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The Best and Cheapest Homeowners Insurance Companies in Florida

The Best and Cheapest Homeowners Insurance Companies in Florida

To find the best homeowners insurance in Florida, we reviewed major insurers and collected thousands of quotes from across the state.

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We found that the best homeowners insurance rates in Florida are $519 per year. However, we recommend that homeowners also compare the quality of service and coverage options that different companies provide. We took a close look at those factors to identify a handful of home insurers who offer the best coverage in the Sunshine State.


Best for most people: State Farm

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Best for hurricane-related coverage: UPC

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Lowest rates: Security First

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Best for high-value homes: Chubb

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Best for most people: State Farm

Affordable rates, reliable service and financial strength come together at State Farm to make it the best option for most Florida homeowners.
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State Farm is our overall favorite for home insurance in Florida and the one we recommend for most homeowners. At an average price of only $710 per year, State Farm was 58% less expensive than the average Florida insurer statewide. The company also has strong customer service, with fewer registered complaints than most competitors.

State Farm is also a national insurer with unsurpassed financial strength. It has a maximum rating of "A++" from A.M. Best, indicating an ability to pay out insurance claims regardless of economic changes or widespread disaster. State Farm's large scale also enables it to spread its risk across the country.

This means that even if a hurricane inflicts billions of dollars in damage on Florida homes, State Farm's business as a whole will be able to absorb the sudden increase in claims. State Farm is also a good choice if you're looking for a one-stop shop for insurance. Besides homeowners insurance, State Farm also sells a broad set of other policies and financial products in Florida:

  • Auto insurance
  • Renters insurance
  • Flood insurance
  • Life insurance
  • Health insurance
  • Checking accounts
  • Savings accounts

Best for hurricane-related coverage: UPC

UPC offers good features for coastal homeowners who need coverage against storm-related perils, although its user reviews indicate room for improvement.
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If you need a company that has specific expertise in insuring coastal property, we recommend United Property and Casualty (UPC). UPC specializes in policies for homes located near the ocean. The company's upper-tier packages include coverage for water backup and refrigerated contents, two common consequences of major storms.

UPC also provides options for insuring your home against flooding, which a standard home insurance policy won't cover. While most Florida home insurers only sell government-sponsored NFIP flood insurance, UPC also offers private flood insurance by NFS Edge. Private flood policies aren't defined by the government, which can mean lower premiums or more coverage than an NFIP policy.

With an average annual premium of $1,359, UPC also has cheaper-than-average rates among Florida insurers. On the other hand, it also had more complaints filed against it with the FL Office of Insurance Regulation (FLOIR) than the statewide average, suggesting more people were unhappy with UPC's handling of claims or other services.

Best for lowest rates: Security First

Security First had the lowest homeowners insurance premiums we found in Florida, but offers few other features or benefits.
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For Florida homeowners focused on the lowest possible rates for homeowners insurance, we recommend Security First and its average premium of $519 per year. This was less than one-third of the average rate we calculated statewide, beating the second-best rate of $209 at State Farm.

However, Security First doesn't offer much else besides the low rate. It doesn't include any coverages beyond the basics you'd find at any home insurance company. In addition, the company's customer service record is below average: Security First had 33% more complaints registered with the FLOIR than the average Florida home insurance company.

Best for high-value homes: Chubb

Chubb's high-cost, high-value insurance offerings make sense if you're willing to shell out for the best possible coverage.
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Owners of high-value homes in Florida should start with Chubb insurance, which is well-known for its impeccable customer service and premium coverages such as extended replacement cost — which pays the cost to repair or replace an item if its replacement cost increases beyond normal. For example, extended replacement cost coverage may pay for extra labor costs if there's a labor shortage after a major disaster.

Other unique benefits with Chubb include its cash settlement option, which gives you the option of taking an all-cash settlement in case of a covered total loss. This provides the freedom to walk away from a destroyed property without needing to rebuild. Chubb also provides complimentary home appraisals and advice to secure your home against fire or theft.

Chubb customers usually pay higher premiums than average, but we found that the company's rate for each dollar of coverage was actually 26% cheaper on our sample home. However, Chubb's high minimum coverage requirements mean that it's only available to insure more expensive properties.

The best-reviewed home insurance companies in Florida

When considering an insurance company to protect your home, it's important to look beyond quoted prices to other factors like customer service and financial stability. An affordable insurance company may not be worthwhile if it ends up providing careless service or undervaluing your claim.

To investigate these factors, we collected Florida-specific and nationwide complaint scores which show how the most popular insurers stack up both nationally and compared to other companies in the state. Note that homeowners insurance complaints happen much more frequently in Florida than in other states, so companies that operate nationwide may have a disproportionately low NAIC complaint ratio.

Rank
Insurer
NAIC complaint ratio
FLOIR complaint index
Demotech rating
A.M. Best rating
1Universal Property and Casualty8.631.26A (exceptional)--
2State Farm2.010.44--A++
3Tower Hill4.50.95A (exceptional)A-
4Citizens Property11.842.65----
5FedNat5.760.84A (exceptional)--
6Heritage Property Insurance6.371.13A (exceptional)--
7USAA0.150.05--A++
8UPC Insurance7.051.84A (exceptional)--
9Security First12.861.33A--
10Progressive/ASI2.20.33--A+

NAIC complaint ratio refers to complaints nationwide, while FLOIR focuses on Florida. Demotech and A.M. Best ratings indicate insurers' financial strength and ability to fulfill customer claims.

The cheapest home insurance companies in Florida

We surveyed 14 of the largest homeowners insurance companies in Florida in order to find the companies with the best rates. In our research, we collected quotes for a home with $214,000 of dwelling coverage — the median value of an owner-occupied home in Florida — for every ZIP code in the state.

We found a surprising range of premiums. The cheapest Florida home insurance companies offered rates well under $1,000 per year — $519 at Security First and $710 at State Farm.

Bar chart showing the most affordable homeowners insurance options in FL

Bar chart showing the most affordable homeowners insurance options in FL

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On the other hand, some insurers were drastically more expensive. Citizens Property, a government-run nonprofit that provides insurance to people who can't get coverage on the private market, charges a staggering $5,144 per year — more than double the statewide average and about five times more than the cheapest option.

What risks do homeowners face in Florida?

Florida's position on the Gulf Coast leaves it vulnerable to several major insurance perils, resulting in the highest homeowners insurance costs in the nation. Here are the most common and expensive perils to look out for when buying home insurance.

Wind damage

High winds caused by storms and hurricanes are one of the most frequent and costly causes of property damage in Florida. Fortunately, wind damage is almost always covered by homeowners insurance, regardless of what type of policy you have. The only exception is that some coastal homes that are especially susceptible to wind damage may need to purchase a special wind endorsement.

The good news is that state law requires insurers to offer discounts for homeowners who purchase and pass a wind mitigation inspection. This inspection is entirely optional, but the resulting discounts on your home insurance can easily make up for the upfront cost if you pass. If you don't, it's a good way to identify where you can invest to reduce your home's risk of storm damage.

Flood damage

Besides wind, flooding and other water damage is one of the most common perils Florida homeowners face. Unfortunately, water damage due to rain and flooding is usually not covered by homeowners insurance policies. If you live in an area with a high risk of flooding, such as at a low elevation or near the coast, we strongly recommend that you purchase flood insurance. Depending on where you live, it may even be a requirement in order to qualify for certain types of home loan.

{"backgroundColor":"white","content":"\u003C\/p\u003E\n\n\u003Cp\u003EFlorida's position on the Gulf Coast leaves it vulnerable to several major insurance perils, resulting in the highest homeowners insurance costs in the nation. Here are the most common and expensive perils to look out for when buying home insurance.\u003C\/p\u003E\n\n\u003Ch3\u003EWind damage\u003C\/h3\u003E\n\n\u003Cp\u003EHigh winds caused by storms and hurricanes are one of the most frequent and costly causes of property damage in Florida. Fortunately, wind damage is almost always covered by homeowners insurance, regardless of what type of policy you have. The only exception is that some coastal homes that are especially susceptible to wind damage may need to purchase a special wind endorsement.\u003C\/p\u003E\n\n\u003Cp\u003EThe good news is that state law requires insurers to offer discounts for homeowners who purchase and pass a \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"wind mitigation inspection\" href=\"https:\/\/www.valuepenguin.com\/homeowners-insurance\/florida-wind-insurance\"\u003Ewind mitigation inspection\u003C\/a\u003E\u003C\/span\u003E. This inspection is entirely optional, but the resulting discounts on your home insurance can easily make up for the upfront cost if you pass. If you don't, it's a good way to identify where you can invest to reduce your home's risk of storm damage.\u003C\/p\u003E\n\n\u003Ch3\u003EFlood damage\u003C\/h3\u003E\n\n\u003Cp\u003EBesides wind, flooding and other water damage is one of the most common perils Florida homeowners face. Unfortunately, water damage due to rain and flooding is usually not covered by homeowners insurance policies. If you live in an area with a high risk of flooding, such as at a low elevation or near the coast, we strongly recommend that you purchase \u003Cspan\u003E\u003Ca class=\"ShortcodeLink--root ShortcodeLink--black\" title=\"How Much to Spend on Flood Insurance\" href=\"https:\/\/www.valuepenguin.com\/average-cost-flood-insurance\"\u003Eflood insurance\u003C\/a\u003E\u003C\/span\u003E. Depending on where you live, it may even be a requirement in order to qualify for certain types of home loan.\u003C\/p\u003E\n\n\u003Cp\u003E","padding":"double"}

Cost of Florida insurance: City-by-city breakdown

In addition to our analysis of every ZIP code in the state, we also looked at the cost of home insurance for the 54 cities in the state with populations over 50,000 people. Each city's rate is based on the average of every standard (non-P.O. box) ZIP code located in that city. Rates are based on a home insured for $214,000 and built in 1987.

City
Average cost
% Difference from statewide average
Boca Raton$2,15224%
Boynton Beach$2,15724%
Bradenton$1,061-39%
Cape Coral$1,432-18%
Clearwater$1,212-30%
Coconut Creek$3,34192%
Coral Springs$3,37694%
Davie$3,35293%
Daytona Beach$1,103-36%
Deerfield Beach$3,14181%
Delray Beach$2,12122%
Deltona$1,112-36%
Show All Rows

Will my insurance policy be canceled?

It's generally rare for home insurance policies to be canceled, except in cases of fraud, too many claims or increased risk. But the risks of insuring Florida homes have been increasing. Three Florida home insurers, Universal Insurance Company of North America (UICNA), Gulfstream and Southern Fidelity, announced that together they would be dropping over 50,000 current customers. Those include the riskiest homes, which may have older roofs or wiring.

You should be notified in advance to give you time to find a new policy, but it never hurts to be proactive. Call your insurance agent or customer support if you're worried your policy will be canceled.

Will my home insurance rates go up?

Yes, home insurance rates typically increase every year to keep up with both inflation and risks. And Florida homeowners have faced increasing storm damage, which tends to increase rates over time. Florida home insurance rates have increased by 33% since 2016, compared to the national average of 11%.

It's a good time to shop around for a new policy if you get a notice that your premiums are going up. Since each insurer decides how much to change rates every year, you might find a better deal from another insurer.

Which company has the cheapest home insurance in Florida?

Security First had the lowest rates for homeowners insurance in Florida, with the cheapest annual quote of $519. State Farm came in second at $710 per year, and this company has stronger customer satisfaction scores and is available nationwide. Your actual rates will depend on your property value, location, typical risks, past claims and other factors.

Why is Florida home insurance so expensive?

Florida homes face some extra risks you won't find in every state, including storms, hurricanes and flooding. Insurance companies base their rates on risk, which is why home insurance premiums are higher in states with higher risks of property damage.

What is the average cost of homeowners insurance in Florida?

The average annual rate for Florida home insurance is $1,727, compared to the national average of $1,445. That means Florida home insurance premiums are 20% more expensive.

How do I get cheap home insurance in Florida?

Get quotes from multiple insurers to find your best rate. Make sure you're comparing equivalent coverage types and amounts across policies. You can also adjust your policy by lowering your coverage limits or raising your deductible. Just make sure you're not underinsured and you can still afford your deductible.

Methodology

For our statewide study, we collected insurance quotes from 14 of the largest home insurance providers in the state of Florida. Those insurers were:

  • Universal Property and Casualty
  • State Farm
  • Tower Hill
  • Citizens Property
  • Heritage Property Insurance
  • UPC Insurance
  • Security First
  • Progressive/ASI
  • Florida Peninsula Insurance
  • Homeowners Choice
  • St. Johns
  • Chubb
  • American Integrity Insurance
  • Allstate

For each insurer, we collected a quote for a sample house in every ZIP code in the state, providing a comprehensive look at insurance costs statewide. Our sample policy was for a 2,100 square foot home with $214,000 of dwelling coverage built in 1987.

ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.

Andrew Hurst

Andrew Hurst is a Data Writer at ValuePenguin who reports on insurance. His analysis has been featured in Forbes, MSN, USA News and Fox News, among others. He's also appeared in interviews broadcast by ABC and the CW. He previously taught composition and research at Wright State University.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.