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While other insurance companies withdraw from Florida because of the high cost of hurricanes, Kin is proud to offer quality, affordable coverage to homeowners who need it most.
So what is the average cost of homeowners insurance in Florida? According to our data, Florida homeowners insurance is about $1,354 a year on average (though cost varies depending on your home’s characteristics, where you live, and other factors).
The best Florida homeowners insurance covers your home, other structures, and belongings for major risks, such as hurricane, sinkhole, and flood damage. If you want to experience peace of mind firsthand, get a quote today.
The average homeowner who switches to Kin saves $500 a year.
We are a fully licensed Florida home insurance carrier with a financial stability rating of “A – Exceptional” from Demotech, Inc. That means we have the financial strength to pay claims, even after a widespread catastrophe.
Our HO-3 Florida home insurance policies offer:
Your policy covers your home for all damage except the perils explicitly excluded in the policy. That means you’re covered for hurricane damage, catastrophic ground cover collapse, and more.
Flood insurance and sinkhole insurance are both available as endorsements, but they are not part of your standard home insurance policy. To add them to your Kin policy, just select the endorsements in our online application or ask your representative to include them.
The chart below illustrates the average premium for all Florida counties based on build and home value scenarios for several Florida home insurance companies. Take a look at how Kin stacks up.
| Home Value & Construction | Kin Average Premium | Security First Average Premium | Universal Property & Casualty Insurance Average Premium | Tower Hill Average Premium | State Farm Average Premium |
|---|---|---|---|---|---|
| $300k Value, New Construction | $1,354 | $2,367 | $2,061 | $2,303 | $4,241 |
| $150k Value, Built Prior to 2001 with Wind Mitigation | $924 | $1,427 | $1,065 | $1,304 | $2,478 |
| $150k Value, Built Prior to 2001 with No Wind Mitigation | $1,133 | $2,156 | $2,477 | $2,316 | $3,387 |
I plan on using Kin from now on. These guys really bend over backward to make something work for you and really give the best prices around.
Florida homeowners insurance costs vary depending on where you live, the age of your home, your home’s characteristics, and other factors. That said, the average cost of Florida home insurance is $1,354 a year, according to our data. Kin’s rates tend to be 15 percent cheaper on average than other Florida insurance companies.
For an idea of how costs vary based on location, check out our guides below:
| Florida City | Average Yearly Premium |
|---|---|
| Clearwater | $1,206 |
| Daytona Beach | $876 |
| Destin | $1,128 |
| Gainesville | $886 |
| Fort Lauderdale | $2,075 |
| Fort Myers | $1,027 |
| Jacksonville | $848 |
| Miami | $2,771 |
| Naples | $1,076 |
| Orlando | $1,031 |
| Pensacola | $1,222 |
| Sarasota | $827 |
| St. Petersburg | $1,206 |
| Tampa | $1,478 |
| Tallahassee | $974 |
Keep in mind that the value of your home and its age can impact your rates, too. To give you an idea, check out the chart below for an illustration of the average Kin policy cost depending on the home’s value and construction. Again, where your home is located will also impact your premium.
| Home Value & Construction | Average Premium |
|---|---|
| $300k Value, New Construction | $1,354 |
| $150 Value, New Construction | $657 |
| $150k Value, Built Prior to 2001 with Wind Mitigation | $924 |
| $150k Value, Built Prior to 2001 with No Wind Mitigation | $1,133 |
While you can’t control some factors that impact price, like the location of your home or its age, you do have some options to reduce insurance costs.
Kin offers the following home insurance discounts:
And here are some ways to save even more money on homeowners insurance:
Do you need really homeowners insurance in Florida? Yes. Though homeowners insurance isn’t required at the state level, nearly all mortgage providers require it. What’s more, if your home is in a Special Flood Hazard Area (SFHA) like most Florida homes, your lender will usually require you to have flood insurance, too.
Your Kin policy covers hurricane wind damage and includes a hurricane deductible. This applies once per calendar year when you make a claim for losses caused by hurricane winds.
Hurricane deductibles are usually available as the following percentages of your policy’s dwelling insurance:
So if you have $300,000 in dwelling coverage and a 2 percent hurricane deductible, you’d be responsible for $6,000 toward a hurricane-wind loss.
As for flood damage that typically accompanies hurricanes, your standard home insurance can’t cover that loss. Only flood insurance can do that. Kin can help homeowners in Florida find affordable flood insurance to protect their homes.
These deductibles apply when you experience property losses from hurricane winds. That means the loss must have occurred during a hurricane in the following timeframes:
In 2018, 2.8 million Florida homes were at risk for storm surge damage from Category 5 hurricanes.Insurance Information Institute
Yes, to some degree – and that’s a good thing considering 6,500 Floridians file sinkhole-related insurance claims each year.
Florida law requires insurers to provide catastrophic ground cover collapse coverage, which can cover extreme sinkhole losses. For this coverage to kick in, all the following conditions must be met:
Sinkhole insurance is a separate type of coverage not automatically included in a homeowners insurance policy. It offers more robust protection that applies to a variety of sinkhole losses.
The risks your home faces depend on your location and your home’s characteristics. However, in Florida, the biggest risks most properties face are the following.
Top Perils for Florida Properties
| Risk | Reason |
|---|---|
| Wind Damage | In Florida, these claims average $5,300 or more, depending on where you live and the severity of the storm. |
| Floods | The NFIP paid out more than $17 million in flood claims in 2016 for Florida alone. |
| Sinkholes | The cost of a sinkhole claim can exceed $100,000, depending on the severity. |
Ready to see the Kin difference? Get a quote today.
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