Florida Personal Finance Guide
Banking, mortgages, insurance, and retirement guides for FL residents — updated for 2026.
Florida has no state income tax, which makes it one of the most popular retirement destinations in the country — but the trade-off shows up in insurance costs. Florida homeowners pay the highest average homeowners insurance premiums in the US, driven by hurricane, flood, and wind risk, and several major insurers have pulled out of the state entirely in recent years, narrowing the field of available carriers. Car insurance is similarly elevated because Florida is a no-fault state with mandatory PIP coverage.
Mortgage payments here run close to the national average, but buyers should budget for flood insurance separately in many coastal and low-lying areas, since it's often not included in a standard homeowners policy. For retirees, the lack of state income tax combined with no tax on Social Security benefits makes Florida especially attractive, but healthcare and insurance costs deserve careful planning. The guides below cover FL-specific insurance, mortgage, and retirement numbers.