Homeowners insurance is a type of property insurance that will cover the cost to repair your home or replace your personal belongings after an unexpected event, like a fire or water damage, destroys them. This type of protection is especially important in a state like Florida, where natural disasters are more likely to occur. Read our review to learn how to get the best homeowners insurance in Florida.
Best Homeowners Insurance Companies in Florida
After comparing coverage, cost, customer service, discounts, and more, these three companies stood out as the best home insurance providers in Florida.
Allstate is the only provider in this review that provides 24/7 customer service. While State Farm and Liberty Mutual have a claims center that’s open 24/7, Allstate has 24/7 departments for sales, billing, claims, and policy questions. Customers also have access to a mobile app and customer portal. Get your free Allstate quote here.
Allstate Pros and Cons
|Gives customers the choice of 60% or 75% of dwelling for personal property coverage||Provided the most expensive quote out of the providers in this review|
|Offers more endorsements than State Farm and Liberty Mutual||Deductibles start at $2,500|
|Has endorsements for valuable items, like musical instruments and sports equipment|
To help Florida customers save money on their policy, Allstate offers the following homeowner discounts:
- Easy pay
- Protective device
- Early signing
- Welcome and loyalty
- Home buyer
- 55 and retired
Allstate also lists a category for “additional benefits” on its website, which encompasses smaller discounts, like ones for having a new roof or for not smoking.
2. State Farm
State Farm is a trusted provider in the industry with 18% of market share. Whether you’re looking for a company with bundling options for both your home and auto insurance policies or just want to select a trusted and stable brand with almost 100 years of experience serving happy customers, State Farm might be a good place to start.
State Farm Home Insurance Pros and Cons
|Many user-friendly online resources for customers||Discounts can be limited|
|Largest homeowners insurance company in the country||Quotes in Florida require direct contact with an agent|
|High brand-trust with many years of service|
State Farm has five discounts to help customers save on their premiums, but their availability can vary depending on your property and personal information:
- Home alert protection
- Roofing materials
- Lower premiums on higher deductibles
3. Liberty Mutual
Liberty Mutual has more than 100 years of experience providing insurance products and services like renters, life, homeowners, and car insurance. Similar to State Farm and Allstate, Liberty Mutual offers six standard areas of coverage—dwelling, other structures, liability, medical payments to others, loss of use, and personal property. Get your free Liberty Mutual quote here.
Liberty Mutual Pros and Cons
|Offers more discounts than Allstate and State Farm||Doesn’t provide liability coverage for certain dog breeds|
|Hurricane damage endorsement is perfect for Florida’s susceptibility to natural disasters||Coverage may vary by state|
|Allows customers to file a claim from their mobile device|
Liberty Mutual offers 10 discounts to bring down the cost of an insurance premium:
- Safe homeowner
- Early shopper
- Newly purchased home
- New/renovated home
- New roof
- Insured to value
- Preferred payment
- Paperless policy
Florida Homeowners Insurance Coverage
Florida home insurance policies will include these six areas of coverage, along with optional add-ons called endorsements:
- Dwelling—This type of coverage covers the cost of rebuilding your home as new and includes all of the parts built into the home like your walls, foundation, and flooring.
- Other structures—This protects the detached structures on your property like a shed, fence, or garage. It usually comprises 10% of dwelling coverage.
- Personal property—This protects your personal belongings while they’re in your home, in your car, or on a trip. If they become damaged by a covered loss, your policy will pay to replace them. Personal property coverage is usually 50% of dwelling coverage.
- Loss of use—Loss of use, or additional living expenses coverage, kicks in when you have to temporarily live elsewhere during home repairs. It pays for living expenses that exceed the typical amount you pay in a month, like the cost of a hotel room or meals. This type of coverage usually comprises 20% of dwelling coverage.
- Liability—If you’re responsible for someone getting injured or damaging their belongings, your provider will cover the costs. This includes medical bills, replacement costs, and legal fees. A standard amount of this coverage is $300,000 for homeowners.
- Medical payments to others—Your policy will cover medical bills if a guest is injured in your home. A recommended amount of this coverage is $1,000 per person.
- Endorsements—Insurance companies will have at least one endorsement that you can add onto your policy. Common endorsements are identity theft protection, earthquake coverage, water backup, and valuable personal property.
How Much Does a Homeowners Insurance Policy Cost in Florida?
According to the Insurance Information Institute, the average rate for Florida homeowners insurance in 2017 was about $162.50 per month, making Florida the second-most expensive state for home insurance coverage.
Factors to Consider Before Buying Homeowners Insurance
Consider these factors as you search for home insurance in Florida:
- Natural disasters—Florida’s location along the coast increases its susceptibility to hurricanes, tropical storms, and floods. Most insurance companies won’t list natural disasters as covered perils in a base policy, but they will usually offer endorsements for them. We recommend looking into State Farm or Liberty Mutual because of their catastrophic coverages and hurricane add-ons.
- Deductible—If cost is an important factor for you, consider choosing a higher deductible. The higher the deductible, the lower your premium will be. This saves you money every month, especially if you don’t have to use your high deductible.
- Payments—Another way to lower the amount of your policy is to pay once, twice, or four times per year instead of in monthly installments. Insurance companies tack on interest to payments if you don’t pay it in a lump sum at the beginning of the year, so decreasing the number of payments you make will save you money by the end of the contract term.
Rebuilding cost—The cost to rebuild your home is the deciding factor for dwelling, other structures, personal property, and loss of use coverage, so that number should accurately reflect your home. You can determine your rebuilding cost by using the number generated by an insurance quote, talking to a local appraiser, or purchasing $100–$155 worth of coverage per square foot.
Compare Homeowners Insurance Coverage Options
|Provider||Allstate||State Farm||Liberty Mutual|
|Provider||Allstate||State Farm||Liberty Mutual|
|Other structures coverage limits||10% of dwelling||10% of dwelling||10% of dwelling|
|Personal property coverage limits||60% or 75% of dwelling||75% of dwelling||70% of dwelling|
|Liability coverage limits||$100,000, $200,000, $300,000, or $500,000||$100,000, $200,000, $300,000, or $500,000||$100,000, $200,000, $300,000, $500,000, or $1 million|
|Unique add-ons||Musical instruments, yard and garden||Off-premise structure, umbrella coverage, service line repairs||Water backup, sump overflow, hurricane|
|Customer service||24/7||24/7 for claims; limited for sales and service||24/7 for claims; limited for sales and service|
*Based on quotes our team received
Frequently Asked Questions About Homeowners Insurance
Why is Florida homeowners insurance so expensive?
The biggest reason your home insurance rate may be high is because of the state’s susceptibility to natural disasters. For example, your home may be more susceptible to flooding or hurricanes, so your insurance provider considers your home to be riskier to insure than a home in a state without a natural disaster risk, like Colorado.
Another factor to consider is the cost of living—Florida’s cost of living is slightly higher than the national average. Since housing costs are the biggest factor that goes into determining the cost of living, homes may be more expensive in Florida, which could increase the rebuilding cost, insurance coverage, and premiums.
What is an umbrella policy?
An umbrella policy is a type of insurance policy that increases the amount of liability coverage you have for other insurance policies. If you’re responsible for an event that costs more than the liability cap on your regular policy, your umbrella policy will kick in and cover the rest. Since homeowners insurance companies usually cap liability coverage at $500,000, an umbrella policy could offer extra protection to individuals with expensive assets.
How long will it take for my claim to be approved?
Most companies have a 24/7 claims center, so you can expect to receive a response regarding your claim within 48 hours. If your claim is approved, you’ll pay your deductible and have an insurance agent walk you through the rest of the claims process.
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