What’s the Average Price of Homeowners Insurance Florida Residents Pay?

While searching for homeowners insurance Florida residents will come across more than one average price of coverage. This is primarily owing to two reasons. Aggregators take into account a shortlist of insurance companies operating in the state. There are more than thirty insurers in Florida. Less than fifteen have a sizeable market share.


Only three have nearly or over half a million policies in effect. Half a dozen or so insurers have anywhere from a hundred thousand to three hundred thousand policies each in force right now. More than two dozen insurers have around or fewer than a hundred thousand policies. Hence, the shortlist of insurers you use will give you a certain average. If you consider more insurers, the average is bound to change.


The other factor taken into account is the coverage. Many aggregators use a standard dwelling coverage worth two hundred thousand dollars. When it comes to homeowners insurance Florida if you increase or reduce the coverage, the average cost of homeowners insurance in Florida will change accordingly.

You are likely to come across averages as high as three thousand and five hundred dollars and as low as fifteen hundred dollars. Two thousand to two thousand and five hundred dollars should be considered to be a more balanced average considering all insurers and all types of coverage. The lowest you can pay for homeowners insurance in Florida is around five hundred dollars, could be a few bucks less.


The highest you can pay is around ten thousand dollars, could be substantially more in certain scenarios. As you may realize by now that the average cost of homeowners insurance in Florida is not really an indicator of how much you would be paying and you cannot generalize coverage either.

When it comes to homeowners insurance Florida residents should study the average cost of coverage in  Florida, you should also explore the pertinent factors that would influence the annual or monthly premiums. One of the most important factors is insured value or the coverage for your dwelling that could be less than a hundred thousand or over three hundred thousand. This insured value depends on how much your property is worth, including the land.


You may exclude the value of the land and seek coverage only for the structure with the contents in the property of course. Location, distance to or from the ocean, chosen deductibles, type of construction, the age of a property, hurricane shutters, type and shape and age of roof, past claims, selected options in regards to contents, credit score and choice of the insurer will be other important factors.

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