There are a lot of considerations for Florida homeowners when it comes to selecting an insurance provider. We make the selection process a little easier.
There are a lot of advantages to living in the Sunshine State — beautiful beaches, great amenities, and a high standard of living, to name just a few.
One shortcoming, though, is that some major home insurance providers do not offer coverage in the state, and those that do sometimes charge astronomical rates. This is mainly due to Florida being bordered by the Atlantic Ocean and the Gulf of Mexico. Hurricanes are frequent, as are irregular weather patterns and destructive storms.
Never fear, though. Here we’ve compiled a list of the three best homeowners insurance providers from Key West to Panama City Beach. Let’s jump right in, shall we?
State Farm is one of the most well-respected names in the insurance industry for a reason. They offer comprehensive, affordable coverages and don’t discriminate based on geographic location.
Look, we get it. Shopping around for homeowners insurance can be a chore. We understand why sometimes the determining factor in your decision is the price of your premium.
Most of the time, though, that’s a mistake.
Your cheapest option is cheap for a reason. Nine times out of 10, you’re going to be purchasing inadequate coverage from a provider that won’t have your back if worst comes to worst. And no one wants that, right?
A better alternative is to shop around for a provider that gives you great protections for a fair price, and that’s State Farm through and through. When we reviewed State Farm, we found out their core protections are solid, their add ons — like identity theft protection and business coverage riders — are great, and their prices are some of the most reasonable around.
For Floridians, State Farm is going to be a breath of fresh air. We know shopping for homeowners insurance in the Sunshine State can be difficult since a lot of providers exclude Florida from their coverage zones, and if they do provide protections, you’re going to pay an arm and a leg for it.
We have more information about this in our guide to State Farm’s costs and services, but we feel confident in saying they’re going to offer you one of the best bangs for your insurance buck. When you stack up their coverages next to their costs, it’s pretty easy to understand why they’re one of the top insurers in the country.
Another well-respected name in the insurance industry, Nationwide offers great coverage for the cost as well as a few unique protections, like tying your policy to inflation rates and offering credit card protections and at-cost personal property replacement.
One of the best things about Nationwide is that they’re a set-it-and-forget-it service. What do we mean by that? Glad you asked.
With most providers, we recommend revisiting your policy every year and updating it based on construction costs. If you purchased your home for $300,000 but now it would cost $500,000 to rebuild it, the policy you purchased with a $275,000 dwelling limit isn’t going to do you a whole lot of good if a hurricane flattens your home, which is a major concern in Florida. Research shows that a significant hurricane hits Florida once every three years. Are you prepared to cover the costs of rebuilding if your insurance isn’t adequate?
In our review of Nationwide, we found they take a different approach. By automatically tying your policy to market fluctuations, your limits are going to remain reasonable even 10 years down the road. While we still recommend checking in with your insurance provider at least once a year to confirm you’re still comfortable with your coverages, Nationwide is already going to give you a pretty big head start in that regard.
Now for the bad news. As you’ll see in our analysis of Nationwide’s prices and services, they’re not the most affordable homeowners insurance provider out there. But when you consider their standard coverages, we think you’ll see that you’re still stretching your insurance dollar a respectable amount.
Farmers has been around for quite a while, and during that time, they’ve built quite a reputation. And for good reason. In our Farmers review, we found that their core coverages outperform nearly every single one of their competitors. The drawback, though, is the cost.
If you’re looking for the most complete protections available, Farmers should be first on your list. They offer some of the most comprehensive standard protections we’ve ever reviewed, and their add-ons shouldn’t be disregarded either. Offering protections to cover the costs of repairs and replacements regardless of current market values is a pretty rare thing in the insurance world, and it’s something you should certainly consider taking advantage of.
So we love that about Farmers. They offer ironclad protections to their customers, and their reputation for service and claims fulfillment is rock-solid. It’s checkmarks all around for us.
But we do have to talk about the elephant in the room.
As you’ll see in our analysis of Farmers prices and protections, they aren’t the most affordable provider out there. In fact, they’re one of the most expensive, and in Florida you might be paying more to begin with, depending on where you live. Got a coastal property? Expect your tab to be significantly more than that of your cousin in Maine.
So why are we recommending them? Because the protections you’re purchasing are outstanding. You should absolutely do your own research, but we’d encourage you to stack your Farmers quote up against any other provider’s and see which one makes you feel the most protected.
Hopefully, this list will help you narrow down your search for the best homeowners insurance provider, but if you’re still feeling a little confused, here’s some more in-depth info.
We have a lot more information on this in our homeowners insurance buyers guide, but we’ll give you the quick rundown here. Generally speaking, your average homeowners insurance plan protects you in six ways. Those include:
Seems pretty comprehensive, no? For the most part, your homeowners insurance policy — if adequate — will protect you from whatever life happens to throw your way, from a tree limb falling through your roof to a delivery person tripping and falling down your patio stairs.
That said, there are a few things your standard homeowners insurance won’t cover — and some of those items are of particular interest to Florida residents. Let’s take a look at those now.
There are a handful of perils that aren’t going to be covered by a standard homeowners insurance policy. These include mold intrusion, pest infestations, earthquakes, and sinkholes. The big one, though, for Florida homeowners is floods.
Due to its location and geography, Florida is extremely susceptible to flooding. What’s more, research shows that 25 percent of flood claims in Florida come from areas that aren’t deemed “high risk.” What does this mean, exactly? Simply put, if you’re a Florida resident, you need to be extra cautious about water intrusion.
Only 13 percent of Florida’s 11 million homes are protected by flood insurance. There are numerous reasons for this shortfall, but the most sobering among them is that homeowners simply aren’t aware that their policy will not protect them when their nearby river overflows or when the hurricane makes landfall over their town. We can’t stress this enough: Don’t be among the victims of a natural disaster who are caught with inadequate insurance coverage.
Which brings us to our next point.
Depending on whom you ask, the average homeowners insurance policy will run you about $100 per month. Now, keep in mind that “average” does not take into account the many additional threats Florida homeowners face; namely, hurricanes.
According to the Atlantic Oceanographic and Meteorological Laboratory in Miami, the top three states for hurricane landfall since the middle of the 1800s are Florida, Texas, and Louisiana. Since Florida homes are often threatened by major storms, many insurance providers are reluctant to do business in the state.
Those that do tend to charge a little extra. The average cost of a homeowners insurance policy in Florida is a little higher than the national average: about $113 per month. Again, this is an average. Your rate will certainly vary based on the size and value of your home, as well as its proximity to threatening bodies of water.
That means if you want to get the best coverage for the cheapest price in Florida, you’re going to have to do a little legwork.
First of all, you need to understand that a lot of major insurance providers don’t do business in Florida. This limits the pool pretty significantly. Search for providers that do offer coverage in Florida, and go from there.
Most insurance providers offer tools that will generate a quote for you based on your answers to some pretty basic questions about your house. They’ll ask you about your home’s age, its value, and its location. Once that’s done, you’ll get a quote that details your coverages as well as an estimated premium. We suggest doing this with at least five different providers to ensure you’re getting the best, most affordable coverage for your specific living situation.
Another great resource to help you in this effort is our list of the 10 best homeowners insurance providers of 2022. There, you’ll find a provider for every need and every budget. Just keep in mind that not all providers will offer coverage in Florida!
Does homeowners insurance cover me in the event of a flood?
No. Typically, a HO-3 homeowners insurance policy will not protect you from damage caused by flooding. Flood insurance is available, though, through many providers.
How much is homeowners insurance in Florida?
Despite the unique threats to many Florida homes, homeowners insurance policies are generally fairly affordable. The state average is $113 per month, but your cost will vary depending on a number of factors.
Why don’t some insurance providers offer coverage in Florida?
State laws, as well as the unique threat of hurricanes, have caused many insurance providers to forego offering protections in the Sunshine State.
Which are the best homeowners insurance providers in Florida?
While it depends on a wide variety of factors, in our research, we’ve found State Farm, Nationwide, and Farmers to be the best homeowners insurance providers for Floridians.
Does Florida homeowners insurance cover mold?
Due to its almost tropical climate, mold is a major concern for many Florida homeowners. Despite this fact, most standard homeowners insurance policies will not cover damage caused by mold.