Homeowners insurance in Fort Lauderdale averages $2,476 per year for $250,000 in dwelling coverage. To put this in perspective, this is over $1,000 higher than the current national average. There are a number of reasons for higher insurance rates in this beachfront city, including a greater chance of encountering volatile weather.
Even with the challenges residents may face in obtaining the right coverage, it is possible to find options for the best cheap homeowners insurance in Fort Lauderdale. Bankrate reviewed several available options and found Nationwide, ASI Progressive and Chubb all offered more affordable rates. Bankrate’s price and coverage comparison can help you choose the right homeowners insurance for you.
Best cheap home insurance companies in Fort Lauderdale
Nationwide, ASI Progressive and Chubb had the cheapest rates in Fort Lauderdale, according to rate information provided by Quadrant Information Services. When buying homeowners insurance though, you may want to consider other factors in addition to choosing the one with the cheapest rates.
To give you a more comprehensive overview of the qualities of a homeowners insurance provider, Bankrate assigned a score to each provider reviewed. This score is based on a five-point scale and is assigned after analyzing third-party ratings, coverage options and other essential factors. When comparing multiple providers, the Bankrate Score can help you quickly assess which ones may be a better fit for your needs.
Nationwide not only offers some of the cheapest rates in Fort Lauderdale on our list of providers, but homeowners may appreciate the numerous coverage options and discounts available. Basic coverages such as dwelling, liability, other structures coverage, loss of use and medical payments are all included. You can also add on water backup, identity theft and flood insurance (through the NFIP) to further strengthen your policy. One drawback is the lack of ability to complete an online quote, but you can go through a local agent to complete the process.
Learn more: Nationwide Insurance review
Progressive partners with ASI to offer homeowners insurance in Fort Lauderdale. The provider offers basic coverage as well as add-ons such as water backup coverage. Not only does ASI Progressive offer cheap rates in Fort Lauderdale, but it also offers potential discounts for homeowners who bundle, get a quote in advance or install home security alarms. ASI Progressive does not offer an online or in-app option to start a quote. You must work with a local agent to get started.
Learn more: Progressive Insurance review
Chubb is geared towards high-end home insurance coverage, offering policies such as the Masterpiece option which automatically includes extended replacement cost coverage or the option to choose a cash settlement. Even though Chubb is available for high-value homes, it still offers options for cheap home insurance rates in Fort Lauderdale. Although you are unable to start a quote online, a local agent can assist you with starting a quote and finalizing the best policy options.
Learn more: Chubb Insurance review
Allstate offers cheap rates in Fort Lauderdale and a wide array of choices to customize your homeowners insurance policy. Adding identity theft restoration, green improvement, water backup and yard and garden are a few examples. You can also add scheduled personal property, electronic data recovery, business property, musical instruments and sports equipment coverages for greater financial protection. Although Allstate is not the cheapest option available, it does offer a range of discounts, which could help you save further.
Learn more: Allstate Insurance review
State Farm earns a strong Bankrate Score and offers cheap rates for homeowners insurance in Fort Lauderdale. State Farm offers a variety of customer service and policy management options, including local agents, web access, a mobile app and 24/7 customer service agents. Although State Farm may offer competitive rates for some homeowners and standard coverages, the number of discounts and policy add-ons offered is limited compared to other providers in Fort Lauderdale.
Learn more: State Farm Insurance review
Home insurance coverage options in Fort Lauderdale
While homeowners insurance is not legally required in Florida, you may be required to hold a policy if your mortgage lender stipulates it as a condition of loan approval. Having a home insurance policy in place is a great way to protect your belongings when something goes wrong; however, standard policies will not usually cover things like water backup, identity theft or contents cost replacement. This is why it is important to strengthen your policy with optional coverages. The following are just some of the coverages that Fort Lauderdale homeowners may want to consider:
- Contents replacement cost: According to Fort Lauderdale police reports, property crime increased 15 percent from 2020 to 2022. With an increase in property crime happening in the area, it’s a good idea to have replacement cost coverage for your contents to ensure you have enough money to cover the cost of replacing any stolen items.
- Identity theft protection: Again, due to the high rate of property crime in the area, identity theft protection can provide the extra layer of security you need. If a thief manages to steal your credit cards or other forms of I.D., your home insurance provider can help cover costs related to the identity theft.
- Water backup coverage: Broward County reports that over 70 percent of homes in the county were built before 1970, meaning your home could have outdated plumbing installed if it was not upgraded in recent years. Standard homeowners insurance policies will not cover the cost of plumbing repairs or replacements needed due to aging equipment, so it is important to have water backup coverages in place if you feel your home is at a higher risk.
Home insurance discounts in Fort Lauderdale
With the cost of homeowners insurance in Fort Lauderdale well-above the state average and the national average, homeowners may try to take advantage of as many discounts as possible. These discounts often require little effort to earn and can add up to substantial savings over time.
- Bundling discount: By purchasing your homeowners insurance policy with the same provider for other insurance products, such as auto or boat insurance, you may earn a bundling discount.
- Renovation: Insurance providers will often reward homeowners who complete a major renovation or update internal systems, such as plumbing or electrical, with discounts.
- Home security discount: Discounts are often provided for homeowners who install home security systems, fire alarms or other safety alarm systems.
These discounts, and others, can mean serious savings throughout the year. For example, the bundling discount could give you a savings of up to 20 percent off premiums by simply using the same company you are already working with.
Frequently asked questions
Bankrate utilizes Quadrant Information Services to analyze 2022 current rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores are calculated on a five-point scale and primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.
To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.
While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.