Homeowners insurance in Florida

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Florida homeowners insurance costs

According to our most recent data, the average cost of homeowners insurance in Florida is about $2,030 per year. Individual homeowners insurance premiums vary depending on your home’s characteristics, where in Florida you live, and other factors.

The average Florida homeowner who switches to Kin saves over $700* a year.

Why do I need homeowners insurance in Florida?

First and foremost, your mortgage lender will require it. The Sunshine State is beautiful, and Floridians enjoy near perfect weather for much of the year. However, despite Florida's year-round sunshine, it's also one of the states with increasingly frequent and increasingly powerful natural disasters. This includes hurricanes, flooding, and tropical storms. Yet homeowners often think that getting homeowners insurance in Florida is simply a box-checking exercise for those seeking a mortgage.

In truth, home insurance in Florida is essential for your financial well-being because it helps protect your most valuable asset if disaster strikes. Having a comprehensive homeowners insurance policy gives you peace of mind, knowing that if the worst should happen, you can get back on your feet as soon as possible.

Our company is dedicated to making sure Floridians have the means to recover if they fall victim to a natural disaster, theft, or vandalism. Make the right decision and take out property insurance that will protect you for years to come.

Will the insurance policy pay out in the event of a major disaster?

Exceptional A Financial Stability Rating by Demotech

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.

Kin intents to stick with Florida. Come rain or shine, we'll be here when you need us the most.

What does Florida homeowners insurance cover?

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. If you’re eligible for coverage, you can add them simply by selecting the endorsements in our online application or asking your representative for help.

Protect your most valuable asset

Your home is likely the biggest purchase you will ever make. While home insurance can’t stop another catastrophic event like 2022’s Hurricane Ian from hitting Florida shores, it can help you recover. Home insurance from Kin can make it easier for you to repair or even rebuild when the worst-case scenario becomes reality.

Defend your detached structures

Detached garages, fences, and sheds are just a few examples of outbuildings that you may have on your property. Our home insurance policies typically cover these other structures as well as the ones you may not consider, such as:

  • Sidewalks.
  • Driveways.
  • Permanent docks.
  • Hot tubs.

Kin insurance policies protect detached structures on your property against the same risks as your home, from fire to vandalism and theft.

Cover additional expenses

Hopefully, you’ll never see the kind of damage that makes your home uninhabitable. But if you do, our home insurance may cover the costs that go beyond your normal living expenses, such as:

  • Temporary accommodations.
  • Increased food bills.
  • Extra commuting costs.
  • Necessary personal services like laundry or pet boarding.

Home insurance can sometimes cover these costs if civil authorities require you to evacuate for an event that is included in your policy.

Do you lease your home or part of your home to renters? In that case, you may need a different type of coverage. Check out our landlord insurance policy.

What are the most expensive areas in Florida for homeowners insurance?

Our most recent data shows the average cost of Florida home insurance is $2,030 per year and going up all the time. For an idea of how costs vary based on where you live in Florida, check out our guides below:

Kin customers report saving over $700 on average when they switch to Kin.*

Is homeowners insurance required in Florida?

Yes, home insurance is usually required if you have a mortgage loan. Though homeowners insurance isn’t mandated at the state level, nearly all mortgage providers want proof of insurance.

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.

How much homeowners insurance do you need in Florida?

The value of your home determines how much dwelling coverage you need, and that can have a major impact on your rates. To give you an idea of how that works, check out the chart below. It shows the average cost for home insurance in Florida for all insurers based on the amount of dwelling coverage required.

Coverage A amount Average Florida premium
$49,999 and Under $1,218
$50,000 to $74,999 $1,187
$75,000 to $99,999 $1,039
$100,000 to $124,000 $1,209

Other factors impact your insurance costs as well. 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.

How to save money on your home insurance in FL

Kin offers the following home insurance discounts to Florida residents:

  • Home security discounts (think security and fire alarms)
  • Wind mitigation discounts (the more wind-proof your home, the better)
  • Secured community discounts (if your community entrance has a guard, you’re in luck!)
  • Water detection discounts (because no one wants a flooded basement)
  • Responsible Repair Discount (because you should be rewarded for not handing over your claims benefits)
  • Claims-free discount (good job on keeping your home safe!)
  • Electronic policy (save some paper and save some green)

And here are some ways to save even more money on homeowners insurance:

  • Choose a higher deductible. This will lower your premium, but you will pay more out of pocket when you need to make a claim. Never take on a deductible you can’t comfortably afford.
  • Improve your credit score. This has a big impact on your rates. Simply paying your bills on time and not carrying a large balance on your credit cards can boost your score quickly.
  • Shore up your home’s wind defenses. Florida requires home insurance companies to offer insurance discounts for homes that are hurricane resistant. Reinforcing your roof and installing impact-resistant windows can significantly reduce your insurance bill.

Want to learn more about wind mitigation? Get the nitty-gritty in our article The nuts and bolts of a Florida wind mitigation.

Is hurricane insurance included?

Technically, there’s no such thing as hurricane insurance, but your Kin policy does cover wind damage caused by hurricanes. It will also have a hurricane deductible that applies when you make a claim for losses caused by hurricane winds.

Hurricane deductibles are usually available as the following dollar amounts and percentages of your policy’s dwelling insurance:

  • $500
  • 1%
  • 2% (this is Kin’s default option)
  • 5%
  • 10%

So if you have $300,000 in dwelling coverage and a 2% 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 find affordable flood insurance in Florida to protect their homes.

When do hurricane deductibles apply in Florida?

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:

  • Starting when a hurricane watch or hurricane warning is issued for any portion of Florida by the National Hurricane Center.
  • Remaining in effect for as long as hurricane conditions persist.
  • Ending 72 hours after the end of the hurricane watch or warning.

The Insurance Information Institute estimates that 2.8 million Florida homes were at risk for storm surge damage from Category 5 hurricanes in 2020. The state’s steady population growth means that number has likely increased.

Does Florida homeowners insurance cover sinkholes?

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:

  • There’s an “abrupt” collapse of ground cover
  • The depression in the ground cover is clearly visible
  • The home and its foundation sustain structural damage
  • A government entity condemns the structure and orders it to be vacated

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.

Top risks for Florida homeowners

The risks your home faces depend on your location and your home’s characteristics. However, in Florida, the biggest risks most properties face are found in the chart below.

Top perils for Florida properties

Risk Reason
Wind Damage Florida wind damage claims average $11,000, but costs can increase depending on where you live and the severity of the storm.
Floods A study by the US Army Corps of Engineers puts the economic risk of storm surge at $9 billion.
Sinkholes The cost of a sinkhole claim is $140,000, depending on the severity.

Insurance tips for Florida homeowners

  • Think about the current state of your home and whether you have adequately protected it against the threat of hurricanes, floods, and more.
  • If you already have a policy, review your coverage with us every year to make sure you qualify for every available discount.
  • Check out our Claims Center for insight into how we use technology to pay claims quickly and help you with repairs.
  • Learn about Florida Homestead Exemption.
  • Get a flood insurance policy, as water damage from storm surge is a notable exclusion from homeowners insurance in Florida.
  • Install hurricane clips and get a wind mitigation inspection.
  • Be proactive about home maintenance and regularly check your plumbing and electrical systems throughout the year.
  • Prepare a disaster supply kit in case you need to relocate temporarily at short notice.
  • Ensure you have an evacuation plan should the worst happen. Let your house insurance in Florida help you get back on your feet.
  • Monitor extreme weather threats during hurricane season to avoid getting caught out. Let your homeowners insurance in Florida take care of the rest.

Ready to see the Kin difference? Get a quote today.

Get the FL homeowners insurance you need with Kin

Your mortgage company may require hazard insurance in Florida, but every responsible homeowner knows that they need coverage no matter what. And at Kin, we’re committed to making it quick and easy to get Florida homeowners insurance quotes. Click here to get started.

The world is changing, and we believe in adapting for every new normal. That’s why we developed a direct-to-consumer insurance model that harnesses the power of the digital age so homeowners can get the insurance coverage and services they need in a matter of a few clicks.

Our technology also helps Kin customers save money when buying insurance through us. We use publicly available resources to ingest thousands of data points that allow us to fairly price our home insurance. Not sure if you're getting the coverage? Then talk to one of our licensed customer representatives who will be happy to walk you through every detail of your Florida homeowners insurance policy to make sure you get home insurance you can rely on.

To learn more about personalized home insurance quotes, call Kin and start saving on five-star coverage today.

*Customers who switched to Kin report annual savings of $780 on average. Based on Kin Customer Savings Survey conducted June 2021 - June 2022.

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