Homeowners Insurance in Port Charlotte, Florida (2024)
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- Homeowners Insurance in Port Charlotte, Florida (2024)
Situated where the Peace River meets the Gulf of Mexico, Port Charlotte residents are very familiar with the effects of hurricanes. Having the right insurance coverage is essential for homeowners to protect themselves.
Unfortunately, finding insurance in Florida isn’t always easy. In this article, we outline what’s necessary to find the best policy that ensures peace of mind and financial security in the face of all kinds of damage.
We break down average rates, cost factors, and more below.
How Much Is Homeowners Insurance in Port Charlotte, Florida?
The average cost of homeowners insurance in Port Charlotte is about $3,646 annually on a $150,000 house, $6,613 on a $300,000 house, and $9,485 on a $450,000 house.
The home insurance market in Florida is influenced by several factors that contribute to relatively high insurance rates compared to the rest of the nation. The state’s overall susceptibility to natural disasters, including hurricanes, tornadoes, and floods, drives up the risk for insurance companies, prompting them to charge higher premiums to mitigate their exposure.
Port Charlotte is part of the state’s extensive coastline that’s lined with houses substantially exposed to hurricane damage. This causes the city’s premiums to be higher than the state average.
The following table lists average rates from some popular home insurance companies in Port Charlotte, Florida.
Average Cost of Homeowners Insurance in Port Charlotte in 2024 | |||
Company | $150,000 House | $300,000 House | $450,000 House |
Citizens | $1,952 | $3,706 | $5,085 |
People’s Trust | $2,391 | $4,271 | $6,153 |
Progressive | $2,410 | $4,306 | $6,204 |
Safeco | $2,118 | $4,236 | $6,061 |
State Farm | $1,344 | $2,404 | $3,466 |
Tower Hill | $2,049 | $3,660 | $5,274 |
Universal Property | $5,531 | $10,415 | $14,710 |
Average | $3,646` | $6,613 | $9,485 |
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We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the most recent rate filings from the state’s largest insurers and can be utilized as an average of what Floridians can expect to pay for homeowners insurance each year. The example premiums are based on a policy for a Florida masonry home with a $500 non-hurricane deductible, a 2% hurricane deductible and no claims in the past three years.
The value of your home is a fundamental factor in homeowners insurance, as it serves as the basis for determining the amount of coverage companies give you to adequately protect your property.
The primary method insurance companies employ to determine your home’s value is the replacement cost method, which calculates the cost of rebuilding your home from the ground up using current construction costs, materials, and labor. This differs from your home’s market value, so note that your insurance company’s determination for your home’s value likely won’t match what you bought or can sell your home for.
In addition to home value, home age is also a crucial factor in the average homeowners insurance in Port Charlotte. Older homes often come with a higher risk profile due to the potential for outdated systems that can increase the risk of fire, water, and wind damage. Insurance companies consider these factors when setting rates, as they may have to pay out more in claims for older homes.
However, homeowners can often mitigate these higher costs by investing in home improvements like wind mitigation. Let’s take a look at how insurers classify homes for premium determination using wind mitigation features and home age as primary factors.
Florida Office of Insurance Regulation Rate Factors | |
Home Construction | Coverage Definition |
Wind Mitigation | Measures that strengthen your home’s ability to withstand strong winds from hurricanes and tropical storms. Common wind mitigation features involve roof construction methods, roof connections and attachments, and impact-resistant doors and windows. |
Pre-2001 Construction w/ No Wind Mitigation | These premiums represent Florida homes built in 1990 with no wind mitigation features. |
Pre-2001 Construction w/ Wind Mitigation | These premiums represent Florida homes built in 1990 with maximum wind mitigation features. |
New Construction | These premiums represent Florida homes built in 2005 after the state revamped its construction standards to better combat hurricane-force winds. These homes have limited wind mitigation features and no hip roof. |
We get into the specifics of home insurance rates in Port Charlotte starting with the table below, which depicts averages for $150,000 homes only.
Cost of Homeowners Insurance on $150,000 House in Port Charlotte | |||
Company | Pre-2001 No Wind | Pre-2001 w/Wind | 2005-Present |
Citizens | $2,971 | $1,280 | $1,605 |
People’s Trust | $3,624 | $1,656 | $1,893 |
Progressive | $3,429 | $1,957 | $1,843 |
Safeco | $2,923 | $1,670 | $1,762 |
State Farm | $2,072 | $1,102 | $858 |
Tower Hill | $2,898 | $1,626 | $1,623 |
Universal Property | $9,538 | $3,456 | $3,600 |
Average | $5,912 | $2,583 | $2,443 |
Wind mitigation is any combination of protections that can help curb the risk of wind damage on your home from storms like hurricanes. Wind mitigation features may include water-resistant seals, impact resistant windows and doors, or certain roof coverings or attachments.
While wind mitigation is crucial in protecting your home from substantial damage caused by high winds, it can also mean hefty savings on your home insurance premiums. For example, wind mitigation produced about a 56% discount for older home premiums on a $150,000 house. Newly constructed houses were similarly less expensive to insure.
The subsequent table lists the average homeowners insurance rates in Port Charlotte, accounting for the same variables for $300,000 homes.
Cost of Homeowners Insurance on $300,000 House in Port Charlotte | |||
Company | Pre-2001 No Wind | Pre-2001 w/Wind | 2005-Present |
Citizens | $5,348 | $2,560 | $3,210 |
People’s Trust | $6,523 | $2,981 | $3,309 |
Progressive | $6,172 | $3,523 | $3,222 |
Safeco | $5,846 | $3,340 | $3,523 |
State Farm | $3,720 | $1,984 | $1,500 |
Tower Hill | $5,216 | $2,927 | $2,838 |
Universal Property | $17,168 | $6,877 | $7,199 |
Average | $10,686 | $4,746 | $4,406 |
Wind mitigation continued to cut average premiums in half on older houses. See how the numbers translate below in the final table on $450,000 homes.
Cost of Homeowners Insurance on $450,000 House in Port Charlotte | |||
Company | Pre-2001 No Wind | Pre-2001 w/Wind | 2005-Present |
Citizens | $7,725 | $3,840 | $3,692 |
People’s Trust | $9,422 | $4,306 | $4,732 |
Progressive | $8,315 | $5,088 | $4,607 |
Safeco | $8,769 | $5,010 | $4,404 |
State Farm | $5,387 | $2,865 | $2,145 |
Tower Hill | $$7.535 | $4,228 | $4,058 |
Universal Property | $24,799 | $10,333 | $8,999 |
Average | $15,461 | $6,911 | $6,084 |
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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 Port Charlotte, Florida?
According to our findings, State Farm had the cheapest homeowners insurance in Port Charlotte. However, rates are impacted by many factors, and they won’t be the cheapest company for everyone. There’s no default “cheapest” carrier.
While everyone wants to save as much money as possible when it comes to home insurance, remember that cheaper isn’t always better. Skimping on coverage may hinder you during a claim when you realize you left parts of your property unprotected. Also, customer service and claims processing may not be as efficient or responsive as other slightly more costly companies.
In other words, when protecting your property, you have more to consider than just price. You should shop around and compare plans from multiple carriers to ensure you find the best home insurance in Port Charlotte, Florida.
Homeowners may also consider Citizens, a non-profit insurer holding millions of policies throughout Florida. While generally touted as a last-resort effort for those who can’t find an affordable policy on the standard, private market, some policyholders may see as much as a 13.5% increase in premiums in 2025 as the insurer gains popularity.
Port Charlotte Homeowners Insurance Coverages
Home insurance policies include the same coverage areas no matter what company you get the policy from, typically comprising of property and liability coverages listed below:
Port Charlotte Homeowners Insurance Coverages | |
Coverage | Definition |
Dwelling Coverage | Dwelling coverage in home insurance covers the structure and permanently attached fixtures of your home. This includes roofs, walls, floors, and meat other features of your home. |
Other Structures Coverage | Other structures coverage accounts for the features on your property not attached to the main house. This includes fences, carports, detached garages, sheds, and more. |
Personal Property Coverage | Personal property coverage is designed to financially protect your belongings, including your furniture, electronics, clothing, tools, jewelry, art, and more. |
Loss of Use Coverage | Loss of use coverage helps cover living expenses you incur if you’re forced to move out of your house after it suffers property damage that makes it unlivable. This may cover temporary housing or other basic necessities. |
Liability Coverage | Liability coverage comes into play in a lawsuit and other instances when an accident occurs on your property, and you’re deemed to be at fault. This may cover medical expenses or legal fees. |
Medical Payments Coverage | Medical payments coverage is like liability coverage on a smaller scale. It’s designed to cover minor injuries no matter who is at fault. This will only cover medical expenses. |
How to Get the Best Homeowners Insurance in Port Charlotte, Florida
The best home insurance in Port Charlotte is the policy that covers your property sufficiently at a price that works for you. You’ll likely need to shop around to find the right plan.
Know What You Need
Understand the replacement cost of your home. For accurate quotes, you’ll likely need to know some information about your house to plug in, such as construction date, square footage, roofing details, and HVAC history. Insurers calculate replacement costs, but it’s helpful to understand the details behind the number.
Make a detailed inventory of your belongings for your personal property coverage limits. Consider whether you need additional coverage for high-value items, such as jewelry or art, through endorsements.
You may want to adjust your loss of use, liability, and medical payments coverage depending on your cash at hand. It’s generally always a good idea to increase your liability coverage beyond the minimum required amount anyway, as medical bills can pile up quickly after an accident.
Shop Around
Shop around to compare rates. Inquire about discounts you may be eligible for, such as bundling home and auto insurance, having security systems, or making home improvements that reduce risks.
Periodically review and update your home insurance policy to ensure it continues to meet your changing needs, especially after major life events or home improvements.
What to Know About Flood Insurance in Port Charlotte, Florida
Despite the various perils home insurance covers, damage from flooding is almost never included. Flood insurance is essential to consider in Port Charlotte, Florida, as the area is prone to flooding due to its coastal location and susceptibility to hurricanes and heavy rainfall.
Take the time to understand your flood risk, assess your coverage needs, and secure appropriate insurance to protect your property and belongings.
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Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?
Cost Factors of Home Insurance in Port Charlotte
Like the factors we mentioned earlier (home age and wind mitigation), the factors that affect your Port Charlotte home insurance rates alter the risk of your property. Insurance companies create their premiums based on the chances your property suffers damage. Anything that makes your property more likely to suffer damage raises rates.
- Home age
- Home characteristics
- Policy specifics
- Market factors
The age of your home can impact home insurance premiums. Older homes may have outdated electrical, plumbing, or structural systems, which could lead to higher premiums due to a higher risk of damage or repairs.
Specific features of your home, such as the construction materials, roof type, and security systems, can influence premiums. Homes with modern construction and safety features, recently updated to take effect in early 2024, may qualify for discounts, while those with riskier elements, from old roofs to attractive nuisances, may see higher rates.
The details of your insurance policy, such as coverage limits, deductible amount, and optional endorsements, can directly affect premiums. Choosing higher coverage limits or a lower deductible may increase your premium while opting for basic coverage might reduce costs.
Market factors such as company business decisions or claim amounts can impact how much you pay for coverage. For instance, a carrier may raise rates a year after experiencing a high number of claims to recoup money they paid out. Some businesses may try expanding into or withdrawing from markets, changing their premiums to influence customer decisions.
Is Home Insurance Required in Port Charlotte?
While there may not be a specific mandate for homeowners’ insurance in Port Charlotte, lender-imposed requirements make it effectively mandatory for homeowners with mortgages. These requirements are aimed at protecting both the homeowner’s investment and the lender’s interests.
If a homeowner fails to maintain the required insurance coverage, the lender may purchase force-placed insurance on the property to protect their investment. Force-placed insurance tends to be more expensive than insurance policies homeowners can secure themselves. It typically only covers the lender’s interest, leaving the homeowner without adequate protection.
How to Get Home Insurance Quotes in Port Charlotte
Shopping around for homeowners insurance is vital in ensuring you get the best coverage at the most competitive rates. Beyond cost considerations, shopping around allows you to tailor your coverage to your specific needs.
At Clovered, we want to help you find the right policy. As an independent insurance agency headquartered in Fort Lauderdale, we’re very familiar with the difficulties of finding coverage in the Florida market.
Use our online quoting tool to see your options from local home insurance companies in Charlotte County, Florida. Or, call us at 833-255-4117 during business hours to chat with a licensed agent about your quote. You can also email us at [email protected] with any questions.
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We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.