Homeowners Insurance in Freeport, Florida
- Homeowners Insurance in Freeport, Florida
Freeport is a small town on the Florida Panhandle, named one of the fastest-growing places in the state in 2023. With great growth comes great responsibility – to protect your home and belongings from unexpected damage.
A homeowners insurance policy is the best financial safety net you can ask for. Unfortunately, finding the right policy in Florida isn’t always cheap.
Use this detailed guide when looking for coverage to find the best homeowners insurance in Freeport at a price you can afford.
How Much Is Homeowners Insurance in Freeport, Florida?
The average cost of homeowners insurance in Freeport is $3,208 on a $150,000 house, $5,733 on a $300,000 house, and $8,260 on a $450,000 house.
Freeport’s location on the Gulf of Mexico leaves properties prone to hurricane damage. As a result, home insurance rates in the city are above average relative to the rest of the state. Insurance premiums are among the country’s highest overall, partly due to inflation and soaring property values in the state.
So, when you add the risk of hurricane damage in a coastal city like Freeport, you’ll experience these high home insurance rates firsthand.
We listed average premiums from some common home insurance companies in Freeport below.
|Average Cost of Homeowners Insurance in Freeport|
|Company||$150,000 House||$300,000 House||$450,000 House|
As you can see, premiums increase as the average home value increases. This occurs because carriers take into account the replacement cost of your home, which is the cost to rebuild based on materials and labor. Naturally, larger, more expensive homes cost more to reconstruct and to insure.
Home value is one of the many factors that influence premiums. The following table demonstrates the effect of two more significant variables, home age and wind mitigation, on $150,000 homes for a more detailed look at the Freeport homeowners insurance market.
|Cost of Homeowners Insurance on $150,000 House in Freeport|
|Company||Pre-2001 No Wind||Pre-2001 w/Wind||2001-Present|
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|
|*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 reduced premiums by nearly 50% on older homes. Newly constructed homes generally had the lowest home insurance rates because new homes are built up to the latest building and safety codes in Florida, which makes them most resistant to storm damage. And, new homes don’t have components with wear and tear that can make property damage more likely or worse.
We break down more home insurance rates in Freeport on $300,000 homes.
|Cost of Homeowners Insurance on $300,000 House in Freeport|
|Company||Pre-2001 No Wind||Pre-2001 w/Wind||2001-Present|
Finally, note premiums on $450,000 homes, which can get very pricey without wind mitigation.
|Cost of Homeowners Insurance on $450,000 House in Freeport|
|Company||Pre-2001 No Wind||Pre-2001 w/Wind||2001-Present|
Which Companies Have the Cheapest Homeowners Insurance in Freeport, Florida?
Stillwater has the cheapest homeowners insurance in Freeport of the companies we analyzed. But, rates vary due to many factors, and no company will be the most affordable by default for everyone. Policyholders and company calculations vary, so it’s essential you shop around when buying Freeport home insurance.
When shopping around, you should know Citizens is different from standard home insurers. Citizens is a state-run entity that was designed to be a last-resort option for people who couldn’t find coverage from a regular company. Unfortunately, Citizens has grown to be the largest insurer in the state in 2023 because of the difficulties of the Florida market.
Citizens policies have smaller limits and less flexibility than the plans you can get from a standard carrier. And, the company is actively trying to offload policies to shrink operations. We recommend seeking coverage from a private, normal carrier before getting a policy with Citizens.
Freeport Homeowners Insurance Coverages
While rates will vary by company, the coverages you receive in a Freeport home insurance policy stay the same industrywide. The most common type of homeowners insurance is the HO3 form, which protects policyholders’ property and liability in several ways.
|Freeport Homeowners Insurance Coverages|
|Dwelling Coverage||Dwelling coverage in a home insurance plan covers your home’s structure and attached fixtures, including the roof, walls, flooring, foundation, pipes, HVAC, and more.|
|Other Structures Coverage||Other structures coverage financially protects features on your property separate from your main house, such as sheds, fences, detached garages, carports, pools, and more.|
|Personal Property Coverage||Personal property coverage accounts for your belongings in and around your property, including furniture, televisions, computers, clothes, tools, jewelry, and more.|
|Loss of Use Coverage||Loss of use coverage helps cover temporary living expenses if you must move out of your house after it suffers damage from a covered loss that makes it uninhabitable. Your provider can cover groceries, gas, lodging, and more.|
|Liability Coverage||Liability coverage comes into play if you’ve been found legally liable for someone’s injury or property damage after a lawsuit. Your insurance company can cover medical bills, legal fees, and more.|
|Medical Payments Coverage||Medical payments coverage is like liability coverage on a much smaller scale and without the need for legal intervention. It’s designed to cover minor injuries someone can suffer.|
How to Get the Best Homeowners Insurance in Freeport, Florida
The best homeowners insurance in Freeport will sufficiently cover your property and liability at a price you can afford. This will vary from person to person, so make sure you understand your coverage needs and shop around to find the right carrier.
Set Your Limits
You decide on your policy limits when you get a home insurance policy. Your insurer typically decides your dwelling coverage based on the replacement cost of your house. Your other structures and loss of use limits are typically around 10% and 20% of your dwelling coverage, respectively.
You have more freedom when determining your personal property and liability limits. We recommend creating a home inventory list to document all the items you own and how much they cost. The grand total is the exact number of personal property coverage you need, ensuring you don’t underinsure yourself or overpay for unneeded coverage.
Companies typically require at least $100,000 in liability limits, but we recommend getting more. It’s better to be safe than sorry. Depending on your financial assets and cash on hand, you should opt for at least $300,000 and maybe exceeding $500,000. If you have assets worth over a million, consider an umbrella policy.
Depending on your property, you may need additional coverage outside the scope of default plans to cover your home and belongings fully. You can purchase optional coverage called endorsements.
Policies have sub-limits for valuable items like art, jewelry, and memorabilia. If you own costly valuables, consider a common endorsement called scheduled personal property coverage to protect these keepsakes fully. Other notable endorsements include home-business coverage, water backup coverage, and inflation guards.
Once you know the specifics of the policy you need, you should compare your options from multiple companies to find the best deal. Compare coverage options, endorsements, and discounts.
You should also note customer service when shopping around. You can see which carriers have friendly user interfaces and online portals, also, which is useful to know in case you ever need to file a claim.
What to Know About Flood Insurance in Freeport
Home insurance in Freeport covers various sources of damage, from hurricanes to theft to fires. But, policies don’t cover flood damage, which is the most common and costly natural disaster in the country.
Due to the frequency and varying severity of floods, home insurers almost never include flood coverage in their policies. Homeowners insurance only covers water damage generated from inside your home, such as pipe or air conditioning leaks.
Floodwaters from Mother Nature are excluded. In a coastal town like Freeport, where flash flooding and storm surges are possible in many places, you may want to consider flood insurance to protect your property thoroughly.
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 Freeport
Several variables affect the average cost of home insurance in Freeport. Insurance companies take aspects of your home, policy, and personal details into consideration to assess your risk level. Homeowners with a higher chance of suffering property damage are greater risks and have higher premiums.
Some of the most critical factors that influence average Freeport homeowners insurance rates include:
- Home construction
- Home features
- Policy details
- Claims history
Frame houses often cost more to insure than masonry homes built with brick or concrete. Masonry homes can better withstand hurricanes and fires. Also, as mentioned earlier, older homes have higher rates than newer ones.
Features of your home can also impact rates. Attractive nuisances, such as pools, trampolines, and playground equipment, increase the odds of a liability claim and raise premiums. Owning certain dog breeds can also raise rates. Alternatively, having burglar alarms or SMART home systems can lower premiums.
The details of your policy directly influence your premiums. Higher coverage limits cost more. Opting for endorsements will raise rates. Changing your deductible also influences your premiums. And, your personal claims history can affect your premiums. If you’ve filed multiple claims in the past, you may be considered a higher risk than someone who has never filed a claim, leading to higher rates for property insurance in Freeport.
Is Home Insurance Required in Freeport?
While the law doesn’t require home insurance in Freeport, mortgage lenders will require homeowners with mortgages to keep a policy.
When mortgage lenders put money down to help people buy homes, they want a way to protect their investment. They achieve this with homeowners insurance. They mandate homeowners to maintain home insurance for the life of the loan.
If the house gets destroyed, both the homeowner and lender can recoup their money from the insurance policy.
How to Get Home Insurance Quotes in Freeport, Florida
We’ve underlined the importance of shopping around to find the right coverage. Our team at Clovered wants to help you with your Freeport homeowners insurance quotes. We have a few simple ways to help you find the right coverage and save money.
Take advantage of our online quoting tool to compare policies from some of the top home insurance companies in Freeport in minutes. You just need to input some basic information about yourself and your property.
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.