April 18, 2021

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Best homeowners insurance in Florida (2021)

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If you’re a Florida resident looking to purchase a home or condo, homeowners insurance is a necessity. In fact, the majority of lenders will require you to take out a policy when you purchase a home. Homeowners insurance, or home insurance, is a way to financially protect yourself in case of a disaster.

In this guide, MarketWatch’s Home Media team will provide information about five top providers to assist you in your search, taking into account coverage, cost and benefits of each company. The prices cited reflect sample quotes received for a single-family home in Jacksonville, Fla.

Keep in mind that these prices are not universal. Your home and location, as well as personal details, will affect your price, so we recommend reaching out to companies for quotes yourself. To get an accurate quote for your own home, you can use this online tool or call 855-948-5219. You’ll be able to see what policies are available based on your exact location. Most home insurance companies in Florida require a Social Security number to receive a quote.

In this article:

  • Best in Florida: Security First

  • Best for bundling: Progressive

  • Best for club members: AAA

  • Best for high value homes: Chubb

  • Best flood protection: Lighthouse Property Insurance

  • Frequently asked questions

Best in Florida: Security First

Security First is available only in Florida, and it is dedicated to providing protection against disasters that are prevalent in the Sunshine State, such as hurricanes and flooding. The company offers a hurricane deductible, which can be 2%, 5% or 10% of your dwelling coverage. In our quote, flood insurance was also offered for an extra $105 a year, which is a useful perk for many Florida residents.

Pros

Cons

Company specializes in service to Florida

South Florida residents’ prices may be high

Several discounts available

$1 million limit for dwelling coverage

Unique additional coverage options

Hurricane coverage: Yes

Discounts: Policy holder 55+, secured community, roof shape, indoor sprinkler system, wind resistant home features, central burglar alarm, age of construction, central fire alarm

Additional coverage: Flood coverage, equipment breakdown, identity theft protection, dog liability, personal injury liability, water backup and sump overflow, increased replacement cost, scheduled personal property, golf cart physical damage and liability, screened enclosure and carport coverage, increased special limits coverage

Best for bundling: Progressive

Progressive is the third-largest insurer in the United States and offers property, auto and personal insurance. Florida residents may enjoy the convenience of Progressive, which allows its customers to bundle multiple types of coverage for a discounted rate. Progressive estimates that customers who bundle home and auto insurance save 12% per year on their premiums. Progressive offers a robust array of discounts, including discounts for using contractors and repair technicians within Progressive’s contractor network.

Pros

Cons

Discounts for bundling

Customer service can be hard to reach

Trusted name in the insurance industry

Uses third-party insurers

Available 24/7

Hurricane coverage: Yes

Discounts: Bundling home and auto, alarm systems, automatic indoor sprinkler systems, quote in advance, annual billing, receive documents by email, new home construction, Progressive contractor network

Additional coverage: Flood, water backup, personal liability

Best for club members: AAA

AAA was founded as an auto club in 1903 and serves Florida residents with a variety of insurance policies. AAA club members are entitled to discounts related to dining, travel and retail purchases, but your AAA membership can also unlock valuable discounts for bundling home and auto insurance. AAA estimates that its members save an average of $775 a year by bundling home and auto. Aside from the savings, home and auto bundles through AAA are convenient. Policyholders pay one premium, one deductible and file just one claim. AAA closed 91% of its Hurricane Irma related claims within two months, which is much higher than the industry average of 67%.

Pros

Cons

Excellent customer service

Policies and discounts differ with each club location

Discounts for bundling

Online quotes require a Social Security number

Expansive umbrella protection

Hurricane coverage: Yes

Discounts: Wind mitigation, age of home, age of roof (shingles), fire alarms, burglar alarms, senior citizen discount, home and auto insurance bundling

Additional coverage: Flood, umbrella liability rider up to $2 million

Best for high-value homes: Chubb

Chubb is a global premium insurance company based in Switzerland, but with domestic headquarters in New Jersey. Chubb’s rates may be more expensive than many competitors, but its service is often above and beyond what one would normally expect from an insurance company. Chubb pledges to make contact within 24 hours of a loss, and most claims are paid within 48 hours. In addition, Chubb offers complimentary risk consulting services, through which an agent can examine your home to identify potential weaknesses and pre-emptively protect your belongings. Many items and services that are usually additional coverage options are included with a Chubb policy, such as sump pump backup.

Pros

Cons

Most comprehensive coverage in the industry

More ideal for high-value homes

Dozens of complimentary services

More expensive than many competitors

Cash settlement option

Hurricane coverage: Yes

Discounts: Bundling home and auto, burglar alarm, fire alarm, new house, renovated house, gated community, gated community patrol service, residential sprinkler system, fire resistive, masonry construction, loss free, storm shutter, suburban rating

Additional coverage: Personal liability with coverage up to $100 million, flood protection up to $15 million

Best flood protection: Lighthouse Property Insurance

Lighthouse Property Insurance was founded in 2008, but it has already added 170,000 homes to its list of protected properties. When Hurricane Florence struck in 2018, Lighthouse paid more than $92 million toward more than 6,000 claims, an high number for a relatively small provider. Lighthouse is also backed by 14 reinsurance partners, making it a financially stable provider. Lighthouse is able to pay claims no matter how catastrophic an event. Additional coverage with Lighthouse can be bundled with the Titanium Package, which increases coverage in several categories.

Pros

Cons

Financially backed by several larger providers

No bundling with auto insurance option

Extensive discounts available

Relatively new company

Flood insurance available

Hurricane coverage: Yes

Discounts: Claim-free for three years, concierge claim service, electronic discount, bundling with flood insurance, fire and burglar alarms, gated community, senior citizen and retiree, indoor sprinkler system, wind mitigation

Additional coverage: Flood insurance, animal liability, personal injury, damage to property of others, credit card and forgery, water backup, watercraft coverage, lock replacement, personal computer coverage

The bottom line

As a Florida homeowner, you know how important homeowners insurance is for protecting your home and finances in the case of an emergency. After an in-depth look at dozens of home insurance providers and policies, we chose Security First as the top choice in the state as a local company dedicated to Florida’s unique needs. Though it doesn’t offer discounts as large as its national competitors, Security First’s flexible hurricane deductibles are a useful feature and its add-ons for flood coverage and water backup are competitively priced.

However, it is important to compare your options for yourself, as your coverage and costs will vary based on a number of factors. Whatever your needs, we recommend getting quotes from at least three insurers before choosing your home insurance policy. Get instant quotes from insurers by entering your ZIP Code below or calling 855-948-5219.

What factors affect home insurance rates in Florida?

Florida has one of the highest homeowners insurance rates in the country. This is largely because the Sunshine State and its coastal cities are particularly susceptible to hurricanes. In fact, 113 hurricanes have made landfall in Florida in the last 170 years, more than any other state.

The cost of home insurance accounts for the extreme damage potential of a storm. Due to a spike in claims for hurricanes over the last four years, increased litigation and the recently proposed Senate Bill 76 — which may dramatically change how companies reimburse for roof damage — rates have spiraled even higher recently.

Surprisingly, hurricanes are not the most common natural disaster in Florida; wildfires are among the most commonly declared natural disaster in the state.

You can reduce the cost of your Florida home insurance policy by taking steps to make your home more wind resistant, installing storm shutters and adding fire protections including smoke detectors, alarms and indoor sprinklers. To get a quote based on your situation, use this online tool or call 855-948-5219.

Frequently asked questions

What is a deductible?

A deductible is present in every home insurance policy. It is the amount of money that you pay for a certain claim; your provider will pay the rest. If your deductible is $1,000, you will pay that amount when repairs are made, even if the repairs cost much more. Your provider will pay the rest, up to your predetermined limit. Often, choosing a higher deductible will grant you a lower monthly or annual premium.

What factors besides my location and home size can affect my rate?

Home insurance companies consider dozens of factors when deciding your coverage and premiums. Many insurance companies in Florida give discounts to homeowners whose homes feature wind mitigation technology. Renovations to your roof and other parts of your home can also affect your rate, as well as your proximity to a fire station and fire hydrant.

Does my home insurance policy cover flooding?

Usually, flood insurance is a separate policy from your general home insurance policy that will need to be purchased separately if you want coverage against flooding. Fortunately, many companies will give you a discount when you bundle your flood and home insurance.