Annual Rate of Homeowners Insurance in Hollywood by Company You will only need flood insurance in Hollywood if required by your mortgage lender, which will happen if your house is in a federally designated high-risk flood zone. The Federal Emergency Management Agency (FEMA) creates flood risk maps for the country. If your house is in a Special Flood Hazard Area on FEMA maps, your lender will mandate you have flood insurance in addition to homeowners insurance.
Key Takeaways
- The average home insurance cost in Hollywood, Florida, is about $3,362 annually.
- When looking for the provider with the best home insurance in Hollywood, Florida, you may want to check out Citizens and American Platinum for the lowest rates.
- Gathering and comparing Hollywood home insurance quotes is the best way to determine which insurer is best for you, as quoting allows you to analyze several policies at a glance.
Average Homeowners Insurance Cost in Hollywood, Florida
Hollywood home insurance rates average at about $3,362 annually. This average rate is about 15% above the average home insurance cost in Florida. South Florida is the most expensive region for homeowners insurance in the state, which already ranks near the top for pricey rates overall.
South Florida premiums are so costly because of high property values and the yearly threat of major hurricane damage. Generally, only Monroe and Miami-Dade Counties have higher average premiums than Broward, where Hollywood is, meaning cities like Key West or Coral Springs may see similarly high premiums.
Lucky for you, we have policyholders all over the state. So, we can take their data to provide you with an accurate Hollywood home insurance cost estimate from some of the top insurers in the state. Let’s check out what our policyholders pay, on average, by company in this South Florida city.
| Company | Average Premium |
|---|---|
|
Citizens |
$2,755 |
|
American Platinum |
$3,021 |
|
Monarch National |
$4,850 |
|
Swyfft |
$4,855 |
|
Edison |
$5,784 |
|
Florida Peninsula |
$5,848 |
|
Average |
$3,362 |
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Insurance rates vary by company because carriers use different methods to evaluate properties and consider factors when setting rates. Generally, rates rise as home values increase, which isn’t evident from looking at averages alone.
Many factors besides house value affect rates. Two more critical factors, especially in Florida, are your home’s age and wind mitigation features.
Old houses aren’t up to current building codes, making them more vulnerable to hurricane damage in Florida and thus more expensive to insure. 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.
Measures that strengthen your home’s ability to withstand strong winds from hurricanes and tropical storms, involving roof construction methods, roof connections and attachments, and impact-resistant doors and windows, reduce your chances of windstorm damage and can lower your rates by thousands yearly. You may be eligible for these lower rates if you pass a wind mitigation inspection.
Finding the Cheapest Homeowners Insurance in Hollywood, Florida
Based on data from our customers, Citizens and American Platinum offer the cheapest home 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. Let’s take a look at some more information about Citizens and American Platinum to understand why our customers get the cheapest average rates from this insurer.
Citizens
On average, our customers who bind with Citizens save about 29%, compared to Hollywood’s average premium. However, it’s important to note that Citizens is unlike the other insurers our customers trust with their policies. While they may offer below-average rates, this is an insurer of last resort, and thus, often offers minimal coverage, too.
American Platinum
If the best Hollywood home insurance for your needs is the policy with the lowest rates, you may find it in American Platinum. On average, our customers pay about 10% below the city average when they bind with this insurer. Plus, American Platinum offers additional savings for customers who have a sprinkler system, home security system, or wind mitigation features installed on their homes.
The Best Home Insurance Companies in Hollywood, Florida
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 need to find the insurer that best suits your needs. So, let’s dive a little deeper into the insurers our Hollywood customers trust to protect their properties.
Average premiums are determined from our policyholder data. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.
To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.
Citizens
Demotech Rating
NR
NAIC Complaint Index
0.69
Average Premium
$2,755
Citizens Property Insurance Corporation is Florida’s state-run home insurer of last resort. It’s a non-profit entity that provides property insurance to state residents who are unable to obtain coverage in the traditional, private market.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$3,021
American Platinum Insurance Company, founded in 2011, is a subsidiary of Universal Insurance Holdings, offering home insurance coverage in Florida and Georgia. Policies are available exclusively through independent agents at Clovered.
Monarch National
Demotech Rating
A
NAIC Complaint Index
0.60
Average Premium
$4,850
Monarch National has been serving Floridians with a variety of home insurance options since 2015. It was once a subsidiary of the now-defunct Fednat Insurance Company and assumed many of its policies upon Fednat’s liquidation in 2022.
Swyfft
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$4,855
Swyfft is an insurance managing general agency founded in 2014, offering insurance products in several coastal states around the country.
Edison
Demotech Rating
A
NAIC Complaint Index
0.40
Average Premium
$5,784
Established in 2006, Edison Insurance Company offers home insurance primarily in Florida through independent agents, like our team at Clovered. It was acquired by Florida Peninsula Insurance Company in 2010, although it still has its own book of business.
Florida Peninsula
Demotech Rating
A
NAIC Complaint Index
0.10
Average Premium
$5,848
Florida Peninsula Insurance Company was founded in 2005 and focuses on offering coverage in its namesake state. With over 150,000 policies in force in Florida, it just cracks the top ten list of Florida’s largest home insurers.
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Hollywood Homeowners Insurance Coverages
Homeowners insurance policies contain the same core coverages regardless of the company that provides the plan. Homeowners insurance protects your property and liability from covered perils in several ways. Let’s take a look at how you’re covered.
| Coverage | Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage can help you protect the structure of your home from damage caused by a covered peril. This coverage protects things like your home’s plumbing, HVAC system, roof, walls, and flooring. |
|
Other Structures Coverage |
Other structures coverage may help safeguard the structures on your property that aren’t attached to the main structure of your home. So, this may include items like your detached garage, pool, shed, fence, and carport. |
|
Personal Property Coverage |
Personal property coverage helps cover the belongings you store on your property, like your tools, patio furniture, regular furniture, electronics, and much more. |
|
Loss of Use Coverage |
Loss of use coverage helps cover living expenses if you’re forced to move out of your home after covered peril damage renders it uninhabitable. Your insurer can cover lodging, groceries, and more while you’re displaced. |
|
Liability Coverage |
Liability coverage can help you out if a guest injures themself on your property or if you damage someone else’s property. It can help you cover legal fees, medical expenses, and more. |
|
Medical Payments Coverage |
Medical payments coverage may help you cover medical expenses for a guest’s minor injuries on your property, like a broken foot or a cut that needed stitches. Fault isn’t considered when invoking this coverage. |
How to Get Home Insurance Quotes in Hollywood, Florida
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 agent@clovered.com.
Hollywood Home Insurance FAQS
Do You Need Flood Insurance in Hollywood, 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?
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
