Homeowners Insurance in Florida City, Florida

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  • Homeowners Insurance in Florida City, Florida

Florida City, the southernmost city in Miami-Dade County, has steadily grown over the years as South Florida has boomed. The city is prone to hurricane damage, dating back to the destruction caused by Hurricane Andrew in 1992.

You need homeowners insurance in Florida City to protect your home, possessions, and liability. Finding affordable coverage can be difficult in South Florida, which is why we created this guide containing tips and information you can use in your search for the best home insurance in Florida City.

How Much Is Homeowners Insurance in Florida City, Florida?

The average cost of homeowners insurance in Florida City is about $8,173 annually on a $150,000 house, $14,617 on a $300,000 house, and $21,066 on a $450,000 house.

Unfortunately for Florida City residents, South Florida has the most expensive insurance rates in the state. And, the state overall has the highest premiums in the country. 

Besides Monroe County, Miami-Dade County has the highest homeowners insurance rates in Florida, thanks to high property values and the area’s susceptibility to potential hurricane damage and flooding.

The table below illustrates average homeowners insurance rates in Florida City from some top companies on homes at different price points.

Average Cost of Homeowners Insurance in Florida City
Company $150,000 House $300,000 House $450,000 House
Allstate $3,918 $7,008 $10,100
Citizens $4,513 $8,054 $11,600
Florida Penn $8,418 $15,048 $21,685
Liberty Mutual $4,303 $7,680 $11,061
People’s Trust $15,132 $27,087 $39,052
Southern Oak $13,046 $23,349 $33,661
State Farm $5,669 $10,147 $14,629
Stillwater $4,366 $7,810 $11,257
Universal Property $10,524 $18,840 $27,163
Average $8,173 $14,617 $21,066
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.

Average rates in Florida City are roughly double to triple the state average in many cases. Insurance premiums rise as home value increases. This occurs because insurance companies usually determine home valuation through replacement cost, the cost to rebuild your house based on materials and labor prices. Bigger, more costly homes have higher replacement costs and insurance rates.

While there is a correlation between home values and insurance premiums, it’s not a straightforward one-to-one relationship. Multiple factors affect rates, such as home age.

Older houses often have higher rates than newer ones because many of the features and components on older homes that are worn or outdated can lead to worse property damage. Old roofs, wires, plumbing, and more can cause issues leading to claims, thus raising insurance premiums on older houses.

Another critical factor in Florida is wind mitigation, which is the presence of features on your home that can reduce the impact of wind damage (like from a tropical storm or hurricane). The following table shows average homeowners insurance in Florida City, accounting for home age and wind mitigation on $150,000 houses.

Cost of Homeowners Insurance on $150,000 House in Florida City
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $6,309 $2,829 $2,617
Citizens $6,177 $3,346 $4,016
Florida Penn $12,501 $6,678 $6,076
Liberty Mutual $6,008 $3,083 $3,819
People’s Trust $29,600 $7,084 $8,711
Southern Oak $20,409 $11,007 $7,721
State Farm $9,220 $4,480 $3,307
Stillwater $6,267 $4,000 $2,830
Universal Property $19,800 $5,764 $6,009
Average $13,207 $5,808 $5,504

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. 

Wind mitigation is crucial in Florida because of the constant threat of hurricanes and tropical storms. Hurricanes have decimated several areas of the state in the recent past, evidenced by Hurricanes Ian and Idalia in 2022 and 2023. 

As a result, houses that have demonstrated the ability to better withstand hurricane-force winds have notably lower premiums. In Florida City, you can save an average of $7,000 annually by mitigating your older $150,000 home.

Observe further rates in Florida City on $300,000 houses.

Cost of Homeowners Insurance on $300,000 House in Florida City
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $11,356 $5,092 $4,575
Citizens $11,119 $6,023 $7,021
Florida Penn $22,502 $12,020 $10,623
Liberty Mutual $10,814 $5,549 $6,676
People’s Trust $53,280 $12,751 $15,229
Southern Oak $36,736 $19,813 $13,498
State Farm $16,596 $8,064 $5,781
Stillwater $11,281 $7,200 $4,948
Universal Property $36,640 $10,375 $10,506
Average $23,772 $10,455 $9,623

Wind mitigation reduced rates by over 56% on older homes in Florida City, while newer houses continued to have the lowest premiums. Look how the trend carries over on $450,000 houses in the final table.

Cost of Homeowners Insurance on $450,000 House in Florida City
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $16,403 $7,355 $6,542
Citizens $16,060 $8,700 $10,040
Florida Penn $32,503 $17,363 $15,191
Liberty Mutual $15,621 $8,016 $9,547
People’s Trust $76,960 $18,418 $21,777
Southern Oak $53,063 $28,618 $19,302
State Farm $23,972 $11,648 $8,267
Stillwater $16,294 $10,400 $7,076
Universal Property $51,480 $14,986 $15,024
Average $34,337 $15,101 $13,761

Insurance rates on older, valuable houses or mansions are unfeasible without some wind mitigation. It’s rare to find a property like this, though, as such places often have had some wind mitigation put in over time. You can see how rates from some companies quickly become much more realistic with wind mitigation, as rates on older houses are cut in half.

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 Florida City

Allstate and Stillwater offered the cheapest homeowners insurance in Florida City of the companies we analyzed. However, they may not be the most affordable in every situation, as rates vary by policyholder, location, and more. You might find affordable coverage from other carriers when you’re shopping around.

Allstate and Stillwater are nationwide insurers, although Allstate is much more well-known. When comparing rates among carriers, it’d be wise to include some smaller regional providers in your search, such as Florida Peninsula. Regional insurers will have different rating methodologies, customer service, and more for a different experience you may prefer.

Florida City Homeowners Insurance Coverages

The most common type of homeowners insurance is officially called the HO-3 form. HO-3 policies provide coverage for a wide range of risks and damage sources, known as perils. No matter where you purchase your HO-3 plan from, it will include the following coverages:

Florida City Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially covers your home’s structure and components, including the roof, walls, flooring, pipers, and more, from damage.
Other Structures Coverage Other structures coverage protects features on your property unattached to the main dwelling, such as fences, sheds, detached garages, and pools.
Personal Property Coverage Personal property coverage guards your possessions, including furniture, clothes, electronics, jewelry, bikes, tools, and more.
Loss of Use Coverage Loss of use coverage covers living expenses that arise, such as lodging and groceries, if you’ve been forced to move out of your house after it suffers major damage from a covered peril.
Liability Coverage Liability coverage helps cover medical bills and legal fees if you’ve been found responsible for someone’s injuries in a lawsuit.
Medical Payments Coverage Medical payments coverage is like liability coverage on a smaller scale, covering minor injuries someone can suffer, regardless of fault.

The most commonly covered perils include fires, hurricanes, theft, and water damage. Water damage coverage varies slightly by carrier, though, and you should check your policy to see when and how you’re protected. 

How to Get the Best Home Insurance in Florida City

The best homeowners insurance in Florida City will fully protect your home, belongings, and liability at a price you can afford. The policy that achieves this coverage will vary by person, so getting the best plan looks slightly different for everyone, depending on your coverage needs and budget. 

You might have to adjust some coverage details to make your policy perfect. And, you should definitely shop around to find the right coverage.

Evaluate Your Needs

Be sure that your policy addresses all your coverage needs. You may need to tweak some coverage details and add some extra protections in some cases.

For instance, you choose the coverage limits you want for nearly every coverage in your plan. Tailor your personal property coverage to the exact cost of your belongings with a home inventory list. Raise or lower your liability limits depending on your financial assets and possible liability risks. If you have large dogs or significant assets to protect, we recommend increasing your coverage limits to the higher end to at least $500,000.

Think about whether you need any additional endorsements or riders for specific items or risks not covered by your standard policy. For example, you might need separate coverage for valuable jewelry, art, or collectibles. Endorsements cost extra but may be well worth the money to cover areas that would otherwise cost thousands to repair or replace out of pocket.

Know Ways to Save

Once you’re confident in your plan’s parameters, you should ensure you’re not overpaying for coverage. You should always compare policies from several companies and be aware of possible discounts

Contact multiple insurance providers to obtain quotes. Shopping around enables you to see who has the best rates overall and note differences in endorsements and discounts. You can also get a feel for customer service and other qualitative factors influencing your decision on which company to choose.

Inquire about discounts that may be available to you. Common discounts include bundling home and auto insurance, installing security systems, having a good claims history, and more. Ask each insurer about the discounts they offer.

What You Should Know About Flood Insurance in Florida City, Florida

Homeowners insurance covers water damage in some instances. But, this coverage doesn’t include water rushing into your house from the outside. You need flood insurance in Florida City to financially protect your home when Florida’s waters come to your door.

The Federal Emergency Management Agency (FEMA) defines a flood as “a general and temporary condition of partial or complete inundation of… normally dry land,” which can be caused by several events in Florida City.

The town is situated near Biscayne Bay and is subject to tidal and storm surge flooding during severe weather events, particularly hurricanes and tropical storms. Additionally, heavy rainfall can lead to localized flooding in low-lying areas.

Your home insurance plan won’t cover you from these events, and we encourage you to consider a separate flood insurance policy for complete protection.

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?

Factors Affecting the Cost of Home Insurance in Florida City

Florida City home insurance rates range from $8,173 and $21,066 annually, on average. Insurers examine many factors to determine insurance rates for your property. Companies try their best to determine the risk level of your home. You’ll have higher premiums if your home is more prone to damage. Some of the most important factors that affect rates are:

  • Location
  • Home age
  • Construction materials
  • Property features
  • Policy details
  • Claims history

Any of these aspects that increase the risk of your home will raise rates. For example, homes near the coast or in high-crime areas can have higher premiums due to increased chances of wind damage or theft.

As we discussed earlier, older houses cost more to insure due to their wear and tear and lessened integrity. Also, masonry homes can have lower premiums than frame houses because bricks and concrete can withstand wind and fire damage better than wooden frames.

Your plan’s details also influence rates. Opting for higher coverage limits or endorsements will raise premiums, while discounts will lower your costs. Having a history of filing claims also raises rates because insurance companies see you as more of a financial risk than someone with a clean claims record.

Is Home Insurance Required in Florida City?

No law requires homeowners insurance in Florida City. However, if you have a mortgage on your home, your mortgage lender will require you to maintain homeowners insurance for the life of the loan.

When a lender provides a mortgage loan to a homeowner, they are essentially investing in the property. Lenders require home insurance to protect their investments and help minimize financial risk. Insurance provides a safety net, reducing possible financial loss for both the homeowner and the lender.

If you pay off your mortgage or bought your home with cash in the first place, no entity will be stipulating insurance coverage. But, we recommend keeping a policy anyway, as being on the hook for all property damage can be disastrous in a worst-case scenario.

How to Get Homeowners Insurance Quotes in Florida City, Florida

Shopping around for the right insurance is the most important step in getting coverage. A local insurance agency, like our team at Clovered, can make this process easier by helping you save time and, most importantly, money by finding the perfect provider match.

We’re an independent insurance agency headquartered just up the road in Fort Lauderdale. We have local know-how and expertise to help you with your homeowners insurance quotes in Florida City.

It takes just a few minutes to compare rates on our online quoting tool. All you must do is provide some information about yourself and your property to see plans from top home insurance companies in Florida City, Florida.

Or, you can chat with one of our licensed agents for a quote over the phone. Call 833-255-4117 during business hours, and one of our members would be happy to help you.

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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