The Villages Homeowners Insurance

The community does its best to alleviate the stress of its retired residents with all the amenities you can think of, but there’s one concern that homeowners can’t quite shake.

The threat of natural disaster is always a concern in Florida, and it’s a main determinant of the cost of homeowners insurance in The Villages. Fortunately, the city’s inland location in the state’s center shields it from major hurricane damage, but there are other severe weather hazards to worry about.

Let’s take a look at the average cost of homeowners insurance in The Villages and what exactly impacts rates.

Home insurance in The Villages costs an average of $1,884 per year for a $150,000 house, $3,266 for a $300,000 house, and $4,436 for a $450,00 house. 

These rates are relatively cheap for Florida. The average cost of homeowners insurance in the state is $2,533 per year for a $150,000 home, $4,386 for a $300,000 house, and $5,849 for a $450,000 house.

Examine below what many top insurers charge for homeowners insurance in The Villages.

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.

As you can see, FedNat is the only insurance company in The Villages whose rates come in above the state average, with State Farm coming in just under. ASI, a Progressive company, and span style=”font-weight: 400;”>Universal Property & Casualty seem to have the most affordable premiums in the city from private insurers. 

Let’s break down home insurance in The Villages even more, accounting for two important factors that providers look at: wind mitigation and the age of your home for $150,00 worth of coverage.

Wind mitigation is important in Florida because of the devastation hurricanes have caused to properties in the past. Insurers are required by law to reward homeowners whose houses have effective wind mitigation measures with a steep discount on premiums.

The age of your home is also important. Newer homes have a smaller risk of having structural issues due to wear and tear, and they’re already built with some wind mitigation measures. 

Houses in The Village tend to be pretty reasonably priced. But $150,000 worth of coverage may not be enough for some residents. Let’s take a look at what $300,000 and $450,000 of home insurance in The Villages costs and if wind mitigation still provides a similar level of savings.

We’ve broken down the costs of home insurance in The Villages at two common coverage levels. It costs less than most coastal places in the state, but what exactly are you paying for?

A standard homeowners insurance plan covers more than just the physical structure of your house. Homeowners insurance is a worthwhile investment because it includes the following areas of coverage:

Other than wind mitigation and how old your house is, insurance companies look at a plethora of factors to determine your premium. Some of these are more obvious than others. While it varies slightly from company to company, there are some determinants that insurers consider across the board.

One of these is your claims history. If you’ve filed a lot of claims in the past, your rate will almost certainly be higher. Some claim types influence your premium less than others, but the general rule of thumb is the more claims you file, the more you’ll pay for insurance since you present a greater financial risk for the provider.

The location of your house is also important in several ways. Insurance companies will look at crime trends in your neighborhood. Usually, homes in safer areas tend to have lower premiums. In Florida, a major aspect of your house location is the likelihood of severe weather. Homeowners insurance in The Villages almost certainly reflects the following weather-related hazards.

Every Florida resident has to deal with rain year-round. It’s no different in The Villages. Flood damage can be incredibly costly, and many homeowners aren’t aware that homeowners insurance doesn’t cover it.

 Persistent rainfall has caused flooding in The Villages in the past. Last year, almost half of the community’s 36 golf courses were closed after they became inundated with water after heavy rains. If you want your home and property to be protected from flooding in The Villages, you’d need a flood insurance policy.

No home is ever fully safe from flooding, especially in Florida. The Villages community contains some federally-designated flood zones, but even houses outside these areas are in danger. FEMA reports that about a quarter of flood insurance claims come from properties outside their labeled flood zones.

Although it’s located away from either coast of the state, The Villages isn’t immune to hurricane damage. Hurricane Irma left its mark in 2017, hitting the area as a category 1 storm that damaged homes, downed trees and power lines, and knocked out power for many.

Fortunately, homeowner insurance will protect from most instances of hurricane damage in The Villages. Windstorms, like hurricanes and tornadoes, are a named peril that most plans safeguard from.

Due to the extensive havoc a hurricane can cause, Florida homeowners have to deal with a hurricane deductible when filing for a hurricane damage claim. Instead of being a set dollar amount, like $500 or $1,500 often associated with home insurance deductibles, hurricane deductibles are a percentage of your home’s dwelling coverage.

Perhaps the most pervasive issue in The Villages is an unexpected one: sinkholes. Sinkholes happen more often in Florida than in any other state, and central Florida is a hotbed for them. The porous limestone that makes up the earth under The Villages can be whittled away by water until the surface becomes weak enough to collapse, forming a sinkhole.

Sinkholes in The Villages are only covered by home insurance in the most serious of cases, like if one damaged the structure of your home so much that it had to be evacuated. Most sinkholes won’t be covered by your policy, and you’d need to purchase extra sinkhole coverage to be totally protected.

Comparing rates is the best way to ensure you’re getting a good deal on insurance. At Clovered, we make this easy. Our online quote engine lets you compare quotes for a policy tailored just for you from top providers in the state at no cost. We want to help you get the coverage you need at the price you want.

If you have any questions, feel free to contact one of our licensed and experienced agents at 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. or email us anytime at agent@clovered.com.