Florida Homeowners Insurance Calculator: Free Cost Estimator (2024) (2024)

FAQs

How much will homeowners insurance increase in 2024? ›

The report blames severe weather, inflation and rising homebuilding costs. The average insurance rate is $2,377 annually, but homeowners nationwide are expected to see a 6% uptick in average premiums by the end of the year.

How much does homeowners insurance cost in Florida? The average cost of homeowners insurance in Florida is $2,625 per year, or about $219 per month. That's 37% more than the national average of $1,915. In most U.S. states, including Florida, many insurers use your credit-based insurance score to help set rates.

Several states will see larger increases, including Florida where premiums are expected to rise 7%, driving the average premium to $11,759. Chase Gardner explains how high Florida residents can expect their home insurance bills to climb in 2024.

The insurance industry references the Consumer Price Index to measure inflation and adjusts rates accordingly. It's one big reason why property owners find that their home insurance keeps going up year after year, even if nothing's changed on their property.

State Farm, Auto-Owners and Erie provide the cheapest homeowners insurance, based on our team's review. We based our top picks on the most affordable options for customers across various situations and backgrounds, including multiple credit scores and claim histories.

Certain insurers will charge higher rates due to the increased risk of the peril of fire based on having a fireplace. If you're considering buying a home that has a fireplace, or if you want to install a wood-burning stove in your home, it could raise your home insurance rate.

A simple formula for estimating your dwelling coverage limit is to take the square footage of your home and multiply it by the per-square-foot building costs in your area to reflect the current cost of construction.

Three primary factors are driving the insurance challenge. First, natural disasters are becoming more common and costly. Second, the price of reinsurance is skyrocketing. And finally, Florida's litigation-friendly environment compounds the issue by making it easy for customers to sue their insurers.

Can you get homeowners insurance in Florida without hurricane coverage? ›

Hurricane insurance may not be required in Florida, but you still want to have the right homeowners policy in place before hurricane season. If you wait until a storm has been named or reaches a similar coverage trigger, you may be subject to an insurance moratorium.

And State Farm announced it would no longer write policies for new customers in Florida. Lawmakers reacted by forming Citizens Property Insurance Corp. to serve as the insurer of last resort for Florida homeowners who could not otherwise find affordable coverage.

Insurify predicted costs will go up another 7% in 2024 to $11,759. Six of the 10 most expensive cities in the U.S. for homeowners insurance are in Florida.

Flood Insurance Mandates (These changes became effective on May 13, 2024, the day Governor DeSantis signed the bill.) Citizens policyholders who must purchase flood insurance as a condition of eligibility for Citizens are no longer required to purchase flood coverage for personal contents.

As insurers incur higher costs, homeowners are facing higher premiums. Inflation itself is also making it more expensive to pay out claims.

Factors such as longer repair times and more expensive rental car costs are resulting in rising prices, according to a report by the American Property Casualty Insurance Association. Also, cars are becoming costlier to fix.

Your state and even your ZIP code may influence the amount you pay in home insurance premiums. If your house is located in an area with a history of losses, such as vandalism, theft or weather-related events, you may see a higher rate. However, location could have a positive impact, too.