Top 5 home insurance companies

  • Allstate
  • Chubb
  • State Farm
  • Kin
  • Tower Hill

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What are the five cheapest cities for homeowners insurance?

Although the cheapest cities in Florida aren’t significantly cheaper than the state average, they do tend to have lower rates than other areas. Moving for lower insurance rates might not be practical, but if you’re considering a move already, these five cities have the lowest average home insurance rates in Florida:

  • West Palm Beach: $1,839 — 7 percent below the state average
  • Lake Worth: $1,840 — 7 percent below the state average
  • Boynton Beach: $1,843 — 7 percent below the state average
  • Delray Beach: $1,843 — 7 percent below the state average
  • Boca Raton: $1,851 — 7 percent below the state average

Average annual premiums by deductible levels in Florida

With expensive average home insurance rates in Florida — and a turbulent insurance market that may push rates higher — you may be wondering how to control your premium. Increasing your deductible will generally lower your rates, since it means that you’re willing to pay more out of pocket in the event of a claim. Be mindful of your deductible level in relation to your overall financial health. Increasing your deductible for a cheaper premium could backfire if you don’t have the money to comfortably pay your share of a loss out of pocket. The table below shows the average rate for several common deductible levels.

What does home insurance cover in Florida?

Understanding what your Florida home insurance covers is important when building a policy that meets your needs. Florida is a prime target for tropical storms, and the state has historically endured more hurricane landfalls than any other state in the country. Due to the high possibility of hurricanes and flooding, Florida homeowners should consider the potential damage resulting from these occurrences when choosing their insurance coverage. Here are some of the most common types of damage that cause Floridians to file home insurance claims:

  • Floods and water damage: Heavy rains and storm surges can cause extensive flooding and water damage, even to inland locations. However, flood damage is not covered in a standard homeowners insurance policy, so you will likely need to purchase a separate flood insurance policy.
  • Wind: In Florida, wind-related damage can be incredibly costly. Home insurance typically includes windstorm coverage, and in Florida, carriers are required to cover hurricanes and tropical storms. However, a separate hurricane deductible is required for named storms and will typically be 1 to 5 percent of your dwelling coverage amount.
  • Fire: Hurricanes and extreme weather can cause damage to your home’s electrical system, which might start a fire. The good news is standard home insurance policies cover accidental fire damage, but you should ensure you have enough coverage to pay for your home and belongings in the event of a total loss.