Average Key West Homeowners Insurance Rate No, homeowners insurance isn’t required in Key West by law. However, if you have a mortgage, you will need a policy. Lenders require borrowers to maintain home insurance for the life of the loan to protect their investment in your property. If your house gets destroyed by a covered peril, the insurance plan will reimburse you and your lender.
Key Takeaways
- The average homeowners insurance cost in Key West, Florida, is about $7,388 annually, which is more than double the statewide average rate.
- Southern Oak had the cheapest home insurance in Key West, according to our data.
- When buying Key West insurance, the best way to save money is to shop around and compare quotes from several companies to find the lowest rates before selecting one.
Average Cost of Homeowners Insurance in Key West, Florida
The average cost of home insurance in Key West is about $7,388 annually, which is 158% higher than Florida’s average rate of $2,857 per year. Rates vary by location, home value, and other factors, but generally, homeowners insurance in the Florida Keys is the most expensive in Florida.
Florida overall is one of the most costly states for home insurance due to hurricane susceptibility and high property values in several parts of the state, especially near the coast. Key West is at the extreme end of this spectrum, as it’s nearly surrounded by water and offers little protection from potential hurricanes. Also, property values are quite expensive in Key West and the rest of the Keys.
As an independent Florida insurance agency, we can list real, average premiums from our policyholders in Key West, so you can see what you may be expected to pay when shopping around.
|
Company |
Average Premium |
|---|---|
|
Southern Oak |
$5,159 |
|
American Platinum |
$7,946 |
|
Average |
$7,388 |
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 Cheapest Home Insurance in Key West
Southern Oak had the cheapest homeowners insurance in Key West for our policyholders. However, several factors, such as home age, location, and property value, influence your premiums. You won’t know exactly what you’ll pay until you get quotes.
Southern Oak is a Florida-based insurer that has been writing policies in the state since 2004. American Platinum, the other insurer on our list, writes policies in Florida and Georgia and is available exclusively through our team here at Clovered.
As an independent agency, we partner with several more carriers not listed, and we will work to find you the cheapest policy among them when you get quotes with us. We’re built to make the insurance search process easy for you.
Best Homeowners Insurance Companies in Key West, Florida
Price is always a primary factor when seeking insurance coverage, but people should also factor in coverage needs, customer service, and other preferences when choosing an insurance company, making the decision a little different for each person.
We want to present more information on some of our partners for your peace of mind. 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.
Southern Oak Insurance Company
Demotech Rating
A
NAIC Complaint Index
0.20
Average Premium
$5,159
Southern Oak Insurance Company is a private home insurer that has been providing coverage to state residents since 2004. Its policies are primarily available only in Florida through a statewide network of independent agents, such as Clovered.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$7,946
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.
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.
What Does Home Insurance in Key West, Florida Cover?
If you can find some solace in the high rates, maybe it’s that a homeowners policy protects a lot more than your house in case of disaster. Here are all the aspects of coverage you receive:
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage financially guards your home’s physical structure, including the roof, walls, flooring, balconies, pipes, and more. |
|
Other Structures Coverage |
Other structures coverage protects fixtures on your property unattached to the main house, such as fences, pools, sheds, and detached garages. |
|
Personal Property Coverage |
Personal property coverage accounts for your belongings, including furniture, electronics, clothing, jewelry, tools, and more. |
|
Loss of Use Coverage |
Loss of use coverage helps cover living expenses you incur if you’re forced to move out of your house after major damage from a covered peril makes it temporarily uninhabitable. Your insurer can cover hotel stays, groceries, and more while you’re displaced. |
|
Liability Coverage |
Liability coverage helps pay for medical bills and legal fees if you’ve been found responsible for someone’s injuries in court, so you don’t have to pay out of pocket. |
|
Medical Payments Coverage |
Medical payments coverage is designed to cover minor medical expenses if someone gets hurt around your property, regardless of fault. |
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.
How to Get Homeowners Insurance Quotes in Key West
Comparing rates between Florida Keys insurance agencies is the ultimate way to know you’re getting the best bang for your buck. At Clovered, we’re trying to make this easy. Using our online quote engine, you can customize a plan that meets your needs and compare prices from top providers all from your computer.
We’re always here to help. If you’d rather speak to a licensed agent on the phone, just call 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. Or you can email us anytime at agent@clovered.com.
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.
Key West Home Insurance FAQs
Is homeowners insurance required in Key West?
What factors affect Key West home insurance rates?
Some physical characteristics of your house, like the construction materials, home age, home size, and condition of your roof and house components (such as HVAC, plumbing, and electrical systems), play a role in the cost of your home insurance in Key West. On a more personal level, your claims history and policy details, including coverage amounts and deductibles, also affect rates.
Do you need flood insurance in Key West?
You only need flood insurance in Key West if your lender requires it, which happens if your property is in a high-risk flood zone based on Federal Emergency Management Agency (FEMA) flood maps. As you may have expected, almost all of Key West is in a flood zone. Lenders will require homeowners in high-risk FEMA flood zones to carry flood insurance in addition to home insurance.
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.
