Homeowners Insurance in Hollywood, Florida (2024)

Unfortunately, the city’s picturesque location makes it prone to hurricanes, driving up home insurance rates. Everyone needs homeowners insurance in Hollywood to protect their valuable properties, but it can be difficult to find affordable coverage.

We want to help. Use this guide for information and tips on finding the best policy in Hollywood.

The average cost of homeowners insurance in Hollywood is about $7,276 for a $150,000 house, $13,168 for a $300,000 house, and $18,914 per year for a $450,000 house.

South Florida is the most expensive region for homeowners insurance in Florida, a state that already ranks near the top for pricey rates. South Florida premiums are so costly because of the generally high property values and the yearly threat of major hurricane damage.

Average homeowners insurance rates in Hollywood are more than double the average Florida rate. Only Monroe and Miami-Dade Counties have higher average premiums than Broward, where Hollywood is.

The following table lists average home insurance costs in Hollywood from some popular carriers.

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.

Insurance rates vary by company because carriers have different ways of evaluating properties and considering factors to determine rates. Generally, though, rates always rise as home value increases. This is because larger, nicer homes have higher replacement costs.

Replacement cost is the cost to rebuild your home from the ground up based on materials and labor only. Bigger homes that cost more to rebuild will need more coverage. Carriers use your home’s replacement cost as a basis for many limits in your policy.

Many factors affect rates in addition to house value. Two more critical factors, especially in Florida, are your home’s age and wind mitigation features. Let’s take a look at how insurers use these factors to classify homes during premium calculation. 

The following table breaks down average rates in Hollywood, accounting for these two factors. We’ll start with premiums on homes with a replacement cost of $150,000.

Older homes have higher premiums. Old houses aren’t up to the latest building codes, meaning they’re more vulnerable to hurricane damage in Florida. Also, the components in older homes, from the roofs to the foundations, are more prone to wear and tear and damage that can lead to claims. These factors make them more costly to insure.

Wind mitigation reduced rates by nearly 56% on older homes worth $150,000., amounting to over $5,000 annually. Wind mitigation is so important in Florida because of the annual threat of hurricanes, which Hollywood has experienced in the past.

The next table breaks down premiums considering the same factors for more costly $300,000 homes.

Wind mitigation still cuts premiums drastically, saving you over $10,000 annually. Look at the final table below for average Hollywood homeowners insurance rates on $450,000 houses.

In most cases, Tower Hill had the cheapest homeowners insurance in Hollywood. This may be true on average, but you won’t know which company will be the most affordable for your exact situation until you get quotes.

We highly recommend you don’t settle for the first quote you get. Shop around to ensure you find the cheapest homeowners insurance in Hollywood. You can also switch insurers at any time. So, if you experience a rate increase when your policy renews, you can compare rates again to find a cheaper provider.

Homeowners insurance policies contain the same core coverages regardless of the company that provides the plan. Policies protect your property and liability from covered perils in several ways.

The best home insurance in Hollywood can vary depending on individual needs and preferences, but generally, the best plan covers everything you need at a price you can afford. To find the best protection, you’ll likely need to adjust some limits and coverages. You should also shop around for the best rates and discounts.

You set many of your policy limits when you choose a plan. Adjusting these may be necessary depending on your needs. You can also opt for additional coverages not included by default to protect certain aspects of your property if needed. 

You should examine your coverage limits for various categories, such as personal property and liability. Create a home inventory to determine the exact amount of personal property coverage you need to avoid underinsuring yourself and overpaying for unneeded coverage. Ensure your liability limits cover the value of your assets. For example, don’t choose $300,000 in liability coverage if you have $500,000 of assets.

If you have valuable items such as jewelry, artwork, or electronic equipment, check if the standard policy adequately covers them. You may need to purchase additional coverage or an endorsement for high-value items. You can get endorsements for home-based businesses, water backup, inflation guards, and more.

Obtain quotes from multiple insurance providers to compare coverage options and prices. This can help you find the best value for your specific needs.

The availability and types of discounts can vary between insurers, so it’s essential to shop around and compare these, also. You can get discounts for bundling policies, having home security systems, living in a newly constructed home, living in a gated community, and much more.

While we’re breaking down home insurance details, we want to mention that one major peril that can damage your home, flooding, is not included in your policy.

Homeowners insurance regularly excludes flood damage due to its frequency and severity. Floods happen more often and are more expensive to remediate than the average home insurance claim. 

In a coastal city like Hollywood, properties on the water are prone to storm surges from hurricanes and tropical storms. Low-lying areas are also prone to flash flooding. You should consider a separate flood insurance policy in Hollywood to fully protect your property.

You may be surprised at the affordability of a policy. Hollywood residents receive 20% discounts on plans from the National Flood Insurance Program (NFIP) due to the city’s participation in flood prevention and mitigation.

Various factors influence the cost of home insurance, and insurers use these factors to determine your premiums. Some of the most significant considerations are:

Location: homes on the water are more prone to wind and flood damage and will likely have higher rates. Homes close to fire stations can receive discounts.

Home Age and Construction: Older homes may cost more to insure, especially if they have outdated electrical systems and plumbing or lack modern safety features. The construction materials and overall quality of construction also play a role.

Policy Deductible: The deductible is the amount you must pay out of pocket before your insurance kicks in. Choosing a higher deductible typically lowers your premium, but it means you’ll pay more in case of a claim.

Claims History: If you have a history of frequent claims, insurers may consider you a higher risk and charge a higher premium.

Home Security Features: Homes with security features such as burglar alarms, smoke detectors, and deadbolt locks can qualify for discounts.

Liability Risks: Certain features, such as trampolines, pools, and playground equipment, can increase your odds of a liability claim and raise your rates. Also, owning certain dog breeds, such as pit bulls, can increase premiums for the same reason.

While homeowners insurance isn’t mandated by law in Hollywood, you can be required to keep a policy by your mortgage lender.

If you take out a mortgage to purchase your home, your bank is putting down a significant amount of money on your house. To protect its investment, your lender will require home insurance as part of the loan. So, if your home gets destroyed, you and your lender can recoup your money through the insurance policy.

If you don’t get a policy when you buy your house or you allow your policy to lapse during your mortgage, your lender will give you insurance of their choice. This is known as force-placed insurance, and it’s more costly and less comprehensive than a plan you can get on your own. Avoid force-placed insurance.

If you ever want help navigating your options, please reach out to us. We’re Clovered, an independent insurance agency based in Fort Lauderdale. We know how hard it can be to find coverage in Florida, and we want to help you in any way we can.

Get homeowners insurance quotes in Hollywood online with our proprietary platform. Just provide some information about yourself and your property, and you can compare rates in minutes.

If you’d rather speak to a licensed agent for a quote, call us at 833-255-4117 during business hours, and we’d be happy to help. You can also email us with questions at [email protected].