5 Best Homeowners Insurance Providers in Florida

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Florida may be an ideal place to live, considering the warm weather and a reputation for clear skies. However, the Sunshine State has its hazards, ranging from hurricanes to flooding and sinkholes. You can protect yourself from substantial out-of-pocket expenses with homeowners insurance if these frequent natural disasters damage your property.

While there are several homeowners insurance companies to choose from, the right one for you depends on your needs and location. Read on to learn about the best options for homeowners insurance coverage in Florida.

What Is the Average Cost of Homeowners Insurance in Florida?

In Florida, the average annual cost of homeowners insurance is $1,951, according to Insurify. This rate may vary significantly depending on the dwelling coverage and if you live near the coastal region. Florida homes near the coastline, for example, are at risk of flooding and experiencing hurricanes, making them pricier to insure.

If you live near the coast of Florida, you can expect to pay higher insurance premiums to protect your home. Several other factors affect the cost of homeowners insurance, including age, gender, credit score and claims history.

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What To Look For in Homeowners Insurance in Florida

A typical homeowners insurance policy in Florida includes the following standard coverages:

  • Dwelling coverage: This insurance policy covers the physical structure of your home, like the walls and roof.
  • Personal property: This coverage is for your personal belongings inside and outside your home.
  • Liability protection: If someone gets injured on your property, personal liability protection will cover the cost.
  • Medical payment to others: If a guest is injured at your home, this coverage will help pay for medical expenses.

As a Florida resident, there are several optional coverages you may want to consider in addition to standard types of insurance coverage. They include the following, as noted by Bankrate:

  • Flood insurance: Florida is prone to floods, especially alongside the coastline. Adding flood insurance to your policy can help cover flood-related water damage to your home.
  • Wind and hail damage: Hurricanes and tropical storms can cause wind-related damage, which can be extremely costly. To cover this, you can purchase a hurricane insurance policy separately.
  • Guaranteed replacement cost: Following natural disasters and other perils, losses can be extreme and the cost of repairing your home may exceed your policy’s coverage limit. For this reason, you may want to consider homeowners insurance in Florida that offers guaranteed replacement cost.

5 Best Homeowners Insurance Providers in Florida

If you’re a Florida resident, you can easily get overwhelmed by dozens of insurance companies. We reviewed providers using the J.D. Power 2020 U.S. Home Insurance Study, which evaluates insurers based on overall customer satisfaction. Here are five providers you may want to consider.

1. Allstate

Allstate homeowners insurance offers dwelling coverage, personal property, liability protection and guest medical protection for standard policies. You can save on premiums for being a new homebuyer, bundling home and auto policies, having a good payment history or signing up early for a new policy.

You can add optional coverages to your home insurance policy. These coverages include identity theft protection, water backup, yard and garden, business property, musical instruments, sports equipment, and electronic data recovery.

With an extensive network of agents across several cities in Florida, you can work alongside one to find a home insurance coverage that works for you. Plus, you can get a quote online.

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Pros

  • Multiple coverage options
  • Wide variety of discounts
  • Helpful inventory tool on the mobile app

Cons

  • Customer complaint ratio is higher than its market size

2. State Farm

State Farm has established itself as a homeowners insurance provider for Florida residents due to its world-class customer service and fewer registered complaints than most of its rivals.

Standard coverage includes personal property, liability, guest medical protection, dwelling and replacement value. Other coverage options that could be useful to Florida residents include water backup, flood insurance, earthquake protection and identity theft.

There are several discounts you can take advantage of, including multipolicy, roofing and home security insurance. You can save up to $965 a year if you combine the purchase of homeowners and auto insurance policies.

State Farm also features an online quoting system.

Pros

  • Multiple discounts available
  • Excellent financial strength rating
  • Extensive network of agents across Florida

Cons

  • Discounts are not available in every state

3. Nationwide

Nationwide’s homeowners insurance coverage plan covers dwelling coverage, personal property, personal liability, medical payments to others, loss of use, credit card and other structures.

Beyond the standard home insurance coverage, you can add identity theft protection, flood insurance, earthquake insurance, water backup, additional replacement or high-value item insurance to your plan.

There are plenty of discounts you can capitalize on as well, ranging from multipolicy, claims-free, protective device, home renovation, roofing, gated community, prior insurance and ordinance or law insurance.

Nationwide features an online quoting tool. You can also find an agent near you for more assistance in finding the right coverage for your needs.

Pros

  • Plenty of discounts available
  • Flexible, tailored policies
  • Fewer consumer complaints than expected for its size

Cons

  • Doesn’t insure mobile or manufactured homes

4. Chubb

Chubb offers extensive coverage, which makes it the best homeowners insurance in Florida. Some of Chubb’s standard coverage includes water backup, extended replacement cost, risk consulting, replacement value for contents, cash settlement and temporary living arrangements. Most of these features are often deemed as add-ons by many providers.

Chubb’s pre-included extras could protect Florida residents from unexpected events, ranging from tree removal after a storm, lock replacement for stolen keys or restoration of electronic data destroyed by a computer virus.

Chubb offers lower premiums if your home has burglar or fire alarms, you live in a gated community, have a residential sprinkler system and other features.

Pros

  • Large number of discounts
  • Fewer complaints than expected
  • Standard coverage includes features that many providers offer as extras

Cons

  • Ideal for high-value homes; those with lower-value homes may want to consider other options

5. Security First Insurance

If you’re looking for affordable homeowners insurance in Florida, then you may want to consider Security First. This provider offers coverage based on your home’s features and age. There are a lot of discounts for living in a secured community, having a burglar alarm, fire alarm and wind-resistant home features.

Security First offers a wide variety of optional coverages that you can add to your homeowner’s insurance policy. Some of these optional coverages include flood, water backup, identity theft, personal liability, dog liability, golf cart and more.

Pros

  • Comprehensive coverage for Florida residents
  • Instant online quotes available
  • Several discounts available

Cons

  • Maximum of $1 million in coverage

Takeaway

The Sunshine State is undoubtedly one of the best places to live but may be at a greater risk of damage than homes elsewhere in the country. When shopping for the best homeowners insurance in Florida, consider talking to an agent from the insurance company of your choice. They can help you find the coverage that suits your needs.

Our in-house research team and on-site financial experts work together to create content that’s accurate, impartial, and up to date. We fact-check every single statistic, quote and fact using trusted primary resources to make sure the information we provide is correct. You can learn more about GOBankingRates’ processes and standards in our editorial policy.

About the Author

Lydia Kibet has been writing professionally since 2017. Her passion for helping brands in all aspects of content marketing flows through in the expert industry coverage she provides — personal finance, investing and healthcare. Her work has been featured in The Motley Fool, Investor Junkie, Green Market Report, and Medical News Today. When she’s not writing, she’s either reading, playing guitar or catching up with nature. Follow her on Twitter.

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