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Florida Homeowners Insurance

Homeowners Insurance in Florida: Complete Consumer Guide

Thinking of moving to Florida, the Sunshine State? Here are some interesting facts about your new home in the sun. In Florida, there are 825 miles of beaches. Florida has more golf courses than any other state. About 1,000 people move to Florida every day. Florida is the flattest state in America. Florida enjoys 300 days of sunshine per year. Florida produces the most oranges in America, producing 75 percent of the oranges in the United States. Florida is the only state that borders both the Atlantic Ocean and the Gulf of Mexico. The Florida Everglades is the largest subtropical wilderness in the U.S. Florida’s St. Augustine is the oldest city in the U.S. The state flower of Florida is the orange blossom. The state bird of Florida is the mockingbird. And the state tree of Florida is the sabal palm. The state capital of Florida is Tallahassee.

Types of policy for Homeowners Insurance in Florida

What kind of homeowners insurance policy do you need for your home? Not sure? Here is a look at the different types of homeowners insurance policies.

HO-1 Called the “basic form,” the HO-1 form covers the 10 most common perils. But you won’t find this policy everywhere. Some insurance companies do not offer HO-1 forms.

HO-2 Known as the “broad form,” the HO-2 form provides more limited coverage. But the HO-2 form still provides more coverage than a HO-1 basic form.

HO-3 This insurance form is the most widely purchased type of home insurance. The HO-3 form provides coverage for named perils and personal property. With a HO-3 form, your insurance company will pay to repair or replace belongings damaged by 16 covered perils. These perils include vandalism, theft, the weight of ice, snow or sleet, water damage, fire, smoke, lightning, windstorm, hail, explosions and falling objects.

HO-6 The HO-6 insurance form is for condominium units. This type of coverage is typically “walls-in” and may protect the condo unit’s walls, ceilings and floors from 16 perils. The HO-6 form also includes coverage for the condo owner’s personal belongings.

What factors affect rates on homeowners insurance in Florida?

There are a number of factors that affect the rate on a homeowners insurance policy. Let’s take a look at a few. For example, the construction materials of the house is a big factor. So are other things such as how much it will cost to rebuild the house and replace all your belongings and whether or not you own a trampoline or a swimming pool. Are you a dog owner? You’re liable for dog bites and injuries caused by your dog and this impacts your home insurance. Your credit is also a factor. If you have good or excellent credit you’ll pay a lower home insurance rate than a homeowner with bad credit.

Top 5 disasters in the State of Florida

Florida federally declared Fire as the most common disaster with 65 counts since 1953, followed by Hurricane, Severe Storms, Flood and Freezing. Fire or Lightning is one of 16 perils covered in a standard HO-3 homeowners policy. Here are the top 5 federally declared disasters in the state of Florida:

Rank Declaration Title Disaster Number
1Fire65
2Hurricane45
3Severe Storms22
4Flood13
5Freezing6

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Florida?

The average cost of homeowners insurance in Florida is $1,117 per year.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Florida a safe state?

2019 Crime in Florida Crime Number Crime Rate*
Property Crime460,8462,145.7
Burglary63,396295.2
Larceny-Theft358,4021,668.7

*Rate per 100,000 inhabitants

Safest Cities in Florida by Property Crime*

  • Marco Island, FL has a population of 18,124 with a Property Crime rate of 4.6 per 1k. The city average home value is approximately $625,000.
  • Weston, FL has a population of 71,946 with a Property Crime rate of 5 per 1k. The average home value there is about $487,000.
  • Parkland, FL came in third as the safest city in the state of Florida and has a population of 35,244 with a Property Crime rate of 5.4 per 1k. Its home value averaged at about $700,000.
  • Satellite Beach, FL has a population of 11,219 with a Property Crime rate of 6.2 per 1k. Its average home value is $340,000.
  • Winter Springs, FL has a population of 37,854 with a Property Crime rate of 6.6 per 1k. The city home value averaged $325,000.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Florida

Top homeowners insurance companies in Florida

Travelers has a number of add-on coverage availables including add-ons for having a green home and add-ons for jewelry protection. Discounts are available for protective devices and for having a smart home system. There also is a discount for having a newly purchased home. Travelers green home coverage will help to repair, rebuild or replace your home with eco-friendly materials.

Nationwide offers a wide range of discounts and a wide range of home insurance policies. Discounts are available for home renovations, living in a gated community and making a recent home purchase. At Nationwide, you can save money on your home insurance premium based on the age of your home’s roof and surface type.

State Farm has a strong and interactive website with detailed insurance quotes available in minutes. You also can pay your bill online and file and manage an insurance claim. State Farm provides good customer service. At State Farm, there are a number of add-on coverages that help to customize home insurance policies. Discounts include a multiple policy discount and a fire, smoke and burglar alarms discount.

Florida Home Insurance FAQs

Can you change homeowners insurance after closing?

Yes, you have the right to switch homeowners insurance at any time. Be sure to check your current policy for details regarding early termination.

Is a shed covered by homeowners insurance in Florida?

A shed is covered by the “Other Structures” section of your homeowners insurance policy. So you there is in fact homeowners insurance coverage for a shed on your property.

If I cancel home insurance do I get a refund?

If you paid your home insurance premium in advance and you cancel before the end of the term, the insurance company will pay you a refund.

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