With the total annual incurred losses for home insurance in the United States being well over $65 billion and the median single-family home price in Florida nearing $350,000, protecting your home in the Sunshine State is just as important as safeguarding your life and health.
Prone to hurricanes, floods, and fire, Florida is unique in terms of homeowners insurance. For instance, Florida is the only state – along with Tennessee – where insurance carriers are required to offer sinkhole damage coverage.
Read on to learn how to protect your home and get the peace of mind you deserve.
Homeowners insurance in Florida is no different from homeowners insurance in other states. It reimburses the insured against damage caused to the physical structure of the home and its contents. Outbuildings, such as garages, sheds, barns, swing sets, fences, fireplaces, and similar constructions are also covered.
A typical homeowners insurance policy provides:
With most carriers, you can expand your coverage at the expense of a higher premium.
While theft and fire are always included in homeowners insurance policies in Florida, there are over a dozen situations and items that may not be covered, among which are water damage, floods, plumbing issues, falling trees, leaking roof, termites, jewelry, earthquakes, identity theft, artwork, and collectibles. Therefore, make sure to check whether your policy provides enough coverage.
Homeowners Insurance: What Might Not Be Protected?
Aside from the perils covered by Florida’s standard homeowners insurance policies, it’s wise to consider buying coverage for wind, floods, and fire.
The average annual cost of homeowners insurance in Florida is approximately $1,600. However, the actual cost of homeowners insurance in Florida depends on the specifics of the policy – the particular cases that are covered and the amount of coverage – as well as the insured’s age, claim history, and the total cost of the dwelling and outbuildings.
Contrary to popular opinion, Florida is not even in the top-5 most expensive states regarding homeowners insurance. With the average annual cost of homeowners insurance being about $1,600, Florida is well behind Oklahoma ($3,500), Kansas ($2,700), Nebraska ($2,800), Arkansas ($2,100), Texas ($1,900), and a few other states.
Homeowners insurance costs more in the states and areas prone to natural disasters – hurricanes, tornadoes, floods, and fires. The other factor is the carrier itself. The home insurer with the most expensive average annual premiums in the United States is Amica ($2,785); the least expensive is Erie ($956).
There’s no universal recipe for choosing the right amount of homeowners insurance coverage. It depends on your risk tolerance, budget, area, the age of your home, the total square footage of the structure and outbuildings, and other factors.
To find out how much homeowners insurance you need,
But then again, you can skip the lengthy choice of your homeowners insurance coverage by entrusting it to your insurance agent in Florida.
Possible costs for various types of coverage for homeowners insurance include:
| Type of Coverage | Rates |
| A: Dwelling | $100,000 – $300,000 |
| B: Other Structures | $10,000 –$50,000 |
| C: Personal Possessions | $50,000 – $150,000 |
| D: Loss of Use | $10,000 – $100,000 |
| E: Liability | $100,000 – $300,000 |
| F: Medical Payments | $1,000 – $10,000 |
| Carrier | Advantages |
| Tower Hill | Arguably the cheapest insurer in Florida charging $1,200 annually. |
| State Farm | Arguably the optimal choice of an average Floridian. Offers relatively flood, earthquake, and sewer backup coverage. |
| Florida Peninsula | Arguably the best insurer for storm-related coverage. A good choice for those living on the coastline. |
| USAA | One of the most known carriers in the United States. Available only to USAA military members. |
| Nationwide | One of the most known insurers in the United States. Offers multiple discounts. |
Note, however, that in Florida, houses of a certain age or homes in specified ZIP codes – as well as houses without wind or flood mitigation measures – may not qualify for coverage due to unreasonable risks for insurance companies.
It’s hard to accurately determine the cheapest insurer in Florida since there are many factors in play, including your area, features of your home (protection against wind, floods, fire, etc.), your claims history, and more. The ballpark rate is $1,200 annually for the cheapest homeowners insurance policy with minimum coverage.
Oleksandr is an expert in deep research. He covers various insurance topics across verticals, adopting to every local law.
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