Saving Money on Home Insurance: Tips for Florida Homeowners

Florida homeowners know the struggle: insurance premiums here are the highest in the nation, averaging more than three times the U.S. average. Between hurricanes, insurer insolvencies, rising reinsurance costs, and stricter underwriting rules, homeowners across the Sunshine State feel the financial pinch.

But here’s the good news—while you can’t control the market, you can take steps to lower your premium without sacrificing coverage. This guide will give you practical, Florida-specific strategies to save money while still keeping the protection you need.

Why Florida Insurance Costs Are So High

Before diving into savings tips, let’s quickly review why Florida is different:

• Hurricane risk: More landfalling storms than any other U.S. state.

• Reinsurance costs: Insurers pay more to protect themselves and pass that cost to policyholders.

• Litigation history: Florida once accounted for the majority of homeowners insurance lawsuits nationwide, driving costs up.

• Carrier exits: Several insurers have left or gone insolvent, reducing competition and increasing pressure on remaining companies.

Understanding these factors helps you see why premiums are steep—but also why insurers reward homeowners who reduce risk.

Top Ways to Save on Florida Home Insurance

Shop Around Regularly

Florida’s insurance market is constantly shifting. New companies enter, existing carriers adjust rates, and state-backed Citizens Insurance adds or sheds policies. Relying on the same carrier year after year could cost you. Independent agencies can compare quotes from multiple insurers, sometimes saving homeowners hundreds or thousands annually. Tip: Review your policy every year, especially before hurricane season.

Bundle Home and Auto Insurance

Insurers love loyalty across multiple lines. By combining your home and auto insurance with the same company, you can often get a multi-policy discount of 5%–20%. Even if one carrier’s auto rate is slightly higher, the overall savings on the home policy often make bundling worthwhile.

Increase Your Deductibles

A deductible is the portion you pay out of pocket before insurance kicks in. Raising your All Other Perils (AOP) deductible from $1,000 to $2,500 (or higher, if you can afford it) can noticeably lower your premium. In Florida, don’t forget about the hurricane deductible, which is a percentage of your dwelling limit (commonly 2%–5%). If you choose a higher percentage, your premium may drop, but remember—you’ll owe more after a storm.

Fortify Your Home for Wind Mitigation Discounts

Wind mitigation is one of the biggest opportunities for savings in Florida. Homes with hurricane straps, impact-resistant windows, and hip roofs can earn 10%–45% off premiums. A wind mitigation inspection documents your upgrades so insurers apply discounts.

Maintain a Claims-Free Record

Insurance companies reward stability. Filing small claims can increase premiums or trigger non-renewal. Pay for small repairs out of pocket and reserve your policy for major events.

Improve Home Security and Safety

Florida insurers often offer discounts for risk-reducing features such as monitored alarm systems, smoke detectors, and sprinkler systems. Ask your agent about available credits—you may already qualify.

Maintain and Upgrade Home Systems

Older homes with outdated plumbing, electrical, or HVAC systems often face higher premiums or reduced coverage. Upgrading not only protects your home from losses but can also open the door to better rates.

Example: Replacing old polybutylene plumbing or aluminum wiring reduces risk of water and fire claims, and carriers notice.

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Consider Citizens Insurance (But Weigh the Tradeoffs)

As Florida’s insurer of last resort, Citizens Property Insurance Corporation provides coverage when private options aren’t available. Recently, Citizens has grown dramatically—but it has also begun transferring policies back into the private market.

Citizens’ rates are capped, and in 2024 the company even reduced rates slightly. However, coverage limits and restrictions may not fit every homeowner. An independent agent can help compare Citizens with private carriers.

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Add Flood Insurance Strategically

Here’s a counterintuitive tip: buying flood insurance (separately, through NFIP or private markets) can sometimes lower your overall risk profile and make you more attractive to insurers. Even if your lender doesn’t require it, having flood coverage can demonstrate responsibility and help your household avoid financial devastation after a storm.

Ask About Every Discount

Florida insurers offer a range of lesser-known discounts. These may include:

• Senior or retiree discounts
• Paperless billing
• Paying annually instead of monthly
• Loyalty (if staying with the same carrier makes sense)
• New homebuyer credits

The bottom line: always ask your agent to review all available discounts—you might be leaving money on the table.

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Real-World Example: How Savings Add Up

Consider Maria, a Jacksonville homeowner paying $6,500 annually for her policy. By making smart moves, she cut her premium to $4,800—a 26% savings.

Here’s how she did it:
• Bundled her auto and home insurance (saved 10%)
• Completed a wind mitigation inspection (saved 15%)
• Raised her AOP deductible from $1,000 to $2,500 (saved 5%)
• Installed a monitored alarm system (saved 3%)

Pitfalls to Avoid

• Chasing the lowest premium only: Cutting critical coverage to save money can backfire.
• Ignoring roof age: Even if it “looks fine,” a 20-year-old roof may inflate premiums.
• Waiting until renewal: Start shopping or upgrading months before renewal.

How Florida Risk Partners Helps You Save

At Florida Risk Partners, we understand how challenging the Florida market is. That’s why we don’t just sell policies—we work with you to strategically reduce costs while keeping coverage strong.

We’ll:
• Shop multiple insurers
• Review your wind mitigation credits
• Identify hidden discounts
• Advise on deductible choices
• Help plan home improvements that save money

Final Thoughts

Yes, Florida insurance is expensive. But you’re not powerless. By shopping around, bundling, fortifying your home, and taking advantage of every credit, you can save hundreds—or even thousands—without giving up coverage.

Insurance is about more than price—it’s about value. With the right strategy, you can protect your home and your wallet.