Homeowners Insurance in Boca Raton, Florida (2024)

Unfortunately, the luxury lifestyle of Boca comes at a price in the form of homeowners insurance. Keep reading to learn the average rates of many providers in the area, their common coverages, and some of the risks they consider that influence premiums.

The average cost of homeowners insurance in Boca Raton is $6,837 for a $150,000 house, $12,383 for a $300,000 house, and $17,759 for a $450,000 house. The city is relatively high-end overall, and you won’t find a difference when it comes to rates. 

Average homeowners rates in Boca are above the state average. Florida overall has average rates of $3,325 per year for a $150,000 house, $6,026 for a $300,000 house and $8,644 for a $450,000 house. Recent data suggests homes in South Florida, including those in Boca Raton, are about 34.7% overvalued. 

Due to its increased chances of encountering hazardous weather like hurricanes and floods, home insurance premiums in Florida are some of the highest in the nation. Boca Raton’s location on the east coast of the state means it is very likely to suffer damages should a hurricane come, as residents of the area know well. South Florida, in particular, has some of the highest rates in the state.

While the recent astronomical increase in homeowners insurance premiums in Boca Raton and across Florida has homeowners scrambling for a policy that won’t break the bank, insurers have been dropping policies in the state, making circumstances even more dire. However, 2024 has brought some good news for residents of this Florida city, as they welcome a new insurer with the hope that residents can, once again, get the coverage they need. 

With this in mind, let’s look at some Boca Raton home insurance rates from some common companies in the area:

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.

Homeowners insurance in Boca Raton, Florida is affected by many factors. The averages don’t tell the whole tale. A major consideration for insurance companies, especially in Florida, is wind mitigation of your house. 

Wind mitigation is a fancy term for features on your home that make it more resistant to high-impact winds, subsequently preventing major damage from hurricanes. These features may include impact-resistant materials on your doors and windows, water-resistant seals, or roof attachments or coverings that will protect your roof from damage. 

Let’s check out the premium considerations for wind mitigation features on your home.

Now, let’s see just how much wind mitigation features affect premiums for $150,000 homes in the city.

Boca’s popularity and commercialization have driven up home prices quite a bit. It’s reasonable to think a policyholder in Boca may need more than $150,000 in coverage, so let’s look at what it could cost annually for $300,000 and $450,000 worth of homeowners insurance in Boca Raton.

While these rates are certainly higher than the average homeowners insurance premium in the state, it’s crucial to remember premiums are highly subjective based on the individual, one’s home, and one’s insurer. In fact, some insurers have begun to reduce rates as Florida’s homeowners insurance crisis shows no signs of slowing down.

Nevertheless, let’s check out the numbers for $450,000 homes. 

As you can see, coverage for new homes is almost always cheaper than covering an old home, even if the older house has wind mitigation. New homes are up to the latest building and safety codes, which insurers prefer. Also, newer homes have fewer issues that could lead to a claim, like new air conditioners and new roofs.

As you can see from the numbers above, wind mitigation makes a world of difference on homeowners insurance rates in Boca since the city is so exposed to hurricanes. By law, insurers have to reward those who proactively protect their house value with wind mitigation. 

The savings amount to thousands of dollars and it can literally cut rates of home insurance in Boca Raton in half. For instance, the average premium on an older home in Boca worth $300,000 was over twice as expensive without wind mitigation.

To be eligible for discounts on Boca Raton home insurance, you’d need to get a wind mitigation inspection on your home. During an inspection, an inspector will look at the shape of your roof, how it’s attached to your house, what it’s made out of, how your doors and windows would stand up to debris, and more.

If your home is up to wind mitigation standards, or you’ve made appropriate additions yourself, you could be in line for a discount. A wind mitigation inspection in Boca likely wouldn’t cost more than $200, and it would probably pay for itself after the first year of insurance savings.

If you’ve never purchased a homeowners insurance policy, you might not know that it guards a lot more than just your house. When you pay your monthly premium, you’re paying for protection from several different perils that can wreak havoc on your property, as well as much more:

Dwelling coverage, or Coverage A, protects the structure of your home. This means your walls, foundation, roof, and other elements of your home’s structure may be covered if a covered peril damages them.

Other structures coverage, or Coverage B, covers the elements of your property that aren’t attached to your main home. This means your fence, carport, garage, shed, or other unattached structures on your property may be covered if a covered peril damages them.

Personal property coverage, or Coverage C, protects your belongings stored in your home. This means your furniture, clothing, appliances, and many other belongings may be protected if a covered peril damages them.

Loss of use coverage, or Coverage D, covers you if your home becomes uninhabitable due to damage from a covered peril. This coverage may help you with expenses for groceries, temporary housing, gasoline, and other necessities. 

Personal liability coverage, or Coverage E, may cover you if a guest sustains an injury on your property or if a member of your household damages someone else’s property. This coverage may help you with medical expenses or legal fees. 

Medical payments coverage, or Coverage F, may kick in if a guest sustains a minor injury on your property. This coverage will only cover medical expenses. 

As mentioned previously, homeowners insurance in Boca is influenced by the likelihood of inclement weather like hurricanes. But, there are a lot more factors that play a role in rates. Some of these are:

In addition to these components, smaller-scale factors like buying a trampoline or putting in a pool can raise your rates. More importantly, the risk of weather-related hazards plays a huge role on insurance rates in South Florida.

Even without hurricanes and tropical storms, Boca receives its fair share of rainy weather due to its location in the tropics. For a resident, this can be a cause for concern since damage from flash floods isn’t covered by a standard homeowners insurance policy.

The Federal Emergency Management Agency (FEMA) is responsible for making flood zone maps for the country and FEMA designates areas in every state that are prone to flooding. Due to its proximity to the ocean, Intracoastal, and lots of small lakes and rivers, Boca has quite a few flood zones.

Almost all of the coastline along A1A lies in a VE flood zone, while houses along the Intracoastal are in AE flood zones. These are higher risk than the many inland areas of east and west Boca around bodies of water that are in AH flood zones.

There are a lot of canals along I-95, and many of these contribute to increased flood risk. Flood insurance isn’t required by law, but your mortgage lender may require you to get a flood policy if you live in a moderate- to high-risk zone.

To be covered from flooding in Boca, homeowners can purchase a separate flood insurance policy either through a private insurer or the National Flood Insurance Program (NFIP). Fortunately, Boca Raton homeowners can receive up to 15% off of flood insurance premiums since FEMA recognizes the city’s proactive efforts to manage its floodplains through the Community Rating System.

Hurricanes are a hazard residents of South Florida know well. Every hurricane season, it seems there’s at least one storm brewing in the Atlantic that Boca Raton residents have to worry about. Wilma was the last major storm to hit the area in 2005, but the city felt some effects of Hurricane Irma in 2017.

Hurricane damage is covered by a homeowners policy. Unfortunately, the frequent and increased risk of hurricanes is one of the important factors that drive up insurance premiums in the state. Also, when filing a claim for hurricane damage, policyholders have to deal with a hurricane deductible as opposed to a regular homeowners deductible. 

Clovered’s online quote engine allows you to build a homeowners insurance policy to match your needs and compare quotes for this plan from top providers. Clovered was designed to bring you the coverage you need at the best price.

If you’d rather speak to a licensed agent, you can call one Monday through Friday from 8:30 a.m. to 6 p.m. by calling 833-255-4117, or email us anytime at [email protected]. Headquartered just down the road in Fort Lauderdale, we’re very familiar with providing home insurance in Boca Raton.