Average Cost of Homeowners Insurance in Freeport While the law doesn’t require home insurance in Freeport, mortgage lenders will require homeowners with mortgages to keep a policy. When lenders put money down to help people buy homes, they want a way to protect their investment. They achieve this with homeowners insurance. They mandate homeowners to maintain home insurance for the life of the loan. If the house gets destroyed, both the homeowner and lender can recoup their money from the insurance policy.
Key Takeaways
- The average homeowners insurance cost in Freeport, Florida, is about 3,873 per year.
- Florida Peninsula had the cheapest home insurance in Freeport, based on our agency’s data.
- You should always compare quotes for Freeport insurance multiple companies before buying to guarantee you’re getting a good deal.
How Much Is Homeowners Insurance in Freeport, Florida?
The average cost of homeowners insurance in Freeport is around $3,873 yearly, which is 36% higher than Florida’s state average of $2,857 per year. Freeport’s location on the Gulf of Mexico leaves properties prone to hurricane damage. As a result, home insurance rates in the city are above average relative to the rest of the state.
Insurance premiums in Florida are among the country’s highest overall, partly due to inflation and soaring property values in the state. So, when you add the risk of hurricane damage and even possible tornado damage in a coastal city like Freeport, you’ll experience these high home insurance rates firsthand.
As an independent agency with customers in Freeport, we can list average premiums from some residents in the area below.
|
Company |
Premium |
|---|---|
|
Florida Peninsula Insurance Co. |
$3,139 |
|
American Platinum |
$3,408 |
|
Swyfft, LLC |
$5,171 |
|
Average |
$3,873 |
Not reflected in the table is the effect of your home’s value on insurance rates. Premiums will always rise as your house value climbs. This occurs because carriers take into account the replacement cost of your home, which is the cost to rebuild based on materials and labor. Naturally, larger, more expensive homes cost more to reconstruct and to insure.
Home age is one of the many factors that influence premiums, also. Newly constructed homes generally have lower home insurance rates because new homes are built up to the latest building and safety codes in Florida, which makes them more resistant to storm damage.
And, new homes don’t have components with wear and tear that can make property damage more likely or worse. With Freeport growing massively in recent years, you may find more new homes coming on the market lately, which could be beneficial to insurance rates.
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.
Which Companies Have the Cheapest Homeowners Insurance in Freeport, Florida?
Florida Peninsula has the cheapest homeowners insurance in Freeport, according to our data. But, rates vary due to many factors, and no company will be the most affordable by default for everyone. Policyholders and company calculations vary, so it’s essential you shop around when buying Freeport home insurance.
Florida Peninsula was followed on our list by American Platinum, another Florida-based carrier that writes policies in the Sunshine State and Georgia, and is only available through our agency here at Clovered.
As an independent agency, we partner with several more of Florida’s top carriers not listed above, and we can help you find the coverage you need at the price you want. We make shopping around and comparing rates easy.
Best Homeowners Insurance Companies in Freeport, Florida?
There is no outright “best” insurance company because every person’s coverage needs, budget, and preferences differ. You must understand what you need and find a company that fits your circumstances.
As an agency, we can help you do that. Find some more information on some of our partners in Freeport below. 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.
Florida Peninsula
Demotech Rating
A
NAIC Complaint Index
0.10
Average Premium
$3,139
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.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$3,408
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.
Swyfft
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$5,171
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.
Freeport Homeowners Insurance Coverages
While rates will vary by company, the coverages you receive in a Freeport home insurance policy stay the same industry-wide. The most common type of homeowners insurance is the HO3 form, which protects policyholders’ property and liability in several ways.
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage in a home insurance plan covers your home’s structure and attached fixtures, including the roof, walls, flooring, foundation, pipes, HVAC, and more. |
|
Other Structures Coverage |
Other structures coverage financially protects features on your property separate from your main house, such as sheds, fences, detached garages, carports, pools, and more. |
|
Personal Property Coverage |
Personal property coverage accounts for your belongings in and around your property, including furniture, televisions, computers, clothes, tools, jewelry, and more. |
|
Loss of Use Coverage |
Loss of use coverage helps cover temporary living expenses if you must move out of your house after it suffers damage from a covered loss that makes it uninhabitable. Your provider can cover groceries, gas, lodging, and more. |
|
Liability Coverage |
Liability coverage comes into play if you’ve been found legally liable for someone’s injury or property damage after a lawsuit. Your insurance company can cover medical bills, legal fees, and more. |
|
Medical Payments Coverage |
Medical payments coverage is like liability coverage on a much smaller scale and without the need for legal intervention. It’s designed to cover minor injuries someone can suffer. |
How to Get Home Insurance Quotes in Freeport, Florida
We’ve underlined the importance of shopping around to find the right coverage. Our team at Clovered wants to help you with your Freeport homeowners insurance quotes. We have a few simple ways to help you find the right coverage and save money.
Take advantage of our online quoting tool to compare policies from some of the top home insurance companies in Freeport in minutes. You just need to input some basic information about yourself and your property.
If you’d rather speak to a licensed agent for a quote, call us at 833-255-4117 during business hours. You can also email our team at agent@clovered.com with any questions.
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.
Freeport Home Insurance FAQs
Is homeowners insurance required in Freeport, Florida?
What determines Freeport home insurance rates?
Insurance companies take aspects of your home, policy, and personal details into consideration to assess your risk level. Homeowners with a higher chance of suffering property damage are greater risks and have higher premiums. Some of the most critical factors that influence rates include home age, size, construction materials, policy details (namely coverage amounts and deductibles), and claims history.
Do you need flood insurance in Freeport, Florida?
You only need flood insurance in Freeport, Florida, if required by your mortgage lender, which will only happen on homes in federally designated high-risk flood zones. These zones, called Special Flood Hazard Areas on Federal Emergency Management Agency (FEMA) maps, are noted by mortgage lenders. If your house lies in one of these zones, you will have to carry flood insurance in addition to homeowners insurance to satisfy mortgage conditions.
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.
