The Best and Cheapest Homeowners Insurance Companies in Florida
The Best and Cheapest Homeowners Insurance Companies in Florida
We found that the best homeowners insurance rates in Florida are from Security First at $519 per year.
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The average annual rate for Florida home insurance is $1,727 per year. You could save $1,000 or more by comparing quotes from multiple companies.
To find the best homeowners insurance in Florida, we reviewed major insurers and collected thousands of Florida quotes. Security First offered the cheapest rates, but we recommend homeowners also compare service and coverage from different home insurers to find the best coverage in Florida.
Best for most people: State Farm
State Farm is our recommendation for best home insurance in Florida for most homeowners. At an average price of only $710 per year, State Farm was 58% less expensive than the average Florida insurer.
State Farm has strong customer service, with fewer registered complaints than most competitors. This national insurer received the highest score of "A++" financial strength from AM Best, meaning the company should be able to pay out future insurance claims.
Home insurance coverage options from State Farm include earthquake, sewer backup and flood coverage. State Farm is also a good choice if you want to save by bundling policies like home and auto insurance.
Cheapest rates: Security First
For Florida homeowners focused on the lowest possible rates for homeowners insurance, we recommend Security First with an average rate of $519 per year. This was less than a third of the state's average rate of $1,727.
However, Security First is only a good pick if budget is your only deciding factor. You'll get bare-minimum coverage that you'd find at any home insurance company, such as coverage for your property, other structures and personal belongings.
And the company's customer service record is poor, with 33% more complaints from the Florida Office of Insurance Regulation (FLOIR) than the average Florida home insurance company.
Best for hurricane-related coverage: UPC
If you need a company with expertise in insuring coastal homes, we recommend United Property and Casualty (UPC). With an average annual rate of $1,359, UPC also has cheaper-than-average rates among Florida insurers.
UPC has some of the best policies for homes near the ocean. The company's upper-tier packages include coverage for water backup and refrigerated contents, two common consequences of major storms.
And while most Florida home insurers only sell government-sponsored flood insurance from the National Flood Insurance Program (NFIP), 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.
On the other hand, UPC also had eight times more complaints filed against it with the FLOIR than the statewide average, with many complaints about UPC's claims and support.
Best for high-value homes: Chubb
Owners of high-value homes in Florida should start with Chubb insurance, which is well known for its impeccable customer service and some of the best coverage you can find.
Chubb customers usually pay an average annual premium of $1,272, but we found that you can add higher coverage limits for the same price or cheaper than other companies. However, Chubb's high minimum coverage requirements mean that it's only available to insure more expensive properties, typically around $750,000 depending on the state.
Premium coverages include complimentary home appraisals and extended replacement cost, which pays the cost to repair or replace an item even if its replacement cost is more than your policy limit. For example, this could pay for upgrades to meet newer building codes. Cash settlement coverage gives you the option of taking a payout if you want to walk away from a destroyed property instead of rebuilding.
The best home insurance companies in Florida
USAA, Progressive and State Farm were the best-rated Florida home insurance companies based on customer complaint scores.
When considering the best insurance company to protect your home, it's important to look beyond quotes 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 show how the top insurance companies compare for customer suppport, we collected Florida-specific and nationwide complaint scores.
Insurer | FLOIR index | NAIC index | Financial strength |
|---|---|---|---|
| USAA | 0.05 | 0.15 | A++ |
| Progressive (ASI) | 0.33 | 2.2 | A+ |
| State Farm | 0.44 | 2.01 | A++ |
| FedNat | 0.84 | 5.76 | A |
| Tower Hill | 0.95 | 4.5 | A- |
NAIC complaint ratio refers to complaints nationwide, while FLOIR focuses on Florida complaints. A score of 0 to 1 is considered good to average. Financial strength ratings are from AM Best ratings for national companies and Demotech ratings for regional insurers, and the scores reflect insurers' ability to pay out customer claims.
Note that homeowners insurance complaints happen much more frequently in Florida, so companies that operate nationwide may have a disproportionately low complaint ratio from the National Association of Insurance Commissioners (NAIC). That's why we ranked our top-rated companies based on FLOIR complaints across the state of Florida.
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.
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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 — three times the statewide average and 10 times more than the cheapest company. However, Citizens is an insurer of last resort whose policies are designed for homeowners who need coverage but can't get affordable rates from any private insurance company.
Insurer | Average annual rate |
|---|---|
| Security First | $519 |
| State Farm | $710 |
| Chubb | $1,272 |
| Allstate | $1,278 |
| Progressive (ASI) | $1,299 |
| Tower Hill | $1,358 |
| UPC | $1,359 |
| Universal | $1,487 |
| St. John's | $1,553 |
| American Integrity | $1,608 |
| Florida average | $1,727 |
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. If you live in Florida, we recommend insuring against the most common and expensive perils 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 any homeowners insurance policy. However, 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 an optional wind mitigation inspection. You'll receive a list of ways to reduce your home's risk of storm damage, and if you pass, you'll get a home insurance discount that more than makes up for the inspection cost.
Flood damage
Besides wind damage, flood damage is one of the most common perils Florida homeowners face. Unfortunately, water damage due to rain and flooding is usually not covered by standard 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 flood insurance. Depending on where you live, flood insurance may be a requirement to qualify for a home loan.
Cost of Florida insurance: City-by-city breakdown
Gainesville had the cheapest home insurance rates in Florida, while Hialeah had the most expensive rates among Florida's major cities.
City | Average cost | Difference from state average |
|---|---|---|
| Boca Raton | $2,152 | 24% |
| Boynton Beach | $2,157 | 24% |
| Bradenton | $1,061 | -39% |
| Cape Coral | $1,432 | -18% |
| Clearwater | $1,212 | -30% |
We compared the cost of home insurance for every ZIP code across the 54 major cities in the state with populations over 50,000. Rates are based on a home insured for $214,000 and built in 1987 based on median Florida home data from the U.S. Census Bureau.
Frequently asked questions
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 Co. 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 get the right amount of coverage 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 study of the best Florida home insurance companies, we collected homeowners insurance quotes from 14 of Florida's largest home insurers:
- Universal Property & Casualty
- State Farm
- Tower Hill
- Citizens Property
- Heritage
- UPC Insurance
- Security First
- Progressive/ASI
- Florida Peninsula Insurance
- Homeowners Choice
- St. Johns
- Chubb
- American Integrity
- Allstate
For each insurer, we collected home insurance quotes 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 based on US Census median home data.
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.
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.