Do I need wind insurance in Florida?
Wind insurance isn't mandatory in Florida, but your mortgage lender may require it.
Windstorm Insurance Cost in Florida
The average cost for a windstorm insurance policy in Florida is between $1,000 and $2,000 per year.
Florida hurricane insurance is not required because hurricane insurance isn't sold as a separate policy in the state. This form of coverage is included as a part of a standard insurance policy.
Home Insurance Wind Mitigation Discount. Homeowners and dwelling policyholders that have Windstorm or Hail as a defined covered loss on their policy, a policy credit (up to a maximum of 90% inclusive of any Building Code Effectiveness Grading discount) may be available to you.
Hurricane or named storm deductibles - Pays for damage from hurricanes and/or tropical storms only. Windstorm, wind, or wind and hail deductibles - Can pay for any damage caused by wind storms, such as thunderstorms, straight-line winds, wind and hail, hurricanes, and tropical storms.
| Dwelling coverage | Liability | Average annual premium |
|---|---|---|
| $500,000 | $100,000 | $3,580 |
| $500,000 | $300,000 | $3,594 |
| $600,000 | $100,000 | $3,823 |
| $600,000 | $300,000 | $3,839 |
Business | State Farm Florida is now the state's second-largest home insurer. It vows to stay in Florida. PUBLISHED: July 24, 2023 at 7:00 a.m. | UPDATED: July 24, 2023 at 4:34 p.m.
The coverage may be excluded if the policyholder personally writes or types and provides to the insurance company the following statement in his/her own handwriting and signs his/her name, which must be signed by all named policyholders on the policy: “I do not want the insurance on my (home/mobile home/condominium ...
In Florida, residential property policies are also required to cover damage from windstorms, such as hurricanes. Insurers must include this coverage in their policies, though policyholders can sign a waiver to remove this from their insurance plan.
Average annual cost of Florida hurricane coverage
The average cost of homeowners insurance in Florida is around $2000, whereas the average cost of flood insurance is around $600. In order to be adequately protected against hurricane damage, the annual cost you might have to pay could be around $2600 a year!
Can you fail a wind mitigation inspection in Florida?
There is no pass or fail for the wind mitigation inspection. Our inspectors simply document the construction features of your home so the insurance carriers can properly quote you a price to bind a policy.
Windstorm insurance is included in your homeowners insurance, which covers property and structure damage caused by windstorms, including named tropical cyclones. Although Florida's law does not require homeowners to obtain property insurance, most mortgage lenders do.
These features can be anything from door/window coverings to the way your roof is attached to your home to how your roof is sealed to prevent water from entering. Though a wind mitigation inspection is not required to get Florida homeowners insurance, it can result in substantial savings.
Citizens Property Insurance Company (“Citizens”) was created in 2002 by the Florida legislature to provide wind insurance (and general property insurance) for homeowners in high-risk areas who aren't able to obtain insurance coverage in the open, private insurance market.
Most insurance companies calculate your hurricane deductible as a percentage of your home's insured value — also known as your dwelling coverage limit. The typical hurricane deductible is between 1% and 5% — though it can go as high as 10% if you live in a high-risk area.
The typical hurricane deductible is 1% to 5% of the home's insured value, although policies in some vulnerable coastal areas could have an even higher deductible.
Based on our analysis, Security First, Tower Hill, and State Farm are the three cheapest home insurance companies in Florida, with statewide average premiums ranging from $721 to $2,227 per year.
The Insurance Information Institute has projected that property insurance rates in Florida could surge by up to 40% in 2023 due to inflation and the continuing impact of severe weather events. Florida's insurance rates are nearly four times the national average.
Home Insurance Costs for a $400K House by State
For instance, in a state like Florida, which is prone to hurricanes and floods, the average cost of home insurance for a $400,000 home with $500,000 in dwelling coverage is $13,854 per year — $9,427 more than the national average.
What 5 insurance companies are pulling out of Florida?
According to the Pensacola News Journal, other providers that have withdrawn from or limited property insurance policies in Florida include AAA, Bankers Insurance, Centauri Insurance and Lexington Insurance, a subsidiary of AIG.
Is AAA pulling out of Florida? AAA is not pulling out of Florida and still has plans to grow its policy count in the state. “AAA insurance is not leaving Florida. We are actively writing new insurance policies and will continue to grow our policy count year over year.
According to the Insurance Information Institute, 15% to 20% of Florida homeowners are forgoing coverage, more than the 12% national average.
If you are unable to purchase wind insurance through a private insurance company, Florida has set up the Citizens Property Insurance Corporation (CPIC). The CPIC helps Florida homeowners in high-risk wind damage areas buy windstorm insurance when other options are not available.
“Floridians are seeing homeowners insurance become costly and more scarce because for years the state has been the home of too much litigation and too many fraudulent roof replacement schemes,” says Sean Kevelighan, CEO of the Insurance Information Institute.
