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The Best Cheap Florida Homeowners Insurance for 2023

Updated Feb. 21, 2023
Dana George
By: Dana George

Our Insurance Expert

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Shopping for the best homeowners insurance is unlike shopping for anything else. After all, you're looking for a product designed to protect one of your most significant financial investments. To help, we went on a search for cheap homeowners insurance in Florida. Here, we'll show you where you can buy the cheapest policies in the state and outline key factors you should look for before settling on a policy.

  • Cheapest overall: Security First
  • Cheapest for new home construction: Security First
  • Cheapest for older homes: Security First
  • Cheapest for those who have filed a claim: Security First

Cheapest overall for Florida

The cheapest homeowners insurance overall in Florida is sold through three companies that may not be well known nationally but are big players in Florida home insurance:

Security First

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Security First
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  • Security First, with an average annual rate of $485
  • People's Trust, offering an average annual rate of $1,012
  • Tower Hill, coming in with an average annual rate of $1,196

Cheapest for new home construction

Moving into a new home is not only exciting, but it's also a great way to save money on homeowners insurance. After all, because all the house components are new, insurance companies don't have to worry about everything falling apart right away. Still, finding the best homeowners insurance companies is important in case anything goes wrong. The cheapest homeowners insurance for new Florida homes are:

  • Security First, with a very low average annual rate of $194
  • People's Trust, offering an average annual premium of $438
  • Progressive, not far behind the competition, with an average annual rate of $456

Cheapest for older homes

Older Florida homes have character, but they're also more likely to be hit with problems like mold and old roofs. That's what makes them more expensive to insure. Still, a good deal can be found. The top three companies for insuring old Florida homes cheaply are:

  • Security First, with an average annual rate of $428
  • Tower Hill, coming in with an average annual rate of $877
  • People's Trust, offering an average annual premium of $1,011

Cheapest when you've made a claim

Insurance is there for a homeowner when they need to make a claim. However, that claim will likely cause their rates to rise for a period of time. For those who have previously made a claim, these three insurers offer some of the lowest rates in the state:

  • Security First, with an average annual rate of $411
  • People's Trust, following with an average annual rate of $937
  • Tower Hill, providing coverage for an average annual rate of $1,044

Average cost in Florida compared to the national average

The average cost of homeowners insurance in Florida is $1,958, approximately 12% higher than the national average of $1,725.

Average Rate Category Florida National Average
Overall $1,958 $1,725
New home construction $1,313 $943
Older homes $1,902 $1,658
When making a claim $1,876 $1,803

Florida homeowners insurance overview

Pinning down the best homeowners insurance in Florida does involve finding the best price, but there's more to consider. Here are some other factors to think about while shopping for the best homeowners insurance:

Different types of homeowners coverage

There are six different types of policies specifically designed to cover traditional brick-and-mortar homes, from basic policies to coverage with all the bells and whistles. The best home insurance companies offer them all. Before shopping, it benefits a homeowner to list all the things about their home they're looking to protect. For example, suppose a homeowner upgraded everything, from flooring to roof. In that case, they should look for a policy that can repair or rebuild the house back to its original glory if it's ever damaged or destroyed.

Level of coverage

The thing about a bare-bones insurance policy is that it may be cheap, but it is unlikely to provide a full range of coverage. If a homeowner sleeps better at night knowing they have enough coverage to make the house good as new -- no matter how much it costs to rebuild -- it may be worth paying a slightly higher premium.

Amount of deductible

A deductible is an amount the homeowner must pay toward a claim. Let's say a roof leaks, and the total cost of the repair is $10,000 with a $1,000 deductible on the policy. The homeowner pays the contractors $1,000, and the insurance company covers the remaining $9,000.

Potential discounts

One way to land cheap homeowners insurance in Florida is to take advantage of all possible policy discounts. It's possible to believe one policy is more expensive than another until discounts are factored in. Nearly every insurance company offers a list of discounts, and they cover everything from whether a home includes an alarm system to if the homeowner is a non-smoker. In other words, nearly everyone qualifies for one or more home insurance discounts.

What are the most common homeowners insurance claims in Florida?

Every region is known for a different set of natural disasters. Alaska has earthquakes, Hawaii has volcanoes, and Florida is known for hurricanes, tornadoes, and flooding -- sometimes in the same storm. Here are some of the top claims in the state:

Wind damage

Whether the damage is due to an everyday thunderstorm or a hurricane, wind damage is one of the most common claims in Florida. Between blowing objects, falling trees, and heavy winds, roofs and other exterior features can take a beating.

Water and flood

Given that parts of Florida are so near bodies of water, it's no surprise water and flood damage can do a number on a house. Water damage caused by severe storms, rainwater, plumbing issues, burst pipes, and malfunctioning appliances represents a large number of homeowners insurance claims in Florida.

Theft and vandalism

Burglary is a problem in every state, and Florida is no exception. It's one of the most common reasons a homeowner makes a claim.

Homeowners insurance coverage options and discounts in Florida

Purchasing the "perfect" homeowners policy is a matter of paying as little as possible for the highest level of coverage. It's a matter of examining potential coverages and comparing them against costs, including any discounts available. Here, we list both coverage and discount options.

Coverage options

The fact there is a wide range of coverage options available means homeowners can pick and choose until they find the level of coverage they're most comfortable carrying. They include:

HO-1: The most basic type of policy, HO-1 covers home and personal belongings at actual cash value against typical perils. Some insurance companies no longer offer this type of policy.

HO-2: This policy expands on the HO-1 by offering coverage against more than basic perils. It also includes protection against things like freezing, electrical surges, volcanic eruption, and damage due to the weight of ice, snow, or sleet.

HO-3: The HO-3 policy is one of the most commonly purchased forms of coverage. It covers a homeowner against a wide range of risks, unless otherwise excluded in the policy.

HO-4: Covers renters insurance and does not apply to homeowners.

HO-5: An HO-5 policy introduces some bells and whistles, including replacing home and personal property at replacement cost. It also allows a homeowner to include coverage for valuables like art, jewelry, and electronics.

HO-6: Coverage for condos, including details important to condo owners, like loss assessment coverage.

HO-7: Covers mobile homes, structures not typically covered under a traditional homeowners policy.

HO-8: Typically reserved for older homes that may not meet the requirements for another policy. This could be due to the type of wiring, plumbing, or roofing installed in the house.

Discount options

Each insurer offers its own set of discount options. Here's a sampling of the most common:

  • Hurricane mitigation
  • New home construction
  • Home and auto bundle
  • Advance pay
  • Home upgrades
  • Home security system
  • Company loyalty
  • Professional affiliation
  • Non-smoker
  • Homeowners Association (HOA) membership

5 cheapest cities in Florida for homeowners insurance

There are several reasons it is more or less expensive to insure a home. It could be due to the crime rate in a city, how near (or far) a house is from a fire station, or might simply be due to the value of homes in a particular area. Here's a list of the five cheapest cities in Florida for homeowners insurance:

City Name Average Home Insurance Rate
Oak Hill $1,093
Ormond-By-The-Sea $1,107
Edgewater $1,108
South Daytona $1,109
New Smyrna $1,113

5 most expensive cities in Florida for homeowners insurance

And here are the five most expensive cities in the state for homeowners insurance:

City Name Average Home Insurance Rate
Hialeah $4,623
University Park $4,466
Sweetwater $4,460
Tamiami $4,460
Doral $4,454

Once a homeowner pours over their coverage options, it's time to find out how much the discounts they qualify for lower the cost of coverage. That's the "sweet spot," the place they want to be. It's also important to review coverage and premiums once a year, just to make sure nothing has changed or there's not a better deal available.

Our Insurance Expert