Homeowners Insurance in Cocoa Beach, Florida

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  • Homeowners Insurance in Cocoa Beach, Florida

Although the city has been spared from a hurricane direct hit in a while, Cocoa Beach residents have had close calls recently and must be vigilant every storm season.

All residents need homeowners insurance in Cocoa Beach to protect their properties from threats big and small, from hurricanes to theft.

Use this guide to make an informed decision when buying a policy. Learn average rates, cost factors, and money-saving tips for the best home insurance in Cocoa Beach.

How Much Is Homeowners Insurance in Cocoa Beach, Florida?

The average cost of homeowners insurance in Cocoa Beach is about $3,628 on a $150,000 home, $6,484 on a $300,000 home, and $9,343 on a $450,000 home annually.

Florida is one of the most expensive states for home insurance due to statewide hurricane risk and rising property values, among other factors. Rates in Brevard County are about 19% higher than the state average, largely due to the area’s proximity to the Atlantic Coast, increasing the possibility of hurricane damage.

The following table depicts premiums from nine common insurance companies in Cocoa Beach, accounting for homes at three typical price levels.

Average Cost of Homeowners Insurance in Cocoa Beach 
Company $150,000 House $300,000 House $450,000 House
Allstate $2,015 $3,602 $5,190
Citizens $2,009 $3,587 $5,167
Florida Penn $3,380 $6,037 $8,697
Liberty Mutual $2,597 $4,634 $6,673
People’s Trust $5,604 $10,012 $14,425
Southern Oak $4,500 $8,061 $11,625
State Farm $2,992 $5,349 $7,708
Stillwater $1,541 $2,757 $3,975
Universal Property $4,396 $7,860 $11,328
Average $3,628 $6,484 $9,343
It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

Insurance rates vary by company because every provider has a slightly different method of underwriting. Underwriting is the weighing and analyzing of factors that impact the risk your property poses and influence your premiums. Many factors affect rates, and the way a company prices its premiums due to these rating factors differs.

While rates vary by the carrier, you’ll notice that average premiums always rise as home value increases. A primary factor of insurance rates is your home’s replacement cost, which is the amount of money it would take to rebuild your house from the ground up based on construction and labor expenses. Larger, nicer homes always have higher replacement costs, thus costing more to insure. 

Home insurance rates are heavily dependent on home value, so it’s not fair to look at the market overall without accounting for it. Someone with a large mansion will almost always pay more for insurance than someone with a small, simple house.

The following tables segment home insurance rates in Cocoa Beach by home value while considering two more important rating factors: home age and wind mitigation.

Cost of Homeowners Insurance on $150,000 House in Cocoa Beach 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,095 $1,520 $1,429
Citizens $3,107 $1,194 $1,727
Florida Penn $4,598 $2,836 $2,705
Liberty Mutual $3,286 $2,109 $2,397
People’s Trust $9,184 $3,299 $4,328
Southern Oak $7,465 $3,810 $2,224
State Farm $4,465 $2,378 $2,133
Stillwater $2,463 $1,187 $974
Universal Property $7,685 $2,463 $3,040
Average $5,588 $2,623 $2,673

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.

Florida Office of Insurance Regulation Premium Consideration Factors
Home Construction Coverage Definition
*Wind Mitigation Any protection on your home that helps decrease the damage caused by strong winds like a hurricane. This can include certain roof attachments and coverings, extra water-resistant seals and impact-resistant doors and windows.
Pre-2001 Construction w/ No Wind Mitigation These premiums represent homes built before 2001 with no wind mitigation features.
Pre-2001 Construction w/ Wind Mitigation These premiums represent homes built before 2001 with maximum wind mitigation features.
2001-Present Construction These premiums represent homes with limited wind mitigation features and no hip roof built from 2001, when Florida redesigned its building codes and mandated that new construction withstand hurricane-force winds better. 

Home age is critical to insurance premiums because older houses typically have higher premiums. Older homes have dated components that increase the possibility of property damage, such as aging roofs that can’t withstand hurricane winds well. Also, certain outdated pipes, wiring, and siding can be faulty and more likely to fail.

Wind mitigation is also very influential on insurance rates in Florida because it helps minimize potential hurricane damage, which insurers prefer. Rates on $150,000 homes built before 2001 in Cocoa Beach are reduced by nearly $3,000 annually with wind mitigation.

See how the trends continue in the next table for $300,000 houses.

Cost of Homeowners Insurance on $300,000 House in Cocoa Beach 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,571 $2,736 $2,498
Citizens $5,593 $2,149 $3,020
Florida Penn $8,276 $5,105 $4,729
Liberty Mutual $5,915 $3,796 $4,190
People’s Trust $16,531 $5,938 $7,566
Southern Oak $13,437 $6,858 $3,888
State Farm $8,037 $4,280 $3,729
Stillwater $4,433 $2,137 $1,702
Universal Property $13,833 $4,433 $5,315
Average $10,058 $4,721 $4,674

Homeowners insurance in Cocoa Beach is lowered by 53% on average with wind mitigation. Wind mitigation is especially impactful in coastal areas with greater hurricane damage risk.

The final table below shows average premiums on $450,000 homes in the city.

Cost of Homeowners Insurance on $450,000 House in Cocoa Beach 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $8,047 $3,952 $3,572
Citizens $8,078 $3,104 $4,319
Florida Penn $11,955 $7,374 $6,762
Liberty Mutual $8,544 $5,483 $5,992
People’s Trust $23,878 $8,577 $10,819
Southern Oak $19,409 $9,906 $5,560
State Farm $11,609 $6,183 $5,332
Stillwater $6,404 $3,086 $2,434
Universal Property $19,981 $6,404 $7,600
Average $14,528 $6,819 $6,683
It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

Companies With the Cheapest Homeowners Insurance in Cocoa Beach

Stillwater generally had the cheapest homeowners insurance in Cocoa Beach, although this can change based on details about the policyholder and company needs. It’s hard to know which carrier is the most affordable overall until you get quotes.

Stillwater is an insurance carrier based in Jacksonville, offering its products in all 50 states. It’s not as well-known as other national brands like Allstate and State Farm, but it has competitive insurance rates in Florida.

Citizens was the second most affordable provider on our list. However, Citizens isn’t a traditional insurance company. The state government funds it, and it was originally designed to be a last resort option for people who can’t find affordable options in the private market.

Unfortunately, Florida’s insurance woes have caused far more people than initially expected to turn to Citizens. The company is oversaturated and is trying to offload current policyholders onto other private companies. If you choose Citizens, you’ll have stricter coverage limits and requirements, and you may be given to another carrier in the near future.

Cocoa Beach Homeowners Insurance Coverages

The most common type of homeowners insurance policy is officially called the HO3 form. All HO3 policies contain the same six coverage areas, regardless of which company provides the plan.

Cocoa Beach Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially protects your home’s structure and permanent fixtures, including the roof, walls, countertops, flooring, patios, pipes, and more.
Other Structures Coverage Other structures coverage accounts for features on your property that aren’t attached to the main house, such as pools, fences, sheds, and detached garages.
Personal Property Coverage Personal property coverage guards your belongings, including furniture, clothing, electronics, tools, and jewelry, from damage and theft.
Loss of Use Coverage Loss of use coverage helps cover living expenses you’d incur if major property damage renders your home uninhabitable, forcing you to move out temporarily. Your insurer can cover lodging, groceries, and more.
Liability Coverage Liability coverage covers your finances if someone sues you for injuries or property damage you may have caused. Your carrier can pay medical bills, legal fees, and more.
Medical Payments Coverage Medical payments coverage allots funds for minor medical expenses if someone suffers an injury around your property, regardless of fault.

How to Get the Best Homeowners Insurance in Cocoa Beach

Getting the best homeowners insurance in Cocoa Beach requires an understanding of your coverage needs and budget. No one-size-fits-all policy is available, so you need to be able to adjust plans to suit your needs knowingly.

You can also take some steps to reduce your premiums, such as comparing quotes from multiple providers to find the best deal and raising your deductible.

Adjust Your Policy

When getting quotes, you have the final say on many of your policy limits. What you set your limits at depends on your budget and needs. Insurers require your dwelling coverage to be at least 80% of your home’s replacement cost, but you can up your limits to 100% or more, depending on how much you want to spend.

You can make a home inventory to determine the exact amount of personal property coverage you need, and you can increase or decrease your liability limits based on your assets. We recommend around $300,000 to $500,000 in liability coverage for most people.

Seek Savings

Another crucial part of the best coverage is price. No one wants to pay more than they need to for home insurance. Once you know the coverage parameters you need, you should shop around to find the most affordable plan. Compare quotes from multiple companies – don’t settle for the first one you get.

You can also raise your deductible to lower your premiums. Your deductible is the amount of money you must pay as part of an insurance claim. It gives you a personal stake in maintaining your home and discourages you from filing claims for minor issues regularly.

You choose your deductible when getting a policy. Common deductibles range from $500 to $2,000. Picking a higher deductible reduces the likelihood of you filing a claim and the potential payout of your insurer when settling the claim. This reduces your financial risk to the company and lowers your premiums.

What to Know About Flood Insurance in Cocoa Beach

As the name implies, Cocoa Beach is extremely close to the coast. Flooding is a danger to all properties in Florida, but especially to homes near bodies of water. Storm surges are a major concern in Cocoa Beach, as are heavy rains brought by tropical storms and hurricanes.

Homeowners insurance doesn’t cover flood damage. You’d need a separate flood insurance policy to protect your home from flooding, which is the most common natural disaster in the nation.

The Federal Emergency Management Agency (FEMA) reports that virtually every county in every state has experienced a flood in the last three decades. Without flood insurance in Cocoa Beach, your home isn’t fully protected from Mother Nature.

Consider a policy from the National Flood Insurance Program or one of the many relatively new private flood insurance providers in Florida.

Stay Above Water With Flood Insurance

Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?

Cost Factors of Home Insurance in Cocoa Beach, Florida

Several factors affect the average cost of home insurance in Cocoa Beach. Carriers assess personal or property considerations influencing your likelihood of filing a home insurance claim, such as:

Location: Insurers check to see if your home’s location will influence its chances of damage. For example, homes on the beach are more prone to wind and flood damage and often have higher rates. 

Home Construction: Your home’s construction influences how it withstands damage, affecting insurance premiums. Brick or concrete homes are less prone to wind and fire damage than wooden frame homes and often have lower rates. Also, metal-roofed homes may have lower premiums than shingle or tile dwellings.

Home Features: Recently updated plumbing, wiring, and HVAC components can lower rates. Having a security system can also get you a discount. Conversely, pools, trampolines, and playground equipment, known as attractive nuisances, increase your liability risk and raise rates.

Policy Deductible: Raising your deductible decreases your chances of filing a home insurance claim and lowers possible payouts, reducing your premiums.

Is Home Insurance Required in Cocoa Beach?

No law requires homeowners insurance in Cocoa Beach. However, you can still be required to get and maintain a home insurance policy by your mortgage lender.

Lenders invest significant amounts of capital to help with home purchases in the eventual hope that they’ll make money through equity on the property, just as the homeowner does. If your house gets destroyed, you and your lender would have no way to get your money back without an insurance policy. Your insurer will reimburse you and your lender during a claim.

If you pay off your mortgage or bought your house with cash, no one will require you to keep home insurance. Nevertheless, we recommend everyone to have a policy, especially in Florida. Foregoing insurance puts you at significant risk financially, and one major instance of property damage can turn your life upside down.

How to Get Home Insurance Quotes in Cocoa Beach

If you need help with any step in the process of getting homeowners insurance quotes in Cocoa Beach, turn to Clovered for help. We specialize in Florida properties, and our headquarters is in South Florida. 

When you call us for a quote, you’ll be speaking to a licensed agent and fellow state resident who is very familiar with insurance needs in Florida. Contact us at 833-255-4117 during business hours or email us at agent@clovered.com.

You can also use our proprietary quoting platform to compare homeowners insurance quotes in Cocoa Beach entirely online. It only takes a few minutes to input information about you and your property to see quotes from our partners in your area.

Homeowners
It's Time to Switch Your Homeowners Insurance

We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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