Best Homeowners Insurance in Florida of April 2024

Table Of Content

• How do I file a homeowners insurance claim?
• Is homeowners insurance required in Florida?
• Why do I need homeowners insurance in Florida?
• Wildfire risk in Florida
• What to do if You’re Struggling to Get Florida Home Insurance
• Premium Discounts for Hurricane Loss Mitigation
• Florida home insurance coverage options for hurricanes and flooding

This is because they have a financial investment in the property until you pay off your mortgage, so they want to ensure it’s fully protected. Homeowners insurance generally covers the cost of repairs if your home is damaged by wind or hail. However, since Florida sees frequent hurricanes, tropical storms, and tornadoes, policies often exclude coverage for wind and hail in high-risk areas.

How do I file a homeowners insurance claim?

AAA is not doing that in Florida, and our updated insurance rating reinforces our reputation as an insurance provider that Floridians can count on,” Pintacuda said. Citizens policyholders who are being transferred to other companies will be notified by mail. Policyholders who are moved to other insurers can’t refuse the move unless the new company will charge over 20% more compared to what Citizens is charging. The change, voted unanimously by the Senate Banking and Insurance Committee, would allow Citizens to sell home insurance for homes valued over $700,000.

Is homeowners insurance required in Florida?

Nick Dauk is a freelance writer specializing in business, entrepreneurship, personal finance, and travel. His work has been featured in Fox Business, BBC, The Edge, Business Insider, and Bisnow. Nick is a first-generation college graduate, having majored in Interdisciplinary Studies at the University of Central Florida.

Why do I need homeowners insurance in Florida?

Aside from Catastrophic Ground Cover Collapse coverage, which is included in a standard policy at no additional cost, Citizens offers a few additional coverages that not all providers offer. For example, they have Sinkhole Loss coverage, which insures Florida homeowners in the event of structural damage caused by ground subsidence. To provide you with quotes you can rely on, MoneyGeek collected home insurance quotes from providers that are writing new policies in the Sunshine State. These quotes were balanced against property claims ratings and customer satisfaction scores from J.D.

Some Homeowners Are Forced to Sell Their Homes

Thousands of Floridians have had to scramble to find new homeowners insurance after their insurers were liquidated, went out of business or simply stopped selling policies in the state. The move comes after the state’s insurer of last resort saw the number of its policies balloon to 1.3 million as multiple insurance companies went out of business, left the state or stopped selling policies in Florida. The program offers inspections and grants up to $10,000 to help residents upgrade homes and qualify for property insurance discounts for residences valued up to $700,000. The program was created in 2006, following the hurricane-heavy storm seasons in 2004 and 2005 that saw 2.8 million Florida homeowners suffer more than $33 billion in insured property damage. Cassie Brewer said her home, in St. Petersburg’s Yacht Club Estates, was dropped by Citizens after $200,000 in upgrades drove the cost to rebuild the property over $700,000.

In Florida, if your property is damaged by a named storm, a separate deductible will be subtracted from your claim payout. Hurricane deductibles are typically set at a percentage of your dwelling coverage limit, like 10%. It’s important to note that home insurance companies in Florida do not automatically include flood coverage in your policy.

What to do if You’re Struggling to Get Florida Home Insurance

Florida has a Hurricane Loss Mitigation Program and My Safe Florida Home, which help you minimize damage to your home from hurricanes. If you take the proper steps to fortify your home against hurricane damage, you may be eligible for a grant and could save on home insurance. It’s worth noting that Tower Hill’s credit rating was downgraded by AM Best in mid-2022. While a credit rating downgrade is not an absolute predictor of the company’s future performance, it does suggest that industry experts have taken a more negative view of its prospects. This is something important to keep in mind if you live in Florida, since there’s been an increase in insurance companies leaving the state or going insolvent. Tower Hill charges the most affordable home insurance rates to Florida homeowners, at an average of $2,443 a year.

Premium Discounts for Hurricane Loss Mitigation

Local experts say relief in sight for Florida's home insurance crisis - WEAR

Local experts say relief in sight for Florida's home insurance crisis.

Posted: Fri, 26 Apr 2024 21:03:35 GMT [source]

Insurance.com analyzed home insurance rates from major insurance companies in nearly every ZIP code in Florida. Most homeowners policies cover damage from wind but not flooding, meaning you could have a major coverage gap if a hurricane strikes. Note that if you live in a high-risk coastal area, your home insurance may not cover wind either.

Florida home insurance coverage options for hurricanes and flooding

They’ve also caused national companies to pull back on serving the state or to leave it altogether. Depending on where you live, you might need flood, windstorm and/or sinkhole coverage as well. If your dwelling coverage limit is $450,000, for example, you will pay an average 27% more for home insurance than if this limit were $350,000.

USAA ranks highly across the country, with both customer satisfaction and affordability scores above 4. MoneyGeek’s averages are not guaranteed premiums, as they vary depending on your circumstances. To better understand how close quotes are to your situation, read MoneyGeek’s methodology. Based on MoneyGeek's scoring system, you can find the best insurance in Florida according to your type of home and the coverages you prioritize. Pays for covered damages to detached structures, such as garages and sheds on your property.

This includes wildfire preparation and firefighting service when fires threaten a home. The risk of hurricane damage combined with frequent and expensive lawsuits has made the Florida insurance market risky for insurance companies, which makes insurance expensive for homeowners. Below are average rates for homeowners insurance in Florida by coverage level, including coverage with and without a hurricane deductible. Home insurance in Florida is expensive and only increasing, especially in coastal areas with the highest hurricane risk.