Florida homeowners pay some of the highest insurance rates in the country, but a growing number of insurers entering the market and requests for rate reductions could give consumers more options.
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The average Florida homeowner pays more than $8,000 a year for homeowners insurance, according to Insurify.
Still, consumers may be able to find a lower premium by shopping around.
Insurance experts say homeowners should compare more than just the price when considering a new policy.
The first step is to review the declarations page, sometimes called the “dec page,” of your current homeowners insurance policy.
The page provides a summary of important details, including coverage limits and deductibles.
A lower premium does not necessarily mean a better deal. A cheaper policy may provide less coverage or come with higher deductibles.
Homeowners should pay particular attention to whether certain types of damage, such as wind or hail, have separate deductibles.
For example, a policy with a 1% wind and hail deductible could leave a homeowner responsible for thousands of dollars in out-of-pocket costs, depending on the home’s insured value.
Homeowners also should check whether their belongings and property are covered at actual cash value or replacement cost value.
Actual cash value generally accounts for depreciation, including wear and tear, which can result in a lower payout after a covered loss.
Replacement cost coverage generally is designed to pay the cost of replacing covered property, subject to the policy’s terms and limits.
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Understanding the difference can help homeowners determine whether two policies with different premiums actually provide comparable coverage.
Homeowners also should ask insurers about available discounts.
Kaz Weida, an insurance expert with NerdWallet, said discounts can vary by insurer and may be available for factors such as having no smokers in the home, installing a security system, or using certain protective devices.
Bundling homeowners insurance with other policies and installing smart-home safety devices also may provide opportunities to save, depending on the insurer.
For homeowners struggling to afford coverage, Weida said Florida has state-run insurance options that some residents may be able to consider, depending on where they live.
Those programs may provide more limited coverage, she said, but could help homeowners maintain at least a minimum level of insurance.
Homeowners should carefully review the coverage and limitations before choosing a policy.
Florida’s insurance market has changed significantly since 2023, when state lawmakers approved major insurance and tort reforms.
More than 20 new insurers have begun writing policies in Florida since those reforms, according to state insurance officials.
Dozens of insurers also have filed requests to reduce rates.
Insurance experts also warn homeowners against simply dropping their coverage because premiums are too expensive.
For homeowners with a mortgage, maintaining insurance is typically a condition of the loan. Going without coverage also can leave homeowners financially exposed.
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