Palm Beach Gardens Homeowners Insurance

With the yearly Honda Classic and the PGA Mall being big draws to the town, Palm Beach Gardens is a place for leisure. But, the lifestyle comes at a bit of a price in terms of home insurance.

Homeowners insurance in Palm Beach Gardens is expensive due to the area’s risk of getting hit by a hurricane or inundated by floodwaters.

Home insurance in Palm Beach Gardens, Florida averages $4,991 per year for a $150,000 house, $8,617 for a $300,000 house, and $11,377 for a $450,000 house. Florida overall tends to have some of the most expensive homeowners insurance in the country. 

The rates in Palm Beach Gardens are higher than the state average. Florida’s overall premiums average $2,553 for a $150,000 home,, $4,386 for a $300,000 home , and $5,849 for a $450,000 home.

The combination of inclement weather and relatively high property values drives up homeowners insurance rates in the state, especially in South Florida. 

Let’s take a look at how much home insurance in Palm Beach Gardens can be from some top companies in the area:

The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the 2022 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.

These numbers provide useful insight, but they don’t reflect how the age of your home and wind mitigation can affect homeowners insurance in Palm Beach Gardens. These are two important factors out of many that affect insurance rates. 

Generally, older homes with no wind mitigation cost the most to insure. Take a closer look below:

While this information gives a useful foundation, it would be hard to find a piece of property for that price in Palm Beach Gardens — and in Palm Beach County in general. Depending on what website you look at, the median home price is between $375,000 and $440,000. 

What a house is selling for doesn’t equal the amount of coverage you need, but it’s clear that homes and properties tend to be bigger in Palm Beach Gardens, meaning you’ve got more to insure. Let’s break down the costs of $300,000 and $450,000 worth of home insurance in the city.

These numbers are certainly pretty high, but you’ll notice that wind mitigation can greatly reduce rates. On average, the difference in premiums for homes with and without wind mitigation was over 56% for $300,000 homes, and over 53% for $450,000 houses.

For example, an older home insured by Universal Property & Casualty for $300,000 with effective wind mitigating measures came to a cost of $5,273 every year. But, this same house without the wind mitigation was over three times as much per year.

This is a testament to how serious Florida lawmakers and insurance companies take the threat of hurricanes. The government stipulates that residents who are proactive in guarding their homes against strong winds must be rewarded by insurers with discounted premiums.

To take the first step of wind mitigation, you’d have to get a wind mitigation inspection done on your home. This likely wouldn’t cost more than a couple of hundred dollars and could lead to thousands in savings.

If you purchase a policy through Clovered, which is the best way to shop for insurance policies and compare quotes online, your homeowners insurance in Palm Beach Gardens includes the following coverages:

Clovered is a digital insurance agency that partners with the top insurance providers in the country that write policies in all 50 states. We’re headquartered in Florida and very familiar with the state’s insurance landscape.

We offer an online quote tool that enables you to compare home insurance rates and we’ve got a team of licensed agents ready to help with any questions you may have about your policy.

We mentioned the threat of hurricanes, but what else drives up rates in Palm Beach Gardens? Premiums vary on an individual basis, and many residents could be causing their rate to rise without knowing it. For instance, installing a pool or trampoline could increase your premium. 

The age and size of your home and the amount of coverage you enroll in affect the cost of home insurance in Palm Beach Gardens. Also, the deductible you choose plays a role. Some policyholders may be aware that raising your deductible is a quick and easy way to lower your monthly premium.

The number of claims your provider has recently seen is another obscure factor that could influence rates for homeowners insurance in Palm Beach Gardens. If your insurance company has recently seen an unexpected influx of claims, it may have to pay out a lot of money. It could raise rates for all members in the future to recoup these potential losses.

After all, insurance companies are profit-driven firms. As you might imagine, this generally irks policyholders. But it’s happened in the past in the state of Florida, and it’s one of the reasons the government created Citizens Insurance, a non-profit provider run by the state.

In addition to the determinants mentioned above, hurricanes and floods also play an important role in the price of home insurance rates in Palm Beach Gardens

Hurricane preparation is a year-round effort in south Florida. Homeowners always have to be vigilant of a storm on the horizon. In just the last few years, Wilma, Matthew and Dorian have all come dangerously close to hitting the area. All three brought varying levels of wind and rain.

If a serious hurricane does finally hit, you can have at least some peace of mind knowing that your homeowners insurance covers damage from hurricanes and tropical storms. Palm Beach Gardens hurricane damage can be incredibly costly, and it’s better to have insurance than wishing you had it when you really need it.

Palm Beach Gardens doesn’t have many high-risk flood zones, but flooding is still the most common and costly natural disaster every year in the United States. Several small bodies of water around the town and the usual large amounts of seasonal rainfall in South Florida could spell trouble if you’re not adequately prepared.

Flood insurance protects your property and personal belongings in case of unstoppable flooding damage. It isn’t required by law, but many city and county websites in Florida recommend it to their residents. 

According to the Insurance Information Institute, the average flood claim in 2018 was $42,580. Unless you have this amount of money on hand to pay for repairs after a flood, you may want to consider purchasing flood insurance in Palm Beach Gardens.

Clovered can help you save money on home insurance in Palm Beach Gardens. Our easy-to-use online quote engine can pair you with a policy in a few minutes, and you can compare rates of top providers in the state. We’re backed by some of the best in the business, and we want to help you get the coverage you need at the price you want.

Feel free to call 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. for more information, or shoot us an email anytime at agent@clovered.com and a licensed and experienced agent will get back to you.