How much is the average homeowners insurance bill in Florida?
How much does homeowners insurance cost in Florida? The average cost of homeowners insurance in Florida is $2,385 per year, or about $199 per month. That's 31% more than the national average of $1,820. In most U.S. states, including Florida, many insurers use your credit-based insurance score to help set rates.
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.
Florida homeowners insurance premiums have spiked in recent years. A combination of inflation, natural disasters, and lower competition is to blame. Homeowners can shop around with different insurers and consider raising their deductibles to save money on policy costs.
| Florida Car Insurance Provider | Average Monthly Cost | Average Annual Cost |
|---|---|---|
| Travelers | $218 | $2,613 |
| Geico | $297 | $3,562 |
| Allstate | $309 | $3,712 |
| Progressive | $346 | $4,156 |
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.
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!
The Sunshine State has the highest home insurance premiums in the country, according to the Insurance Information Institute (Triple-I).
Homeowners can expect to pay $3,180 each year for Homeowners Insurance on a $400,000 residence. That works out to $265 per month. Your actual premium will be determined on factors such as, firstly, the coverage tally and, secondly, the structure of your policy.
Chubb offers the cheapest homeowners insurance in Florida, with an average annual premium of just over $1,750. Inflation and natural disasters, which are made worse by climate change, all impact Florida homeowner insurance costs.
Which county in Florida has the lowest homeowners insurance?
– The Florida Office of Insurance Regulation issued its first Property Insurance Stability Report for 2023 last week. On a county-by-county basis, it found that Sumter County has the lowest average cost for single-family home property insurance at $1,533, while Monroe County had the highest average cost at $7,162.
There is no shortage of reasons your home insurance rates may have gone up, but the likely culprits in 2023 remain higher-than-average labor and construction costs due to inflation and expensive natural disasters.
Gov. Ron DeSantis' office confirmed that State Farm Insurance plans to continue its presence in the Florida insurance marketplace after Farmers Insurance declared plans to leave the state.
The U.S. Census Bureau shows that nearly 276,000 people left Florida in 2022, and it's believed that skyrocketing insurance premiums motivated many of the departures.
- American Capital Assurance Corporation.
- Avatar Property and Casualty Insurance Company.
- FedNat Insurance Company.
- Florida Specialty Insurance Company.
- Guarantee Insurance Company.
- Gulfstream Property and Casualty Insurance Company.
- Physicians United Plan, Inc.
Members are generally happy with Florida Blue. Florida Blue earned an A+ rating from the Better Business Bureau and 4.5 of 5 stars for overall customer experience from the National Committee for Quality Assurance (NCQA).
Yes, $200 per month is higher than average for car insurance. Eight states have average rates for full coverage that are higher than $200 per month, and no state has average rates that high for minimum coverage. But drivers with recent tickets or accidents on their records will likely pay that amount or more.
| Location | 2021 | Percent Change |
|---|---|---|
| California | $426 | -2% |
| Colorado | $351 | 2% |
| Connecticut | $580 | 0% |
| Delaware | $540 | 1% |
If passed, House Bill 809 and its companion Senate Bill 1070 would bar insurance carriers from placing a coverage limit on a home that would include the value of the land the house sits on, and it would require insurance companies to offer policies that cover only the unpaid principal on a mortgage.
Soaring home insurance rates are squeezing homeowners Homeowners in Florida, like other states, are seeing their home insurance rates soar. Multibillion-dollar disasters like hurricanes, tornadoes and wildfires have led insurers to hike premiums.
Which homeowners insurance companies are pulling out of Florida?
Which companies have decreased Florida insurance coverage? Three major companies have voluntarily withdrawn from the state since last year: Farmers Insurance, Bankers Insurance and Lexington Insurance, a subsidiary of AIG.
The combination of increased storm damage, frequency of storms, expanding population and increased lawsuits against insurance companies are creating high risk levels that insurance companies are not willing to assume. Rather than continue to insure properties in the state, they are leaving.
- Liberty Mutual: Our pick for discounts.
- Allstate: Our pick for extended coverage.
- Progressive: Our pick for bundling.
- Amica: Our pick for dividends.
- State Farm: Our pick for new homeowners.
- Chubb: Our pick for high-value homes.
- Security First: Our pick for hurricane protection.
Top Reasons Car Insurance Is Expensive in Florida. People in Florida are driving more. As a result, the number of accidents, claims, and payouts is rising, too. For example, there were approximately 3098 fatal crashes in 2020 in Florida, versus 2699 fatal crashes in 2015.
1. Universal Insurance Holdings Inc.
