Home Insurance Rates in Florida Swing by a Margin of $1,307 Between the Cheapest and Most Expensive Providers
By: Ajay kumar Medagani June, 11, 2019
Gavop’s recent study on home insurance quotes in the state of Florida shows that, on average, homeowners pay a higher insurance premium ($1,772) than the national average ($1,288). However, there is a wide variation in premiums between the cheapest and most expensive providers in the state. In an analysis on home insurance rates with a $200,000 dwelling coverage, $100,000 liability, and $500 deductible, Gavop finds that Security First Insurance provides the most inexpensive home insurance rate at $1,217, whereas State Farm Fire and Casualty offers the most expensive premium at $2,524. Evidently, the difference between the two is a staggering $1,307.
Homeowner’s buying insurance generally defines certain coverage limits in their insurance agreement. These include dwelling coverage, liability, and medical payments. Coverage is the total amount of money an insurance provider agrees to pay you in the event of a claim. The coverage for other structures and personal property are 10% and 50% of the dwelling coverage. Deductible is the amount of money an insurance customer agrees to pay out of his or her pocket in the event of a claim. For example, if your insurance agreement has a $500 deductible, then for a claim of $2,000, you pay $500 out of your pocket and accept the remaining $1,500 in payment from the provider.
In the following chart, Gavop compares home insurance quotes in Florida with $500 as the deductible constant.
In the analysis, Gavop lists 10 of the cheapest and most expensive home insurance providers in the state. Security First Insurance offers the most inexpensive premium at $1.217, followed by First Protective Insurance with $1,362, United Property & Casualty Insurance with $1,375 (which is just $13 more), Florida Farm Bureau Casualty Insurance with $1,404, and Citizens Property Insurance with a marginally higher $1,410.
Among the high-end providers, State Farm Fire and Casualty is the most expensive provider as previously mentioned, followed by Auto Club Indemnity Company with $2,508, Universal Insurance Company of North America with $2,448, Liberty Mutual Fire Insurance with $2,380, and Castle Key Indemnity Company with $2,219.
Florida, also known as the sunshine state, normally reports a higher home value than some other states. Also, given the high probability of natural disaster, as substantiated by recent history, renting a home is a more feasible option than buying one in Florida. Gavop examines the top 5 cities by population to estimate the average monthly rent by city (see the following image).
The table lists the population, median home value, and average monthly rent for the locations in the infographic.
| City | Population | Median Home Value | Average Monthly Rent |
|---|---|---|---|
| Jacksonville | 867,313 | $1,77,193 | $1,331 |
| Miami | 443,007 | $3,01,409 | $1,560 |
| Tampa | 368,087 | $2,02,742 | $1,385 |
| Orlando | 269,414 | $20,611 | $1,542 |
| St. Petersburg | 256,031 | $2,22,174 | $1,447 |
As the figures indicate, most big cities report a higher home value in comparison with other major cities in the United States, although the average rent is more affordable than that in other cities.
ABOUT THE AUTHOR
Ajay Kumar Medagani
Ajay Kumar works as a data analyst with Gavop. A (software) engineer by profession, he utilizes his well-established programming skills in big data, to derive insights from a wide variety of data sets. A engineering graduate from JNTU his passion involves analyzing raw data, infographics and other visual aids for research.
