Updated: October 21, 2024
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Generally, decreasing homeowners insurance costs is great news for Floridians as it ensures that policies remain affordable for a broader range of homeowners. Additionally, the consistent insurance rates in Florida help homeowners maintain a stable budget. Sudden increases can strain finances, making it harder to plan for other expenses.
Homeowners insurance in Florida has not increased but instead decreased to an average of $605 per month in 2024 compared to $632 per month in 2023.
There has been an average decrease in homeowners insurance rates even in cities across Florida.
Despite the decrease from last year, homeowners insurance in Florida is generally considered expensive as the state average is $4,678 higher than the national average.
In December of 2023, homeowners in Florida paid an average of $632 per month for $250K in dwelling coverage. As of July 2024, monthly costs for the same policy have decreased by an average of $27, making the average cost of homeowners insurance for Floridians $605 per month.
Decreasing costs for home insurance in Florida can also be seen for policies with different dwelling coverage limits. Generally, premiums change by dwelling coverage, the maximum amount an insurer will pay if a covered peril, such as fire or theft, damages the home. For instance, a policy with $1 million in dwelling coverage cost an average of $1,377 less annually in July 2024 compared to 2023.
The table below shows how rates can change by dwelling coverage on a monthly or annual basis.
| $100K Dwelling Coverage | $267 | $253 | $253 | $253 | $253 | $253 | $257 | $256 |
| $250K Dwelling Coverage | $632 | $597 | $597 | $597 | $597 | $597 | $607 | $605 |
| $500K Dwelling Coverage | $1,140 | $1,070 | $1,070 | $1,070 | $1,070 | $1,070 | $1,083 | $1,081 |
| $750K Dwelling Coverage | $1,697 | $1,592 | $1,592 | $1,592 | $1,592 | $1,592 | $1,613 | $1,610 |
| $1MM Dwelling Coverage | $2,232 | $2,093 | $2,093 | $2,093 | $2,093 | $2,093 | $2,121 | $2,117 |
| $100K Dwelling Coverage | $3,204 | $3,035 | $3,035 | $3,035 | $3,035 | $3,035 | $3,080 | $3,073 |
| $250K Dwelling Coverage | $7,579 | $7,160 | $7,160 | $7,160 | $7,160 | $7,160 | $7,280 | $7,265 |
| $500K Dwelling Coverage | $13,674 | $12,838 | $12,838 | $12,838 | $12,838 | $12,838 | $13,000 | $12,975 |
| $750K Dwelling Coverage | $20,365 | $19,110 | $19,110 | $19,110 | $19,110 | $19,110 | $19,358 | $19,324 |
| $1MM Dwelling Coverage | $26,787 | $25,115 | $25,115 | $25,115 | $25,115 | $25,115 | $25,452 | $25,410 |
Homeowners insurance rates in Florida can change on a city level, so a specific city may not be experiencing the same trend as the statewide average. For instance, premiums in Jacksonville have actually ticked up slightly, while in Cape Coral, rates for a policy with $250K in dwelling coverage have decreased by more than the state average.
Explore how rates have changed in your city and dwelling coverage amount using the table below.
| Boca Raton | $16,045 | $14,882 | $14,882 | $14,882 | $14,882 | $14,882 | $15,222 | $15,172 |
Home insurers have different ways of determining premiums, which means rate increases or decreases in Florida may vary by company. For instance, Allstate’s average cost for a policy with $250K in dwelling coverage drastically decreased from $11,528 annually in 2023 to $8,212 as of July 2024. On the other hand, Heritage Insurance’s policy went up by $2 for the same policy.
The varying rates each year make it important to compare home insurance quotes on an annual basis, as some providers may offer you a better deal when it’s time for renewal.
| ASI | $6,452 | $6,415 | $6,415 | $6,415 | $6,415 | $6,415 | $6,388 | $6,388 |
| Allstate | $11,528 | $8,227 | $8,227 | $8,227 | $8,227 | $8,227 | $8,212 | $8,212 |
| Chubb | $7,593 | $7,593 | $7,593 | $7,593 | $7,593 | $7,593 | $7,593 | $7,593 |
| Florida Peninsula Insurance | $5,803 | $5,803 | $5,803 | $5,803 | $5,803 | $5,803 | $5,803 | $5,803 |
| Heritage Insurance | $6,348 | $6,348 | $6,348 | $6,348 | $6,348 | $6,348 | $6,350 | $6,350 |
| Nationwide | $4,365 | $4,365 | $4,365 | $4,365 | $4,365 | $4,365 | $4,365 | $4,365 |
| State Farm | $5,311 | $5,299 | $5,299 | $5,299 | $5,299 | $5,299 | $5,196 | $5,079 |
| Universal Property | $13,229 | $13,229 | $13,229 | $13,229 | $13,229 | $13,229 | $14,332 | $14,332 |
While homeowners insurance rates in Florida have decreased since 2023, the average cost of a $250K policy in the state is still $7,265 annually — $4,678 higher than the average cost nationally ($2,587 per year).
Florida’s expensive homeowners insurance costs can be attributed to the frequent natural disasters, growing building costs and more.
Increasing Natural Disasters
The increasing frequency of severe natural disasters in Florida significantly elevates the risk to homes, contributing to higher insurance premiums. Insurers adjust their rates to account for the heightened likelihood of substantial claims, reflecting the increased risk in the state.
Rising Construction Costs
Construction costs in Florida have been on the rise, with significant increases in the price of materials and labor. These higher costs directly impact insurers, who pass on the expenses to homeowners through higher premiums to cover the elevated costs of rebuilding.
Legal System Abuse and Fraud
The high volume of lawsuits and instances of fraud in Florida’s legal system have significantly increased operational costs for insurers. To offset these costs, insurers raise premiums, placing a greater financial burden on homeowners.
Reinsurance Costs
Reinsurance costs, which help insurers manage large-scale claims, have more than doubled in recent years due to frequent hurricanes and rising claims. These increased costs are passed on to homeowners, resulting in higher premiums across the state.
Additional Contributing Factors
Factors such as Florida’s rapidly growing population, aging infrastructure and general economic inflation also drive up homeowners insurance rates. Each of these elements adds pressure on insurers, leading to increased costs for homeowners.
There are various strategies you can implement to save on homeowners insurance rates in Florida. By taking proactive steps, you can reduce your premiums without sacrificing essential coverage.
Below are several actionable tips to help you lower your homeowners insurance rates:
Many insurance companies offer discounts if you bundle your homeowners insurance with auto insurance or life insurance, which can result in significant savings — insurers often provide up to 20% off your total premiums when you consolidate your coverage. Additionally, bundling simplifies your insurance management by having all your policies with one provider.
Installing safety features like security systems can lower your insurance costs. Insurers reward homeowners who take steps to reduce the risk of theft by offering premium discounts.
Opting for a higher deductible can reduce your monthly premium. While this means you’ll pay more out-of-pocket if you need to file a claim, it can be a smart way to lower your overall insurance costs if you rarely make claims. Ensure you have enough savings to cover the higher deductible if an unexpected event occurs.
Shopping around and comparing homeowners insurance quotes from different insurers can help you save. Rates can vary significantly between companies, so it’s crucial to find the best homeowners insurance that provides adequate coverage at an affordable price.
Ask your insurer about available discounts, such as those for being claim-free, having a good credit score or being a loyal customer. Some companies also offer discounts for non-smokers or retirees. By leveraging these discounts, you can lower your premiums without changing your coverage level.
In Florida, insurers often consider your credit score when determining your premium. A higher credit score can lead to lower rates, as it indicates financial responsibility. Regularly check your credit report and address any issues to maintain or improve your score, potentially saving on insurance costs.
As your home and financial situation change, it’s important to periodically review your insurance coverage. You might find that you’re over-insured, paying for more coverage than you need. Adjusting your policy to better align with your current needs can result in lower premiums without compromising essential protection.
Strengthening your home’s resilience to natural disasters, such as reinforcing the roof or elevating the structure in flood-prone areas, can lead to premium reductions. Insurers may offer discounts for homes that meet certain safety standards or codes, recognizing the lower risk of significant damage. These improvements can be costly upfront but offer long-term savings and increased property value.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
