Florida’s Homeowners Insurance Cost Varies Between $400 and $8,000 Depending on the Policy
By: Hemanth Ramesh August, 15, 2019
According to a Gavop analysis, Florida’s homeowners pay an average homeowner's premium of $1,772 per annum. Gavop analyzed data published by the National Association of Insurance Commissioners (NAIC) to understand insurance rates, the number of premiums written, and the cost of dwelling fire insurance for Florida homeowners with different insurance coverage amounts and various insurance policies.
For insurance coverage worth $49,999 and below
Florida homeowners with an insurance amount of $49,999 and below pay an average dwelling fire coverage of $413. Homeowners with an HO-1 policy incur the highest average insurance rate of $1,186 per annum, whereas those with an HO-5 policy pay the lowest at $114 per annum.
For insurance coverage ranging between $50,000 and $74,999
Florida homeowners with insurance coverage ranging between $50,000 and $74,999 incur an average dwelling fire rate of $528 per annum. Homeowners with an HO-1 policy pay the highest average insurance rate at $1,852 per year, whereas those with an HO-5 policy incur the lowest at $400 per annum.
For insurance coverage ranging between $75,000 and $99,999
Homeowners with insurance coverage within this range pay an average dwelling fire rate of $539 per annum. Homeowners with an HO-8 policy incur the highest average home insurance rate of $1,298 per annum, whereas those with an HO-5 policy pay the lowest at $765 per annum.
For insurance coverage ranging between $100,000 and $124,999
Homeowners with insurance within this range incur an average dwelling fire rate of $731 per annum. Homeowners with an HO-8 policy pay the highest average home insurance rate at $1,503, whereas those with an HO-5 policy pay the lowest at $1,151 per annum.
For insurance coverage ranging between $125,000 and $149,999
Florida homeowners with insurance coverage within this price range incur an average dwelling fire insurance rate of $1,013 per annum. Homeowners with an HO-8 policy pay the highest rate at $1,728 per annum.
For insurance coverage ranging $150,000 and $174,999
Homeowners with insurance coverage within this range incur an average dwelling fire rate of $1,220 per annum. Homeowners with an HO-8 policy pay the highest average home insurance rate of $1,955, whereas those with an HO-3 policy incur the lowest at $1,442 per annum.
For insurance coverage ranging between $175,000 and $199,999
Florida’s homeowners with insurance coverage between this price range pay an average dwelling fire insurance rate of $1,297 per annum. Homeowners with an HO-8 policy incur the highest home insurance rate of $2,219 per annum, while those with an HO-2 policy report the lowest average home insurance rate of $1,538.
For insurance coverage ranging between $200,000 and $299,999
Homeowners with insurance coverage within this price range pay an average dwelling fire insurance rate of $1,475 per annum. Homeowners with an HO-8 policy incur the highest home insurance rate of $2,714 per annum, while those with an HO-2 policy pay the lowest average home insurance rate of $1,827.
For insurance coverage ranging between $300,000 and $399,999
Florida homeowners with an insurance cover between $300,000 and $399,999 report an average dwelling fire insurance rate of $2,271 per annum. Homeowners with an HO-8 policy pay the highest average home insurance rate of $3,822, while those with an HO-2 policy incur the lowest average home insurance premium, $2,402 per annum.
For insurance coverage between $400,000 and $499,999
Homeowners with insurance coverage ranging between $400,000 and $499,999 pay an average of $2,952 per annum for dwelling fire insurance. Homeowners with an HO-8 policy incur the highest average home insurance rate of $5,282 per annum, whereas those with an HO-5 policy incur the lowest at $2,899 per annum.
For insurance coverage $500,000 and above
Florida homeowners with insurance coverage that is $500,000 or greater pay an average $4,731 per annum for dwelling fire insurance. Homeowners with an HO-5 policy incur the highest average insurance rate of $8,192 per annum, while those with an HO-3 policy pay the lowest at $4,236 per annum.
ABOUT THE AUTHOR
Hemanth Ramesh
Hemanth Ramesh works as a writer for Gavop. He has previously written content for film promotions, start-ups, advertising agencies and event management firms. Hemanth Ramesh completed his MA in Journalism and Mass Communication from The English and Foreign Languages University. His other passion includes script writing.
