Florida home insurance 101: A complete guide for homeowners

Table of Content

• Homeowners Insurance in Florida
• Is homeowners insurance required in Florida?
• Hurricane Ian Caused the Second-Largest Insured Loss on Record After Hurricane Katrina
• Sign up for the South Florida Sports Headlines Newsletter and receive up to date information.
• Comparing Citizens Homeowners Insurance Florida Quotes Online

You are not legally required in Florida to have a homeowners insurance policy. However, unless you own your home, most lending institutions require insurance coverage on the home, including flood, if it is in a flood zone, to protect the collateral securing the loan. The Florida Legislature’s second special session of the year on buttressing a floundering home insurance market entered its second day Tuesday, with senators hoping to pass their version of property insurance legislation by day’s end.

"We also want to make certain that when damage occurs, claims are paid promptly and fairly, so homeowners do not have to contend with time-consuming and expensive litigation." The price for the same policy can vary greatly among insurance providers. Shopping around gives you peace of mind that you found the best policy for the best price. FEMA’s Individuals and Households Program can provide monetary and direct assistance after a major disaster or emergency, if you qualify. This program helps people find housing after a problem directly caused by a disaster that’s not covered by insurance or other sources. Most people who have flood insurance buy it through the National Flood Insurance Program , a federal program.

Homeowners Insurance in Florida

Citizen’s home insurance sells basic policies that reflect HO-3 components. It’s important to note that Citizens Property Insurance offers replacement cost home coverage up and to the policy limits. For example, if your policy has limits of 200,000 and your home will cost $225,000 to rebuild, you will need to make up the difference of $25,000. Citizens Property Insurance Corporation offers affordable home insurance in Florida and is a source of coverage for those that cannot otherwise get their property covered. Citizens Home Insurance will step in and protect your property if you are a Florida resident and have been turned down for homeowners coverage by other companies.

She got her start in public radio at WAER-FM in Syracuse, New York, where she was a part-time reporter, assistant producer and host. In newspaper online journalism and political science from Syracuse University. When she’s not reporting the news, she enjoys reading classic fiction and thrillers, hiking with members of the Florida Trail Association and doing yoga. Lawmakers will also take up proposals that would provide property tax relief to residents recovering from Hurricanes Ian and Nicole. That measure would also allocate $150 million to fund affordable housing and home repairs in communities recovering from the two hurricanes.

Is homeowners insurance required in Florida?

It caused a two-day shutdown of Interstate 10, burned around 2,300 acres and destroyed 14 homes. It’s always wise to review your policy closely to understand what is excluded from coverage. The limits for this coverage are usually low, but that is because Coverage E may have components to it that will pay for hospital expenses for any injured guests but only if you are found legally liable.

Allstate agents may also be able to help you work with an insurance broker if they cannot write your policy. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

Hurricane Ian Caused the Second-Largest Insured Loss on Record After Hurricane Katrina

It also would force insurers to respond to claims more promptly and boost state oversight of insurers’ conduct following hurricanes. To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores.

Citizens Homeowners Insurance Florida can get you covered at the lowest rates of any national carrier. To check rates where you live, enter your zip code and get a free home quote in about five minutes. Even if you are not planning to switch to another provider, it still makes sense to check rates and see if you can save.

Citizens is Florida’s “Fair Access to Insurance Requirements” plan carrier. Although coverage might not be as robust as a private insurer plan, Citizens typically offers standard coverage to homeowners who have no private market options, but it is not guaranteed based on your risk profile. In some cases, you may need to obtain coverage through a surplus carrier, which is a non-admitted insurer that is not regulated by the state’s Office of Insurance Regulation and can charge above-market rates. Homeowners insurance in Florida covers damages caused by hurricanes or windstorms and all related damages, except flood.

However, the government encourages you to purchase home insurance to better protect yourself from financial loss due to hurricanes and windstorms. The devastating effects of Hurricane Ian are likely to complicate the issues in the Florida home insurance market. It’s possible that more companies will go insolvent or leave the state due to the influx of claims. State Farm, the largest U.S. home insurer based on market share, has local exclusive agents in more than 100 communities throughout Florida, which might be appealing if you like handling your insurance needs in person. For example, if you take extra precautions by installing impact-resistant roofing materials, you may qualify for a discount. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens.

By law, Florida home insurance companies have to offer you discounts for certain wind-mitigation features like roof straps and hurricane shutters. Not only could these features help protect your home from damage and give you peace of mind, but they could lower your insurance premium. Florida Peninsula only sells home coverage in the Sunshine State, so it might be a good choice if you want to keep your coverage local. You might choose to keep your coverage relatively basic if budget is your primary concern, or you could choose from an array of endorsements to build a more robust policy. Power and AM Best do not rate Florida Peninsula because of its smaller market share, but the company, which is based in Boca Raton, carries an A financial stability rating from Demotech.

Some companies offer savings for newly built homes, new-to-you homes or both. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. To self insure their house, residents will likely need a substantial amount of capital to pay for the loss of their home or pay for other major repairs. The homeowner stands to save a substantial money in payments on home insurance while having their money grow in an investment account. We reached out to Farmers Insurance, asking them what exposure management means in connection to Tilley's policy. All day long on Tuesday, lawmakers continued to debate on a piece of legislation that will ease those concerns, but Democratic senators tried to slow the process down and even change the proposed bill.