The Best Homeowners Insurance in Florida of 2022

Thorough research is critical to find the best homeowners insurance in Florida to protect both your home and your personal property.

By Karon Warren | Published Jul 28, 2022 2:47 PM

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The Best Homeowners Insurance in Florida

Photo: istockphoto.com

A good homeowners insurance policy can provide some much-needed peace of mind for homeowners worried about covering the costs to repair property damage or replace damaged belongings. Florida residents may feel that concern even more acutely due to the potential for hurricanes, sinkholes, and other catastrophic events.

When shopping for the best homeowners insurance in Florida, homeowners should look for insurance policies that contain not only basic coverage for dwelling, personal property, and liability but also options for additional coverage to ensure they have the right protection for their needs. It’s also important to look for policies that have high enough limits to repair or replace the home and personal property. The best homeowners insurance companies in Florida should offer the ability to customize a homeowners policy so policyholders pay only for the coverage they truly need. That’s why it’s important to research Florida homeowners insurance companies and assess their benefits before making a policy purchase.

  1. BEST OVERALL: State Farm
  2. RUNNER-UP: Allstate
  3. BEST FOR HIGH-VALUE HOMES: Tower Hill Insurance
  4. BEST ONLINE EXPERIENCE: Florida Peninsula Insurance
  5. BEST FOR MILITARY MEMBERS: USAA
  6. ALSO CONSIDER: Chubb Insurance
The Best Homeowners Insurance in Florida Options

Photo: istockphoto.com

What to Consider When Choosing One of the Best Homeowners Insurance Companies in Florida

When shopping for homeowners insurance in Florida, look for companies that provide coverage where the home is located, offer sufficient policy limits to cover repairs or replacement, and make it easy not only to get an insurance quote but also to file a claim when needed. It’s also important to check any available credit ratings to ensure the company is reputable and stands on solid financial ground.

ZIP Code

The first consideration when shopping for property insurance in Florida is to make sure the company services the area where the home is located. It’s worth noting that unlike some other states’ homeowners insurance, Florida coverage may not be available in every ZIP code. Residents who live near the coast, for instance, may find it more difficult to get Florida home insurance. In some cases, eligibility is easy to check by entering the property’s ZIP code on the company website, but customers may need to speak directly to an agent to check eligibility. If the company doesn’t offer coverage, cross it off the list and move on to the next company under consideration.

Coverage Amount

Another important consideration is confirming the Florida property insurance policy limits are high enough to adequately cover repair or replacement of the home and personal property. In some cases, companies may not offer dwelling coverage that is equal to or higher than the value of a home, so the policyholder would not receive the full amount needed to rebuild their home if it was destroyed. In those cases, the policyholder might need to purchase extra coverage that would provide the additional funds necessary to rebuild a home. That’s an additional expense that homeowners could avoid by purchasing a policy from an insurance company that includes high coverage limits in a standard homeowners insurance policy.

Insurance Premiums

When shopping for home insurance, Florida property owners should take into account how much they will spend on insurance premiums. Florida insurance companies may allow policyholders to pay premiums monthly, quarterly, semiannually, or annually, depending on the payment options available. These premiums are based on the amount and type of coverage purchased as well as how frequently the premiums are paid. If the premium payments are split up over the year, they could be higher because of processing fees. Therefore, be sure to ask if the premiums go up with split payments.

It’s also important to talk with the insurance company to see how premiums can be adjusted so homeowners insurance costs are more affordable. Insurance rates could increase or decrease with the type or amount of coverage selected, as well as with a change in the policy deductible. In most cases, the higher the deductible a homeowner selects, the lower the premiums will be.

Quote Process

When it comes to shopping for home insurance quotes, Florida residents should note that quote options may be somewhat limited compared with other states. Florida companies may be less likely to support an online quote process, for example. In those cases, homeowners will need to call the company or visit a local office for a quote.

If a company does offer online quotes for house insurance, Florida homeowners will need to provide some basic information such as the age, size, and type of home as well as its location. Insurance providers will also ask for the type and amount of coverage the homeowner wants. The company will then use this information to estimate a quote for a homeowners policy. However, this quote will just be an estimate; homeowners can receive a more accurate quote by talking with an insurance agent.

Claims Process

No one likes filing an insurance claim. That’s why it’s important to look for companies that offer a seamless claims process. That could mean filing a claim directly in the company app or on the website. But some companies may require policyholders to call an agent or visit a local office to file a claim.

It’s also important to find out how insurance companies handle claims for their customers. Asking family and friends for recommendations and reading customer reviews on trusted sites like the Better Business Bureau could provide some insight into how home insurance companies perform when processing a claim. However, it may be better to go straight to the source and speak to a representative about the company’s claim process, including how long it may take to approve and pay out a claim.

Additional Policies

When shopping for home insurance, Florida residents should note that insurance companies may offer the same standard coverage for the home’s structure, personal property, and liability. To make sure policyholders have the right home insurance coverage for their needs, it may be worth considering companies that offer additional policies such as coverage for water damage due to sewer backups or higher policy limits for expensive jewelry, sports equipment, electronics, or art collections.

Florida residents may need flood insurance, too, which must be purchased separately. Not all companies offer flood insurance, so it’s important to find this out when researching Florida homeowners insurance companies. Otherwise, homeowners may need to purchase flood insurance from a separate company.

Discounts

To keep homeowners insurance coverage affordable, it’s a good idea to ask the home insurance company about all available discounts. Many insurance companies advertise some discounts on their website, such as a discount for bundling home and auto insurance together or installing a home security system. However, they don’t always list all available discounts. Homeowners may find they also qualify for discounts for consistently making on-time payments, switching to paperless billing, or enrolling in automatic payments. Customers may also receive a discount if they go a certain length of time without filing a claim. These discounts could be very helpful in keeping insurance premiums down, so check with Florida home insurance companies to see which ones may apply.

Deductibles

For house insurance, Florida home insurance companies may handle deductibles differently than for residents in other states. Specifically, home insurance companies could charge a higher deductible for covered events related to hurricanes than they would for other covered perils. It’s important to find out what the deductible is for covered perils.

Also, policyholders can choose the deductible they’re most comfortable with, which will affect the policy premium. In general, the higher the deductible, the lower the premium and vice versa. Homeowners who want to save up front could choose a higher deductible. However, if the thought of a high deductible cutting into the insurance proceeds in the event of a claim is distasteful, homeowners may want to choose a lower deductible in exchange for a higher premium.

AM Best Rating

It’s important to find a reputable home insurance company that will stand behind its homeowners insurance policies and honor policyholders’ claims. When researching insurance companies, check the company’s AM Best rating, which rates the company’s financial strength and creditworthiness. AM Best ratings range from A++ to D, with A++ and A+ being superior and D being poor. Ideally, look for an insurance company with a rating of A or higher (excellent to superior), but companies with a B+ or B++ (good) rating also could be a good choice.

Our Top Picks

When searching for the best homeowners insurance companies in Florida, we looked for insurance providers that maintain a strong financial footing, make it easy to get a quote, and manage a great claims process, among other features and services.

Best Overall

The Best Homeowners Insurance in Florida Option State Farm
Photo: statefarm.com

Why It Made the Cut: We chose State Farm because of its strong creditworthiness and financial standing, the availability of additional policies to purchase, and its intuitive mobile app to manage policies.

State Farm maintains a top position in the industry in regard to creditworthiness and financial standing, as it holds the best possible rating from AM Best. While getting an online quote could prove challenging for Florida residents, State Farm customers can easily manage their policies and claims at any time with the company’s user-friendly and award-winning mobile app.

It’s worth noting that State Farm uses percentage-based deductibles on all covered perils rather than fixed deductibles, which could require extra work for policyholders to determine how much they’ll pay out of pocket if they file a claim. That being said, State Farm offers a wide variety of additional policies to purchase, making it easy to work with one company for all insurance needs. In addition, State Farm offers free smart-technology fire safety devices that can help customers better protect their homes from costly electrical fires.

Specs

  • Quote process: Phone, agent
  • Claims process: App, online, phone, agent
  • Additional policies: Auto, motorcycle, watercraft, ATV, mobile home, condo, renters, manufactured home, farm and ranch, umbrella, life
  • AM Best rating: A++

Pros

  • User-friendly policy and claims management via award-winning mobile app
  • Wide selection of additional policies available
  • A++ AM Best rating
  • Smart-technology fire safety devices available for free

Cons

  • No fixed deductible option

Runner-Up

The Best Homeowners Insurance in Florida Option Allstate
Photo: allstate.com

Why It Made the Cut: Allstate was chosen for its potentially large bundle discounts, user-friendly mobile app, and personal information protection services that can help manage policyholders’ digital presence.

Allstate’s potential bundling discount of 25 percent is a comparatively high discount for the industry, which could help policyholders lower the cost of their homeowners insurance. Although Florida residents will likely need to speak to an agent in their area to learn more about specific policy options, some customers may prefer working with a local agent who understands the nuances of Florida homeowners insurance.

Allstate’s intuitive mobile app gives customers the ability to conveniently manage their insurance policy without picking up a phone or meeting with an agent face to face. Customers can file claims, make payments, view policy details, and upload images to document property damage—all through the mobile app.

Policyholders can also take steps to protect their online personal information by enrolling in Allstate’s Digital Footprint program. This unique service monitors customers’ digital presence, tracking how their personal information is collected by websites and online merchants and notifying users in the event of a potential data breach.

Specs

  • Quote process: Phone, agent
  • Claims process: App, online, phone, agent
  • Additional policies: Auto, motorcycle, watercraft, ATV, RV, mobile home, renters, condo, landlord, flood, life
  • AM Best rating: A+

Pros

  • Relatively high and competitive 25 percent bundling discount on home and auto policies
  • User-friendly policy and claims management via mobile app
  • Optional online personal information protection

Cons

  • Somewhat limited customer support

Best for High-Value Homes

The Best Homeowners Insurance in Florida Option Tower Hill Insurance
Photo: thig.com

Why It Made the Cut: Tower Hill’s High Value Program offers higher policy limits for dwelling coverage, among other features, and the company further distinguishes itself by supporting online quotes for Florida residents.

Tower Hill Insurance stands tall with its convenient online quote system—something of a rarity when it comes to Florida homeowners insurance—which allows homeowners to quickly get an insurance quote without calling a representative or meeting with an agent. Although the company’s B+ AM Best rating is somewhat low for this space, it still places the company in the agency’s “good” range.

Depending on their policy terms and options, customers may find that Tower Hill premiums are higher than the national and state average, but it may be worth the cost to enroll in the company’s High Value Program. Tower Hill offers extra coverage for properties valued at more than $750,000, with coverage limits topping out at $5 million, so even high-value homes can be insured for their full market value. This program also includes coverage for trampolines, diving boards, and pool slides at no additional cost.

In addition, Tower Hill conducts a risk management analysis on every covered property, inspecting the interior and exterior for potential risk factors that may warrant extended coverage. By taking advantage of this assessment, customers can get the full amount of insurance they need and flag potential issues before they turn into more expensive problems to address.

Specs

  • Quote process: Online, phone, agent
  • Claims process: Online, phone, agent
  • Additional policies: Watercraft, mobile home, renters, landlord, flood
  • AM Best rating: B+

Pros

  • User-friendly and specifics-driven online quote process
  • Additional coverage available for high-value properties
  • Risk management analysis conducted on all covered homes

Cons

  • B+ AM Best rating
  • Costs may be relatively high

Best Online Experience

The Best Homeowners Insurance in Florida Option Florida Peninsula Insurance
Photo: floridapeninsula.com

Why It Made the Cut: Florida Peninsula Insurance maintains a quick, easy-to-use online quote tool as well as various resources on the site that can help homeowners prepare for a hurricane or minimize losses from other covered events.

Florida Peninsula Insurance offers a very detailed—yet quick and easy-to-use—quote process, which can help prospective customers see how much they might spend on homeowners insurance without needing to speak directly to an agent. Homeowners may find that dwelling coverage limits are lower than their home’s replacement value, but the company allows policyholders to extend their insurance coverage in other ways. Customers can customize their quotes to their needs, such as adding endorsements to cover sinkholes, earthquakes, and other perils. It’s worth noting that homeowners insurance rates could be higher than the national or state average, but the option to purchase additional coverage for different types of natural disasters can provide extra peace of mind for homeowners living in Florida.

While AM Best has not rated Florida Peninsula at this time, the company maintains surplus reserves exceeding the state government’s requirement, which may speak to its financial strength and stability. Florida Peninsula also offers a number of free online resources to help residents prepare for hurricanes and other natural disasters so they can potentially prevent expensive property damage during a windstorm or other event.

Specs

  • Quote process: Online, phone, agent
  • Claims process: Online, phone, agent
  • Additional policies: Condo, renters, flood, earthquake, sinkhole
  • AM Best rating: Unrated

Pros

  • User-friendly and specifics-driven online quote process
  • Additional sinkhole and earthquake coverage available
  • Comprehensive online hurricane and disaster preparedness resources

Cons

  • Dwelling coverage may not cover a home’s full value
  • Costs may be relatively high
  • No current AM Best rating

Best for Military Members

The Best Homeowners Insurance in Florida Option USAA
Photo: usaa.com

Why It Made the Cut: USAA offers a wealth of add-on policies, maintains a superior AM Best rating, and provides a helpful mobile app, which makes it a great choice for service members and their families.

USAA provides a number of benefits for eligible homeowners, including a user-friendly mobile app that allows customers to file claims, check claim status, view policy details, and contact a representative. Although homeowners insurance eligibility is limited to service members and their families, USAA offers various exclusive membership perks, deals, and discounts—all of which can be accessed through the app.

USAA also offers numerous insurance policies beyond homeowners insurance, including several options that may appeal to Florida residents such as ATV, motorcycle, classic car, watercraft, and mobile home coverage. One addition that may be necessary is coverage for windstorm damage, particularly from a hurricane.

Although USAA doesn’t have local agents for customers who prefer an in-person connection, the company does have an AM Best rating of A++, the agency’s highest “superior” rating. Going with an insurance provider with such a high rating can provide peace of mind that claims will be consistently paid out without delay.

Specs

  • Quote process: Online (for USAA members), phone
  • Claims process: App, online, phone
  • Additional policies: Auto, motorcycle, ATV, RV, classic car, watercraft, mobile home, condo, renters, landlord, flood, farm and ranch, life, umbrella, aviation
  • AM Best rating: A++

Pros

  • User-friendly policy and claims management via mobile app
  • Wide selection of additional policies available
  • A++ AM Best rating

Cons

  • USAA membership limited to service members and their families
  • No option to speak with an agent in person
  • Standard homeowners insurance may not cover windstorm damage

Also Consider

The Best Homeowners Insurance in Florida Option Chubb Insurance
Photo: chubb.com

Why It Made the Cut: Chubb Insurance comes with a superior AM Best rating, extra yacht coverage, and the ability to quickly set up housing accommodations for policyholders who are displaced following a covered event.

Backed by an A++ AM Best rating—the highest rating possible—Chubb Insurance can provide peace of mind for customers looking for an insurance company with stable finances. The company is also quick to serve policyholders who are displaced following a covered event. In fact, Chubb Insurance can provide short-term accommodations within minutes of contact, with long-term accommodations scheduled within 48 hours of the event.

Chubb does require customers to speak with a local agent to get an insurance quote, but they may be able to get a more tailored quote working with an agent who specializes in Florida homeowners insurance. It should also be noted that the company’s mobile app does not support homeowners policies at this time, but policyholders can still file a claim online or over the phone if they wish.

The company also offers unique coverage options that may appeal to Florida residents, including extensive yacht insurance. Chubb offers high coverage amounts, liability protection for yacht crews, towing coverage, search and rescue coverage, and other options to financially protect high-value watercraft.

Specs

  • Quote process: Agent
  • Claims process: Online, phone, agent
  • Additional policies: Auto, watercraft, condo, renters, flood, classic car, umbrella, farm and ranch, yachts
  • AM Best rating: A++

Pros

  • Temporary housing accommodations scheduled within minutes following a covered peril
  • Extensive high-coverage yacht insurance available
  • A++ AM Best rating

Cons

  • Quotes only available via in-person agent consultations
  • Mobile app does not support homeowners insurance policies

Our Verdict

Best Overall goes to State Farm for its superior AM Best rating and variety of additional coverage options. Allstate is the Runner-Up pick because of its potentially large bundle discounts and user-friendly mobile app support.

How We Chose the Best Homeowners Insurance Companies in Florida

When selecting the best homeowners insurance companies in Florida, we looked at their financial stability, policy options, quote and claims processes, extra perks and services, availability, and costs whenever possible. We reviewed the AM Best rating for all companies, which evaluates the company’s creditworthiness and financial strength, a key indicator of how the company will pay its claims. We also searched for companies that offered a wide variety of coverage so homeowners could customize their policies and pay only for the coverage they need. User-friendly online services and mobile apps also were a key consideration, as many homeowners use these platforms to manage their policies and file claims.

Before You Choose One of the Best Homeowners Insurance Companies in Florida

While the companies featured here have a lot to offer Florida homeowners, it’s important for customers to do their own research to find an insurance company that provides the right homeowners coverage for their needs. That could include a company not listed here. But it’s important for consumers to review some of the same key factors included here, such as the company’s AM Best rating, user-friendly online portals and mobile apps, and variety of available coverage. It’s also important to see if the company has local agents for those who like to meet with a representative in person to discuss policies.

Cost of Opting for One of the Best Homeowners Insurance Companies in Florida

Homeowners insurance costs vary based on a number of factors, including the home’s age, size and location, plus the type of home. Companies will often ask about the home’s condition to assess risk, such as the home’s age, the structure of the home, and roof materials. For Florida properties, in particular, insurance providers may inquire about any property features that could prevent windstorm damage, such as installing hurricane shutters over the windows.

In addition, home insurance policy costs will vary based on the policy’s deductible. Generally speaking, the higher the deductible, the lower the premium and vice versa. Of course, the type and amount of insurance coverage also affects the overall cost. Insurance providers will charge higher premiums for expanded coverage such as add-on endorsements or higher policy limits.

The Advantages of Opting for One of the Best Homeowners Insurance Companies in Florida

When shopping for homeowners insurance in Florida, homeowners should note that the companies featured here check a lot of the boxes for being some of the best available. This includes companies with high AM Best ratings, which is a good indicator of a company’s long-term financial stability. It also means homeowners are likely to find the coverage they need to protect their home and personal belongings, as well as additional coverage for vehicles, boats, and more.

  • Most of the featured companies have an AM Best “superior” rating
  • Homeowners will find a wide range of coverage to fit their needs
  • Many of these companies offer user-friendly online resources and mobile apps

FAQs

Shopping for homeowners insurance takes time because it’s important to find the the coverage to most fully protect customers’ homes and personal property. Here are a few of the most frequently asked questions when it comes to researching insurance providers and finding the best homeowners insurance company for your needs.

Q. What is the average cost of homeowners insurance in Florida?

Florida homeowners insurance costs vary based on a number of factors, including the home and its condition, the exact coverage purchased, and the policy deductibles. According to the Insurance Information Institute, the average annual premium for Florida homeowners insurance was $1,988 in 2019.

Q. How can I lower the cost of my homeowners insurance in Florida?

Check with the insurance company for all available discounts to reduce insurance costs. Customers may also consider a higher policy deductible to lower their premiums.

Q: Does your credit score affect your homeowners insurance premiums?

Yes, it’s possible for your credit score to affect your homeowners insurance premiums, as insurance companies may take that into account when assessing risk.

Q. What should I look for in homeowners insurance in Florida?

In addition to basic dwelling, personal property, and liability coverage, it may be worth looking for coverage for hurricane and wind damage, flood damage, and damage due to sinkholes.

Q. What major factors determine the cost of homeowners insurance?

Insurance agents will look at the home’s age, condition, and location; the type and amount of coverage purchased; the policy deductibles; and possibly the homeowner’s credit score.

Q. Do homeowners insurance rates ever go down?

Insurance companies may have programs that lower homeowners insurance rates over time if no claims are filed.

Q. Does homeowners insurance cover hurricane damage?

While basic homeowners insurance coverage does not typically cover hurricane damage, insurance companies may offer additional coverage for hurricane damage.

Q. Does homeowners insurance cover flooding?

No, homeowners insurance does not cover flooding. A separate flood insurance policy is necessary to provide coverage for flood damage.

Q. Does homeowners insurance cover sinkholes?

While basic homeowners insurance coverage does not cover sinkhole damage, insurance companies may offer additional coverage for property damage caused by sinkholes.