By: Ramu Garuda June.18, 2019
In an extensive study of home insurance rates across major counties of Florida, Gavop found that the providers charging low-end premiums are Florida Farm Bureau Casualty Insurance, First Protective Insurance Company, Citizens Property Insurance Corporation, and American Traditions Insurance Company. On the other hand, Auto Club Insurance Company of Florida, Universal Insurance Company of North America, and American Integrity Insurance Company of Florida are the high-end providers in the same counties.
For this analysis, Gavop considered homes ranging in value between $150,000 and $300,000 and in the age group of 13 and 28 years. The policies had a standard deductible of $500, a 2% hurricane deductible and variable wind mitigation coverage.
Gavop found that the median insurance paid by homeowners in the sunshine state at $1,772 is slightly higher than the national average of $1,288. A big reason for this is the risk of natural disasters such as hurricanes, floods, and windstorms. This is why a 2% hurricane deductible is included in most home insurance policies. Coverage from wind-related damages is also included in home insurance policies though it is not mandatory. However, if you are going for mortgage on your home, you need this coverage. Gavop also analyzed home insurance rates in some of the largest Florida counties by population, and the findings are listed below:
|Counties||Population in Millions||Median Premium|
Miami-Dade is the most populated county in Florida, covering the biggest cities of Miami (432.6k population), Hialeah (235.6k population), and Miami Gardens (112.5k population). The average home insurance premium of $5,146 is much higher than the state average. The lowest premium in this county starts at $1,544, which is offered by Florida Farm Bureau. The most expensive premium is offered by American Integrity Insurance Company of Florida at $9,052.
Broward is the second most populated county in the state, and its largest cities are Fort Lauderdale (16.9k population), Pembroke (15.8k population), and Hollywood (14.3k population). The median premium in the county is $4,105. Florida Farm Bureau, once again, offers the cheapest premium in the county at $1,544, and American Integrity Insurance Company offers the most expensive policy at $9,052.
Palm Beach County
Palm Beach is third in the list of the most populated counties of Florida, with West Palm Beach city (101k population), Boca Raton (853.3k population) and Deerfield Beach (763,9k population) being the largest cities. The median home insurance premium in the country is $3.798. First Protective Insurance Company is the cheapest insurance provider, charging a premium of $1,447. United Property & Casualty Insurance is the most expensive one, charging $7,728.
Tampa (347.6k population), Plant City (36.7k population), and Temple Terrace (25.2k population) are the biggest cities in the fourth most populated county of Florida. The median home insurance premium in the county is $2,486. Florida Farm Bureau, once more, is the cheapest provider in the county, offering a premium of $998. The most expensive premium comes from Auto Club Insurance at $4,573.
Orange is the fifth most populous county in the state, and its biggest cities are Anaheim (341k population), Santa Ana (329k population) and Irvine (216k population). The median premium is $1,668, slightly lower than the state median home insurance rate. American Traditions Insurance is the cheapest provider, offering a premium of $859, and State Farm Florida Insurance is the most expensive one at $3,150.
Ramu is a research analyst with over 7 years of analytics & research experience. Prior to joining the company, he worked with some of the prominent consulting and market research firms in India, including Pride Technology (Supporting consulting projects to PWC), RR Donnelly, and The Hackett Group. His skills include company profiling, benchmarking, data and trend analysis, industry analysis, and report writing across the industries. Ramu holds a Master’s degree in Finance and Marketing. He also has a bachelor’s degree in Biotechnology.