Homeowners Insurance in Coral Springs, Florida

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  • Homeowners Insurance in Coral Springs, Florida

Aesthetic and family-friendly Coral Springs has become a popular suburb for nearby Fort Lauderdale and Miami. Homes in the city are highly sought after, with property values soaring.

If you are lucky enough to own a home in Coral Springs, don’t leave its protection up to chance. The right homeowners insurance policy financially safeguards your property from several types of damage.

Use this guide to find the best home insurance in Coral Springs at the best price. We include all the useful details you need to know.

How Much Is Homeowners Insurance in Coral Springs, Florida?

The average cost of homeowners insurance in Coral Springs is about $6,701 annually on a $150,000 house, $11,983 on a $300,000 house, and $17,271 on a $450,000 house.

South Florida, specifically Miami-Dade, Palm Beach, and Broward Counties, is one of the most costly areas in the state for homeowners insurance due to high property values and the significant risk of hurricane damage every year.

Coral Springs falls squarely in this region, and you’ll see these costly average premiums below. The following table depicts rates in the city from some common carriers for homes at three different price points.

Average Cost of Homeowners Insurance in Coral Springs 
Company $150,000 House $300,000 House $450,000 House
Allstate $2,733 $4,888 $7,045
Citizens $3,707 $6,617 $9,531
Florida Penn $8,103 $14,483 $20,871
Liberty Mutual $3,826 $6,829 $9,837
People’s Trust $10,936 $19,573 $28,218
Southern Oak $10,301 $18,442 $26,590
State Farm $5,332 $9,546 $13,763
Stillwater $3,432 $6,140 $8,850
Universal Property $8,418 $15,071 $21,729
Average $6,701 $11,983 $17,271
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.

Home value is a major factor in insurance rates. The larger and more expensive your home is to build, the more coverage you’ll need. Higher coverage limits cost more money. 

These home values are based on the replacement cost of your home, typically the valuation insurance companies use. It’s not the same as the market value of your house.

Some of these rates seem unbelievably high, but that’s because the above averages don’t reflect some critical factors affecting premiums in South Florida, such as home age and wind mitigation, which we’ll do shortly.

Older houses generally have higher premiums than newer homes because older properties have accumulated wear and tear that can cause or worsen property damage if a problem arises. They’re also not built up to the latest building codes that are so stringent in South Florida to help homes withstand storm damage.

Wind mitigation is also crucial to premiums. Homes with wind mitigation features can weather hurricane and tropical storm winds better.

The table below shows average Coral Springs home insurance rates for homes valued at $150,000, accounting for home age and wind mitigation.

Cost of Homeowners Insurance on $150,000 House in Coral Springs 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $4,294 $2,059 $1,846
Citizens $5,221 $2,685 $3,215
Florida Penn $11,986 $6,453 $5,869
Liberty Mutual $5,700 $2,503 $3,274
People’s Trust $20,769 $5,533 $6,507
Southern Oak $16,600 $8,544 $5,758
State Farm $8,866 $4,114 $3,016
Stillwater $4,956 $3,116 $2,225
Universal Property $15,911 $4,574 $4,770
Average $10,785 $4,794 $4,524

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 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. 

While still costly, you can see how rates become noticeably more manageable with wind mitigation. On average, wind mitigation measures reduced premiums on older homes by over 55%.

Few homes in Coral Springs are worth $150,000, so take a look at the rates on homes with a replacement cost of $300,000 below.

Cost of Homeowners Insurance on $300,000 House in Coral Springs 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $7,729 $3,706 $3,228
Citizens $9,398 $4,833 $5,620
Florida Penn $21,575 $11,615 $10,260
Liberty Mutual $10,620 $4,505 $5,723
People’s Trust $37,384 $9,959 $11,376
Southern Oak $29,880 $15,379 $10,066
State Farm $15,959 $7,405 $5,273
Stillwater $8,921 $5,609 $3,890
Universal Property $28,640 $8,233 $8,339
Average $19,413 $8,629 $7,908

Wind mitigation continues to have a significant effect. While rates dropped over 55% on average again, some companies had greater differences. For example, premiums from People’s Trust, a popular South Florida insurer based in Deerfield Beach, cut rates by 73% on older homes with wind mitigation vs. those without.

The final table below shows average Coral Springs home insurance costs for $450,000 homes.

Cost of Homeowners Insurance on $450,000 House in Coral Springs 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $11,164 $5,353 $4,616
Citizens $13,575 $6,981 $8,037
Florida Penn $31,164 $16,778 $14,672
Liberty Mutual $14,820 $6,508 $8,184
People’s Trust $53,999 $14,386 $16,268
Southern Oak $43,160 $22,214 $14,394
State Farm $23,052 $10,696 $7,540
Stillwater $12,886 $8,102 $5,563
Universal Property $41,369 $11,892 $11,925
Average $28,041 $12,464 $11,309

Obviously, no one is spending $40,000 to $50,000 on a home insurance policy. You just wouldn’t choose that company (hence the importance of shopping around). But, that is a possible premium you could receive when you get a quote if you meet the criteria of having a large, older home with no wind mitigation.

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 Coral Springs

Allstate, Stillwater, and Citizens tended to have the cheapest homeowners insurance in Coral Springs, based on our analysis. However, no company will always have the cheapest rates because carriers determine premiums case by case, and every policyholder is different.

Because of the many options in companies and variations in premium calculations, you should shop around for insurance to make sure you’re getting a good deal. One company you’ll encounter, Citizens, is notably different from the other carriers.

Citizens Property Insurance Corporation is a state government-backed insurance provider. Initially intended only to be an option for people who can’t find coverage in the standard market, Citizens has ballooned to become the largest insurer in the state because of the difficulty in the Florida market.

Citizens has become the only option for many homeowners, but the company is trying to shed policies. Additionally, their plans have lower limits and less flexibility than plans from typical carriers. When quoting, try to keep Citizens as a backup option rather than a primary one.

Coral Springs Homeowners Insurance Coverages

Regardless of which company you choose as your provider, you’ll likely receive the same coverages in your Coral Springs home insurance plan. The typical coverages are:

Coral Springs Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially protects the physical structure of your home, including the walls, floor, roof, foundation, and built-in systems like electrical and plumbing. 
Other Structures Coverage Other structures coverage extends to fixtures on your property unattached to your main house, such as sheds, fences, detached garages, pools, and carports.
Personal Property Coverage Personal property coverage financially guards personal belongings, like clothing, electronics, furniture, tools, jewelry, and more.
Loss of Use Coverage Loss of use coverage helps cover the cost of temporary housing and other living expenses if your home becomes damaged and uninhabitable after a covered loss, such as a fire or hurricane.
Liability Coverage Liability coverage provides protection if you’re found legally responsible for injuries or property damage to someone else after a lawsuit. Your insurer can pay medical bills, legal fees, and more.
Medical Payments Coverage Medical payments coverage covers medical expenses for guests who suffer minor injuries on your property, regardless of fault.

How to Get the Best Homeowners Insurance in Coral Springs, Florida

The best homeowners insurance in Coral Springs will differ for every person. To ensure you find the best plan for you, you should fully understand your coverage needs. Then, shop around and adjust your plan to stay within your budget, if possible.

Identify Coverage Needs

You set many of your policy limits when getting quotes. You want to set limits that cover you fully without overpaying for unnecessary coverage. You can achieve this with personal property coverage by creating a home inventory. A home inventory list will give you an exact dollar amount of your belongings and the precise amount of personal property coverage you need.

Insurer recommendations for dwelling, other structures, and loss of use coverage typically suffice, but you may want to raise your liability limits. It’s better to be safe than sorry when it comes to liability coverage, and upping your limits is relatively cheap compared to other areas of your plan.

Your property may also have additional considerations not covered in a standard policy. For instance, you’ll need a separate endorsement if you run a business out of your home. An endorsement or rider in home insurance is the formal name for extra coverage options. Common endorsements include inflation guards, water backup, and protections for especially valuable jewelry, art, or memorabilia.

Identify Ways to Save

Once you receive a rough, final premium number you can expect in your plan, see how to lower that number by adjusting your deductible or asking about discounts.

Your deductible is the amount of money damage must exceed before you can file a claim for your insurer to cover the damage. Choosing a higher deductible means taking on more financial responsibility for property damage. You become less risky to the insurance company because you can absorb more costs before asking for their help. Higher deductibles result in lower premiums.

You should also ask about the discounts you can receive. Most companies have discounts for home security systems, new construction, and military status, among others. You’ll also likely earn discounts over time for staying claims-free. And, many companies offer the most significant discounts for bundling your policies.

Do I Need Coral Springs Flood Insurance?

While home insurance covers various perils, from fires to hurricanes to vehicle damage, most standard policies don’t cover flood damage. 

Without flood insurance, your home isn’t fully covered from the damage it can sustain. Given South Florida’s susceptibility to flooding, you should probably consider flood insurance in Coral Springs.

Even a minor flood can cost tens of thousands to remediate. And, flood insurance is mandatory in certain high-risk areas designated by the Federal Emergency Management Agency (FEMA).

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 Coral Springs, Florida

Several variables affect the cost of home insurance, such as:

Home characteristics: the age and condition of your home components influence premiums. Old roofs, pipes, and siding can raise rates. Attractive nuisances, such as pools or trampolines, can also raise rates. Security systems or SMART home features can lower the premiums of property insurance in Coral Springs.

Policy details: higher policy limits will raise premiums. Opting for endorsements will also increase the cost of your insurance. Raising your deductible can lower premiums.

Market/company factors: the needs of a company will dictate its premiums. For instance, if a firm had more claims than expected last year and experienced some losses, it might raise premiums the following year to recoup some money.

Is Home Insurance Required in Coral Springs?

Homeowners insurance isn’t required in Coral Springs by law. However, mortgage lenders can require it when you mortgage your property.

When lenders put money down on a house, they require home insurance as part of the mortgage to protect their investment. That way, if the house gets destroyed, the lender can recoup their money through the insurance policy rather than just lose it.

How to Get Homeowners Insurance Quotes in Coral Springs

If you want help getting homeowners insurance, turn to a local home insurance agency in Coral Springs, Florida, with regional expertise and reputable partners. We’re Clovered, an independent insurance agency just down the road. With our headquarters in Fort Lauderdale, we’ve been helping Florida residents with all their insurance coverage needs since 2018. 

Check out our online quoting engine, which enables you to compare your home insurance quotes in Coral Springs in minutes. You can also call our team of licensed agents for a quote at 833-255-4117 during business hours. Feel free to email us, also, at agent@clovered.com if you have any questions.

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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