Just what does home insurance cost in Florida? Estimates vary widely, and new state data might surprise you
Just what does the average Florida homeowner pay for property insurance? Good luck figuring that out based on wildly varying estimates quoted across the media.
About the only thing everyone agrees on is that the state’s insurance rates have been rising sharply. Insurers say they need higher premiums to offset mounting losses from hurricane claims, severe weather events, high rates of litigation, and resulting increases in the cost of reinsurance — insurance that insurers must buy to make sure they can pay all claims after a disaster.
Reforms enacted in 2022 to curtail costs from litigation are expected to eventually stabilize premium costs, but that hasn’t happened yet.
Meanwhile, online insurance aggregators publish estimates that are all over the map.
Policygenius says average Florida homeowners pay $2,442 for home insurance.
Bankrate says $1,981 — but that’s just to insure the dwelling and doesn’t include other vital elements like liability coverage, loss of use, or personal property.