Homeowners Insurance in Hollywood, Florida

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  • Homeowners Insurance in Hollywood, Florida

One of Florida’s original spots for snowbirds to flock, Hollywood is lined with sandy beaches and green golf courses that make enjoying the Sunshine State easy. Unfortunately, the city’s prime location in South Florida makes it prone to hurricanes, which drives up 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.

How Much Is Homeowners Insurance in Hollywood, Florida?

The average cost of homeowners insurance in Hollywood 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 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 nine popular carriers.

Average Cost of Homeowners Insurance in Hollywood
Company $150,000 House $300,000 House $450,000 House
Allstate $2,773 $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.

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. 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.

Cost of Homeowners Insurance on $150,000 House in Hollywood
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 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. 

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.

Cost of Homeowners Insurance on $300,000 House in Hollywood
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 $10,260 $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 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.

Cost of Homeowners Insurance on $450,000 House in Hollywood
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 $19,413 $8,629 $7,908
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 Hollywood, Florida

In most cases, Allstate 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.

The largest insurers on our list, Allstate, Liberty Mutual, and State Farm, had some of the lowest premiums in Hollywood. Large companies aren’t always the cheapest in Florida, but they may have an advantage in hurricane-prone South Florida due to their size. With policyholders nationwide, large insurers aren’t concentrated and overly exposed to South Florida’s hurricane risk and high property values, meaning when they do write a policy in the region, they might be able to offer lower premiums because they spread their financial rise out among their many customers. 

A local insurer, such as People’s Trust, with most of their policyholders in South Florida, doesn’t have this choice.

With this said, we don’t recommend looking for coverage from only large companies. Shop around and compare rates from as many providers as you can to find the best deal. You won’t know which company has the cheapest homeowners insurance in Hollywood for your circumstances until you get quotes.

Hollywood Homeowners Insurance Coverages

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.

Hollywood Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially guards your home’s physical structure and components, including the roof, walls, flooring, balconies, pipes, and more.
Other Structures Coverage Other structures coverage protects fixtures on your property not attached to your main house, such as sheds, detached garages, fences, and pools.
Personal Property Coverage Personal property coverage covers your possessions in and around your home, including furniture, electronics, clothing, and 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 pay for medical bills, legal fees, and more if you’re found liable for someone’s property damage or injuries.
Medical Payments Coverage Medical payments coverage is made to cover minor medical expenses if someone gets hurt at your property, regardless of fault.

How to Get the Best Homeowners Insurance 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 likely need to adjust some limits and coverages. You should also shop around for the best rates and discounts.

Ensure Your Policy Protects You

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. 

Note the percentage of your home’s replacement cost that you’re quoted for dwelling coverage. Companies must insure your home to at least 80% of its replacement cost, but you can increase your dwelling limit to 100% or more of your home’s value if you want, although it will cost extra.

We recommend creating a home inventory to catalog and value all your belongings. The total value of your possessions is the exact amount of personal property coverage you need. You should also ensure that your liability limits cover the financial value of your assets wholly.

Insurers require at least $100,000 in liability coverage, but we usually recommend that people increase their limits to $300,000 or $500,000. If you’re found responsible for someone’s injuries, you don’t want to be caught short on liability coverage, or else the injured party could pursue you for your assets to cover the costs of their medical bills and more.You may need to purchase additional coverage or an endorsement for high-value possessions or risks not covered by default. You can get endorsements for home-based businesses, water backup, inflation guards, and more.

Shop Around for Savings

A primary concern when looking for the best home insurance in Hollywood is price. Everyone wants to save money on their policy. You should always shop around for the best rates while noting discounts and other factors influencing your decision.

Comparing quotes from multiple providers allows you to take advantage of company underwriting differences and find the provider with the coverage you need at the best cost. Don’t stop your search after one quote.

You should also always ask about discounts when you’re shopping around. The availability and types will vary among companies. See if one carrier has more that you can qualify for, increasing your potential savings.

Common discounts include those for:

  • Having home safety features (burglar alarms, deadbolt locks)
  • Living in a gated community
  • Staying claims-free
  • Being retired
  • Being a military veteran
  • Bundling policies

What to Know About Flood Insurance in Hollywood, Florida

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.

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?

What Factors Affect the Cost of Home Insurance in Hollywood?

Insurers analyze as many factors as possible to understand the financial risk of the property and policyholder seeking insurance. Some significant factors carriers assess include:

Home Location: Homes in certain locations will have higher insurance rates because they’re more prone to damage. In Hollywood, homes on or near the beach or Intracoastal are more prone to wind and flood damage and will likely have higher premiums.

Home Age and Construction: Companies will analyze many physical features of your home, including roof, building materials, and systems (such as HVAC, electrical, and pipes). Older homes and components often have higher rates as they’re more susceptible to damage and wear and tear.

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.

Policy Deductible: Your deductible is the amount of money you must pay as part of an insurance claim. Opting for a higher deductible decreases your insurance premiums as it lowers an insurer’s potential payout.

Claims History: CCarriers typically ask if you’ve recently filed insurance claims. Someone who has filed claims in the past often has higher premiums than someone who never has. Insurers see repeat filers as a greater financial risk.

Is Home Insurance Required in Hollywood?

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.

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.

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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