Best Homeowners Insurance in Florida 2022

Homeowners Insurance
Best Homeowners Insurance in Florida 2022.

If you’re a Florida resident looking to purchase a home or condo, homeowners insurance is a necessity. In fact, the majority of lenders will require you to take out a policy when you purchase a home. Homeowners insurance, or home insurance, is a way to financially protect yourself in case of a disaster.

In this guide, the Home Media reviews team will provide information about the top homeowners insurance companies in Florida, taking into account the coverage, cost and benefits of each provider.

7 Best Homeowners Insurance Providers in Florida

Allstate

According to the Insurance Information Institute, the average cost of homeowners insurance in Florida is $1,960, which is higher than the national average of $1,249. Homeowners insurance rates vary based on your location, square footage and other factors. To get your personalized quote, use our free tool below.

Allstate is one of our top overall recommendations for home insurance in Florida, scoring high for its customer service, coverage and discounts.

Founded in 1931, Allstate has solidified itself as one of the nation’s leading insurers across several markets, including home and renters insurance. It has an A- rating from the BBB for customer experience and an A+ financial strength rating from AM Best.

Policyholders benefit from 24/7 customer service via local insurance agents and a resourceful online portal for claims and policy management.

In addition to basic dwelling, personal property, liability and guest medical protection, Allstate offers endorsements such as a green-home improvement discount for environmental updates to your home.

Pros and Cons of Allstate Home Insurance

+ Has the highest J.D. Power rating of the providers in this review, suggesting high customer satisfaction
+ Features Claim Rateguard, a policy rider that locks in your rates, even if you file a claim
+ Has valuable online resources, such as a personal inventory calculator tool

– Coverage is not as customizable as some companies’ plans are
– Sometimes quotes higher rates than online-only competitors

Discounts: Multi-policy discount, responsible payment discount, claim-free discount, welcome and loyalty discount, recent home buyer discount, Easy Pay Plan discount, protective device discount, early signing discount

Endorsements: Identity theft restoration, green-improvement restoration, home-sharing, manufactured and mobile homes, water backup, yard and garden, scheduled personal property, electronic data recovery, business property, musical instruments, sports equipment, flood insurance, personal umbrella insurance.

Security First

Security First is available only in Florida, and it is dedicated to providing protection against disasters that are prevalent in the Sunshine State, such as hurricanes and flooding.

While it may be smaller than some of the other providers in this review, Security First carries an A+ rating from the Better Business Bureau (BBB) and an A rating for financial strength from Demotech.

The company’s exclusive service in Florida allows it to tailor home insurance coverage to Florida residents and provide them with dedicated local customer service.

Security First  offers a hurricane deductible, which can be 2%, 5% or 10% of your dwelling coverage. You can also purchase separate flood insurance from Security First, which is a perk for many Florida residents.

Pros & Cons of Security First Home Insurance

+ Specializes in service to Florida
+ Provides several discounts often excluded by other providers, such as a gated community discount
+ Has unique additional coverage for misplaced personal items

– May have high prices for South Florida residents
– Does not provide 24/7 customer support, though you can file claims any time

Discounts: Policyholder 55+, secured community, roof shape, indoor sprinkler system, wind-resistant home features, central burglar alarm, age of construction, central fire alarm

Endorsements: Flood coverage, equipment breakdown, identity theft protection, dog liability, personal injury liability, water backup and sump overflow, increased replacement cost, scheduled personal property, golf cart physical damage and liability, screened enclosure and carport coverage, increased special limits coverage.

American Family (AmFam)

American Family (AmFam) joined the homeowners insurance industry in 1958. Backed by A-level ratings from AM Best and the BBB, AmFam is known for its financial strength and commitment to customer experience.

Similar to Allstate, American Family has local agents across the nation. It stands out most for its online resources, which can help to simplify the home insurance shopping process. The company allows you to compare quotes quickly without providing your Social Security number.

In addition to its standard coverage, the company offers several endorsements and features an impressive range of discounts, including coverage for hidden water damage.

Pros and Cons of American Family Home Insurance

+ Offers a special discount to applicants aged 30 and younger whose parents are insured with AmFam
+ Features extensive online coverage comparison tools so you can quickly review policy options
+ Has a more straightforward and less invasive quoting process than many providers

– Earned a mediocre customer satisfaction score in the J.D. Power survey
– Does not allow you to purchase a policy entirely online

Discounts: Multi-policy discount, smart-home security discount, insurance payment discount, loyalty discount, age of home discount, renovated home discount, generational discount.

Endorsements: Equipment breakdown, sump pump and water backup, matching siding, credit monitoring, identity theft, diminishing deductible, hidden water damage.

ALSO CHECK:

Progressive

Progressive is the third-largest insurer in the United States and offers property, auto and personal insurance. Progressive has an A+ Superior rating from AM Best, suggesting it is in excellent financial shape.

Florida residents may enjoy the convenience of Progressive, which allows its customers to bundle multiple types of coverage for a discounted rate.

Progressive estimates that customers who bundle home and auto insurance save an average of 4% on their insurance premiums. Progressive offers a robust array of discounts, including discounts for using contractors and repair technicians within Progressive’s contractor network.

Pros & Cons of Progressive Home Insurance

+ Provides more generous discounts for bundling than some competitors
+ Is a trusted name in the insurance industry, with high ratings from AM Best
+ Has 24/7 customer service availability

– Has fewer policy endorsements than other providers in this review
– Doesn’t underwrite its own policies, while most competitors in this review do

Discounts: Bundling home and auto, alarm systems, automatic indoor sprinkler systems, quote in advance, annual billing, receiving documents by email, new home construction, Progressive contractor network

Endorsements: Flood, water backup, personal liability

AAA

AAA was founded as an auto club in 1903 and serves Florida residents with a variety of insurance policies. AAA has an A+ rating from the BBB and partners with insurance companies that have A-level ratings from AM Best.

AAA club members are entitled to discounts related to dining, travel and retail purchases, but your AAA membership can also unlock valuable discounts for bundling home and auto insurance.

Aside from the savings, home and auto bundles through AAA are convenient. Policyholders pay one premium, one deductible and file just one claim. AAA closed 91% of its Hurricane Irma related claims within two months, which is much higher than the industry average of 67%.

Pros and Cons of AAA Home Insurance

+ Is often highly reviewed for its customer service
+ Provides exclusive membership benefits most providers lack, such as roadside assistance
+ Offers extensive umbrella protection

– Can be difficult to reach, based on customer reviews
– Has a $1 million dwelling coverage limit, which is insufficient for some homeowners

Discounts: Wind mitigation, age of home, age of roof (shingles), fire alarms, burglar alarms, senior citizen discount, home and auto insurance bundling

Endorsements: Flood, umbrella liability rider up to $2 million

Chubb

Chubb is a global premium insurance company based in Switzerland, with domestic headquarters in New Jersey. Chubb is currently unrated by the BBB, but it has an A++ from AM Best, which suggests you can depend on its ability to pay claims.

Chubb’s rates may be more expensive than many competitors, but its service is often above and beyond what one would normally expect from an insurance company.

Chubb pledges to make contact within 24 hours of a loss, and most claims are paid within 48 hours. In addition, Chubb offers complimentary risk consulting services, through which an agent can examine your home to identify potential weaknesses and preemptively protect your belongings.

Many items and services that are usually additional coverage options are included with a Chubb homeowners insurance policy, such as sump pump backup.

Pros and Cons of Chubb Home Insurance

+ Has some of the most comprehensive coverage in the industry
+ Provides dozens of complementary services
+ Features a cash settlement option

– Can be less rewarding for lower-value homes
– Is more expensive than many competitors

Discounts: Bundling home and auto, burglar alarm, fire alarm, new house, renovated house, gated community, gated community patrol service, residential sprinkler system, fire-resistant, masonry construction, loss free, storm shutter, suburban rating

Endorsements: Personal liability with coverage up to $100 million, flood protection up to $15 million

Lighthouse Property Insurance

Lighthouse Property Insurance was founded in 2008, but it has already added 170,000 homes to its list of protected properties across the five states it serves.

When Hurricane Florence struck in 2018, Lighthouse paid more than $92 million toward more than 6,000 claims, a high number for a relatively small provider.

Lighthouse is also backed by more than a dozen reinsurance partners, each of which has at least an A- financial strength rating from AM Best.

Additional coverage with Lighthouse can be bundled with the Titanium Package, which features enhanced coverages such as equipment breakdown and service line coverage. The company also sells flood insurance to Florida residents.

Pros & Cons:

+ Is financially backed by several larger providers
+ Offers extensive endorsements with the Titanium Package, such as coverage for screen enclosures, carports and pool cages
+ Features a cash settlement option

– Can be less rewarding for lower-value homes
– Is more expensive than many competitors

Discounts: Claim-free for three years, concierge claim service, electronic discount, bundling with flood insurance, fire and burglar alarms, gated community, senior citizen and retiree, indoor sprinkler system, wind mitigation

Endorsements: Flood insurance, animal liability, personal injury, damage to property of others, credit card and forgery, water backup, watercraft coverage, lock replacement, personal computer coverage, equipment breakdown, watercraft liability