Homeowners Insurance in Valrico, Florida

If you don’t have homeowners insurance, you’d be responsible for paying for all property damage your house could suffer out of pocket. While Valrico’s location makes it a serene Tampa suburb, it doesn’t mean your house is safe from theft or natural disaster.

Homeowners insurance acts as a financial safety net protecting your home and belongings. Below, we break down the details you need to know to find the best homeowners insurance in Valrico.

On average, home insurance in Valrico, Florida costs about $3,462 annually. The average cost of premiums in this Florida city is about 18% above the average cost in the state, which comes in at about $2,924 annually. 

Florida sports some of the highest home insurance rates in the country due to climbing property values and the consistent threat of hurricanes, among other factors.

While exact premiums vary due to many factors, rates in Valrico tend to be above the state average, as they have risen in recent years. The table below lists average rates from some of the leading home insurance companies in Valrico, Florida. 

It’s crucial to note that these numbers are average rates, thus, homeowners may see higher or lower rates depending on several different factors. Insurers use many factors about you, your home, and your policy when determining your rates. For example, one of the largest determinants of your rates is your home’s value.

Home value matters in home insurance because larger, more expensive homes need more insurance coverage. And, the more coverage you get, the higher your insurance premiums will be.

Carriers typically determine home value by your home’s replacement cost, which is the cost of materials and labor needed to rebuild your house from scratch. This differs from your home’s selling price or market value, so don’t expect the two to match when you’re getting a quote and setting your policy limits.

Two more critical factors of insurance rates include home age and wind mitigation. Carriers are concerned about home age because older houses are more prone to damage. Their systems, from pipes to roofs to siding, accumulate wear and tear that can exacerbate property damage. As a result, older houses often have higher rates.

Since hurricanes are a major issue in Florida, wind mitigation can lower your rates. Insurance companies reward homeowners who take measures to limit storm damage by fitting their houses with features that help their dwellings withstand strong winds.

Thus, older homes that weren’t built up to today’s standards may see higher average premiums. Conversely, older homes that have been retrofitted with wind mitigation features or newly constructed homes will likely be eligible for lower premiums since they’re less susceptible to damage from severe storms. 

In our findings, Edison offered the cheapest homeowners insurance in Valrico. However, there is no cheapest carrier by default, as rates vary by company and policyholder.

Everyone wants to save money on home insurance and pay as little as possible. But, the cheapest option isn’t always the best option. Compare rates, customer service, user experience, coverage options, and discounts to see which company is the best choice for your situation. It may be worth paying slightly more at one carrier over another if they have better customer service.

We recommend quoting at large, national carriers in addition to small, localized companies to gauge all your different options.

The most common type of homeowners insurance is the HO3 policy form, which contains property and liability protections. These coverage areas are typically divided into six sections as follows:

Dwelling coverage in home insurance financially protects your home and its structural components from damage caused by a covered peril. From the roof, walls, and flooring to the pipes, wiring, and water heater, dwelling coverage, or Coverage A as it’s sometimes called, has you covered. 

Other structures coverage accounts for components on your property not attached to your main house, and protects them should they incur damage from a covered peril. Other structures coverage, sometimes called Coverage B, may cover things such as fences, sheds, and detached garages.

Personal property coverage covers your belongings if they’re damaged by a covered peril or stolen. Personal property coverage, or Coverage C, may protect things like furniture, clothing, televisions, computers, bicycles, tools, jewelry, and more.

Loss of use coverage may help you cover living expenses you incur if you must move out of your house after it suffers damage from a covered loss, such as a fire or hurricane. This coverage, also known as Coverage D, may help you pay for necessities like food, lodging, or gasoline.

Liability coverage can help you pay for medical bills and legal fees if you’re found liable in court for someone’s injury at your property or damage to someone else’s property. It’s also called Coverage E. 

Medical payments coverage is designed to cover minor injuries someone may suffer on or around your property, regardless of fault. It may appear on some policies as Coverage F. 

The best homeowners insurance in Valrico will cover your property and finances at a price you can afford. You must know your coverage needs, and you’ll likely need to shop around to find the right policy.

A crucial part of getting quotes is setting your likely policy limits. You can take some steps to ensure you select the right amount of coverage for each section.

Your insurer usually determines your recommended dwelling coverage based on your home’s value. You must insure your home to at least 80% of its value, but you can increase your dwelling limit to 100% or more if you’d like, although it will raise the cost of your policy pretty decently.

You can make a home inventory to determine the amount of personal property coverage you need. By documenting all your belongings and their values, you can come up with a total amount to set your personal property limit. 

Raising your liability limits is affordable compared to increasing the other aspects of your policy, and it’s always better to be safe than sorry. Medical bills can pile up quickly after an accident, so we don’t recommend skimping on liability coverage.

For most people, liability limits of $300,000 to $500,000 will suffice, but you can opt for more if your assets amount to a greater cost.

As mentioned earlier, shopping around to find the right coverage is essential. It’s wise to consider well-known national carriers like Liberty Mutual and smaller, regional carriers in Florida, like St. James, for different market exposures.

In addition to rates and customer service, compare the cost of endorsements, which are optional coverage add-ons, in case you want to fill in some coverage gaps in your policy. Also, we recommend always asking about discounts for which you qualify. Ask about the rewards for staying claims-free or bundling.

Although it is inland compared to other places in the county, Valrico is still susceptible to flooding, especially during hurricane season. Homeowners insurance doesn’t cover flood damage.

Storm surges, mudslides, coastal erosion, and flash flooding from heavy rains can cause flood damage. These occur more commonly than you think, and they’re very costly. The Federal Emergency Management Agency reports that just one inch of floodwaters can cause over $20,000 in damage.

Know that home insurance won’t help you in case of a flood, and you should consider flood insurance in Valrico for complete protection. Recently, local officials have urged the importance of flood insurance in the Tampa Bay area.

Insurance companies use a variety of elements to calculate home insurance premiums, and while the specific criteria may vary among providers, the following are some of the most critical factors that insurers typically consider in Valrico:

Your home’s location can increase the likelihood of damage. For instance, homes near the ocean in Florida tend to have higher premiums due to increased chances of flood and hurricane damage. Homes near fire stations receive discounts.

Certain characteristics of your house can also raise rates. Having pools or trampolines, known as attractive nuisances, increases the likelihood of liability claims and raises insurance costs. Owning certain aggressive dog breeds can also raise premiums.

Your policy details also influence rates. The higher your policy limits, the higher your premiums. Also, opting for endorsements to supplement coverage will increase costs. And, raising or lowering your deductible will change your premiums.

While no law requires Valrico homeowners insurance, mortgage lenders can. Lenders mandate insurance policies as part of home loans to protect their investments.

If you bought a house with a mortgage, your lender put money down with you to make the purchase. If your house gets destroyed, your lender can recoup their investment through the insurance policy. 

If you don’t maintain your own coverage while you have a mortgage, your lender will force place insurance on you. Force-placed insurance is more expensive and less comprehensive than standard coverage, so be sure to stay on top of your insurance payments and effective dates.

We’ve emphasized the importance of shopping around for home insurance quotes in Valrico. Make it easy with the help of Clovered, an independent insurance agency based in South Florida.

Clovered was founded with one purpose: simplify the process of getting insurance. In Florida, where market challenges are great, we have two straightforward ways for you to quote.

Compare rates online with our online quote tool. As an independent agency, we partner with several of the top home insurance companies in Valrico, Florida. You can see your options in minutes.

Or, call us at 833-255-4117 during business hours to speak with a licensed and get a quote. We’re happy to help you find the coverage you need at the price you want. You can also email us at agent@clovered.com.