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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Feb 24, 2024

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Are you getting the protection you need for your home? Choose the right home insurance policy for your needs with Obrella, an online platform that allows you to connect with Florida home insurance experts quickly and easily. Licensed agents can take care of everything over the phone—explaining your options, answering your questions, and even binding your policy once you’ve made your selection. You’ll enjoy an easier way to shop for home insurance when you use Obrella.

Homeowners in Florida

The typical Florida homeowner spends an average cost of $2,084 annually on home insurance. That’s nearly double what the average American homeowner pays per year, and means Florida has the most expensive insurance premiums of any state.

  • Median Home Value: 169,200
  • Household Income: 46,140
  • % of Income on Home Ownership: 38.60%

Florida’s median house value and household income are slightly less than national norms. The typical house in Florida costs $160,000, which is about $16,000 less than most homes in the U.S. And the average household income here is $46,036, slightly lower than the national median income of $52,250. At 38.6%, Sunshine State residents spend more of their income on housing related costs than the average America. That ranks Florida 4th for states whose residents spend the greatest percentage of their income on home ownership expenses. In Florida, 64.8% of homes are owner occupied, which is slightly more than the national average of 63.5% and ranks the state 28th for the greatest percentage of owner occupied homes in the country.

Your home is likely your biggest investment, so it’s important to get the most competitive rates. To be sure you have the most comprehensive home insurance policy, call [mapi-phone-link /] to get the best home insurance quotes in Florida.

How are Florida home insurance costs determined?

Insurance companies look at a range of factors when determining the cost of your home insurance policy. The process starts with an evaluation of your home and region, including local building costs, crime rates, the size of your home, and the year it was built. Premiums can also be affected by the likelihood of natural disasters such as tornadoes, floods, and earthquakes. Even things like your credit score and add-ons such as a swimming pool or a guest house on your property may affect the cost of your insurance premiums. (For more information, read our “Securing Your Home: Understanding Florida Flood Insurance“).

Why do these aspects matter? These elements combine to determine the amount of risk the insurance company will take on when issuing you a homeowners insurance policy. The higher the risk, the higher your premium. Fortunately, though, there are ways to lower these risks. Making your home more secure is a good start. Installing a complete home security system, for example, means your home is less likely to be burglarized, lowering the chance that your insurance company will have to replace stolen items. Even installing motion-sensitive lights and surveillance cameras can lower your risk—and therefore your premium.

How does homeowners insurance work in Florida?

Most Florida home insurance companies offer a range of coverage options; some of which are defined below:

  • HO-1: Limited Coverage
    • No longer available in most states, this basic homeowners policy offers coverage against the first 10 classified disasters. These include fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption.
  • HO-2: Basic Policy
    • HO-2 policies are designed to insure your home if it’s damaged by any of the 16 classified disasters.
  • HO-3: Standard, most popular
    • This policy is the most popular due to its comprehensive coverage and relatively few exceptions.
  • HO-8: Older Home
    • To protect against depreciation, this policy will usually reimburse homeowners for damage on an actual cash value basis, though some older homes may not qualify for full replacement cost policies.

What will standard Florida homeowners insurance cover?

Typically, home insurance will only cover damage caused by particular events addressed in your policy’s terms. So, for instance, you wouldn’t receive a payment for flood damage if your policy doesn’t provide flood coverage. To make sure you’re in the know about the variety of policies and coverages available, check out the following homeowners insurance coverage definitions:

  • Coverage A – Dwelling
    • Protects against damage to the home and attached structures. This includes damage to the home’s plumbing, wiring, and permanent air-conditioning and heating systems.
  • Coverage B – Other Structures
    • Other Structures coverage insures any structures that are not connected to the house, such as tool sheds, guest homes, free-standing garages, and fences.
  • Coverage C – Personal Property
    • In the event of damage or loss of personal possessions, Personal Property coverage will compensate the homeowner for the value of the item—be it clothing, furniture, electronics, or jewelry. Personal Property coverage also extends to personal possessions that are damaged or lost outside the home, such as items in a storage unit.
  • Coverage D – Loss of Use
    • During an extensive home repair, Loss of Use coverage will pay for living expenses.
  • Coverage E – Personal Liability
    • Personal Liability covers the homeowner’s financial loss in the event of a lawsuit in which the homeowner is found legally liable for another’s injuries or damages.
  • Coverage F – Medical Payments to Others
    • Takes care of the medical costs of anyone injured by the homeowner’s pets or anyone injured on the homeowner’s property.

Florida Insurance Resources

Florida Office of Insurance RegulationAn excellent resource if you have questions about your Florida homeowners insurance policy. You also have access to their comprehensive online education section that includes a wealth of information regarding state specific needs, such as preparing for hurricane season. Its online CHOICES program provides you with home insurance rate information based on common Florida risk scenarios. For more, you can visit the office at:

Florida Office of Insurance Regulation
200 East Gaines Street
Tallahassee, FL 32399

Shopping for home insurance can be frustrating—but there’s a way to make the process less strenuous. With Obrella, getting the home insurance coverage you need is quick and easy. In one simple call, you can talk about your insurance needs with an agent who has the expertise and tools to help you find your ideal home insurance plan.

Have questions about your home insurance policy options in Florida? Give an agent a call at [mapi-phone-link /] today.

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