The Best Florida Home Insurance Companies 2021 | The Simple Dollar

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The Best Florida Home Insurance Companies 2021 | The Simple Dollar


If you are a resident of the Sunshine State and looking for homeowners insurance companies in Florida, you know all too well the trade-off between the beautiful beaches and the risk of hurricanes. It should come as no surprise that Florida has one of the highest home insurance rates in the United States. This due to the probability of floods and other hazardous natural disasters that may damage or destroy your home.

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As a Florida homeowner, it is critically important that your home is adequately insured. But you might wonder, how can you get a Florida home insurance quote that has both adequate coverage and is affordable?

There are a variety of important factors that will make a difference in what you’ll pay for home insurance in Florida. This includes the physical location of the property, the age and condition of the home and the insurance provider you choose.

We’ve researched the top four homeowners insurance companies in Florida to help you find the right company and coverage for your needs.

The best homeowners insurance in Florida 2021

Compare ratings for Florida’s top insurance companies

Carrier AM Best JD Power SimpleScore
State Farm A++ 4/5 3.8/5
USAA A++ 5/5 4.3/5
Allstate A+ 3/5 4.4/5
Universal Property & Casualty A- n/a 4.3/5
St. Johns Insurance n/a n/a 2.3/5
Florida Peninsula Insurance Co A n/a 3.8/5

Best overall – State Farm

State Farm is a great insurance provider for homeowners who want a reputable company with good customer service, flexible coverages and low premiums.

State Farm is a nationwide insurance company with a long-established history of top-notch customer service. There are 19,000 agents with more than 3,000 policies around the country, so you’ll be sure to find a State Farm agent with the right coverage in your area.

The company is also known for its affordable rates. Because of that, we recommend State Farm to any Florida homeowner who is shopping for home insurance on a budget. State Farm’s exact insurance rates vary by state, but the company also offers a few discounts to help homeowners save money on their insurance.

Additionally, State Farm stands out for its customer reviews. In J.D. Power’s 2020 U.S. Home Insurance Study, State Farm was rated 7 out of 24 for overall customer satisfaction. The company has also proven financial stability with an A++ rating from A.M. Best.

Best for military members – USAA

Florida is home to over 90,000 military members and USAA is ideal for ensuring that home.

USAA offers impressive coverage for U.S. military members and veterans. It has industry standard coverage options like dwelling, personal belongings, liability, loss of use, other structures, home sharing and earthquake. And there are also military-specific perks for active duty and deployed members like coverage for uniforms if lost or damaged.
The company ranks high among insurers for its customer satisfaction. USAA earns top marks from third-party surveyors for its communication, billing process, claims, cost of service and policy offerings. You can find similar perks and service quality with its other insurance policies like auto, life and more niche insurance like pet, small business, travel or special events.

Best for bundling – Allstate

Our Two Cents — With a list of essentially effortless discounts, Allstate is the Oprah of home insurance — you get a discount, you get a discount, you all get discounts.

Floridians looking to save money have the best opportunity with Allstate. Many of its discounts require practically no effort — a 10% welcome discount, 5% for setting up autopay and for being over the age of 55 and retired. You can also find policy discounts for remaining claim-free, installing fire protection devices, purchasing a new home, being a smoke-free home and having protective features like storm shutters.
You’ll also earn a discount for bundling with one of Allstate many other insurance options. Allstate grants members 10% off an auto policy and 25% off home premiums for bundling auto and home insurance. You can bundle your policy with life insurance as well at varying discounts. We recommend calling a local agent as they can ensure you get every discount available and may have more specific opportunities.

Florida’s best regional home insurance companies

Best for lowest rates – Universal Property & Casualty

If you’re looking for home insurance discounts that stretch to the end of the universe, consider Universal Property & Casualty.

SimpleScore

4.3 / 5.0

SimpleScore Universal Property & Casualty 4.3

Customer Satisfaction N/A

Despite being a subsidiary of the largest insurance provider in Florida (Universal Insurance Holdings), Universal Property & Casualty’s online presence isn’t as strong as some of the other companies that dominate the Florida home insurance market. However, it makes up for that by offering some of the lowest rates depending on what you need.
Universal prides itself on its superior customer service, and it has guaranteed assistance from a real person. During times of natural disaster or catastrophe, this promise may be harder to achieve, but Universal still allows policyholders to file claims 24/7 by rerouting them through an efficient automated system and having representatives reconnect with them.

Universal Property & Casualty may be a great choice for Floridians who are on a budget. The company offers discounts for having home protective equipment, being claims-free, being a loyal customer, having a new roof, bundling policies, having windstorm-protective features, and being over the age of 65.

Best for lowest rates – St. John’s Insurance

St. Johns offers standard home insurance, with limited coverage. However, the company stands out for its personalized customer service and friendly agents.

SimpleScore

2.3 / 5.0

SimpleScore St. John’s Insurance 2.3

Customer Satisfaction N/A

St. Johns is a privately held Florida company that specializes in homeowner’s insurance products. In addition to home insurance, St. Johns also sells condo, landlord and personal umbrella insurance. We chose St. Johns as one of the best home insurance providers in Florida because of the top notch customer service.
Though you can expect a high level of expertise from a company with such a specialized focus, policyholders are unable to benefit from multi-policy discounts that larger, more diversified companies can offer. However, St. Johns boasts an A rating in financial stability from Demotech, Inc., excellent customer service and competitive pricing for its policies, making St. John a top provider of Florida home insurance.

Check out the products and services St. Johns has to offer by visiting the website and using the “Find an Agent” feature to consult with an agent near you

Best locally-based provider – Florida Peninsula Insurance

If you’re looking for local coverage, consider Florida Peninsula. The company has good coverage, excellent financial strength and great reviews across the board.

SimpleScore

3.3 / 5.0

SimpleScore Florida Peninsula Insurance 3.3

Customer Satisfaction N/A

If you want a Florida-based home insurance provider, Florida Peninsula Insurance Company has become one of the state’s top contenders in the homeowners market.
Established in 2005, the company ranks among Florida’s top 10 local carriers. Experience handling hurricane claims is one of its most relevant selling points for Sunshine State property owners. Policyholders can file claims not just by phone but also online — a nice touch for a local provider — and take advantage of a robust learning center on the company website. AM Best gives Florida Peninsula an A on its Financial Strength Rating (FSR).

One potential drawback is that the company serves “just about” every Florida city, which doesn’t guarantee that coverage is available in your area. Also keep in mind that the company only offers a few discounts, and because of that, it might not be your cheapest option.

Average cost of homeowners insurance in Florida

The average cost of homeowners insurance quote in Florida is $3,643, more than the national average of $1,211. This is because Florida is prone to natural disasters. Whether it’s flooding, wind and hail or even sinkholes, Florida is a disaster-prone state. It would be easy for an insurance company to lose all of its revenue after a single event if it didn’t charge the right amount — hence the higher than average premiums compared to the rest of the states.

Florida average full coverage insurance cost

Insurance Company  Florida Average Annual Cost Florida Average Monthly Cost
State Farm $710 $59.17
Amica Mutual $1,436 $119.67
Allstate $1,278 $106.50
UPC $1,359 $113.25
Florida Peninsula Insurance Company $1,636 $136.33

The cheapest home insurance in Florida

These are the cheapest companies based on a $200,000 dwelling in Florida that was built in 2004. The sample policy includes $100,000 personal property coverage and $300,000 liability.

Rank Company Avg. Annual Premium
1. Citizens Property Insurance Company $3,499
2.  Homeowners Choice Property and Casualty $1,519
3. Security First Insurance Company $404
4. State Farm Insurance Company $625
5. Universal Property & Casualty Insurance Company $1,162

The cheapest home insurance in Florida, by city

Certain areas in Florida are more expensive than others. It comes as little surprise that the Florida Keys dominate the most expensive areas while Tallahassee offers several zip codes that are the cheapest in Florida.

City  Avg. Annual Premium
Bradenton $1,061
Gainesville $1,044
Palm Coast $1,086
Port Orange $1,089
Tallahassee $1,075

[Read: Home Insurance Quotes, Explained]

Choosing a national or a local Florida insurance company

Florida is one state in particular that has a lot of regional insurance providers to choose from, like the Florida Peninsula Insurance Company, in addition to the usual big-name companies like State Farm and Allstate.

Pros and cons of Florida home insurance companies

Pros Cons
Personalized service Not available everywhere
Local access Can offer more dated technology
Regional expertise Tend to have more cases of fraud

Pros and cons of national carriers

Pros Cons
Can provide more services Lack of regional coverage
Usually has a greater service area More difficult to receive personal assistance
Better technology and growth

Florida home insurance average cost per month

Company Annual 6-month Monthly Weekly
State Farm $4,237 $2,118 $353 $81
Universal Property & Casualty $4,168 $2,084 $347 $80
Florida Peninsula Insurance Co. $3,271 $1,636 $273 $63

Things to know about home insurance in Florida

Keep in mind that homeowners insurance rates in Florida will be heavily impacted by geographical location. Coastal areas of Florida may see higher rates than inland areas due to the increased risk of hurricane damage. For example, a property in the Keys will likely face much higher insurance premiums than a city located in the middle of the state.  

What type of home insurance coverage do I need in Florida?

Most coastal insurance agencies will encourage specific coverage for hurricane-related damages. We also recommend asking your insurance agent about adding flood insurance to your policy. 

Make sure these protections are included if you need them.  

Hurricane insurance in Florida

If you include hurricane coverage as part of your Florida homeowners insurance coverage, you will have a standard deductible and a hurricane deductible. A hurricane deductible will only apply if you file a claim for hurricane-related damage.  

Deductibles usually cost between 2% and 5% of the value of your property. In Florida, you also have the option to get a $500 deductible, but your annual premium will be much higher. You need to decide if you’d rather pay a higher rate on an ongoing basis, or take your chances and pay a higher deductible before reimbursements kick in when you file a claim. 

Also, make sure your policy covers “wind-driven rain.” Having this extra line item protects you from rain that causes damage because wind pushed it in an opening.

Flood insurance in Florida

Although flood insurance does not come in a standard policy, adding it to your policy in states like Florida is a must. 

To make sure you have enough coverage, be sure you understand exactly what’s covered in your flood insurance policy. Flood insurance protects you in the event of water overflow caused from things like hurricanes, landslides and earthquakes.

[Read more: Understanding Your Homeowners Insurance Declarations Page]

Florida home insurance requirements 

Home insurance isn’t required in Florida, but your mortgage lender may still require some form of it until your home’s loan is paid off to help cover your mortgage. 

Even though home insurance isn’t required it’s good to have coverage in case the unexpected happens. Starting over can be quite costly if your structure or valuables are destroyed. Your policy coverage can help cover repair costs if there’s ever a break-in or severe storm. Overall, home insurance is great to cover property damage, belongings, and repairs that can come from severe weather, theft, or anything else that life throws at you. 

Types of home insurance policies in Florida 

There are different types of home insurance for Florida residents. Your policy depends on your home’s structure and your personal needs. Some policies will cover the home’s structure, while other insurance choices have a few exceptions. It’s best to speak with your insurer to find the best coverage for your Florida home. 

Mobile home: Mobile home insurance protects a manufactured or mobile home from damage. Most mobile home policies also cover your valuables. If your insurer doesn’t offer mobile home insurance then dwelling insurance coverage is a great alternative that covers your home and belongings.

Renters: Renters insurance will cover the tenant’s belongings and any losses, but this policy doesn’t usually cover the rental apartment, townhouse, or condo.

Dwelling form: A dwelling form is usually included in your homeowner’s insurance. It covers damage in areas that are attached to your home such as a deck or attached garage. This form covers risks or other areas of your home that aren’t already included in your policy.

Owner-occupied: This insurance is best for an owner’s primary single-family home. Owner-occupied insurance is better known as ‘homeowner’s insurance’ to cover the home structure and valuables listed in the policy.

Condo unit: Condo owners usually get condo insurance to cover what your homeowners association (HOA) won’t cover including unit damages, liability, and stolen valuables. 

Florida home insurance FAQs

Home insurance in Florida is not mandatory, but some mortgage lenders may require it. While homeowners insurance is not mandatory, if you’re going to live in Florida where the risk of natural disaster is high, make sure you are covered to avoid hardships.

Under a replacement cost homeowners policy, your home is covered for the amount it would cost to replace your home and home contents at current costs. Under an actual cash value policy, your home is covered for replacement cost minus depreciation.

Most standard policies do not include coverage from hurricanes or other natural disasters. Speak with your insurance agent about adding coverage to make sure you have protection from the disasters most likely to happen in your area.

Home insurance rates in Florida are based on a few factors, and each insurer has different coverage options at different rates. As you shop around you’ll find that most rates take into account the home’s location, age, construction and square footage. You may also get credit for systems that help reduce damage such as a professionally-monitored security system to reduce the risk of theft.

America’s top-rated home insurance

  • Policies starting at just $25/month
  • Sign up in seconds, claims paid in minutes
  • Zero hassle, zero paperwork

We welcome your feedback on this article and would love to hear about your experience with the home insurance companies we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.



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