Palm Beach County Homeowners Insurance

Encompassing Boca Raton, Delray Beach, West Palm Beach, Palm Beach Gardens, Jupiter and many other cities along the Atlantic Coast and as far west as Lake Okeechobee, Palm Beach County is a haven for homeowners who like beautiful beaches, towering palm trees and great weather.

With so many homeowners insurance companies in Palm Beach County to choose from, and many facets of homeowners insurance to learn about, including the all-important hurricane deductible and different types of coverages, let’s dive into everything you need to know about getting home insurance in the area.

The average cost of homeowners insurance in Palm Beach County is $4,991 per year for a $150,000 house, $8,617 for a $300,000 house and $11,377 for a $450,000 house, which are well above the national and state average.

Home insurance is quite expensive in Palm Beach County, which makes up one leg of South Florida’s tri-county area, one of the most expensive places in the country for homeowners insurance.

Florida homeowners insurance is well above the national average at $2,533 per year for a $150,000 house, $4,386 for a $300,000 house and $5,849 for a $450,000 house. In fact, it’s one of the most expensive places in the country. The brunt of that hiked premium price is due to hurricane activity in the area.

While hurricanes are covered by homeowners insurance, each hurricane claim in the county raises premium prices for the rest of its citizens. Let’s break down what you can expect to pay for homeowners insurance in Palm Beach County depending on the insurer.

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.

Although those premiums seem a bit high at first glance, there are few stipulations you need to know to better determine what you can expect to pay. For instance, homes built from 2001 to the present day were constructed with stricter building codes that help fight off damage from heavy hurricane winds.

And those homeowners with homes constructed before 2001 can take necessary precautions to ensure their home holds up to the barraging hurricane winds that can strike the county each year from June 1st to November 30th. Let’s take a look at a further breakdown.

As the numbers represent, the average cost of homeowners insurance in Palm Beach County is significantly inflated by homes built before 2001 that either don’t have sufficient protection against hurricane winds or haven’t had a wind mitigation inspection to prove that added protection.

Depending on your insurer and the value of your home, you could pay greater than 75% less in yearly premiums after a wind mitigation. Wind mitigation discounts are applied to homes that take the necessary steps to protect against high winds, such as hurricanes and tropical storms.

To get a wind mitigation discount, all you need to do is install hurricane shutters, replace your windows and doors with impact-resistant models, or switch to a hip roof, which slopes so that winds move away from your home. If you want to see the deep discounts, we suggest doing all three.

But Florida’s booming real estate market means you’ll probably have a tough time finding a house for $150,000. Which, ultimately, means you’ll pay more for homeowners insurance because you’ll need more coverage. So let’s take a deeper dive into the premiums you can expect to pay for a $300,000 house and $450,000 house in Palm Beach County.

For the average cost of premiums, coverage and customer service, Universal Property & Casualty Insurance Company may hold the top spot. It’s headquartered in nearby Fort Lauderdale and is one of the largest home insurance carriers in Florida with a few hundred thousand policies.

The next choices for average premiums prices are FedNat, Citizens and Liberty Mutual. However, more and more companies are exiting the South Florida home insurance market due to the increased number of claims, especially those costly claims involving hurricanes, and risk factors involved with insuring these homes.

The cost of home insurance is skyrocketing in South Florida in part because of recent hurricanes Matthew, Irma and Dorian — all of which wreaked havoc on homes in the area. Those homeowners in West Palm Beach, Royal Palm Beach and Palm Beach Gardens seemingly took the brunt force of claims in the county.

But there’s more than just the company choice that goes into your average cost of premiums. Several factors like deductible, insurance score, your home’s age and construction type, your claims history, the coverage amounts on your home and even your home’s location relative to crime all factor into your final costs.

Homeowners insurance in Palm Beach County covers a multitude of perils like fires, burglary, hurricanes, torrential rains, tornadoes, dog bites, water damage and much more. Coverage for those perils extends to your home’s structure, your personal belongings and even your future financial wellbeing if someone is injured on your property and needs medical attention or — even worse — sues you because of it.

Due to its proximity to the Atlantic Ocean and Intracoastal waterways, flooding is common in many parts of Palm Beach County. Floods can occur due to storm surge, heavy rains or simply a lack of drainage near your home.

Unfortunately, homeowners insurance doesn’t provide coverage for flood damage. To be covered, you’ll need to purchase a separate flood insurance policy, which has similar protections as homeowners insurance — but this one is specifically for dealing with flood damage.

The good news is that flood insurance in Palm Beach County is a fraction of the cost as you’ll pay for homeowners insurance. Homeowners can expect to pay about $600 to $800 per year for flood insurance on a $300,000 house.

As we mentioned earlier, Florida is the most hurricane-prone state in the country and South Florida is at the epicenter of those landfalls since records began in 1851. South Florida’s hurricane strikes since then is only second to the Florida Panhandle due to the Gulf of Mexico’s waters creating a perfect concoction of ingredients to sustain hurricanes.

Florida is one of the few states that includes a hurricane deductible in its homeowners insurance policies, too. While a normal deductible is typically $500 to $2,000 per claim, hurricane deductibles are based on a percentage of a policy’s dwelling coverage, which is the portion that protects your home’s structure.

Hurricane deductibles usually range from 1% to 10% of a home’s dwelling coverage. The higher the percentage, the cheaper the policy. But higher percentages means you’re also taking on more financial risk.

For instance, if your home in Palm Beach County is worth $300,000 and you have a 5% hurricane deductible, you’d be responsible for paying $15,000 toward a hurricane claim should you file one. After you’ve met your hurricane deductible, your insurer will step in to pick up the remaining damage up to your policy’s maximums.

The best way to get cheap homeowners insurance in Palm Beach County is by getting a quote through our online quoting tool. We partner with the top home insurance companies in the county, like Universal Property & Casualty Insurance Company and Florida Penn, so you can always get the coverage you need at the best rate.

You can also get ahold of one of our licensed agents by phone Monday through Friday from 8:30 a.m. to 6 p.m. at 833-255-4117 or email us anytime at agent@clovered.com.