Online Quote Homeowners Insurance Florida

Online Quote Homeowners Insurance Florida: State Farm Home Insurance

Although Florida can be appealing to those who enjoy warm weather, living in the Sunshine State has its hazards, too. The average cost of homeowners insurance in Florida is $2,385 a year, or about $199 a month, according to a NerdWallet rate analysis. And that number is on the rise. Florida home insurance rates have shot up in recent years due to frequent natural disasters and litigation expenses that insurers pass on to consumers. In the face of heavy losses, many insurers have raised rates, stopped selling policies in Florida or simply gone out of business. Massive claim losses from Hurricane Ian have added even more stress to an already struggling market. Residents of Florida still have options when it comes to getting homeowners insurance. Here are a few companies to consider. Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state. Even if an insurer serves your state, it may not write policies for all homes in all areas.

Advice for Getting Reasonably Priced Insurance: State Farm Home Insurance

• Bundle Policies:

Consider bundling your homeowners’ insurance with other policies, such as auto or umbrella insurance, to qualify for multi-policy discounts.

• Increase Deductibles:

Opting for a higher deductible can lower your premiums, but ensure you have sufficient funds set aside to cover the deductible in the event of a claim.

• Improve Home Security:

Installing security devices such as burglar alarms, deadbolt locks, and smoke detectors may qualify you for discounts on your insurance premiums.

• Maintain Good Credit:

In Florida, insurers often consider credit scores when determining premiums, so maintaining a healthy credit profile can help you secure lower rates.

• Review Annually:

As your circumstances change, such as home renovations or lifestyle adjustments, revisit your insurance coverage annually to ensure it remains adequate and cost-effective.

More Florida home insurance companies

Having trouble finding an affordable rate or getting coverage from one of the best Florida home insurers above? Here are a few other companies you can try.

Company	NerdWallet star rating	Average annual rate
People’s Trust	3.0 NerdWallet rating	$1,300
Tower Hill	3.0 NerdWallet rating	$1,835
Universal Property	Not rated	$2,680
American Integrity	Not rated	$2,965
Florida Peninsula	Not rated	$3,030
Heritage	Not rated	$3,380
Homeowners Choice	Not rated	$3,555

How much does Florida homeowners insurance cost?

In Florida, homeowners insurance typically costs $2,385 a year, or roughly $199 per month. Compared to the $1,820 national average, that is 31% higher. Numerous insurers use your credit-based insurance score to help set rates in the majority of U.S. states, including Florida. Your traditional credit score and your insurance score are comparable, but not the same. Poor credit holders in Florida pay $3,295 annually on average, based on a rate analysis by NerdWallet. Compared to Floridians with good credit, that is 38% more.

Why does Florida’s homeowner’s insurance cost so much?

For several reasons, homeowners insurance in Florida is becoming more and more expensive. First, costly natural disasters like hurricanes frequently strike the state. Insurance companies charge more the higher the risk of damage; following Hurricane Ian, rates have continued to rise. Second, the cost of rebuilding or repairing damaged homes is increasing due to supply chain problems and inflation, which is driving up the cost of homeowners insurance nationwide. Most significantly, though, Florida insurers are sued more frequently than those in any other state, and this results in higher costs for customers. While only 9% of homeowner insurance claims nationwide are filed in Florida, 79% of insurance company lawsuits are filed there, according to data analysis by the Insurance Information Institute. In 2022, Florida’s legislature passed three bills designed to discourage lawsuits and stabilize the insurance market, with the hope of reducing prices for homeowners in the long term. In the meantime, however, home insurance costs will likely rise again this year.

Click Here for more information

Obtaining online homeowners insurance quotes in Florida offers homeowners a convenient and efficient way to secure comprehensive coverage tailored to their needs. By understanding the intricacies of home insurance, comparing quotes from multiple insurers, and implementing cost-saving strategies, Floridians can enjoy peace of mind knowing their homes are protected against the state’s unique risks. Start your journey towards safeguarding your home today with online insurance quotes tailored to the Sunshine State’s specific needs.