How to think about home insurance in Florida: what to buy and why
Updated May 21, 2026 — PolicyChat refreshes this page when new state DOI filings post.
For Florida homeowners, the question is replacement cost, not market value. Construction costs are up materially since 2020. A home insured for its 2020 dwelling value can be 25-35% underinsured against current rebuild cost.
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How to think about this
Florida’s insurance market is restructuring after the 2022 legislative reforms (SB 2A) eliminated assignment-of-benefits abuse and capped attorney-fee multipliers. Carriers that had exited or were on the brink of insolvency are starting to write new business again, but home rates remain among the highest in the country.
Replacement cost = current cost to rebuild your specific home with current materials + labor. Some carriers offer guaranteed-replacement-cost coverage (Chubb, PURE, USAA for members); most cap at policy limit, which means underinsurance shows up at exactly the moment you can’t afford it.
Florida-specific things to know
- PIP (no-fault) auto insurance is required by Florida statute; $10K minimum medical coverage.
- Citizens Property Insurance is the state-run insurer of last resort; ~1.2M policies as of late 2024.
- SB 2A (2022) eliminated AOB abuse, capped contingency-fee multipliers, and required a one-way attorney-fee statute repeal.
When the recommendation changes
Florida home carrier baselines (reference)
| Carrier | Filed Rate | Effective | Source |
|---|---|---|---|
| Citizens | $343/mo | 2026-01-01 | State DOI |
| State Farm | $350/mo | 2025-12-01 | State DOI |
How PolicyChat sources this data
Public DOI filings + NAIC published averages + licensed partner feeds. Per-record provenance. Methodology: /methodology/rate-authority/
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