Hurricane insurance costs in Florida: What you should expect

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Living in Florida comes with the perks of sunny skies and beautiful coastlines, but it also means facing the annual threat of hurricanes. As a result, having the right insurance coverage is crucial for homeowners. For Floridians, that means having a hurricane deductible on your homeowners insurance and may mean buying separate windstorm coverage in some areas. This covers damages to your home and personal property specifically caused by hurricanes.

It also means purchasing flood insurance, as homeowners doesn’t cover overland flooding caused by heavy rain and storm surges, even if you have windstorm coverage.

However, the cost of hurricane insurance in Florida can vary significantly, influenced by factors like your home’s location, age, and construction type. Understanding these costs and what they cover can help you protect your home and finances when storm season hits.

With a 2% hurricane deductible, the average cost of homeowners insurance in the state is $4,419 annually. This means if your home is insured for $300,000, you would need to cover the first $6,000 in hurricane-related damages out of pocket. Meanwhile, the average cost of flood insurance in Florida is $544 annually for a policy from the National Flood Insurance Program (NFIP). 

Knowing these costs can help homeowners better prepare for the financial impact of hurricane season.

What is a hurricane deductible?

A hurricane deductible is a separate deductible on your homeowners insurance policy that specifically applies to damages caused by a hurricane. Unlike a standard deductible, which is a fixed dollar amount, a hurricane deductible is typically a percentage of your home’s insured value, ranging from 1% to 5% or more. 

It only applies when the damage is directly linked to a named storm as declared by the National Weather Service. If you have this deductible on your policy, you can be certain hurricane damage is covered by the policy, helping to protect against the high costs of repairs after a severe storm.

You may have coverage for hurricanes even without a hurricane deductible in some areas; read your policy carefully.

Average cost of hurricane insurance in Florida

Having a hurricane deductible on your homeowners insurance policy is usually optional, but it may be necessary to provide essential coverage for damages specifically caused by hurricanes. If you don’t have one, your standard policy may not cover hurricane-related damage, leaving you financially vulnerable. Having a hurricane deductible ensures you’re protected against the costly repairs that can result from these powerful storms.

On average, an insurance policy without a hurricane deductible in Florida costs $2,401 per year or approximately $200 per month. If your policy includes a 2% hurricane deductible, the costs are significantly higher at an average of $4,419 per year or approximately $368 monthly. 

Though the premium with a hurricane deductible is higher, it can save you from being financially responsible for hundreds of thousands in damages if your home is damaged by a hurricane.

The table below highlights the different rates. 

How much does hurricane insurance cost in Florida by company?

The cost of home insurance with a hurricane deductible varies based on your unique situation. However, some companies consistently offer lower rates than others. For example, average rates with Travelers tend to be under $1,800 per year. But average rates from Citizens Property Insurance tend to be over $7,200 per year. 

Use the table below to compare the average cost of a homeowners insurance policy with a 2% hurricane deductible across various companies that serve Floridian homeowners. 

Most expensive companies for hurricane insurance in Florida

In Florida, the priciest insurer for adding a hurricane deductible to your homeowners insurance policy is Citizens Property Insurance.

The table below highlights the most expensive companies for hurricane coverage in Florida. 

Least expensive companies for hurricane insurance in Florida

Some companies consistently offer relatively low rates to homeowners with hurricane coverage in Florida. In general, Travelers stands out as the least expensive company to work with. 

The table below highlights the cost of insurance across other companies below. 

Hurricane insurance cost: Florida vs. other states

Florida experiences the most named storms, so it’s not surprising that Florida residents pay more for hurricane coverage than any other state. Other states with relatively expensive premiums include Texas, Louisiana, Mississippi, and Alabama. 

In contrast, states that see relatively few storms, like New Hampshire and Delaware, see the lowest premiums.

The table below showcases the average insurance rates across different states. 

Factors that affect the cost of hurricane insurance

The cost of a homeowners insurance policy with a hurricane deductible can vary dramatically from homeowner to homeowner. Below is a look at the different factors that insurance companies take into account:

• Location. If you live in a hurricane-prone part of the state, you’ll likely pay more for homeowners insurance. 
• Rebuilding costs. A more expensive home will be more expensive to insure. 
• Deductible. The size of your deductible comes into play. Typically, homeowners who opt for higher deductibles enjoy lower rates. 
• Roofing decisions. The type of roof you have matters for your insurance costs. Additionally, any roofing wind mitigation strategies can help you lower costs. 
• Credit. Insurers typically provide those with good credit with lower premiums. 
• Extra features. More features around your home, like a pool or shed, could lead to higher insurance costs. 
• Claims history. A long history of filing claims tends to come with higher insurance costs. 

“While rates vary, the cost of hurricane insurance is minor compared to potential losses. I’ve seen families struggle for years without coverage. For most Florida homeowners, hurricane insurance is essential to protect their investment,” says Paul Schneider, owner of Schnieder & Associates Insurance Agencies.

How to reduce the cost of hurricane insurance

Of course, no one wants to overpay for hurricane insurance. Below are some strategies to help you reduce your hurricane insurance costs. 

• Raise your deductible. A higher deductible tends to result in lower insurance costs. 
• Beef up security. Installing a security system could help you land a discount on your insurance premiums. 
• Install wind mitigation features. Investing in wind mitigation features like hurricane straps or impact-resistant windows can reduce your insurance costs. “Homeowners can install impact-resistant windows, storm shutters, and reinforced garage doors to lower premiums,” says Geoff Stanton, President of Staton Insurance. 
• Bundle. If you need other types of insurance, like life insurance or car insurance, bundling could lead to lower rates. 
• Ask for a discount. Many insurers offer a suite of discounts to their customers. It never hurts to ask for a discount. 

How to buy hurricane insurance

If you are ready to add hurricane coverage to your homeowners insurance policy, here are the steps you should take. 

• Decide what coverage you need. Start by determining what level of coverage is appropriate for your home and your financial goals. 
• Shop around. Compare quotes across multiple insurance companies to find the most affordable rates for your unique situation. 
• Pay your premiums. When you find a policy that suits your needs, pay your premiums to lock in your coverage. 

Don’t forget about flood insurance. Flood damage isn’t covered by homeowners insurance, even with hurricane insurance. However, storm surges and excessive rain from a storm could lead to flooding. Flood insurance is a vital part of hurricane insurance coverage. 

Having hurricane coverage on your homeowners insurance policy is essential for many Floridians looking to safeguard their homes and financial well-being. Without this added protection, you could be left covering the full cost of repairs out of pocket after a storm, putting a significant strain on your finances.

Adding a hurricane deductible is an option in Florida, but without it you may have no coverage for hurricane damage. To help manage the cost, consider investing in hurricane-resistant features for your home and shopping around to compare quotes from different insurers. These steps can help you find a policy that offers both comprehensive protection and affordable rates.

Frequently asked questions

Sarah Sharkey

Contributing Researcher

 

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Sarah Sharkey is a personal finance writer with a master’s degree in management from the Hough School of Business at the University of Florida. She enjoys helping readers find money solutions that work. She has written for numerous personal-finance publications including Money Under 30 and The College Investor.

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