Best homeowners insurance in Florida

Bankrate’s insurance editorial team follows the turbulence in the Florida home insurance market closely, and we know how difficult finding coverage can be. We want to make shopping for homeowners insurance in Florida as easy as possible by providing up-to-date and reliable information. In our quest to find the best Florida homeowners insurance companies, we started by analyzing average rates from Quadrant Information Services for the largest companies in Florida by market share. 

Price isn’t everything, though, especially in a state like Florida that is facing an insurance crisis. We also analyzed coverage offerings and discounts that may be appealing to homeowners in the Sunshine State, third-party ratings and scores, digital tools, availability and corporate sustainability programs. We combined these metrics into a Bankrate Score on a scale of 0.0 to 5.0. Our Bankrate Score model may help you quickly see how the various companies stack up.

Inflation directly impacts the cost of labor and building materials needed to repair or rebuild homes. Along with supply chain issues, insurance companies pass these increases along to policyholders.

If carriers aren’t turning a profit, they reserve the right to exit a state. Heavy hurricane losses coupled with rampant legal system abuse have forced insurance companies out of business and into receivership. However, some experts argue that the market could be making a turn for the better, with new home insurance companies entering the market and turning a profit for the first time in years. 

It can be difficult for some homeowners in moderate to high-risk areas to secure insurance coverage. This happens because their homes may not meet the insurer’s underwriting guidelines or the home may have had a lot of prior claims. There are even cases of policyholders who have been able to get coverage for many years receiving nonrenewal notices from carriers because they are no longer offering coverage in Florida or are changing their underwriting guidelines to incur less financial risk.

Between how expensive Florida homeowners insurance is and how frequent the threats of a significant catastrophe loom, Floridians are in a tough spot. Many can't afford the cost of home insurance, but also can't afford to rebuild their homes if disaster strikes while they are uninsured. For many, the only viable option is to sell their home and relocate to a more affordable area.

Based on Bankrate’s analysis of average rates, State Farm offers the cheapest home insurance policies in Florida. However, there’s no guarantee that State Farm will offer you the best rate. 

Yes. If you cannot live in your home because it’s damaged due to a peril included in your policy, your home insurance can help you out. You typically have between 20 and 30 percent of your dwelling limit reserved for additional living expenses you may incur while you’re displaced, like hotel bills, food costs, laundry and more. 

Because every home insurance policy is unique, there’s no blanket method of knowing whether yours will get canceled. Your choice of insurer, that insurer’s financial strength, the details of your home and your claims history could all be factors of a home insurance non renewal. Some insurers choose to nonrenew homes of a certain age or building material, while others might back out of an entire region or state; these are actions that are far beyond your control. But even in Florida, where the home insurance market is rapidly changing, there are things you can do to lessen your risk of a home insurance cancellation or nonrenewal.

Keeping your home in good shape, trimming back bushes and trees that could fall on your home, reducing the amount of small claims and installing wind-mitigation features may all lower your risk of losing coverage. Sometimes, though, a cancellation is out of your hands. If your insurer exits the state or goes insolvent, you’ll be notified in advance so you have time to seek out another home insurance option.

• Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

Rates were calculated based on the following build years for homes and assigned to our homeowners: 1959, 1982, 1992, 2010, 2017 (base) and 2020.

Rates were calculated based on the following deductible amounts: $1,000 (base), $1,500, $2,000 and $5,000.