Cheap Florida Home Insurance – Where Can You Find It?

Homeowners in Florida still face a confusing home insurance market and few companies to choose from.  Despite two straight years of legislative tampering with the market, Florida home insurance is still extremely expensive and hard to find – especially for homes that are older or closer to the coast.  Most of the national insurance companies have left the state leaving homeowners with a limited number of relatively new, smaller, local companies to protect their largest investment.

With all of the uncertainty in this market, what can you do to create competition for your Florida home insurance and save the most money?

For starters, you need to understand that while there are over 450 companies licensed to write homeowners insurance in Florida, only around 40 are actually writing any new business at this time.  And of those 40, only a portion of those companies are willing to cover your home.  Why?  Because each company establishes underwriting guidelines for the type of homes they want to insure.  The two most significant factors that companies use to determine whether they want to insure your home is its age and its distance from the Florida coast.

For the sake of discussion, let’s assume that there are 25 companies of the 40 out their right now that are willing to insure your Florida home.  The way to get the lowest cost homeowners insurance would be to get each and every one of these companies to quote your home.  So how do you do that?

For starters each insurance company offers their insurance through agents that represent them.  This results in a fragmented market where consumers like you run a high risk of not getting to all the companies that want to cover your Florida home due to the following:

Companies do not make their insurance available to each and every agent.

Florida Insurance Agents do not want to offer insurance from all companies.

Some companies have captive agents that are only allowed to write coverage exclusively for their company.

Some companies sell directly to the public and bypass the agent network completely.

How does all of this affect you?

If you only contact one Florida insurance agent, you are guaranteed to miss out on many companies that are interested in covering your home.  If you only obtain quotes from one agent, you will be limiting the competition for your Florida home insurance business and your chances of overpaying on homeowners insurance will increase dramatically.

You could rely on quote generator websites that ask you to provide sensitive, personal information.  You will find some companies using this method, but you will not get to all the companies that want to cover your home.  And you many get tons of unwanted phone calls and emails from multiple agents that are all representing the same company.

So what’s the best way for you to get quotes from all of the Florida home insurance companies who want to cover your home?

Follow these steps to create the most competition for your Florida homeowners insurance business and you could save thousands:

Utilize Florida insurance agents that are independent – not captive agents that are only allowed to represent one company.

Work with more than one independent insurance agent.  If the first agent doesn’t represent all of the companies who want to offer you coverage, a second or third agent might represent the companies the first agent doesn’t represent.

Use independent agents that represent a large number of Florida homeowners insurance companies.  An agent that has only four companies is too small for you.  Look for agents that represent at least 10 companies or more that are actively writing new business.

Finally, don’t ignore the homeowners insurance companies in Florida that sell their insurance direct to the public using their own agency.  Get quotes from these companies directly either by phone or through their website.

These steps will dramatically increase your chances of getting to all of the companies who want to cover your Florida home.  Each additional company that you can get to quote your home results in more competition and can save you thousands on homeowners insurance in Florida.


Michael Letcher is a former Fortune 500 executive and a licensed Certified Public Accountant.  His on-line guide can help you find low cost Tampa homeowners insurance.  Get all the secrets to inexpensive home insurance Tampa in his free newsletter at =>


Tags: , , ,

%d bloggers like this: