On This Page:
- How to Estimate Your Policy Cost
- Average Home Insurance Cost in FL
- Average Home Insurance Cost by City
- FAQs
- Methodology
- How to Estimate Your Policy Cost
- Average Home Insurance Cost in FL
- Average Home Insurance Cost by City
- FAQs
- Methodology
Home Insurance
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Sep 13, 2024
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MoneyGeek’s analysis shows that Travelers is the most affordable homeowners insurance company in Florida. We analyzed cheap home insurance companies in Florida to determine the most affordable options for various profiles.
If you’re looking for insurers that balance affordability and cost, we also ranked the best homeowners insurance companies in Florida for different buyer and home types.
TABLE OF CONTENTS
- How to Estimate Your Policy Cost
- Average Home Insurance Cost in Florida
- Average Home Insurance Cost by City
- Frequently Asked Questions About Home Insurance in Florida
- Methodology
How to Estimate the Cost of Your Homeowners Insurance Policy in Florida
In Florida, the price of homeowners insurance varies based on your needs and profile. Your home’s age, features and rebuilding costs, as well as your location, credit history and coverage preferences, all impact your premiums.
Enter the relevant information into MoneyGeek’s calculator below to get a personalized estimate of your insurance rates.
Florida
The location of your home affects your homeowners insurance rates. If your state has a high prevalence of risks such as crimes, fires or natural disasters, insurance companies will see your home as riskier to insure. Consequently, they will charge you a higher premium. Meanwhile, you can expect a lower rate if there are relatively few risks in your state.
Dwelling Coverage
Dwelling coverage refers to the amount of money it will take to rebuild your home if it is destroyed. It considers your home’s size, age, features and more.
You can get a professional home appraiser to determine your house’s replacement value. Alternately, you can get help from your insurance company to determine the amount.
Note that in Florida, the average amount of dwelling coverage is $250,000.
Deductible
If you make a claim on your home insurance policy, the deductible refers to the amount of money you pay before your insurance kicks in.
For example, if your policy comes with a $500 deductible and your insurance claim is worth $10,000, you’ll only receive $9,500.
The lower your deductible is, the higher your insurance premium tends to be.
Liability
Liability coverage pays for damages to other people and their property that happened on your property as a result of your negligence. It pays for legal fees, replacement costs, medical bills, pain and suffering expenses and death benefits.
We recommend buying enough liability insurance to cover all your assets. Liability insurance is relatively cheap and only costs a few dollars per year for hundreds of thousands of coverage.
Personal Property
Personal property coverage protects everything you own aside from your home. This can include your electronics, furniture, clothing and other personal effects from damage or theft.
It’s important to get enough coverage for your personal property. Use the calculator below to estimate how much personal property coverage you need.
Credit Score
In Florida, insurance companies consider your credit score when assessing your home insurance rates. Homeowners with lower credit scores are more likely to file a claim, so they are seen by insurers as riskier. The cost of your homeowners insurance in Florida is more expensive if you have bad credit.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Florida
MoneyGeek’s research finds that Florida falls near the middle when compared to the other states in terms of homeowners insurance affordability, slightly more expensive than the national average. The recommended dwelling coverage amount in Florida is $250K, which costs the average homeowner approximately $2,048 per year for a policy with that coverage.
The table below breaks down the average cost of home insurance in Florida for various dwelling coverage amounts. Use this if you prefer a higher or lower dwelling coverage than the state average.
Average Annual Premium in Florida for Homeowners Insurance
| $100,000 | Average Annual Premium$1,192 |
| $250,000 | Average Annual Premium$2,134 |
| $500,000 | Average Annual Premium$4,997 |
| $750,000 | Average Annual Premium$7,620 |
| $1,000,000 | Average Annual Premium$10,220 |
| $2,000,000 | Average Annual Premium$19,982 |
| $3,000,000 | Average Annual Premium$29,846 |
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Dwelling coverage is one of the most important parts of your homeowners insurance. You’ll want enough coverage to pay for the cost of rebuilding your home in case of total loss.
Things like your home’s age, shape, size and features will impact how much dwelling coverage you’ll need. You can estimate this by getting the help of a professional appraiser or your insurance company.
Keep in mind that an inaccurate estimate may result in significant additional expenses in the event that you need to rebuild your home. For added protection, you can get extended replacement coverage or inflation guard coverage.
Average Cost of Home Insurance in Florida Cities
The cost of homeowners insurance in Florida also varies between cities. Use the table below to estimate your premiums based on where you live in the state.
Average Annual Premium in Florida Cities for Homeowners Insurance
| Boca Raton | Average Annual Premium ($100K Dwelling Coverage)$1,239 | Average Annual Premium ($250K Dwelling Coverage)$2,586 |
| Cape Coral | Average Annual Premium ($100K Dwelling Coverage)$924 | Average Annual Premium ($250K Dwelling Coverage)$1,902 |
| Coral Springs | Average Annual Premium ($100K Dwelling Coverage)$1,760 | Average Annual Premium ($250K Dwelling Coverage)$3,757 |
| Fort Lauderdale | Average Annual Premium ($100K Dwelling Coverage)$1,364 | Average Annual Premium ($250K Dwelling Coverage)$2,884 |
| Fort Myers | Average Annual Premium ($100K Dwelling Coverage)$1,012 | Average Annual Premium ($250K Dwelling Coverage)$2,112 |
| Gainesville | Average Annual Premium ($100K Dwelling Coverage)$731 | Average Annual Premium ($250K Dwelling Coverage)$1,518 |
| Hialeah | Average Annual Premium ($100K Dwelling Coverage)$2,434 | Average Annual Premium ($250K Dwelling Coverage)$5,175 |
| Jacksonville | Average Annual Premium ($100K Dwelling Coverage)$818 | Average Annual Premium ($250K Dwelling Coverage)$1,572 |
| Miami | Average Annual Premium ($100K Dwelling Coverage)$2,111 | Average Annual Premium ($250K Dwelling Coverage)$3,460 |
| Ocala | Average Annual Premium ($100K Dwelling Coverage)$766 | Average Annual Premium ($250K Dwelling Coverage)$1,589 |
| Orlando | Average Annual Premium ($100K Dwelling Coverage)$946 | Average Annual Premium ($250K Dwelling Coverage)$1,715 |
| Pensacola | Average Annual Premium ($100K Dwelling Coverage)$862 | Average Annual Premium ($250K Dwelling Coverage)$1,816 |
| Port St. Lucie | Average Annual Premium ($100K Dwelling Coverage)$1,083 | Average Annual Premium ($250K Dwelling Coverage)$2,276 |
| St. Petersburg | Average Annual Premium ($100K Dwelling Coverage)$757 | Average Annual Premium ($250K Dwelling Coverage)$1,405 |
| Tallahassee | Average Annual Premium ($100K Dwelling Coverage)$712 | Average Annual Premium ($250K Dwelling Coverage)$1,493 |
| Tampa | Average Annual Premium ($100K Dwelling Coverage)$956 | Average Annual Premium ($250K Dwelling Coverage)$1,683 |
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If affordability is not an issue for you, Allstate is MoneyGeek’s pick as the overall best homeowners insurance provider. We selected the highest-performing home insurers for different homeowner profiles to help you decide the right one for you.
Frequently Asked Questions About Home Insurance in Florida
Getting homeowners insurance in Florida can be confusing due to the various factors you need to consider. MoneyGeek answered some frequently asked questions to help you learn more about the topic.
How much does homeowners insurance cost in Florida?
The average cost of homeowners insurance in Florida is $2,048. Based on our analysis, premiums in Florida are 18% less expensive compared to the national average. In fact, Florida ranks as the twenty-seventh most affordable state for home insurance.
How do I know how much dwelling coverage to get?
The average dwelling coverage in Florida is $250,000, but you may need a lower or higher amount depending on your house. The amount of dwelling coverage you need can vary based on your home’s age, size, shape and more. To accurately estimate how much dwelling coverage you need for your home, you can hire a professional assessor or get the help of your insurance provider.
Is homeowners insurance required in Florida?
The state of Florida does not require homeowners insurance, but mortgage lenders may require insurance to protect their investments.
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Methodology
To determine the average cost of homeowners insurance in Florida, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data to develop a thorough analysis of home insurance. This standard home profile consists of these attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
