How many people in Florida do not have homeowners insurance?

The Miami Herald reported in late 2023 that the Insurance Information Institute estimates 13% of homeowners in Florida are foregoing homeowners insurance coverage. This is much higher than the national average of 7% going without coverage.

A serious-looking couple holding bills and doing home finances together on a laptop computer in the living room

Why so many Florida homeowners self-insure

Florida leads the country in people who are deciding to self-insure or “go bare” without homeowners insurance. This is, in part, due to several factors in the state, which created a surge in home insurance costs.

These factors include:

  • The growing number of storms, their severity, and the amount of damage they cause. 

  • The high cost of reinsurance, which helps insurance companies protect catastrophe-prone areas.

  • Excessive litigation and fraud. 

The difficulty of providing home insurance in Florida has caused many insurers to stop offering coverage in the state. Limited choices and increasing prices are making it very challenging for some homeowners to get appropriate coverage.

Not everyone can self-insure

While self-insuring may be an option for some, those with loans on their homes are usually required to carry homeowners insurance to protect their lenders. If a mortgage holder allows their homeowners insurance to lapse or expire, the lender may place force-place insurance on the property. This is an expensive alternative to buying your own coverage and may cause substantial problems with claims.

Even those without a mortgage and no legal obligation to carry homeowners insurance, may not be able to afford the risks associated with self-insuring.

What Florida homeowners can do

Florida may lead the nation in average annual homeowners insurance premiums and the number of uninsured properties, but there are still options for coverage. Homeowners may be able to adjust coverage amounts and deductibles to help manage costs.

We embrace the challenge of getting Florida homeowners the coverage they need. Before you self-insure or go without homeowners insurance, contact us to get a home insurance quote. We make home insurance easy.


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