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Florida is a great state to call home. Regardless of whether you are looking to live at the beach, or something a little further inland, Florida has everything you need to have a great life and raise a family.
The outdoor life is what Florida is all about. Obviously the ocean and beach are a huge draw but we also have three national parks and plenty of hiking and biking trails.
Florida is no slouch when it comes to cultural activities. The state is dotted with museums, festivals, opera houses and let's not forget the always fun Walt Disney World. In addition we have some of the best restaurants in the country.
If you are considering making the move down to Florida you can't go wrong. Our big cities such as Miami, Tallahassee and Orlando offer all the conveniences of a major metro area. On the other hand, if you're looking for a slower paced lifestyle, consider some of our smaller towns and villages such as Key West, Marco Island or Jupiter.
No matter where you end up putting down roots, you are going to love your new Florida lifestyle.
According to the latest census data, the Sunshine State has a population of 18,801,310 residents. This breaks down to roughly 6,181 households per ZIP Code with the average number of people living in a home being two.
The average household income in Florida is $61,777, which is well below the national average. The good news is that the average house value in Florida is an extremely affordable $377,000, which makes owning a home in Florida a pretty cheap option.
Homeowners Insurance in Florida
Unfortunately, when it comes to the cost of homeowners insurance, Florida residents are paying much more than the national average. According to data from the NAIC, the average cost of an HO-3 policy, which is the standard policy for a single-family home, is $2,115 per year. This is more than double the national average of $1,034.
Severe weather and flooding are one of the major reasons that homeowners insurance is so expensive in Florida. While Florida residents will almost always pay more than the national average, here are a few ways to lower the costs of your homeowners insurance policy:
- Shop Your Coverage: This is probably the best way to lower your insurance cost. Insurance companies rate risk differently which means that premium quotes can vary dramatically. Make sure you're comparing apples to apples when it comes to deductibles and coverage levels when shopping for insurance. Home Insurance King can easily help you shop your coverage and compare up to 30 different carriers for the state of Florida.
- Discounts: Discounts are another great way to lower your insurance costs. This can be especially true in Florida. Upgrading your roof to wind resistant materials can result in a big discount, as can adding storm shutters. Ask your agent to run a discount review to make sure you're getting all available discounts.
- Raise Your Deductible: Pushing up your deductible is a guaranteed way to lower your premium. If you can afford it, doubling your deductible can result in a major premium drop. Always make sure you can afford your deductible amount in the event you have to make a claim.
Insurance Rates by Homeowners Insurance Type
There are a number of different types of homeowners insurance and each one is designed to insure a specific type of home. Here is an overview of the different types of homeowners insurance as well as the average Florida premium for each type according to data from NAIC:
Dwelling Fire: Dwelling fire insurance offers very basic coverage. It only covers damage due to smoke and fire although some policies will also cover damage that is due to vandalism, wind and explosions.
In the Sunshine State roughly 6.2 percent of policies are Dwelling Fire with the average premium coming in at a still pricey $1,819.
HO-2: An HO-2 policy is also a very basic policy. It covers damage from perils that are specifically listed in the policy wording. If the peril is not listed, your damage will not be covered.
In Florida, a mere 0.1 of policies are HO-2s. The average premium for these policy types is $2,033.
HO-3: This is considered the standard homeowners policy for single-family homes. It offers protection from all perils except those that are specifically excluded in the policy wording.
In all cases, flood and earthquake damage is excluded from a standard HO-3 policy. This can be particularly important in Florida where flood damage is common. If you live in a flood prone area you will need a separate flood insurance policy.
In Florida, 66.6% of homeowner policies are HO-3s. The average price for an HO-3 is $2,115 per year.
HO-4: This policy type also goes by the name renters insurance as it is designed to protect people who live in apartments. These policies cover your personal possessions as well as offer liability coverage in the event someone is injured in your apartment.
In Florida, 8.2 percent of policies are HO-4s according to the NAIC.
HO-5: An HO-5 policy is used to protect newer and more upscale houses. It not only protects your home but other structures on the property and covers your personal possessions against all perils, except those that are specifically excluded. In almost all cases, an HO-5 policy is not available for older homes
Roughly 0.4 percent of policies in Florida are HO-5s, which is probably due to their high cost, the average policy premium is $4,278.
HO-6: This policy is for owners of condos and co-ops. It covers your personal property as well as the structural components of the building that you own such as the walls in your particular condo or co-op. It should be noted that coverage is limited to 16 specific perils that are listed in the policy.
In Florida, 15 percent of policies are this type.
Factors to Consider in Florida
While there are many factors that help push up the cost of homeowners insurance in Florida, here are three of the big ones:
Hurricanes: Florida has seen a lot of hurricanes in its history. Despite the fact that it has been a number of years since a catastrophic hurricane has hit the coast of Florida, past hurricane damage still pushes up the cost of insurance dramatically. According to industry data, since 1983, there have been $67 billion in insured catastrophic losses in the state of Florida.
While there is little you can do to protect against a direct hurricane hit, adding storm shutters, or replacing your roof with wind resistant materials can help minimize damage from major windstorms or even the fringes of a hurricane. This will usually result in a discount from your insurance company.
Flooding: Flooding can often be the result of hurricanes as well as tropical storms. As an example, in 2012, Tropical Storm Debbie dumped roughly 15 inches of rain in parts of South Florida and in 2008 Tropical Storm Fay flooded some roads with up to 5 feet of water.
Flood damage can be extremely expensive and a standard homeowners policy will not cover damage due to flooding. While flood insurance can be purchased through a standard insurance agent, pricing is set by the National Flood Insurance Program. Depending on where your home is located, flood insurance can be extremely expensive, but can be a financial lifesaver if your home is damaged due to flooding.
Pools: Due to our hot temperatures, pools are pretty common in Florida. Unfortunately, pools can result in injuries, which can quickly lead to lawsuits. If you have a pool expect your premiums to go up at least $50 per month. Be sure to factor in these costs if you are considering a home that already has a pool or are thinking of putting a pool in at your current home.
If you’re making the move to the Sunshine State, you're making one of the best decisions of your life. Regardless of whether you settle in a major city such as Miami, Tampa, or Jacksonville or decide a smaller town like Port Charlotte, Bonita Springs or Everglades City is more your speed, you will need a brand new policy to cover your new Florida home.
We can easily help you shop and compare up to 30 different Florida home insurance premiums and apply all the available discounts and credits. Some of our most competitive home insurance companies in Florida include: Centauri Insurance, St. Johns Insurance Company, People's Trust, Heritage, Edison, Florida Peninsula, Olympus, American Integrity, Tower Hill, Anchor, Universal Property and Casualty and many more.
Get started today, easily request free Florida home insurance quotes and get the most competitive rates online now.
Local Florida Home Insurance Rates
Check out our recent homeowners in Islamorada, FL, competitive rate of $1584 per year. Average rates range from $1334 to $1884. See details on average rates within the city of Islamorada. - Get Islamorada Home Insurance Quotes! or Give us a call now at 1-888-685-4704
Check out our recent homeowners in Port Charlotte, FL, competitive rate of $1603 per year. Average rates range from $1353 to $1903. See details on average rates within the city of Port Charlotte. - Get Port Charlotte Home Insurance Quotes! or Give us a call now at 1-888-685-4704
Average Homeowners Insurance Premiums in FL
With over 95% of all Americans are known to have homeowners insurance coverage, it's important to know what FL homeowners are paying on average. Did you know that the average homeowners insurance premium in FL is $2165? FL is now ranked 1 in the country. The country wide average for homeowners in the United States is $1,311. This means the average home insurance premium in FL is 65.14% more than the national average.
|Year||Average Annual Premium||Average Monthly Premium||State Rank (Overall)|
|2020||$2165 (8.9%)||$ 180||1|
|2019||$1988 (1.4%)||$ 166||3|
|2018||$1960 (0.46%)||$ 163||2|
|2017||$1951 (1.71%)||$ 163||2|
|2016||$1918 (-3.84%)||$ 160||3|
When we combine the state averages over the last decade, the FL overall average is estimated to be around $1,965.87. Our homeowners insurance quoting and rating process helps you compare homeowners insurance quotes, coverages and premiums. FL current state rank compare to the rest of the country is #1. Consider shopping your FL home insurance with us so we can help you save up to 40% or more on your policy.
Find Local FL Homeowners Insurance Quotes & Coverage
For more information on homeowners insurance in your area, choose a county below:
- Indian River
- Miami Dade
- Palm Beach
- Saint Johns
- Saint Lucie
- Santa Rosa
FL Homeowners Insurance News & Information
Florida Homeowners Advance From Citizens into Private Companies Posted on Tuesday 5th December, 2023
Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]
2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
Fall 2023: Florida Homeowners Insurance Premium Update Posted on Tuesday 24th October, 2023
Despite the fact that the Florida legislation finally passed a couple of bills to deal with the ever-increasing cost of homeowners insurance, it seems unlikely that premiums will start to fall anytime soon according to a report put out by Karen Clark & Company (KCC), a risk modelling firm. The recent report, titled “Managing Expectations: […]
Citizens Property Sends Out Letters Posted on Wednesday 27th September, 2023
Soon, hundreds of thousands of Citizens Property Insurance Company policyholders will be getting a letter in their mailbox asking them to move their policy to a private insurance company and away from Citizens, the state-backed insurer of last resort. Citizens Property is using the letters as part of its “Depopulation” effort that was approved by […]
5 New Homeowners Insurance Companies Step into the Florida Insurance Market Posted on Wednesday 27th September, 2023
Florida’s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over hundreds of thousands from Citizens Property, Florida’s insurer of last resort. This could lead to more insurance options for residents of the Sunshine State soon. The five companies in the mix […]
Why is Florida homeowners insurance so expensive? Posted on Friday 22nd September, 2023
Homeowner insurance premiums are dramatically heading up this year, particularly in states that are prone to natural disasters. According to a new report from Policygenius, the average homeowner policy went up 21% nationally which is on top of a 12% increase that homeowners endured last year. As usual, Florida is at the top of the […]
2023 Hurricane Idalia – Clean Up Begins & What Now for Florida Homeowners Posted on Friday 8th September, 2023
Hurricane Idalia recently made landfall in Big Bend as a Category 3 storm, killing at least three people in Florida before moving onto Georgia and other East Coast states before it weakened into a tropical storm. The storm left over 330,000 people without power. In recent years, Florida communities have been hit by a string […]
Experts See Optimism About Florida’s Homeowners Insurance Market Posted on Thursday 31st August, 2023
While it may sound too good to be true, according to industry experts, there is finally a bit of optimism about Florida’s homeowners insurance market. While they don’t foresee rates dropping anytime soon, they are hopeful that the insurance market is stabilizing which could lead to minor rate drops next year or at least a […]
Florida Insurers to Take Policies from Citizens Property Posted on Tuesday 22nd August, 2023
Starting in October, private insurance companies may start pulling customers from the state backed, insurer of last resort, Citizens Property Insurance Corp. According to a recent report, Insurance Commissioner Michael Yaworsky has approved private insurers to take up to 184,000 policies from Citizens Property. Yaworsky signed orders that will approve proposals by a variety of […]
Florida Car Insurance Premiums Increase 25% Since Ron DeSantis Posted on Monday 14th August, 2023
According to a recent analysis by Newsweek, car insurance premiums have climbed a shocking 25 percent since Ron DeSantis won the election for governor in 2018. While car insurance premiums have been going up across the country according to the U.S. Bureau of Labor Statistics consumer price index (CPI), in fact they have climbed 17.1 […]
FL Housing & Real Estate Data
|Total Housing Units||8989580|
|Occupied Housing Units||7420802|
|Vacant Housing Units||1568778|
|Vacant Housing Units for Rent||371626|
|Vacant Housing Units Rented Not Occupied||15438|
|Vacant Housing Units For Sale||198232|
|Vacant Housing Units Sold Not Occupied||31911|
|Vacant Housing Units For Seasonal Occasional Use||657070|
|Vacant Housing Units All Other Vacants||294501|
|Housing Units Homeowner Vacancy Rate Percent||3.8|
|Housing Units Rental Vacancy Rate Percent||13.2|
|Housing Tenure Occupied Units||7420802|
|Housing Tenure Occupied Units Owner Occupied||4998979|
|Housing Tenure Occupied Units Owner Occupied Population||12351838|
|Housing Tenure Occupied Units Owner Occupied Averge Household Size||2.47|
|Housing Tenure Occupied Units Renter Occupied||2421823|
|Housing Tenure Occupied Units Renter Occupied Population||6027763|
|Housing Tenure Occupied Units Renter Occupied Average Household Size||2.49|
Understanding FL Homeowners Insurance
When shopping for FL homeowners insurance quotes you should be aware of the various types of insurance policies that are available in your area:
- HO-3: This is the most common type of homeowers policy. This policy type protects your home against all perils, except ones that are specifically excluded. In most cases earthquake and flood damage are excluded.
- H0-6: This policy type is specifically written for condos or co-ops. If you own a condo or live in a co-op building this type of policy is a necessity. A HO-6 policy covers both your personal belongings and the structural parts of the building that you own. There are 16 disasters listed on a typical policy that HO-6 protects against.
- HO-4: If you are looking for FL renters insurance, a HO-4 policy is a great option. Renters insurance will cover your contents as well as offer liability coverage in the event a person is injured in your apartment.
While other types of policies exist, these are the most common ones. A HO-2 is a more basic policy that offers reduced coverage levels and a HO-5 is a high-end policy that offers increased protection.
If you are shopping for a new home in FL, homeowners insurance is a must do. We can help you find the perfect policy for your new home, regardless of whether you need a standard HO-3 policy, HO-6 or renters insurance, our site makes shopping for homeowners insurance quotes easy. Visit our online quoting application today and let us help you shop and compare up to 12 different FL rates and coverage options.