Homeowners insurance is mandatory in Florida if you plan on buying a house or condo. When you buy a home, most lenders will demand you to have coverage. Homeowner insurance, often known as home insurance, protects you financially in case of damage to your home.
To help you get the best homeowner’s insurance in Florida, the reviewers at Home Media have compiled this comprehensive resource that compares the coverage, cost, and benefits of each major carrier.
In Florida, these are the 7 top choices for homeowners insurance.To get the best comprehensive protection, we recommend
- Allstate is our top choice for complete coverage.
- American Family: Our Favorite Online Resources
- Progressive is our choice for bundling.
- AAA: Our Favorite for Club Members
- Chubb is our top choice for high-value homes.
- Secure first: our recommendation for hurricane protection is security.
- Our Choice for Cash Settlements: Lighthouse Property Insurance
According to the Insurance Information Institute, the average cost of homeowners insurance in Florida is $1,960, which is higher than the national average of $1,249. Homeowners’ insurance costs vary depending on location, square footage, and other factors.
Allstate is one of our top overall recommendations for Florida home insurance, with high marks for customer service, coverage, and discounts.
Allstate, founded in 1931, has established itself as one of the nation’s leading insurers in various markets, including home and renters insurance. It has an A- rating from the BBB for customer service and an A+ rating from AM Best for financial strength.
Policyholders enjoy 24-hour customer service from local insurance agents and a useful online portal for claims and policy management.
In addition to standard dwelling, personal property, liability, and guest medical coverage, Allstate provides endorsements such as a green-home improvement discount for environmentally friendly home improvements.
Allstate Home Insurance Benefits and Drawbacks
- + Has the highest J.D. Power rating of the providers in this review, indicating a high level of customer satisfaction
- + Claim Rateguard is a policy rider that guarantees your rates even if you file a claim. Includes useful online resources such as a personal inventory calculator tool.
- – Coverage is not as customizable as some companies’ plans.
- – Quotes are sometimes higher than online-only competitors.
Discounts: include a multi-policy discount, a responsible payment discount, a claim-free discount, a welcome and loyalty discount, a recent home buyer discount, an Easy Pay Plan discount, a protective device discount, and an early signing discount.
Endorsements: include identity theft recovery, green-improvement restoration, home-sharing, manufactured and mobile homes, water backup, yard and garden, scheduled personal property, electronic data recovery, business property, musical instruments, sports equipment, flood insurance, and private umbrella insurance.
The American Family
In 1958, American Family (AmFam) entered the homeowner’s insurance market. AmFam is known for its financial strength and commitment to customer experience, as evidenced by A-level ratings from AM Best and the BBB.
American Family, like Allstate, has local agents across the country. It is most notable for its online resources, which can assist in simplifying the homeowner insurance shopping process. You can quickly compare quotes without providing your Social Security number.
In addition to standard coverage, the company provides several endorsements and a wide range of discounts, including coverage for hidden water damage.
The Benefits and Drawbacks of American Family Home Insurance
- + Provides a special discount to applicants aged 30 and under whose parents are AmFam insured.
- + Provides extensive online coverage comparison tools to help you quickly review policy options.
- + Has a simpler and less intrusive quoting process than many providers.
- – Received a mediocre customer satisfaction rating from J.D. Power & Associates – It does not allow you to purchase a policy entirely online.
Discounts: include multi-policy deals, smart-home security discounts, insurance payment discounts, loyalty discounts, home age discounts, renovated home discounts, and generational discounts.
Endorsements: include equipment breakdown, sump pump and water backup, matching siding, credit monitoring, identity theft, lowering a deductible, and hidden water damage.
Progressive Insurance Company is the third-largest insurer in the United States, providing property, auto, and personal insurance. Progressive has an AM Best A+ Superior rating, indicating that it is in excellent financial shape.
Florida residents may benefit from Progressive’s convenience, which allows customers to bundle multiple types of coverage for a discounted rate.
According to Progressive, customers who combine their home and auto insurance save an average of 4% on their insurance premiums. Progressive provides a wide range of discounts, including rebates for using contractors and repair technicians from Progressive’s contractor network.
Progressive Home Insurance Benefits and Drawbacks
- + Offers more generous bundling discounts than some competitors.
- + Is a well-known name in the insurance industry, with high AM Best ratings.
- + Has customer service available 24 hours a day, seven days a week.
- – Has fewer policy recommendations than the other providers in this review.
- – Does not underwrite its policies, whereas the majority of competitors in this review do.
Discounts: Bundling home and auto, alarm systems, automatic indoor sprinkler systems, upfront quote, annual billing, emailing documents, new home construction Network of progressive contractors.
Endorsements: Flood, backup water, and personal liability.
AAA was founded in 1903 as an auto club and now provides insurance to residents of Florida. AAA has an A+ rating from the Better Business Bureau and works with insurance companies that have AM Best A-level ratings.
AAA club members are entitled to discounts on dining, travel, and retail purchases, but your AAA membership can also unlock valuable deals on home and auto insurance bundles.
Aside from the savings, AAA home and auto bundles are convenient. Policyholders pay a single premium and deductible and file a single claim. AAA resolved 91% of Hurricane Irma-related claims within two months, far exceeding the industry average of 67%.
The Benefits and Drawbacks of AAA Home Insurance
- + Is frequently praised for its customer service .
- + Offers exclusive membership benefits that most providers do not, such as roadside assistance.
- + Provides extensive umbrella protection
- – According to customer feedback, it cannot be easy to reach.
– Has a $1 million dwelling coverage limit, which some homeowners find insufficient.
DISCOUNTS: Wind mitigation, home age, roof age (shingles), fire alarms, burglar alarms, senior citizen discount, home and auto insurance bundling
Endorsements: Flood, umbrella liability rider up to $2 million
Chubb is a Swiss-based global premium insurance company with domestic headquarters in New Jersey. The BBB currently unrates Chubb, but it has an A++ rating from AM Best, indicating that you can rely on it to pay claims.
Chubb’s rates may be higher than many competitors, but its service is frequently above and beyond what one would expect from an insurance company.
Chubb promises to contact you within 24 hours of a loss, and most claims are paid within 48 hours. Furthermore, Chubb provides free risk consulting services, in which an agent examines your home to identify potential weaknesses and protect your belongings in advance.
A Chubb homeowners insurance policy includes many items and services typically considered additional coverage options, such as sump pump backup.
Chubb Home Insurance Benefits and Drawbacks
- + Has some of the industry’s most comprehensive coverage .
- + Offers dozens of complementary services
- + Comes with a cash settlement option.
- – Can be less rewarding for lower-value homes – Costs more than many competitors.
Discounts: Bundling home and auto, burglar alarm, fire alarm, new house, renovated house, gated community, community patrol service, residential sprinkler system, fire-resistant, masonry construction, loss-free, storm shutter, suburban rating are all available at a discount.
Endorsements: include personal liability coverage of up to $100 million and flood protection of up to $15 million.
Security First is only available in Florida and is dedicated to protecting against disasters common in the Sunshine State, such as hurricanes and flooding.
Despite being smaller than some of the other providers in this review, Security First has an A+ rating from the Better Business Bureau (BBB) and an A rating from Demotech for financial strength.
Because of the company’s exclusive service in Florida, it can tailor home insurance coverage to Florida residents while also providing dedicated local customer service.
Security First allows you to choose a hurricane deductible of 2%, 5%, or 10% of your dwelling coverage. Security First also offers separate flood insurance, which benefits many Florida residents.
Security First Home Insurance Benefits and Drawbacks
- + Specializes in Florida service .
- + Offers several discounts that other providers often do not, such as a gated community discount.
- + Has unique additional coverage for misplaced personal items
- – May have high prices for South Florida residents.
- – Does not offer 24/7 customer service, though claims can be filed at any time.
Discounts: Policyholders 55+, secured community, roof shape, indoor sprinkler system, wind-resistant home features, central burglar alarm, age of construction, and central fire alarm are all eligible for discounts.
Endorsements: include flood coverage, equipment breakdown protection, identity theft protection, dog liability, personal injury liability, water backup and sump overflow, increased replacement cost, scheduled personal property, golf cart physical damage and liability, screened enclosure and carport coverage, and improved special limits coverage.
Property Insurance for Lighthouses
Lighthouse Property Insurance was founded in 2008, but it has already protected 170,000 homes across the five states it serves.
When Hurricane Florence hit in 2018, Lighthouse paid out more than $92 million in claims, a large number for a small provider.
Lighthouse is supported by more than a dozen reinsurance partners, each of which has an AM Best financial strength rating of at least A-.
Lighthouse coverage can be combined with the Titanium Package, which includes enhanced coverages such as equipment breakdown and service line coverage. Residents of Florida can also purchase flood insurance from the company.
The Benefits and Drawbacks of Lighthouse Property Insurance
- + Is financially supported by several larger providers.
- + With the Titanium Package, you get extensive endorsements like coverage for screen enclosures, carports, and pool cages.
- + There is a cash settlement option.
- – Can be less rewarding for lower-value homes.
- – Costs more than many competitors
Discounts: three years of claim-free service, concierge claim service, electronic value, bundling with flood insurance, fire and burglar alarms, gated community, senior citizen and retiree, indoor sprinkler system, wind mitigation
Endorsements: Flood insurance, animal liability, personal injury, damage to others’ property, credit card and forgery, water backup, watercraft coverage, lock replacement, personal computer coverage, equipment breakdown, and watercraft liability are all endorsements.
Which Florida Homeowners Insurance Provider is the Best for You?
As a local company dedicated to Florida’s unique needs, we chose Security First as our overall pick in the state after an in-depth review of dozens of home insurance providers and policies.
Security First’s flexible hurricane deductibles are a useful feature. Its add-ons for flood coverage and water backup are reasonably priced, even though it does not offer as large a discount as its national competitors.
However, it is critical to compare options for yourself because your coverage and costs will vary depending on various factors. Before selecting a home insurance policy, we recommend obtaining quotes from at least three insurers.
Factors Influencing Florida Home Insurance Rates
The following factors influence Florida home insurance rates:
Your location: Home insurance rates can vary greatly between cities and states. Local construction costs, as well as location-specific risks such as hurricanes, heavily influence premiums. Insurance companies may also consider local crime rates and how close you live to police and fire stations.
Replacement cost is the amount of money required to rebuild your home using similar building materials. Underwriters consider your home’s square footage, the number of bedrooms and bathrooms, roofing material and age, and local building costs to determine this cost.
Age/condition: The home insurance company will also inquire about your home’s age and overall condition to assess risk and set your rates. Many older homes are more expensive to replace because they were built with more obscure building materials, electrical wiring, and plumbing systems. Older homes, particularly roofs, are more likely to have sustained damage over time.
Claims history: If you’ve recently filed home insurance claims, your insurer may conclude that you will likely file claims in the future. History of filing claims may result in higher insurance costs. On the other hand, individuals with a spotless claims history may be eligible for discounts or a claims-free deductible.
Credit history: Credit history, like claims history, can influence home insurance rates. If you have a low credit score (580 or lower), you may face higher rates than someone with a higher credit score.
Home improvements: When you renovate or remodel your home, you can increase its overall value and replacement cost. Whether you’ve recently completed home improvements or are planning to do so in the future, it’s a good idea to inform your insurer.
Most home insurance companies will ask about your pets when you apply for a policy. Because some dogs are thought to be more likely to exhibit aggression or cause damage with a bite, their premiums may be raised, or they may be excluded from your policy’s medical and personal liability coverage. Check with your insurance company to see which dog breeds are deemed high-risk.
Policy structure: The types and amounts of coverage you select can significantly impact your rates. Increasing your dwelling and personal property coverage, for example, can raise your rates. Increase your deductible to reduce monthly or annual coverage costs; however, you will be expected to pay more out-of-pocket when a claim occurs.
Security features include The more secure your home, the less likely you are to file a claim. As a result, outfitting your home with security features may assist you in obtaining lower rates. A home security system, fire alarms, sprinklers, wind- and impact-resistant roofs, and deadbolts can help protect your home while lowering insurance costs.
Discounts: All of the providers in this review offer home insurance discounts that can help lower coverage costs. Many of these companies sell multiple lines of insurance and allow you to save money by combining your auto and home policies. Others provide more distinctive discounts, such as AmFam’s legacy discount for young adult homeowners whose parents are insured.
Common Reasons for Florida Home Insurance Claims
Florida homeowners insurance rates are among the highest in the country due to the Sunshine State’s and its coastal cities’ vulnerability to hurricanes. Florida has been hit by more than 100 hurricanes in the last 170 years, more than any other state. Cyclones are frequently accompanied by storm surges, windstorm damage, lightning, and heavy rainfall, resulting in costly claims.
Fortunately, these are common perils covered by standard home insurance policies. However, homeowners insurance does not cover flood damage and necessitates the purchase of a separate policy.
Wildfires are also among the state’s most frequently declared natural disasters, and your home insurance policy covers them. Furthermore, if you live in a metropolitan area, you may be more vulnerable to theft and vandalism, which are covered by home insurance policies.
Take steps to make your home more wind-resistant, install storm shutters, and add fire protection such as smoke detectors, alarms, and indoor sprinklers to lower the cost of your Florida home insurance policy.
Use this online tool or call 855-948-5219 to get a quote based on your specific situation.
The Home Insurance Crisis in Florida
The Florida home insurance market has been in turmoil recently, with several insurers leaving the state, dropping policies, and tightening eligibility requirements. This is due partly to an increase in fraud, as roofers target homeowners by fabricating roof damage to file fraudulent claims.
To reduce the chances of your policy being canceled, Jeff Caesar Chukwuma, founder and senior partner at Chukwuma Law Group in Florida, advises homeowners to “make sure their roof is in good shape by regularly inspecting it and making minor repairs before they become major ones.”
He also recommends replacing the roof before it reaches the 15-year mark if your budget allows it. Furthermore, “adding wind mitigation features to your home may be advantageous because state law requires insurers to provide discounts for homes with certain wind protection features, such as hurricane straps and roof-bracing fixtures.”
Governor DeSantis also signed Senate Bill 2D into law, which will take effect on May 26, 2022. The bill aims to provide financial relief to struggling home insurance companies, protect homeowners from roofing scams, and provide grants to help homeowners protect their homes from hurricane damage.
The home insurance companies we recommend in this review have a good financial standing and are known for providing dependable coverage to Floridians.