Homeowners Insurance in Florida

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To insure a home in Florida, you’ll need a homeowners policy that covers hurricane-related wind and flood damage in addition to other perils. Getting homeowners insurance is as simple as comparing quotes from several companies. 
If you’ve just bought a house, you’re in the process of making what could be the biggest investment of your life. Homeowners insurance is an important part of protecting that investment—from theft, fires, floods, and other perils. 
Before you sign on the dotted line, it’s worth understanding what goes into your homeowners’ policy and how you can save money on this essential coverage. Home and car insurance broker and comparison app Jerry is here to break down everything you need to know about homeowners insurance in Florida.

What is homeowners insurance? 

Homeowners insurance is a type of insurance coverage that protects your home and its contents. A homeowners insurance policy typically provides financial protection against the loss of your home, property damage, 
The average cost of homeowners insurance in the United States is $1,387 per year or $115 per month

Basic components of homeowners insurance

A typical homeowners insurance policy consists of the following: 
  • Coverage A (Structure): Pays to repair or replace the house itself. 
  • Coverage B (Additional structures): Pays to repair or replace other structures on the property, such as fences, pools, or sheds. 
  • Coverage C (Personal property): Provides financial protection against the loss or destruction of certain items of personal property (think furniture, electronics, jewelry, and more). 
  • Coverage D (Additional expenses): Also called loss of use. Pays for temporary living expenses (e.g. a hotel, rent, etc.) incurred as a result of losing the use of all or part of your home. 
  • Coverage E (Personal liability): Covers the cost of litigation when someone is injured on your property (or by your pet or family member). 
You can purchase a policy that covers either the actual cash value (ACV) of your property at the time of loss or one that covers the replacement cost—that is, the amount it would cost to replace the property, regardless of actual value. In general, companies require homeowners to purchase at least 80% of the replacement cost.  

Named perils

There is no standard comprehensive coverage for home insurance. Unless you have a special policy, your homeowners insurance will only cover named perils, or the specific circumstances outlined in the policy. These generally include: 
  • Fire
  • Lightning 
  • Wind
  • Hail
  • Hurricanes
  • Damage caused by vehicles
  • Theft
  • Vandalism
  • Riots
  • Falling objects
  • Explosions
Read your policy carefully to make sure that you understand what’s covered and what isn’t. 

Is homeowners insurance required in Florida? 

Florida does not require homeowners to buy insurance, but most lenders do require it. If you take out a mortgage in Florida, you’ll probably need to purchase some amount of homeowners insurance to satisfy the bank or other lender. 

How to get homeowners insurance

If you’ve just bought a house or are shopping for a new homeowners policy, start by comparing quotes from a number of companies (the Jerry app makes this easy!). Don’t just take the first referral that comes your way—you could be missing out on savings for the sake of convenience. 
Always get a quote from your car insurance carrier. Even if the actual premium is higher, you may be able to save money by bundling your home and auto policies. Bundling discounts typically range from 5% to 15% or higher, so it’s worth checking to see what your options are. 
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For homeowners in Florida, hurricane season, theft, and flood damage are among the primary perils to insure against. While a typical homeowners policy should give you coverage for the first two, it’s important to make sure you’re covered against floods. 
Here are three strategies that can help you protect your home against possible flood damage: 
  • Water backup coverage can pay for water removal and repairs following a burst or backed-up pipe.
  • Flood insurance protects your home from flooding from a source outside of your home. You can get it through FEMA’s National Flood Insurance Program (FLIP) or a referral. 
  • An H0-5 or open perils policy covers any peril unless it’s specifically listed as an exclusion in your policy

Why is homeowners insurance in Florida so expensive? 

Homeowners insurance in Florida may be more expensive than the average national cost of $1,387 per year. Every home insurance premium is based on a number of factors, including credit history and marital status, that vary from customer to customer. However, there are a couple of variables that affect the price of homeowners insurance across the Sunshine State. 

Hurricanes

Hurricanes can cause serious damage to a home, including wind and water damage, which are two of the most common home insurance claims. The high rate of claims in Florida caused by hurricane season can contribute to higher premiums across the state. 

Older homes

The age of your property is one of the most important factors that insurance companies use to calculate your premium, along with the square footage of the dwelling. The Northeast has the highest percentage of old homes, but Florida has its fair share of structures 50 years old and older, which qualify for higher homeowners insurance premiums. 

Homeowners insurance discounts in Florida

Insurance carriers typically offer a number of discounts for various customers and actions. Check out the table below for examples of common homeowners insurance discounts:

How to save on home and auto insurance

Buying a homeowners insurance policy can be a stressful process, but it doesn’t have to be. With Jerry, shopping for homeowners insurance can be as simple as sending a text. 
As a licensed insurance broker, Jerry will compare rates from 50+ top insurance companies for you and help you pick the policy that’s right for you. (They can search for a lower rate on car insurance at the same time!) Once you’ve chosen the quote that’s right for you, Jerry will handle all the paperwork. 
Whether you’re insuring a first-time home purchase or searching for a new lower rate, you’ll know you’re getting the right deal with Jerry’s expert support. 
 “Jerry was wonderful! I used it for my auto and renters policies. I trusted it so much that I signed up my homeowners insurance under Jerry as well. All of the agents are amazingly nice and knowledgeable.” —Mary Y.
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FAQs

Hurricane insurance isn’t a separate coverage, so it will be included in any homeowners policy. Although homeowners insurance isn’t a legal requirement in Florida, it’s required by most lenders (and it’s a good idea!).
The average cost of Florida homeowners insurance varies based on demographics and other factors, but you can expect to pay between $1500 and $2500 a year.

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