10 Cheapest Home Insurance Companies in Florida
Clearsurance.com recently released a report on the top 10 best and cheapest home insurance providers in Florida. State Farm is the cheapest, with average rates of just $217 per month.
Florida residents face unique risks, making home insurance more expensive and often harder to secure than in neighboring states like Georgia. Even with challenges, most Florida residents have several home insurance options to choose from.
Top 10 Cheapest Insurance Companies in Florida
The list of the top 10 cheapest home insurance providers in Florida and their monthly premiums are as follows:
- State Farm – $217
- Geico – $227
- USAA – $238
- Nationwide – $247
- Progressive – $257
- Liberty Mutual – $264
- Travelers – $274
- Farmers – $284
- Allstate – $293
- American Family – $307
These rates are averages, and individual rates will vary. Based on these averages, though, an individual who chooses the cheapest option would save over $1,000 annually compared to the most expensive option.
Insurance Costs Based on Home Value
Not surprisingly, the cost of home insurance is heavily based on the value of the home being insured. When comparing rates for homes valued at $200K, $300K, and $500K, State Farm had the lowest average premium.
In addition to the home’s value, insurance rates are based on location, claims history, and the structure’s age.
Home Insurance Coverage
Home insurance in Florida protects the dwelling’s structure. It also protects property within the structure and property temporarily removed from the home.
Home insurance can also cover other structures, such as sheds and garages, that are not connected to the house, but that coverage must be specified and may not be automatically included.
An important coverage policyholders should have is additional living expenses coverage. It will pay for the costs associated with being displaced from their home. For example, if a hurricane ripped off a roof, additional living expenses coverage would pay for the inhabitants to live in a rental home or hotel while their home is being made livable.
Home insurance also covers liability if someone sustains an injury on the covered property.
Unique Risks to Florida Homeowners
The most obvious risk to homeowners in Florida is from hurricanes. Because of this heightened risk, Florida-specific insurance providers have found a niche market and have a larger market share than the well-known national companies.
The risk of hurricanes has necessitated another requirement in Florida that most other states do not have. Homeowners need standard home insurance and specific hurricane coverage with its own deductible.
Saving Money on Home Insurance in Florida
Melanie Musson, a nationally recognized home insurance expert with Clearsurance.com, provides this insight: “Homeowners in Florida can take proactive steps to make their homes withstand violent storms and thereby decrease their insurance premiums.”
Those steps can include getting a new roof made of materials proven to withstand hurricanes, installing storm shutters, clearing dying trees, and, in extreme cases, raising the home’s level to protect against storm-surge flooding. Flooding can occur even outside a flood zone, but homeowners within a flood zone need to ensure they have flood insurance.
Florida homeowners can also save with discounts, including the following:
- Bundling home and auto insurance
- Military membership
- Claims-free history
- Loyalty
Finally, comparing quotes and switching to a lower-cost provider is among the most straightforward ways to save.
Additional Coverage for Florida Homeowners
Home insurance and hurricane insurance are the basic types of coverage all Florida homeowners should have. But many residents also need a separate flood insurance policy because of the risk of coastal and storm-surge flooding.
Most homeowners also own a vehicle, necessitating auto insurance in Florida. For many people, bundling home and auto insurance is the best route, but it’s not the cheapest in every case, which is why it’s so important to compare quotes and not assume.
Read Clearsurance.com’s entire report here: Best and Cheapest Homeowners Insurance in Florida (Save With These 10 FL Companies)