Florida Homeowners Insurance: How to Shop, Save, and Read Your Policy

Where the market stands in 2026

A few years ago, Florida's insurance market was in crisis. Carriers left the state or went insolvent. Premiums rose sharply. Citizens grew to about 1.42 million policies at its peak in October 2023 as homeowners had nowhere else to go.

Since then, legislative reforms and a return of private carriers have changed the picture. By September 18, 2026, Citizens was down to about 255,000 policies, as hundreds of thousands moved back to private insurers.

Premiums are still high. Estimates of the average Florida homeowners premium vary widely depending on the source and the kind of policy measured, from roughly $4,000 to more than $8,000 a year, but by nearly every measure Florida remains among the most expensive states in the country. What's changed is the direction. The era of large annual increases appears to have paused for many homeowners.

In plain terms: the market is better than it was, but that doesn't mean your premium will fall on its own. Shopping matters more now than it has in years.

How to read your policy

A homeowners policy can look intimidating, but the key information is usually on the declarations page, the summary at the front. Here's what to look for.

Dwelling coverage (Coverage A)

This is the amount available to rebuild your home's structure if it's destroyed. Ideally, it reflects what it would cost to rebuild your home at today's construction costs, not what you paid for it or what it would sell for.

It's worth checking whether this number is realistic. Too low, and you could be underinsured after a major loss. Your insurer may raise it over time as construction costs rise, which is one reason premiums can go up even when rates don't.

Other structures (Coverage B)

Coverage for detached structures, like a fence, shed, or detached garage.

Personal property (Coverage C)

Coverage for your belongings. Check whether it's replacement cost, which pays to replace items with new ones, or actual cash value, which subtracts depreciation.

Loss of use (Coverage D)

Pays additional living expenses if your home is unlivable after a covered loss, like a hotel and meals while repairs are made.

Liability (Coverage E) and medical payments (Coverage F)

Liability coverage protects you if someone is injured on your property and sues. Medical payments coverage pays smaller medical bills for guests injured on your property, regardless of fault.

Deductibles

Most Florida policies have two deductibles:

• An all-other-perils deductible, a flat dollar amount, like $1,000 or $2,500, for things like fire, theft, or plumbing leaks.
• A hurricane deductible, often a percentage of your dwelling coverage, commonly 2%, 5%, or 10%.

That hurricane deductible is where a lot of people get surprised. On a home with $400,000 in dwelling coverage, a 2% hurricane deductible means you pay the first $8,000 of hurricane damage. At 5%, it's $20,000. At 10%, $40,000.

Exclusions

Every policy has exclusions. The most important one for Floridians: standard homeowners policies generally don't cover flood damage. Flood coverage is usually a separate policy.

The biggest levers for lowering your premium

1. Shop your coverage

This is the most important step, especially now. With new carriers entering the market and many filing rate decreases, the company that offered you the best rate a few years ago may not offer it today.

An independent insurance agent can compare quotes from multiple companies at once. Some companies sell directly, so you may need to contact them separately. It's worth shopping at least every renewal, or any time your premium jumps.

When comparing quotes, make sure you're comparing the same coverage: the same dwelling amount, the same deductibles, and replacement cost versus actual cash value. A cheaper quote with a higher deductible or less coverage isn't really cheaper.

2. Get a wind mitigation inspection

A wind mitigation inspection documents features of your home that make it more resistant to hurricane winds, like:

• How your roof is attached to the walls
• Roof deck attachment
• Roof shape, since hip roofs tend to perform better
• Secondary water resistance
• Impact-rated windows and doors, or hurricane shutters

Florida insurers are required to offer discounts for qualifying wind-mitigation features. An inspection typically costs roughly $75 to $150 and can reduce the wind portion of your premium significantly, often cited in the range of 15% to 45%, depending on your home's features.

If you've never had one, or your last one is old, it may be one of the best returns on $100 you'll ever get.

3. Look into home hardening help

Florida's My Safe Florida Home program has offered free wind mitigation inspections and matching grants to help eligible homeowners make improvements like impact windows, stronger roof connections, and reinforced garage doors. Funding and eligibility rules change, and the program has run out of money quickly in past rounds, so it's worth checking the current status directly with the program.

4. Understand your roof

Your roof is one of the biggest factors in what you pay, and whether you can get coverage at all.

Under Florida law, insurers generally can't refuse to write or renew a policy solely because a roof is less than 15 years old. For roofs 15 years or older, an inspection showing at least five years of remaining useful life can prevent denial based on age alone.

Still, an older roof can mean higher premiums, fewer discounts, or coverage that pays only depreciated value for roof damage. If your roof is getting close to replacement, it's worth factoring insurance savings into the decision about when to replace it.

5. Consider your deductibles

Raising your deductibles lowers your premium. But it also means paying more out of pocket after a loss.

If you choose a higher hurricane deductible, make sure you have enough in your emergency fund, or a separate storm fund, to cover it. A lower premium isn't a good deal if you can't afford the deductible when a storm hits.

6. Ask about every discount

Insurers don't always apply every discount automatically. Ask about discounts for:

• Wind mitigation features
• A newer roof
• Security and fire alarm systems
• Water leak detection devices
• Bundling home and auto
• Being claims-free
• Paying your premium annually instead of monthly
• Being retired or over a certain age, with some carriers

7. Keep your claims history clean

Filing small claims can raise your premium or make it harder to get coverage later. For small losses close to your deductible, it may make more sense to pay out of pocket.

Flood insurance: the coverage gap that catches people

Flooding is one of the most common and costly natural disasters, and it's not covered by standard homeowners policies.

A few things to know:

• Flood insurance is usually separate, through the National Flood Insurance Program or private flood insurers.
• It may be required if you have a federally backed mortgage and your home is in a high-risk flood zone.
• It can matter even outside high-risk zones. Many flood claims come from properties outside the highest-risk areas.
• There's often a waiting period, commonly 30 days for NFIP policies, before coverage starts. You can't wait until a storm is coming to buy it.

If you're with Citizens

Citizens is meant to be the insurer of last resort. As private carriers return, many Citizens policyholders are being offered coverage by private companies through what's called depopulation.

Florida has rules that may require Citizens policyholders to accept a comparable private offer if the premium is within a certain percentage of their Citizens renewal. If you receive a private offer, compare coverage carefully, not just price. Look at the company's financial strength, the deductibles, and whether the coverage is really comparable.

A renewal-season checklist

When your renewal notice arrives, it's worth running through a quick checklist rather than simply paying the bill.

• Compare this year's premium to last year's. If it jumped, ask your agent or carrier why.
• Check your dwelling coverage. Does it reflect current rebuilding costs?
• Review your deductibles. Can you comfortably afford your hurricane deductible today?
• Confirm your discounts. Are wind mitigation credits, roof age, and other discounts still applied?
• Check the date of your wind mitigation report. Older reports may not reflect improvements you've made.
• Get at least two or three competing quotes for the same coverage.
• Review flood coverage, whether you have it and whether it's enough.
• Update your home inventory. Photos or video of your belongings make claims much easier.

Putting a reminder on your calendar about 45 to 60 days before renewal gives you time to shop without rushing.

A note for condo owners

Condo owners face a different mix of coverage. The condo association typically insures the building's structure and common areas through a master policy, while your own policy, often called an HO-6, covers your unit's interior, your belongings, and your liability.

A few things worth understanding:

• What the master policy covers, and where your responsibility begins. Some associations cover interior walls and fixtures; others don't.
• Loss assessment coverage, which can help if the association assesses owners for a large loss or a master-policy deductible.
• Special assessments, which aren't insurance but can be significant in older buildings facing structural and safety requirements.
• The association's reserves and insurance costs, which affect your monthly fees.

For condo owners, reviewing the association's insurance and financial documents is part of understanding the true cost of owning.

Insurance and your financial plan

Insurance isn't just a bill. It's a major part of the cost of owning a home, and it affects your broader financial plan in a few ways:

• Your budget. Insurance premiums, especially if escrowed with your mortgage, can change your monthly payment significantly.
• Your emergency fund. Your hurricane deductible belongs in the math when you size your emergency savings.
• Your retirement plan. For retirees on fixed incomes, insurance increases can squeeze the budget. It's worth planning for insurance costs to rise over time, not just stay flat.
• Where you live in retirement. For some people, insurance costs are a big factor in deciding whether to stay in a home, downsize, or move inland.
• Buying a home. Getting insurance quotes before making an offer can change whether a home fits your budget.

Common mistakes to avoid

• Letting your policy auto-renew without shopping. Especially in a changing market.
• Choosing a hurricane deductible you can't afford.
• Skipping flood insurance because you're not in a high-risk zone.
• Underinsuring your dwelling to save on premium.
• Not getting a wind mitigation inspection.
• Assuming the cheapest quote is the best deal without comparing coverage.
• Falling for post-storm scams. After hurricanes, unlicensed contractors and fraudsters often target homeowners. Check licenses, get written estimates, and be wary of anyone asking you to sign over your insurance benefits.

What I'm not going to do

I'm not going to recommend an insurance company or tell you how much coverage to buy. That's work for a licensed insurance agent who knows your home and your options.

What I will say is this. When it comes down to it, insurance is one of the biggest costs of owning a home in Florida, and one of the most overlooked parts of a financial plan. A little time spent shopping, inspecting, and understanding your policy can put real money back in your budget.

Let's look at the whole picture

Insurance, property taxes, and maintenance are part of the real cost of your home. They affect your budget today, your emergency fund, and how comfortably you can retire.

If you're approaching retirement, wondering whether you can afford to stay in your home long term, or thinking about downsizing or moving, I can help you see how housing costs fit into your overall plan. We'll look at your income, your savings, your pension or retirement accounts, and your housing costs together, so your decisions about your home support the retirement you want.

I work as a fiduciary, which means I'm required to act in your best interest. I don't sell insurance and don't earn anything from any insurance decision you make.

Your home is part of your plan. So is what it costs to protect it.

Frequently asked questions

Are Florida homeowners insurance rates going down in 2026?

For many homeowners, the market is easing. Citizens approved an average 8.7% statewide rate decrease for 2026, and many private insurers have filed for decreases or no increase. Individual results vary by home, roof, location, and carrier.

What is a wind mitigation inspection?

It's an inspection that documents features that make your home more resistant to wind damage, like roof attachments and impact-rated windows. Florida insurers must offer discounts for qualifying features, which can significantly reduce the wind portion of your premium.

What is a hurricane deductible?

Many Florida policies have a separate hurricane deductible, often 2%, 5%, or 10% of your dwelling coverage, that you pay before insurance covers hurricane damage.

Does homeowners insurance cover flooding in Florida?

Standard homeowners policies generally don't cover flood damage. Flood insurance is usually a separate policy, often with a waiting period before coverage begins.

Can an insurer deny coverage because of my roof's age?

Under Florida law, insurers generally can't refuse to write or renew coverage solely because a roof is less than 15 years old. For older roofs, an inspection showing at least five years of remaining life can prevent denial based on age alone.

How many policies does Citizens have now?

Citizens peaked at about 1.42 million policies in October 2023 and had fallen to about 255,000 as of September 18, 2026.

Educational content only. Not individualized investment, tax, legal, or insurance advice. Joy Financial Group LLC does not sell insurance. Consult a licensed insurance agent regarding coverage for your specific situation. Benowitz Wealth Management is a brand of Joy Financial Group LLC, a Florida state-registered investment adviser.

Neither Joy Financial Group LLC nor Benowitz Wealth Management is affiliated with, endorsed by, or employed by the Florida Retirement System, the Florida Division of Retirement, the State Board of Administration of Florida, MyFRS, or any government agency. FRS members may obtain free, unbiased guidance from the MyFRS Financial Guidance Line at 1-866-446-9377.