Cheap Florida Homeowners Insurance Cost Comparison. The average cost of Florida home insurance is $2,030 a year for a typical house with $350,000 in dwelling coverage. The cheapest Florida home , Average rates are based on a policy with $400,000 of dwelling coverage and $200,000 of personal property coverage. Citizens is the most-expensive major home insurance option in Florida, at $8,722 a year, but that’s because it is state-run and exists for homeowners who can’t find affordable insurance elsewhere., Key Takeaways: Chubb is the cheapest home insurance company in Florida, with an average annual premium of $1,756, according to our latest analysis.; Tallahassee is the least expensive city with an , , , .