Based on a NerdWallet analysis, here are the 15 biggest home insurance companies in Florida, as well as their average annual premiums:. Here's a little more about some of the biggest insurers in the state:. In addition to offering the standard coverage for home, property and liability issues, Universal Property has several types of optional coverage — such as utility service line and debris removal — that Florida residents might find useful.
Additionally, you can get discounts for having devices that protect against wind damage. Citizens is a government entity created in by the Florida Legislature to serve as an "insurer of last resort" for eligible homeowners who can't get coverage on the private market.
Because Citizens pays claims entirely using the money it collects in premiums, a severe storm can be very costly for policyholders.
Policyholders have access to several of Progressive's services and can receive bundling discounts with other Progressive policies. And if your AC breaks down in the middle of the summer — or any other time — State Farm's Home Systems Protection add-on covers the cost to repair it.
American Traditions Insurance Company. Here's a bit more about some of the cheapest home insurance companies in Florida. Keep in mind that not all of them may be available in your area and, depending on your situation, they may not be the cheapest option. Farmers offers standard coverage with several optional enhancements through its Smart Plan Home. For an extra cost, the Enhanced and Premier packages build off the standard plan with higher limits and expanded types of coverage like roof or personal contents replacement, which could come in handy after a major storm.
Offering insurance exclusively in Florida, American Integrity has a substantial number of optional add-ons that might appeal to homeowners. For example, you can get additional coverage for things like service lines, home computers and watercraft. American Integrity also offers private flood insurance for those who qualify. Although it focuses specifically on manufactured homes, American Traditions offers standard homeowners insurance coverage to Florida residents, as well.
Security First offers both standard and enhanced coverage for homeowners. Both options have coverage for your home, attached structures like in-ground pools, liability issues and temporary relocation due to a covered event. It also reimburses the actual cost of replacing damaged or lost items, rather than giving a depreciated amount. However, rates vary depending on where you live.
To get a better idea of how much insurance will cost in your specific location, enter your ZIP code below to see the average rate in your area. Owner-Occupied: The main difference between policies which cover an owner-occupied, single family home is the perils covered. Special form policies HO-3 cover the structure for all perils except those specifically excluded in the policy. Condo unit owners need a Condominium Unit-Owners Form HO-6 which provides some coverage for the structure but primarily covers the personal property and liability of the insured.
Condo unit owners policies normally cover named perils listed in the policy. However, a special endorsement can be purchased to broaden the policy to cover all perils except what is excluded in the contract. The condo unit owners policy also provides Loss Assessment Coverage. It pays for your share of expenses for a covered loss to common property shared by all unit owners, up to the coverage limit. Renters: If you rent or lease your home, you need a renters policy HO-4 to cover your personal property and liability.
The HO-8 offers less coverage than the HO Dwelling Form: There are other property policies available for risks that may not qualify for a Homeowners policy. They are called Dwelling Forms. Some insurers issue a dwelling form discussed below to cover a mobile home.
Homeowners insurance typically covers the dwelling including attached structures, certain unattached structures and your personal property. All coverage is subject to the limits specified in the policy.
There are special limits on certain items such as jewelry, guns, furs, money, cameras, art or antiques, etc. You should review this list found in your policy and speak to your agent about additional coverage if needed.
Flood damage is not covered by your Homeowner's insurance policy. If you need flood coverage you must purchase a flood insurance policy. Actual cash value ACV refers to a policy that covers items for their value at the time they are lost or stolen. This means depreciation will be deducted from the current value. Replacement cost refers to the cost to replace the item, regardless of how old or outdated it may be. If you fail to carry the correct amount of insurance coverage, you may be responsible for a percentage of a partial loss.
Both types of contracts are available in Florida. You should refer to your own contract to determine how your loss may be settled. Inflation Guard Many insurance companies include a provision known as inflation guard in homeowners insurance policies so values increase on a yearly basis.
However, this does not guarantee the values increase sufficiently to keep up with the cost of construction. This provision helps prevent problems of homes being underinsured. It is still the responsibility of the insured to evaluate their coverage each year to determine if the amount on the policy is sufficient.
If an insured has concerns about the amount of coverage, they should speak with their agent about completing a new replacement cost estimate for their home. There are many types of property inspections. The most common are listed below. If the insurer requests a 4-point or specialized inspection and it is not provided, it can refuse to provide certain coverage or may refuse to insure the property at all.
Underwriting Inspection Insurer Pays Cost : An insurer may require a visual inspection prior to writing a policy. This inspection is done to verify information given on the application about the home and property. The insurer may verify the construction of the home and whether there are potential hazards on the property such as unacceptable animals, pools, trampolines, unrepaired steps, steps without handrails, etc.
The insurer may use the inspection to determine the presence of certain types of wiring or electrical panel boxes they believe increases the risk of a fire. The inspection may also verify the maintenance of the home such as whether the property has any unrepaired damage. The insurer considers whether the home is properly maintained, such as, overgrown grass and weeds, trees with dead limbs near the home, non-operating vehicles on the property, etc. The insurer decides what risks to assume or avoid.
If the insurer finds any of the risks listed above this is not an all inclusive list , they may refuse coverage. Insurers hire their own inspectors or inspection firms to inspect the condition of a property prior to the original issuance or renewal of a policy. This is part of the underwriting process. These inspectors are hired and paid by the insurance company so they decide who to use and what qualifications they must meet.
Florida law does not address who an insurance company can hire for their underwriting process. Specialized Inspection: Sometimes, an insurer may request an inspection of only one item, such as the roof. The determination of the life expectancy of a roof is one of the most common inspections requested today. Another common inspection requested in certain areas is sinkholes.
These inspectors complete the OIR-B inspection form for the insured to submit to their insurance company. Insurers have the right to reinspect your home to verify your entitlement to these credits.
The consumer normally pays for this type of inspection. However, if the insurer elects to reinspect a property, the insurer pays for the inspection. Taking certain mitigation steps to protect your home from hurricane-force winds will not only keep your family safe, but can result in discounts from your insurance company. Use this guide to learn more about premium discounts for hurricane loss mitigation. Available for Download in English. Hurricanes have caused tens of billions of dollars in insured damages and predictions of more catastrophic hurricanes making landfall in Florida have triggered increases in insurance premiums in an effort to cover potential future losses.
Are you aware that there are steps you can take to help protect your home and make your home more resistant to wind? The state of Florida requires insurance companies to offer discounts for protecting your home and mitigating damage that may be caused by hurricane-force winds. There are specific mitigation steps that you can take to help protect your home and family during a hurricane.
You may also replace your garage door with a hurricane resistant garage door or reinforce your garage door with hurricane-resistant garage door bracing kits. By installing mitigation features, you may be eligible to receive a reduction in your windstorm premium, reduce your out of pocket expenses, such as your hurricane deductible, and minimize the damage to your home from a catastrophic event.
These discounts apply only to the windstorm coverage of your policy. Insurance companies are required to provide you with a copy of the Wind Mitigation Notice of Premium Discount Form with each new policy and at each renewal thereafter. This form advises you of the policy deductible options and provides an example of how much your premium can be reduced if you have wind mitigation features on your home.
In addition, the inspector must document the mitigation features listed on the form with accompanying photographs. The Uniform Mitigation Verification Inspection Form was approved by the Office of Insurance Regulation in order to specify the features in the construction of your home which may result in a discount, and to provide a uniform method of documentation for all insurance companies to use.
Qualified inspectors include licensed general, building, or residential contractors, licensed professional engineers, a licensed professional architect, or a certified building code inspector. The inspectors will complete a Uniform Mitigation Verification Inspection Form, based on the features of your home. This form should then be provided to your insurance company for review, and the implementation of the applicable discounts to the windstorm coverage of your premium.
What features may result in a discount? For homes built prior to the Building Codes, the discounts are based on the following:. Roof Deck Attachment - The use of specific sized nails, with specific spacing between the nails which comply with the requirements of the current Florida Building Code qualify for wind mitigation discounts.
Roof to Wall Connections - These connections are accomplished using one of three different connection types such as:. Roof Shape — A HIP roof which is shaped like a pyramid, is the most wind resistant roof shape, and qualifies for a wind mitigation discount. Secondary Water Resistance Barrier - A layer of protection between the shingles and the plywood roof deck that helps to protect the building from water penetration if the roof covering material is blown off qualifies for wind mitigation discounts.
For homes built in compliance with the building code or later, the discounts are based on the following:. You may be eligible for a greater discount if other mitigation features are installed on your home. The amount of the discount will vary based on the wind mitigation features incorporated into your home.
The costs of wind mitigation improvements vary. Homeowners should contact a licensed contractor for an estimate. You can find a Licensed Contractor in your area by visiting the Florida Department of Business and Professional Regulation online at www.
Regardless of the year of construction, if your home meets the minimum wind mitigation requirements of the Florida Building Code, not only are you eligible to receive the premium discounts, you may also have the option to reduce your hurricane deductible. Your provider will pay the rest, up to your predetermined limit.
Often, choosing a higher deductible will grant you a lower monthly or annual premium. Home insurance companies consider dozens of factors when deciding your coverage and premiums. Many insurance companies in Florida give discounts to homeowners whose homes feature wind mitigation technology.
Renovations to your roof and other parts of your home can also affect your rate, as well as your proximity to a fire station and fire hydrant. Usually, flood insurance is a separate policy from your general home insurance policy that will need to be purchased separately if you want coverage against flooding. Fortunately, many companies will give you a discount when you bundle your flood and home insurance.
We reach out for sample quotes, both over the phone and on the internet, to simulate a real customer experience. Here are the factors that account for our provider reviews:. Additionally, we dig into specific quotes and policy details to determine the value that each company offers in coverage, cost and additional benefits.
MarketWatch Logo Go to the homepage. Learn More. Compare Homeowners Insurance Policies. Answer a few simple questions and we'll take care of the rest. Security First Security First is available only in Florida, and it is dedicated to providing protection against disasters that are prevalent in the Sunshine State, such as hurricanes and flooding. Get Quote. Progressive Progressive is the third-largest insurer in the United States and offers property, auto and personal insurance.
Club Members. Chubb Chubb is a global premium insurance company based in Switzerland, but with domestic headquarters in New Jersey. High-Value Homes. Lighthouse Property Insurance Lighthouse Property Insurance was founded in , but it has already added , homes to its list of protected properties. Find the best [category]. State Farm.
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