These are Florida’s best homeowners insurance companies, study says. Here’s why

With natural disasters being a relatively common problem in Florida, it’s little surprise how much of an issue it can be to find an effective homeowner’s insurance provider.

That’s why U.S. News & World Report released its latest list of the best homeowners insurance companies this month, providing some insight into which insurers are best suited to tackle these claims.

The ranking uses factors like availability, rates, coverage options, company reviews and consumer surveys to determine which companies are the cream of the crop.

Looking at cost alone, the cheapest companies per U.S. News & World Report are as follows:

Meanwhile, the overall top-ranked companies on that list are as follows:

1. USAA — 4.9/5

PROS:

• Replacement cost and identity theft coverage are standard
• Special coverage for active-duty military members
• No. 1 in U.S. News & World Report’s consumer survey for customer loyalty, value, home and auto bundling, and more

CONS:

• Policies only available to members of the military community
• Discounts not available nationwide

“USAA is the best homeowners insurance company overall in our rating. The company consistently earns high customer satisfaction scores, while providing ample coverage options and many discounts to help you save. It’s also the only company in our rating that includes identity theft coverage and a dwelling/personal property replacement option in its policies.

Since it caters to the military community, USAA provides special discounts and coverage options specific to military members such as a military discount and coverage for lost or stolen uniforms."

U.S. News & World Report, "Best Homeowners Insurance Companies"

2. Amica — 4.8/5

PROS:

• Offers the lowest sample premium among companies in U.S. News & World Report’s rating
• Standard and Platinum Choice homeowners insurance options
• Dividend policies are available

CONS:

• Ranks low for policy value in U.S. News & World Report’s consumer survey
• Not available in Alaska or Hawaii

“Amica is the most affordable homeowners insurance company in our rating while also scoring high in customer satisfaction. Along with having lower premiums overall, it offers nine key discounts including a new/remodeled home credit, early shopper discount, and an electronic document delivery discount.

The company offers another way to save with its dividend policies. According to the Amica website, you can receive 5%-20% of your premium back. Traditional non-dividend policies are also available."

U.S. News & World Report, "Best Homeowners Insurance Companies"

3. Allstate (TIE) — 4.7/5

PROS:

• Scored well in U.S. News & World Report’s consumer surveys, including best for claims handling and value
• Local agents can provide in-person service
• Offers many optional coverages

CONS:

• Not available in California
• Can’t purchase a policy online

“Allstate is tied at No. 3 with Auto-Owners in our rating. It offers the standard coverages that most companies provide and has some special options such as home business, special computer, and personal property replacement coverage.

Allstate also offers some unique features such as Claim Rateguard, Claim-free Rewards, and Deductible rewards.

Additionally, the company provides many ways to save through 10 key discounts. Plus, if you prefer in-person service, local agents are available throughout the country."

U.S. News & World Report, "Best Homeowners Insurance Companies"

3. Auto-Owners (TIE) — 4.7/5

PROS:

• Offers some of the lowest premiums in U.S. News & World Report’s rating
• No. 1 for customer service in U.S. News & World Report’s consumer survey
• Has an A++ financial strength rating from AM Best

CONS:

• Only available in 26 states (Florida included)
• Can’t purchase a policy online

“Auto-Owners is tied at third with Allstate for the best homeowners insurance company. It re-entered our rating after not making the list in 2023.

While Auto-Owners offers many standard coverages, earthquake insurance and green improvement/reimbursement coverage aren’t available. It does, however, provide some optional protections such as special personal property, ordinance or law, and inland flood coverage.

You must work with an agent to get a quote and sign up for a policy, but once you’re a policyholder you can complete many tasks online. These include paying your premium, reviewing your policy documents, viewing claim information, and obtaining proof of insurance."

U.S. News & World Report, "Best Homeowners Insurance Companies"

5. State Farm (TIE) — 4.5/5

PROS:

• Large network of agents
• Wide variety of optional coverages
• Second-lowest premiums of the companies in U.S. News & World Report’s rating

CONS:

• Not available in California, Massachusetts, or Rhode Island
• Offers fewer advertised discounts

“State Farm is tied at No. 5 with Nationwide on our list. It offers numerous optional coverages including energy efficiency upgrade coverage, service line coverage, and identity restoration coverage. Plus, identity theft protection is standard in its policies.

It also landed in the top five in a couple of our consumer survey categories, including best customer service (fourth) and most likely to be renewed (third).

The company doesn’t have as many discount options as other companies in our rating. However, State Farm’s sample premiums are the second lowest among the companies we reviewed."

U.S. News & World Report, "Best Homeowners Insurance Companies"

5. Nationwide (TIE) — 4.5/5

PROS:

• Tied at No. 3 for best home and auto insurance bundles
• Strong consumer survey scores for value and claims handling
• Identity theft protection comes standard

CONS:

• Must speak to an agent to receive a quote
• Offers fewer advertised discounts

“Nationwide generally did well in our subratings with a few exceptions. It scored below average in both homeowners insurance companies most likely to be renewed and homeowners insurance companies for customer loyalty, scoring a 4.1 out of 5 for both. The average score for those subratings was 4.2. And while it placed sixth in our cheapest homeowners insurance company rating with an average monthly premium of $236, it did well in our homeowners insurance for value subrating, tying for third.

As part of its standard homeowners policy, Nationwide includes coverage for both credit card fraud and building ordinances. This means that after a covered loss to your home, Nationwide may help pay to rebuild or repair your home to current building standards. There are also optional coverages for water backup and identity theft, as well as adding replacement costs for your belongings and dwelling.

Nationwide offers several discounts, including for having a smart home and protective devices like a security system and smoke detectors. There is also a discount if you renovate your home’s plumbing, electrical, or heating and cooling systems. If you’re switching from a different insurance company, there is a discount based on the number of years you were with that insurer."

U.S. News & World Report, "Best Homeowners Insurance Companies"

7. Progressive — 4.4/5

PROS:

• Tied at No. 3 for value in U.S. News & World Report’s consumer survey
• Single deductible comes standard
• Available nationwide

CONS:

• Has higher sample premiums than most companies in U.S. News & World Report’s rating
• Offers fewer advertised discounts

“Progressive earned the seventh spot in our rating of the best homeowners insurance companies. The company is available nationwide and is tied at No. 3 for value in our consumer survey.

However, it scored in the bottom half in our consumer survey categories for claims handling and customer service. Progressive also has some of the highest sample premiums in our rating, coming in at No. 9.

It doesn’t offer some common discounts such as loyalty, military, or claim-free discounts, but you can save with a new construction home/new purchase, receiving documents by mail, and by getting a quote in advance. It also offers a single deductible free in all policies, so you only pay one deductible if you have a covered loss that would typically involve paying different deductibles."

U.S. News & World Report, "Best Homeowners Insurance Companies"

8. Liberty Mutual* — 4.3/5

PROS:

• Tied at No. 6 with Farmers in U.S. News & World Report’s rating for most likely to be renewed
• Available in all 50 states and Washington, D.C.
• Valuable possessions coverage comes standard

CONS:

• Scored below average in most of U.S. News & World Report’s consumer surveys
• Online quotes not available in all cases

“Liberty Mutual is tied with Farmers Insurance at No. 8 in our rating. Its nationwide availability makes it easily accessible and it offers many common coverage options. However, earthquake coverage and green building material coverages aren’t available. To make getting the protection you need easier, Liberty Mutual offers the Home Protector Plus package, which includes most of the additional coverages. Alternatively, you can only add on the ones you need. It offers many ways to save with a smart home discount, consistent payment discount, and early shopper discount, among others.

Liberty Mutual is the only company in our rating that offers online quotes but failed to generate one during our attempt. After we submitted the required information, the website informed us that it could not provide a quote."

U.S. News & World Report, "Best Homeowners Insurance Companies"

*Liberty Mutual tied for No. 8 with Farmers in the ranking, though Farmers is not available in Florida.

9. Travelers — 3.5/5

PROS:

• Boasts an A++ financial strength rating from AM Best
• Available in 45 states and Washington, D.C.
• Green building material coverage is standard

CONS:

• Has higher sample premiums than all companies in U.S. News & World Report’s rating
• Scored lower than other companies in U.S. News & World Report’s consumer surveys

“Travelers is No. 10 in our rating of the best homeowners insurance companies, moving down one spot from 2023. The company came in the last spot in all of our consumer surveys including for overall value, customer loyalty, claims handling, and customer service.

It also dropped out of our list of the best home and auto insurance bundles.

Travelers has a strong financial strength rating from AM Best and offers several ways to save with an alarm system discount, claim free discount, and a green/smart home discount, among others. However, keep in mind that you’re likely to pay more overall because it has some of the highest sample premiums among the companies we reviewed.”