Best Homeowners Insurance in South Florida (2024)

The best homeowners insurance companies in South Florida will vary by policyholder, as everyone has different coverage needs and budget restrictions to consider. However, some of the most prevalent insurance companies in South Florida that may be the best for you include Universal Property & Casualty and Citizens.

South Florida spans roughly from Jupiter down to Homestead on the state’s southeast coast and encompasses Palm Beach, Broward, and Miami-Dade Counties.

Since about 2020, 14 insurance companies have failed in Florida, and several more, including some of the country’s biggest names, like Allstate, Progressive, Travelers, and AAA, have withdrawn operations or non-renewed policies throughout the state. 

Also, most companies that have stuck around have implemented steep rate hikes to combat the intense hurricane risk, increased rebuilding costs, and legal issues that have plagued Florida, especially in South Florida, where risk and expenses are the highest.

Unfortunately, these rate hikes make securing affordable home insurance in South Florida much more difficult. While we can’t guarantee relief from these expensive prices, as an independent insurance agency, we want to educate South Florida residents on their available options and provide as much information as possible to help homeowners find coverage.

Demotech is an independent rating agency that analyzes the financial health of insurance companies. A carrier’s Demotech rating indicates the company’s ability to withstand economic and underwriting downturns.

The National Association of Insurance Commissioners complaint index compares a firm’s performance in terms of consumer complaints to other companies in the market. The default NAIC complaint index number is 1.0. This means a company with a complaint index of 2.0 has a complaint index that is twice as high as expected.

Average premiums are determined using data from the Florida Office of Insurance Regulation, which oversees and regulates the state’s insurance providers.

The average cost of homeowners insurance in South Florida — which only includes the Tri-County area of Broward, Miami-Dade, and Palm Beach counties — is around $13,661 annually, with rates ranging from $7,029 to $18,292 for most people. See some specific examples from companies in the table below.

The rates you experience in South Florida depend on many factors; chief among them is your home’s value. Rates increase as home value increases because larger, more expensive homes need more insurance coverage. Carriers determine the amount of coverage you need based on your home’s replacement cost, which is the amount of money required to rebuild your house based on construction, labor, and materials expenses. Since larger homes cost more to rebuild, they cost more to insure.

Undoubtedly, rates are costly, but you may notice that premiums vary fairly considerably by company, which is why shopping around for coverage is so important. You should gather several quotes when searching for South Florida home insurance to find the best deal.

As mentioned earlier, Florida is one of — if not the most — expensive states for homeowners insurance in the country. Many media outlets report the state’s average premium to be north of $6,000 yearly. According to our findings, the average rate in Florida overall is around $5,550 annually, but premiums get much steeper when you look at South Florida specifically.

Thanks to South Florida’s risk of hurricane and flood damage due to its proximity to the Atlantic coast and the generally expensive property values, homeowners insurance in the region is easily double the cost of premiums in the central and northern regions of the state.

We broke down South Florida homeowners insurance rates by county below, going from north to south, starting with Palm Beach and ending with Miami-Dade, where premiums are the highest of anywhere in mainland Florida (the Keys have the highest premiums in the state overall).

Homeowners insurance in Palm Beach County costs about $12,236 annually, with rates between $6,837 and $17,759 depending on home value, location, and other factors.

While Palm Beach County includes Belle Glade and parts of Lake Okeechobee in its western portion, most people think of its coastal cities, where the county boundaries extend from Jupiter at its northern tip down to Boca Raton at its southern edge. West Palm Beach is the county’s largest city.

Palm Beach County has the cheapest home insurance rates of the three counties that comprise South Florida, although premiums are still above the state average. The table below lists the average cost of homeowners insurance in Palm Beach County from some major insurers on homes with and without wind mitigation.

Wind mitigation is any protection on your home that helps decrease the damage caused by strong winds like a hurricane. This can include certain roof attachments and coverings, extra water-resistant seals, and impact-resistant doors and windows (to learn more about wind mitigation features, see Form OIR-B1-1655).

The sample home insurance rates below are for a home with a $500 non-hurricane deductible, a 2% hurricane deductible, and no claims in the past three years.

As you can see, premiums are notably higher on older houses than on newer ones. Older homes generally have higher insurance rates because their dated components, like the roof, HVAC, and plumbing, are more likely to fail during severe weather or from wear and tear over time. 

Also, older homes aren’t constructed according to Florida’s latest building codes, which were made to help homes better withstand hurricanes. They often lack some or all wind mitigation features.

In all likelihood, home insurance rates will be lower as you move west in the county, away from the coast. For instance, someone in Belle Glade will likely have much lower premiums than someone with a house on the water in Delray Beach. 

The average cost of homeowners insurance in Broward County is around $13,119 annually, with rates typically ranging from $7,276 to $18,914.

Broward County is generally referred to as the greater Miami area, with its principal city being Fort Lauderdale. Its many suburbs include Hollywood, Davie, and Plantation. The county stretches from Deerfield Beach to Hallandale Beach along the coast.

Just like its geographical location between Palm Beach and Miami-Dade Counties, Broward home insurance rates lie between the other two counties in terms of affordability. Look below at premiums from some of the biggest homeowners insurance companies in Broward County.

Again, newly built houses have premiums that are much cheaper than older homes. If you’re finding that some of the numbers for old construction with no wind mitigation are unbelievable, it’s because they are. Most homeowners insurance companies in Broward County won’t offer policies on such properties. So, rather than being actual premiums, some numbers in that column represent what Broward insurance premiums would be on a property given those variables, even though such a policy likely doesn’t exist.

One of the best ways to secure the right coverage for your situation is with the help of an independent agent. An independent agent partners with several companies and can find you the best deal among their partners, doing much of the heavy lifting for you when it comes to shopping around and comparing rates. Of course, a good agent will also answer all your questions and help you understand your policy well.

If you’re looking for Broward County home insurance agents, we’d be happy to lend a hand. We’re Clovered, an independent insurance agency headquartered in Fort Lauderdale since 2018.

While we’re licensed to operate in several states, Florida is our bread and butter. It’s where we started and where we maintain our largest presence today. Nothing would make us happier than helping fellow South Florida residents to protect their homes with the right Broward homeowners insurance coverage. insurance companies in South Florida

The average cost of homeowners insurance in Miami-Dade County is about $15,539 annually, with rates ranging from $8,617 to $22,398 for most people.

While Miami-Dade County stretches as far west as the Everglades, most of its municipalities, like Kendall, Doral, Homestead, and Florida City, are concentrated along the eastern coast. Of course, the county’s namesake, Miami, is the primary city in the county and is famous for its beaches, nightlife, and more.

Miami-Dade homeowners insurance is the most expensive in South Florida. With so many oceanside communities, the city’s flood and hurricane risk is exponential. See average premiums in the region below.

Another reason Miami-Dade County homeowners insurance companies are so expensive is the lack of competition. With so few companies writing premiums in the area, it’s hard for consumers to find relief from the steep prices. Finding affordable home insurance in Miami-Dade will likely be frustrating for the foreseeable future.

With premiums being as high as they are, it’s natural to want to save money on home insurance in South Florida. They may not produce extreme savings, but anything helps. Here are a few ways that can help keep costs in check.

Shopping Around: We cannot stress enough how important it is to get more than one quote when seeking South Florida home insurance. Shopping around allows you to see which company has better rates, endorsements, and discounts for your situation.

Discounts vary by carrier, and you might find that one provider has more or better discounts for which you qualify. Always ask about possible discounts when quoting.

Adjusting Policy Details: Take measures to ensure you’re not paying for extra coverage you don’t need in your policy. For example, you can make a home inventory listing all your possessions and their values to determine the exact amount of personal property coverage you need. 

You can also raise your deductible to lower your premiums. Your deductible is the amount you must pay when filing a claim before your insurer will pick up the rest of the bill. Raising your deductible increases your financial responsibility, which lowers your premiums because the insurer assumes less risk.

Homeowners insurance in South Florida has two deductibles: a hurricane deductible for windstorm damage and an all-other-perils (AOP) deductible for all other types of damage. Raising either deductible can lower your premiums, but be wary not to raise them so high that it becomes unfeasible to file a claim.

Implementing Wind Mitigation: South Florida homeowners insurance companies are legally required to discount premiums for homeowners with successful wind mitigation features on their houses. Insurers prefer to cover such homes, as buildings with wind mitigation have smaller chances of suffering damage from hurricanes and tropical storms.

Some wind mitigation features are built into newer homes by default thanks to the Florida building codes adopted in the wake of Hurricane Andrew in 1992. Houses built after 2000, when Florida began passing much of the revised building codes, can better withstand hurricane winds.

Wind mitigation on older homes saves you an average of $14,740 annually on homeowners insurance in South Florida. If your older home wasn’t built with wind mitigation, you can retrofit it to include effective features by getting a new roof, installing storm windows and doors, and other measures. 

The table below shows average premiums on older houses with and without wind mitigation so you can see the price differences. 

To achieve wind mitigation discounts, you must get a certified inspector to review your house. It may cost a couple hundred dollars at most. There’s no downside to getting a wind mitigation inspection – it’s only pass or fail.

If you pass, you’ll receive a form verifying your inspection that you can pass on to your insurer for savings. If you fail the inspection, you aren’t penalized and your premiums won’t increase. 

Instead, the inspector will give you suggestions and steps to take to implement wind mitigation features to your house. If you have no existing features, adding maximum wind mitigation traits can cost several thousand dollars, especially if you must redo your roof. Weigh the possible insurance savings with the cost of wind mitigating. Also, look into the My Safe FL Home program, which can provide grants to reinforce your property.

Homeowners insurance policies cover your property and liability in several ways by default.

Dwelling Coverage: Financially protects your home’s physical structure,  including the roof, walls, flooring, balconies, pipes, and writing, from covered perils, like hurricanes, fire, and theft.

Other Structures Coverage: Guards features on your property that aren’t attached to your main house, such as a pool, shed, fences, carport, or detached garage.

Personal Property Coverage: Safeguards your possessions, such as electronics, clothing, furniture, jewelry, tools, and more, from theft and damage.

Loss of Use Coverage: Helps pay for living expenses you incur if you must move out of your house temporarily after it suffers major damage. Your insurer can reimburse you for groceries, hotel stays, and more.

Liability Coverage: Helps cover medical bills and legal fees if you’ve been found legally liable for someone’s injuries so you don’t have to pay out of your own pocket.

Medical Payments Coverage: Designed to cover minor medical expenses, regardless of fault, if someone gets hurt around your property.

Protecting your home in South Florida is critical so no hurricanes or other unexpected events that threaten life in paradise don’t ruin you financially.

Clovered is an independent insurance agency based in Fort Lauderdale, the heart of South Florida. We have the experience and expertise to help you protect your home here.

Call us for a South Florida homeowners insurance quote over the phone at 833-255-4117 during business hours. Or, if you’d rather see your options online, use our simple online quoting platform to see prices from our partners, some of the top carriers in the state, and possibly bind entirely online. One of our agents is always just a click away if you need assistance.

You can also email us at [email protected] at any time with questions.