Average Homeowners Insurance Rates in Cape Coral Homeowners insurance in Cape Coral isn’t required by law. However, lenders will require you to get a policy if you need a mortgage on your home. You must maintain an insurance plan for the life of your loan.
Key Takeaways
- The average cost of home insurance in Cape Coral, Florida, is about $2,797 per year.
- Our policyholders were able to find the cheapest home insurance in Cape Coral from Citizens and Southern Oak.
- Shopping around for quotes with a Cape Coral insurance agency that partners with multiple carriers is the best way to find the most affordable policy.
Average Cost of Homeowners Insurance in Cape Coral, Florida
The average cost of Cape Coral homeowners insurance is around $2,797 yearly. Unfortunately, Florida is regularly at the top of the list for the most expensive states for home insurance.
Cape Coral’s location on the Gulf of Mexico leaves it vulnerable to direct hits from hurricanes and tropical storms, which are a major concern for insurers in Florida and tend to drive up rates, especially in coastal cities.
As a licensed insurance agency in Cape Coral, Florida, these are the average premiums for our policyholders in the area.
|
Company |
Average Premium |
|---|---|
|
Citizens |
$1,293 |
|
American Platinum |
$2,724 |
|
Southern Oak |
$2,926 |
|
Edison |
$3,086 |
|
Florida Peninsula |
$3,279 |
|
Slide Insurance Company |
$4,127 |
|
Swyfft |
$4,343 |
|
Average |
$2,797 |
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
The Cheapest Homeowners Insurance in Cape Coral
According to our data, Citizens had the cheapest home insurance in Cape Coral. Citizens is often the most affordable option for Florida residents’ home coverage due to its status as a state-run insurer of last resort.
Citizens was created by the Florida state government for individuals who have difficulty obtaining insurance from a standard carrier in the private market. Citizens runs at a loss; its rates are artificially subsidized. You can only qualify for Citizens coverage if you receive three quotes from standard carriers, and all are at least 20% higher than your Citizens quote.
Southern Oak, American Platinum, and Edison are traditional insurance companies or agencies that primarily operate in Florida.
The Best Homeowners Insurance Companies in Cape Coral
Best Cape Coral home insurance options depend on a few factors. Average premiums are determined from our policyholder data. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.
To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.
Citizens
Demotech Rating
NR
NAIC Complaint Index
0.69
Average Premium
$1,293
Citizens Property Insurance Corporation is Florida’s state-run home insurer of last resort. It’s a non-profit entity that provides property insurance to state residents who are unable to obtain coverage in the traditional, private market.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$2,724
American Platinum Insurance Company, founded in 2011, is a subsidiary of Universal Insurance Holdings, offering home insurance coverage in Florida and Georgia. Policies are available exclusively through independent agents at Clovered.
Southern Oak Insurance Company
Demotech Rating
A
NAIC Complaint Index
0.20
Average Premium
$2,926
Southern Oak Insurance Company is a private home insurer that has been providing coverage to state residents since 2004. Its policies are primarily available only in Florida through a statewide network of independent agents, such as Clovered.
Edison
Demotech Rating
A
NAIC Complaint Index
0.40
Average Premium
$3,086
Established in 2006, Edison Insurance Company offers home insurance primarily in Florida through independent agents, like our team at Clovered. It was acquired by Florida Peninsula Insurance Company in 2010, although it still has its own book of business.
Florida Peninsula
Demotech Rating
A
NAIC Complaint Index
0.10
Average Premium
$3,279
Florida Peninsula Insurance Company was founded in 2005 and focuses on offering coverage in its namesake state. With over 150,000 policies in force in Florida, it just cracks the top ten list of Florida’s largest home insurers.
Slide Insurance Company
Demotech Rating
A
NAIC Complaint Index
0.56
Average Premium
$4,137
Slide Insurance Company was founded in 2021 and began operations offering home insurance in 2022. Available in Florida and South Carolina, the company currently has over 300,000 policyholders in the Sunshine State, making it one of Florida’s largest.
Swyfft
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$4,343
Swyfft is an insurance managing general agency founded in 2014, offering insurance products in several coastal states around the country.
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
What Does Home Insurance in Cape Coral, Florida Cover?
In addition to covering your house’s structure, home insurance covers a lot more than you might imagine. Coverages remain standard across Cape Coral insurance companies; policies typically contain six distinct areas of protection.
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage financially protects your home’s physical structure, including the roof, walls, foundation, flooring, patios, pipes, HVAC, and more. |
|
Other Structures Coverage |
Other structures coverage accounts for permanent fixtures on your property that aren’t attached to your main house, such as fences, pools, sheds, and detached garages. |
|
Personal Property Coverage |
Personal property coverage guards your possessions, including furniture, clothing, tools, jewelry, electronics, and more. |
|
Loss of Use Coverage |
Loss of use coverage helps cover living expenses if your home suffers major damage and you must temporarily relocate. Your insurer can help pay for lodging, gas, meals, and more. |
|
Liability Coverage |
Liability coverage safeguards your finances if you’ve been found liable in a lawsuit for someone’s injuries or property damage. Your insurer can cover medical bills, legal fees, and more. |
|
Medical Payments Coverage |
Medical payments coverage can pay for minor medical expenses if someone gets hurt around your property, regardless of fault. |
How to Get Homeowners Insurance Quotes in Cape Coral, Florida
Assessing your options through our online quoting engine here at Clovered is by far the quickest and easiest way to get the best coverage. All you need to do is answer a few questions about your house, and our insurance agents in Cape Coral, Florida, will do the rest. You can have a new home insurance policy in minutes!
If you’d rather chat with someone through the quotes process, one of our many licensed agents is available to help by phone Monday through Friday from 8:30 a.m. to 6 p.m. at 833-255-4117. Or you can drop us an email anytime at agent@clovered.com.
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Cape Coral Home Insurance FAQs
Is homeowners insurance required in Cape Coral?
What is wind mitigation in Cape Coral?
Wind mitigation features are structural components of your home that protect it from windstorm damage. Wind mitigation is crucial for carriers in Florida due to the regular looming threat of hurricanes. State law requires insurers to discount premiums of policyholders whose houses pass a wind mitigation inspection. It can save you thousands of dollars on insurance yearly.
What insurance do you need for a condo in Cape Coral?
Condos are a common form of housing in Cape Coral. Condo owners need a different type of home insurance plan, officially called an HO6 policy (traditional homeowners insurance is an HO3 policy). Condo insurance in Cape Coral contains minor coverage differences, but may be substantially less expensive as long as your condo is inland and/or smaller than a traditional home.
What affects the cost of home insurance in Cape Coral?
Insurers consider many personal and property-related factors when pricing your policy. Your claims history and policy coverage choices impact rates. Home age, size, construction, and condition will also directly influence your premiums.
Do you need flood insurance in Cape Coral, Florida?
Cape Coral’s location on the Gulf Coast makes the city no stranger to flooding. FEMA’s flood zone maps show that more than 85% of the properties in the city are located in some form of flood zone. Your lender will require you to buy Cape Coral flood insurance if your home is in a high-risk zone.
Stay Above Water With Flood Insurance
Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
