Florida Homeowners Insurance Companies Charge different Premiums for Homes of the Same Value and Location
By: Kevin Pryor Apr. 11, 2018
Gavop used the latest information from the Florida Office of Insurance Regulation to compare premiums charged by different insurance companies in Florida. Overall, the data shows that different companies offer a range of premiums for homes of the same value and location.
Miami-Dade county was a primary focus of the study as it is the state’s most populated county and is often subject to weather related issues. Data shows that American Integrity Insurance Co. of Florida charged the highest average premium ($9,052) for a $150,000, 28 year-old masonry home with a $500 deductible. In regards to homes of the same value and location, Universal Insurance Co. offered the next highest premium of $4,542 followed by First Protective Insurance Co. at $4,197, and then Florida Farm Bureau Casualty Insurance Co. at $1,544.
Home insurance is a necessity for all homes, especially for those who live in Florida where weather can have a large influence on the status of a home. It is important to note that different levels of premiums are charged for the needs of a specific home. In most cases across the top three counties, Florida Farm Bureau Insurance Co. offered the lowest premium while the highest premium for each county varied slightly between companies.
Broward County and Palm Beach County are Florida’s next most populated counties located just north of Miami. In Broward county, Auto Club Insurance Company of Florida charged the highest premium at $7,907 for a $150,000 home with the same variables of the one used in Miami. First Protective Insurance company then offered the next highest premium at $3,773 followed by Auto Club Insurance Co. again with a $3,625 premium, and then Florida Farm Bureau Casualty Insurance Co. at $1,382.
Palm Beach County had a similar difference of premiums offered where United Property & Casualty Insurance Co. offered the highest premium ($7,728) followed by Auto Club Insurance Co.($2,838), Florida Family Insurance Co ($2,570)., and First Protective Insurance Co ($1,447).
The following is a data table for the maximum and minimum premium charged for a home in each county valued at $150,000:
Homes Valued at $150,000
| County | Company | Average Premium | Maximum / Minimum Value |
|---|---|---|---|
| Miami-Dade County | Florida Farm Bureau Casualty Insurance Co. | $1,544 | Minimum |
| Miami-Dade County | American Integrity Insurance Co. | $9,052 | Maximum |
| Broward County | Florida Farm Bureau Casualty Insurance Co. | $1,382 | Minimum |
| Broward County | Auto Club Insurance Co. | $7,907 | Maximum |
| Palm Beach County | Florida Farm Bureau Casualty Insurance Co. | $1,382 | Minimum |
| Palm Beach County | United Property & Casualty Insurance Co. | $7,728 | Maximum |
Additional research allows for a comparison between homes valued at $150,000 and homes priced at $300,000. For $300,00 homes in the Miami area, Universal Insurance Co. had the most expensive average premium at $7,355 while Florida Farm Bureau had the cheapest average premium at $3,036. Florida Farm Bureau also offered the cheapest premium in Broward County at $2,626 while the most expensive average premium came from Auto Club Insurance at $5,740. Lastly, Universal Insurance Co. had the most expensive average premium of $5,493 while the lowest average premium came from Florida Family Insurance Co. at $2,693.
Homes Valued at $300,000
| County | Company | Average Premium | Maximum / Minimum Value |
|---|---|---|---|
| Miami-Dade County | Florida Farm Bureau Casualty Insurance Co. | $3,036 | Minimum |
| Miami-Dade County | Universal Insurance Co. | $7,355 | Maximum |
| Broward County | Florida Farm Bureau Casualty Insurance Co. | $2,626 | Minimum |
| Broward County | Auto Club Insurance Co. | $5,740 | Maximum |
| Palm Beach County | Florida Farm Bureau Casualty Insurance Co. | $2,698 | Minimum |
| Palm Beach County | Universal Insurance Co. | $5,493 | Maximum |
ABOUT THE AUTHOR
Kevin Pryor
Kevin Pryor currently works as a data analyst and public relations associate where he takes pride in analyzing data and sharing the amazing insights it presents to various target audiences. Kevin graduated from the University of Connecticut with a bachelor’s degree in communication and has a passion for the results that can come from effective communications. While at school, he interned with Total Mortgage, Stafford Motor Speedway and UConn Community Outreach. In his free time, Kevin enjoys outdoor activities, cinema, traveling, and spending time with friends and family.
