Homeowners Insurance in Cape Coral, Florida

As the largest city by population in Southwest Florida, Cape Coral is quickly becoming one of the premier destinations to live on Florida’s Gulf Coast. In addition to its pristine beaches and parks, the city enjoys warm weather year-round.

The coastal living in Cape Coral comes at a price in the form of high home insurance premiums. Below, we take a look at what you need to know about homeowners insurance in Cape Coral, including the best insurance companies and when and how you’re protected against hurricanes and floods.

The average cost of Cape Coral homeowners insurance is around $3,114 yearly. Unfortunately, Florida is regularly at the top of the list for the most expensive states for home insurance.

Cape Coral’s location on the Gulf of Mexico leaves it vulnerable to major hits from hurricanes and tropical storms, which are a major concern for insurers in Florida. The cost of home insurance in the state has risen in recent years due to environmental risks and several companies failing or ceasing to write new policies around 2020.

Take a look at average home insurance rates in Cape Coral from several common carriers still operating in the Sunshine State.

Home age is an important factor in insurance premiums that you can’t see when looking at averages. Many homes in Cape Coral were built post-2001, so they’ve got important wind mitigation features already built in. Those features not only protect your home against windstorms, but they can also decrease your home insurance premiums drastically.

Wind mitigation is crucial for carriers in Florida due to the constant looming threat of hurricane damage. State law requires insurers to discount premiums of policyholders whose houses pass a wind mitigation inspection. It can save you thousands of dollars on insurance yearly.

Another critical factor in rates is home value in the form of replacement cost. Your house’s replacement cost is the amount needed to rebuild it based on construction, labor, and materials expenses. Cape Coral has its fair share of larger, expensive properties. Owners of bigger, more extravagant properties will pay more for insurance than those who own smaller, simpler houses. 

The best home companies in Cape Coral, Florida, will vary by person. Citizens and Southern Oak had the lowest rates according to our findings. However, this may not be the case for all residents.

It’s always crucial to shop around from multiple carriers to find the best rates. Every insurer has different ways of underwriting, which produce different premiums at different times depending on the carrier. In addition to rates, companies can offer other perks like better customer service, which you can only uncover by comparing several providers.

In addition to covering the structure of your house, Cape Coral home insurance covers a lot more than you might imagine. From your personal property to medical bills and, well… let’s just take a deeper dive and explain exactly what coverage you can expect from a Clovered policy.

Your coverages come into play for a multitude of different unexpected perils, including things like dog bites, house fires, hurricanes, water damage and burglaries. Plus some structural things like electrical wiring, your home’s foundation, and even a leaking roof.

Cape Coral’s location directly on the Gulf Coast, separated by the Gulf of Mexico by Matlacha Pass Aquatic Preserve and a few barrier islands, the city is no stranger to flooding. Historically high tides caused by hurricanes are common and flooding from the city’s abundance of rainfall is also common for the majority of the city’s residents.

FEMA’s flood zone maps show that more than 85% of the properties in Cape Coral are located in some form of flood zone and are, therefore, at risk of sustaining flood damage at least once. When you consider how damaging and costly floodwaters can be, and that homeowners insurance doesn’t cover flooding, getting Cape Coral flood insurance is a necessity.

Most residents qualify for FEMA’s government-run National Flood Insurance Program, which was created to provide affordable flood insurance to individuals living in high-risk areas and unable to secure it from a private company.

However, thousands of homeowners may be affected by a recent FEMA decision to pull a 25% flood insurance discount from properties throughout Cape Coral and southwest Florida. The situation is still ongoing, and involves a miscommunication between FEMA and city officials in regards to compliance.

You can also seek flood insurance from private providers, which can be a useful alternative depending on your property and needs. All you need to do is fill out our online flood insurance quote form and one of our in-house licensed agents can pair you with a Cape Coral flood insurance policy that fits your budget.

Fortunately, coverage for hurricanes is included in the cost of your homeowners insurance premiums. There’s no such thing as hurricane insurance. Your Cape Coral home insurance takes care of that for you.

Some companies may give you the option to bypass windstorm and hurricane coverage in your plan. This would likely substantially lower premiums. However, choosing to forego wind coverage would leave you personally responsible for all property damage if a hurricane arrives, which could be catastrophic. Think carefully before opting out of hurricane coverage in your policy.

Getting a quote through our online quoting engine is by far the quickest and easiest way to get the best homeowners insurance in Cape Coral. All you need to do is answer a few questions about your house and we’ll do the rest. You can have a new home insurance policy in minutes!

But if you just want to talk to a real person, one of our many licensed agents is available to chat by phone Monday through Friday from 8:30 a.m. to 6 p.m. at 833-255-4117. Or you can drop us an email anytime at agent@clovered.com.