The Best and Cheapest Homeowners Insurance Companies in Florida (2024)
Tower Hill is the best cheap home insurance for most people in Florida, with an average rate of $1,552 per year.
Find Cheap Home Insurance Quotes in Florida
Florida's best cheap home insurance
To find the best homeowners insurance in Florida, ValuePenguin reviewed major insurance companies and collected thousands of Florida home insurance quotes. Tower Hill offers the cheapest rates, but it's important to compare service and policy options from different home insurance companies to find the best coverage in Florida for you.
The cheapest home insurance quotes in Florida
Tower Hill has the cheapest homeowners insurance rates in Florida, with an average cost of $1,552 per year. That's less than half the state average and $316 per year less than the second-cheapest company.
Find Cheap Homeowners Insurance Quotes in Your Area
The average cost of home insurance in Florida is $3,383 per year for $350,000 of coverage to repair your home, called dwelling coverage.
Florida's average home insurance rates differ widely. The difference between Tower Hill and HCI, the cheapest and most expensive company respectively, is $2,721 per year. You could save thousands of dollars by comparing quotes from multiple home insurance companies.
Cheap annual home insurance quotes in Florida
$200,000
$350,000
$500,000
$1 million
Company | Annual rate | ||
|---|---|---|---|
| Tower Hill | $989 | |
| Chubb | $1,170 | |
| Allstate | $1,767 | |
| Progressive | $2,030 | |
| $2,140 | ||
$200,000
Company | Annual rate | ||
|---|---|---|---|
|
| Tower Hill | $989 | |
|
| Chubb | $1,170 | |
|
| Allstate | $1,767 | |
|
| Progressive | $2,030 | |
|
| $2,140 | ||
$350,000
Company | Annual rate | ||
|---|---|---|---|
|
| Tower Hill | $1,552 | |
|
| Chubb | $1,868 | |
|
| Allstate | $2,561 | |
|
| Progressive | $2,705 | |
| State Farm | $3,053 | |
$500,000
Company | Annual rate | ||
|---|---|---|---|
|
| Tower Hill | $2,044 | |
|
| Chubb | $2,556 | |
|
| Allstate | $3,190 | |
|
| State Farm | $3,546 | |
|
| Progressive | $3,846 | |
$1 million
Company | Annual rate | ||
|---|---|---|---|
|
| Tower Hill | $3,685 | |
|
| Chubb | $5,073 | |
|
| Allstate | $5,554 | |
|
| State Farm | $5,785 | |
|
| Progressive | $6,581 | |
Common natural disasters in FL
Tropical storms and hurricanes are one of the main causes of Florida's high homeowners insurance rates. These have a greater impact on coastal areas, causing both flooding and wind damage. Some of the hardest hit areas include Miami, Fort Lauderdale and Boca Raton.
Regular homeowners insurance will typically cover wind damage. However, you may have to pay a separate deductible before your policy will kick in. You'll have to buy separate flood insurance to protect against most forms of flooding.
Best homeowners insurance in FL for most people: Tower Hill
-
Editor's rating
- Cost: $1,552/yr
Tower Hill has the cheapest rates for homeowners insurance in Florida.
Pros:
-
Cheap rates
-
Great customer service
-
Flood coverage available
Cons:
-
No online quotes
-
Home and auto bundling not available
For Florida homeowners who want the lowest rates for homeowners insurance, Tower Hill has the cheapest average price of $1,552 per year for $350,000 worth of dwelling coverage. That's less than half the state average of $3,383 per year. Tower Hill also has the cheapest rates for half a million and $1 million homes.
Tower Hill offers flood insurance and coverage add-ons like debris removal coverage special coverages for higher-value homes and equipment breakdown.
Tower Hill gets 96% fewer complaints than an average insurance company of the same size according to the National Association of Insurance Commissioners (NAIC), an industry group. That suggests most Tower Hill customers are satisfied with their coverage.
But you'll have to call a Tower Hill agent to get home insurance coverage since the company doesn't offer online quotes. And while you can get home, flood and even boat insurance from Tower Hill, you won't be able to bundle with auto insurance in Florida.
If you already have an auto policy, it's a good idea to see what you could save with your current company by bundling your home and auto coverage.
Best homeowners insurance in FL for online tools: Allstate
-
Editor's rating
- Cost: $2,561/yr
Allstate stands out for its helpful array of online tools.
Pros:
-
Many helpful online tools available
-
Affordable rates
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Strong network of local agents
-
Extra coverage and lots of discounts
Cons:
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Poor customer service
-
Expensive auto policies make it a bad choice for bundling discounts
Allstate stands out for its helpful array of online tools. These are designed to help you understand how homeowners insurance works. For example, you can use the Common and Costly Claims tool to research common claims in your ZIP code to help you take preventive measures to keep your home safe and your rates down.
You don't have to buy a policy through Allstate to access these digital tools.
An Allstate policy costs $2,561 per year on average making it the third cheapest homeowners insurance in Florida. You can expect to save $822 per year with Allstate compared to an average Florida homeowners policy.
You can take advantage of Allstate's many discounts to lower your rate even further.
- Claim-free
- Windstorm mitigation features
- Auto-home bundling
- Responsible payment
- Theft/fire protection devices
- Welcome and loyalty
- Automatic payment
- Home buyer
- Early sign-up discount
Allstate has a strong network of local agents. Agents can help you report a claim or modify your policy. You can get advice tailored to your personal situation and unique needs.
Allstate scored in the bottom half of the J.D. Power 2023 customer satisfaction survey. Its poor customer satisfaction may mean that you'll have a difficult time filing a claim. However, an Allstate homeowner's policy could be worthwhile if you qualify for one or more discounts and don't mind sacrificing customer service for a lower price.
Best homeowners insurance for customer service in FL: State Farm
-
Editor's rating
- Cost: $3,053/yr
State Farm has a reputation for strong customer satisfaction and reliably paying out claims to customers.
Pros:
-
Strong customer service
-
Good for bundling home and auto
-
Reliable payouts after natural disasters
Cons:
-
Not the cheapest rates
-
Few discounts and extra coverage options
You should consider State Farm for your home insurance if customer service is a high priority for your insurance needs. It had the highest customer satisfaction ranking among major Florida homeowners insurance companies in J.D. Power's 2023 survey.
In Florida, State Farm homeowners policy costs $3,053 per year on average . That's roughly 10% less than the state average. However, it's far from the cheapest coverage available. Tower Hill policies cost $1,552 per year for the same coverage, around half of what you can expect to pay with State Farm.
State Farm is a good option if you prioritize a smooth claims process. But, it's worth keeping in mind you have cheaper options available.
Home insurance coverage options from State Farm include sewer backup and flood coverage.
State Farm is financially strong, which can matter after a hurricane. Companies in worse shape may run out of money when paying out lots of claims after a storm.
Best home insurance for people who can't find cheap coverage in FL: Citizens
-
Editor's rating
- Cost: $7,085/yr
Citizens offers home insurance to Florida residents who don't have access to affordable, private options.
Pros:
-
Available to people that can't get coverage elsewhere
-
Offers the cheapest rates for some Florida homeowners
Cons:
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Very few coverage options
-
Poor customer service reviews
Citizens is an insurance company run by the Florida state government. Citizens is known as an "insurance company of last resort," which means that it's an option for people who are struggling to find coverage from a private company.
But Citizens Insurance isn't available to all Florida homeowners. To buy a policy from Citizens, you must meet one of two criteria:
- You're not able to find home insurance coverage from a privately run company.
- Quotes from private companies are 20% more expensive than rates from Citizens.
Citizens may be the only option for some homeowners, but there are some downsides. Its coverage options are very limited. That means it's not a good fit for people who want extra protection. For example, Citizens only offers $100,000 of liability protection and up to $700,000 of dwelling coverage . If you want higher coverage limits, you'll have to buy an umbrella policy somewhere else.
In addition, the Florida government recently passed a bill that requires all Citizens customers in Florida to get flood insurance by 2027. That includes people who don't live in a high-risk area for flooding.
How much does home insurance cost in Florida?
Home insurance in Florida costs $3,383 per year or $282 per month on average.
Florida has the most expensive homeowners insurance in the nation, which is caused in part by hurricanes and tropical storms. Florida state law also lets homeowners who sue their insurance companies get higher payouts than they would in other states. This has led to more expensive rates in recent years.
Average cost of home insurance in Florida
Dwelling coverage | Annual cost |
|---|---|
| $200,000 | $2,185 |
| $350,000 | $3,383 |
| $500,000 | $4,666 |
| $1,000,000 | $8,958 |
Keep in mind that costs differ significantly depending on which part of the state you live in. For example, rates tend to be higher in Southern Florida because of the area's high property values and frequent tropical storms.
Cost of Florida insurance by city
Dade City North has the cheapest home insurance rates in Florida, while Hialeah has the most expensive quotes among cities in Florida.
Where you live can have a significant impact on how much you pay for homeowners insurance.
City | Annual rate | % from avg |
|---|---|---|
Alachua | $2,612 | -23% |
Alafaya | $3,553 | 5% |
Alford | $2,981 | -12% |
Allentown | $2,773 | -18% |
Altamonte Springs | $3,172 | -6% |
Rates are for a policy with $350,000 of dwelling coverage.
The best home insurance companies in Florida
State Farm and Tower Hill offer the best combination of low rates, quality service and coverage add-ons out of all Florida homeowners insurance company.
Company |
Rating
|
Complaints
|
|---|---|---|
| State Farm | Average | |
| Tower Hill | Low | |
| Nationwide | Low | |
| Citizens | Low | |
| Allstate | Low |
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 you have to go through a difficult claims process. The best Florida home insurance companies have strong customer service ratings, many coverage options and low rates.
Cost of Florida home insurance over time
Home insurance costs have gone up 72% in Florida over the last five years.
Florida homeowners have seen an average rate increase of 9% each year between 2019 and 2023. The biggest jumps were in 2020 and 2023, when rates increased 11.7% and 12.8%.
Insurance companies have not yet raised rates much in 2024, with a total reported increase of just 1.7%. But rate data is reported throughout the year, so prices will continue to rise as time goes on.
State Farm had the smallest increase, at just 12% over the last five years. Prices have more than doubled at Allstate (112%) and Florida Peninsula (102%).
This rate change data doesn't include Citizens Property, the government-run insurer of last resort in FL (and the state's largest insurer). Coverage from Citizens is incredibly expensive, with rates more than twice as high as the state average.
FL homeowners increasingly can't get insurance from mainstream companies
Over the last 5 years, the number of Florida homeowners who can't get home insurance from a regular home insurance company has nearly quadrupled.
Citizens Property, the insurer of last resort in FL, has seen its market share jump from 5.2% in 2019 to 18.6% in 2023. That means it went from covering around 1 in 20 homes to 1 in 5. It's now the biggest insurer in the state, beating out State Farm, Universal and Florida Peninsula Insurance.
That's on top of the approximately 20% of Florida homeowners who have opted out of home insurance entirely in 2024.
Florida homeowners are only eligible for a policy from Citizens Property if they can't get coverage from a private insurance company or if the quotes they get are at least 20% more expensive than the cost of Citizens.
The cost of coverage at Citizens is increasing, too. The company's total premiums are six times higher than they were in 2019, from around $520 million to $3.2 billion in 2023. Across all home insurance companies statewide, total premiums have only increased by 71% between 2019 and 2023.
Natural disasters Florida homeowners should watch out for
Florida homeowners should make sure their coverage protects against winds, storms and flooding.
The Florida state government has taken steps in recent years to make homeowners insurance cheaper and more accessible. A recent state law stops insurance companies from denying coverage for homes with roofs less than 15 years old.
Does FL home insurance cover wind damage?
High winds caused by storms and hurricanes are one of the most common and costly causes of property damage in Florida. Fortunately, wind damage is almost always covered by any homeowners insurance policy. However, you may need to get a special type of optional wind coverage, called an endorsement, if you live in a coastal area that regularly gets strong winds.
Your homeowners policy may have a separate deductible if you live in a coastal part of Florida.
Even if you've already paid your regular deductible, you'll still have to meet your wind damage deductible before your policy will pay out.
How much does Florida hurricane insurance cost?
The cost of Florida hurricane insurance will largely be the cost of your homeowners policy. That's because homeowners insurance typically covers hurricanes. However, Florida homeowners often have a separate hurricane deductible.
In addition, if a hurricane causes flooding then you will need a separate flood insurance policy to pay for damage to your home.
Will Florida home insurance pay for flood damage?
Besides wind damage, flood damage is one of the most common risks Florida homeowners face. Unfortunately, water damage caused by rain and flooding is usually not covered by standard homeowners insurance policies.
If you live in an area with a high risk of flooding consider buying flood insurance from a private insurance company or through the government under the National Flood Insurance Program (NFIP).
Depending on where you live, you may have to buy flood insurance to qualify for certain types of mortgages.
How do I get cheap home insurance in Florida?
You can save money on your Florida homeowners policy by making certain improvements to your house.
One way to save money on your Florida home insurance is to sign up for the My Safe Florida Home program.
You can qualify for up to $10,000 in matching funds to help you update your home with hurricane-resistant features like exterior doors and reinforced roof-to-wall connections. The program pays out $2 for every $1 you spend on eligible improvements.
You can also get a discount when you sign up for an optional wind mitigation inspection. Keep in mind that you may have to pay for an inspection and you only get a discount if you pass.
Get quotes from multiple insurance companies 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.
Other ways to save on FL homeowners insurance
Check with your homeowners insurance company to see if they offer any other discounts you may qualify for. Some companies offer discounts for retirees and people who work from home.
You can also save on your monthly rate by requesting a higher deductible.
Keep in mind that your policy won't pay out unless you meet your deductible limit. That means you should only choose a deductible that you can afford to pay from your savings.
Frequently asked questions
Which company has the cheapest home insurance in Florida?
Tower Hill has the cheapest quotes for homeowners insurance in Florida, with an average price of $1,552 per year for $350,000 worth of dwelling coverage. Chubb came in second at $1,868 per year.
Will my Florida insurance policy be canceled?
It's generally rare to have a home insurance policy canceled. If your policy is canceled, you should get advance notice to give you time to find a new policy.
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. Florida also has more cases of fraud than other states, especially for roof replacement.
What is the average cost of homeowners insurance in Florida?
The average annual cost of Florida home insurance is $3,383 per year. Your actual rates will depend on your property value, location, typical risks, past claims and other factors.
Methodology
We took quotes from nine of the largest home insurance companies in Florida using every residential ZIP code in the state. Rates are for a 45-year-old married man with no prior insurance claims.
Quotes include the following coverage limits:
- Dwelling coverage: $200,000, $350,000, $500,000 or $1 million
- Personal liability: $100,000
- Medical payments: $5,000
- Deductible: $1,000
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. Quadrant's rates were publicly sourced from insurer filings and should only be used for comparative purposes.
Home insurance ratings are based on complaint data from the National Association of Insurance Commissioners (NAIC), the J.D. Power customer satisfaction survey, and ValuePenguin's ratings.
Home insurance rate change data was compiled using RateWatch from S&P Global, which uses information from the National Association of Insurance Commissioners (NAIC).
Data on the rate of uninsured homes was sourced from the Insurance Information Institute (III).
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.