounts for consumers who:

  • Our pick for: Deductible savings
  • AM Best rating:A++
  • J.D. Power rating: 835/1,000

Understand The Difference Between Your Houses Market Value And Insurance Value

Another key to avoiding unneeded coverage is to understand the difference between market value and insurance value.

Also, when you determine your insurance amount, you dont include your land value. Thats because home insurance is based on the cost to repair or replace the house and personal belongings. Whether you own half an acre or 10 acres of land wont make a difference in your houses insurance value.

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Florida Homes At Risk Of Wildfires

Nearly 44% of Florida properties have at least a 0.03% likelihood of being damaged in a wildfire this year, which is more than 3.9 million, according to a First Street Foundation report called Fueling the Flames.

Some Florida counties have seen a jump in wildfire risks over the past 30 years, including Columbia, Jefferson and Sumter counties. The report says environmental changes have led to the increased risk, which includes drought conditions, higher temperatures, lower humidity and drier vegetation.

Why Is Homeowners Insurance Going Up In Florida

Cheap Homeowners Insurance Florida

Make no mistake homeowners insurance rates continue to increase in Florida. Case in point: Insurance regulators are considering raising rates for Citizens Property Insurance Corp. the state-operated carrier of last resort by nearly 11%, which would take effect in August 2022 if approved, according to Miami Herald reporting.

Insurance companies cite the following reasons why homeowners insurance is so expensive in Florida:

  • High rates for reinsurance, which is insurance that backs up insurance companies
  • Water-leak damage claims from non-hurricane causes
  • Claims from recent hurricanes are still being filed, as homeowners have a three-year window to do so.

Two other primary factors are driving the excessive rate increases Florida homeowners are experiencing: rapid roof replacement fraud schemes and runaway litigation, says Friedlander.

Unscrupulous roofers tell homeowners there was recent storm damage in the area and are replacing roofs for free, even when they dont qualify for insurance coverage. The insurer rejects the claim because its not a legitimate insured loss the contractor partners with an unscrupulous attorney to file a lawsuit against the insurer. Even if the case never goes to court, the related expenses are exorbitant for the insurer.

Friedlander explains that Florida is the most volatile private insurance marketplace in the country and is on a trajectory toward collapse due to these roof replacement fraud schemes and runaway litigation.

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How Much Does Home Insurance Claims Increase Your Rates

Some of these factors are beyond your control. One metric that you can influence is claims. Here are the top average home insurance percentage premium increases based on claims:

  • Filing a second fire claim 60%
  • Filing a second theft claim 55%
  • Filing a second liability claim 52%
  • Filing a second water damage claim 50%
  • Filing a second medical claim 34%
  • Filing a second weather claim 29%
  • Filing a fire claim 29%
  • Filing a theft claim 27%
  • Filing a liability claim 25%
  • Filing a water claim 25%
  • Filing a medical claim 18%
  • Filing a weather claim 17%

Homeowners insurance covers claims, but its not always a good idea to file a claim. For instance, say you had an item stolen from your home thats only worth a few hundred dollars and your deductible is $500. In that case, its not worth filing a claim and paying a deductible thats about the same amount as the stolen property. You may also see your home insurance rates increase in that case.

So before filing a home insurance claim, figure out how much youve lost in terms of stolen or damaged items and property. You may find it makes more sense to pick up the loss yourself rather than go through your insurance company.

Why Does Home Insurance Ask About Dogs

Because you could be liable if your dog bites someone, coverage for animal liability may increase the cost of your home insurance. It’s important to note that some insurers won’t cover dog bites regardless of the breed, so you’ll want to consult your policy to see if you’re covered. If not, you can purchase separate insurance for dog bite incidents.

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First American Home Warranty


  • Extensive sample contract is available to view on the website, which details limits of coverage, warranty dollar amount limitations, buyer’s responsibilities, etc

  • May cover issues caused by rust, corrosion, lack of maintenance, sediment, and even pest control in some areas

  • Listing coverage available for sellers

  • Sample policy clearly highlights elements that are not covered

  • Repair jobs are dispatched to service contractors within 4 hours during regular business hours


  • Service fee is $75 for each item

  • Repair or replacement of ice makers, ice crushers, beverage dispensers, and their respective equipment will only be completed when parts are available

First American Home Warranty is suited to anyone who is looking for a fast service, and a wider ranging list of service inclusions.

Anyone living in a townhouse, mobile home or condominium is also able to take advantage of their lower premium offerings.

First American Home WarrantyGet Quote

Do Home Warranty Plans Cover A/c And Heating Units

Homeowners’ insurance rates more than double for Florida residents as roofing scams continue

Most home warranty companies offer a range of different plans at different price points. Some of these include A/C and heating units, while others dont. There may also be occasions when your A/C or heating unit may not be covered, even if you have these systems included in your plan.

Its important to check these details before selecting a plan, and ensure you are covered for the systems and items you need cover for. Ask to see a sample copy of a policy before you commit to a plan.

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Improve Your Home Security

You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. These systems aren’t cheap and not every system qualifies for a discount. Before you buy such a system, find out what kind your insurer recommends, how much the device would cost and how much you’d save on premiums.

Common Home Insurance Perils In Florida

Floridas unique peninsula shape leaves it vulnerable to severe weather events, such as hurricanes, tornadoes, windstorms, and flooding. To account for these added risks, even cheap Florida home insurance quotes tend to be more expensive than in most other states.

Consider these facts about Florida perils:

  • Florida is in the top spot in the National Hurricane Centers list of Top 10 Most Hurricane Prone States, having been hit by over 100 hurricanes since 1851.
  • Florida is one of the seven most likely states in the U.S. to receive damage from sinkholes, according to a U.S. Geological Survey report.
  • Florida holds the number two spot in the list of states that are most at risk of flooding, according to National Flood Services.
  • Florida also has more than its share of tornadoes, averaging 66 in a typical year.

Floridas impressive standings in the various lists of bad weather conditions means that you will likely pay more than average for your policy, although your location in the state can have a significant impact on your premium.

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How Do I Lower My Homeowners Insurance Cost In Florida

Shop around

Shop and compare quotes annually to see if you can get a better deal elsewhere for the same level of coverage. Note that some insurers may charge you a fee for early cancellation.

Seek discounts

Get savings on your insurance premiums by bundling multiple products like your auto and home insurance policies. Discounts can also curtail your premiums. Insurance providers typically list the discounts they offer on their websites. Contact your insurance agent to see if you qualify for lesser-known discount opportunities.

Increase your deductible

Increasing your deductible by $500 to $1,000 could save you as much as 25% on your insurance bill, according to the Insurance Information Institute. Be aware that deductibles can be subtracted from your total coverage amount.

Routinely maintain your home

Claims may significantly increase your premiums and even be grounds for denial. Doing your due diligence by ensuring your systems are working properly and identifying early signs of foundation problems will decrease the likelihood of significant damage.

Fortify your home against wind damage

Fortifying your home’s structure and roof against wind-related damages can qualify you for wind mitigation discounts, says Gregg. Doing so is especially important in Florida, where hurricane events are frequent and damaging.

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