Homeowners Insurance in Lake City, Florida

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  • Homeowners Insurance in Lake City, Florida

Lake City is the county seat and most populous city in Columbia County in Central Florida. Homeowners insurance is essential throughout Florida due to the possibility of damage from Mother Nature in many forms.

Homeowners insurance financially protects your property and liability in several ways, serving as a helpful safety net.

We created this page to help residents find the best homeowners insurance in Lake City, breaking down average rates, common cost factors, and ways to save on your policy below.

How Much Is Homeowners Insurance in Lake City, Florida?

The average cost of homeowners insurance in Lake City is about $2,021 annually on a $150,000 home, $3,610 on a $300,000 home, and $5,201 on a $450,000 home.

While Florida has the highest homeowners insurance premiums in the country, Lake City’s average rates are below the state average by about 33%. This is largely attributable to the city’s inland and northern location that shield the town from the costly hurricanes and tropical storms that threaten coastal Florida cities significantly.

The following table depicts some popular home insurance carriers and their average premiums in Lake City depending on home value.

Average Cost of Homeowners Insurance in Lake City
Company $150,000 House $300,000 House $450,000 House
Allstate $1,697 $3,030 $4,365
Citizens $1,260 $2,245 $3,232
Florida Penn $1,996 $3,564 $5,134
Liberty Mutual $1,386 $2,470 $3,555
People’s Trust $1,998 $3,568 $5,139
Southern Oak $2,561 $4,579 $6,599
State Farm $2,138 $3,821 $5,505
Stillwater $855 $1,528 $2,202
Universal Property $599 $1,069 $1,540
Average $2,021 $3,610 $5,201
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.

While average rates vary by provider, you can see that premiums generally increase as home value increases. More expensive homes cost more to insure, mainly because of their higher rebuilding costs. Insurance companies use a house’s replacement cost, the amount of money it would take to rebuild the home, based on materials and labor. Larger homes with nicer finishes and features cost more to rebuild and, thus, more to cover. 

Home value isn’t the only factor that affects insurance rates. Two more factors, home age and wind mitigation, are critical to premiums in Florida. Look at the effects of these variables on average homeowners insurance rates in Lake City in the table below.

Cost of Homeowners Insurance on $150,000 House in Lake City
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $1,949 $1,723 $1,419
Citizens $1,361 $1,117 $1,302
Florida Penn $2,399 $1,882 $1,708
Liberty Mutual $1,426 $1,276 $1,456
People’s Trust $2,320 $1,957 $1,718
Southern Oak $3,379 $2,491 $1,814
State Farm $2,836 $1,948 $1,631
Stillwater $1,088 $856 $621
Universal Property $833 $465 $498
Average $2,666 $1,743 $1,655

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 houses generally have higher premiums than newer ones because older homes have outdated components that are more prone to failure or damage. For example, insurance companies in Florida are very wary of roofs older than 15 to 20 years. These don’t withstand strong winds from hurricanes well. Old pipes, wiring, and siding can also raise red flags.

Wind mitigation can lower your premiums significantly in Florida. In Lake City, they cut premiums by almost 35%, or over $900 annually, on $150,000 homes.

See how these savings continue on houses valued at $300,000.

Cost of Homeowners Insurance on $300,000 House in Lake City
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,508 $3,101 $2,481
Citizens $2,450 $2,011 $2,276
Florida Penn $4,318 $3,388 $2,986
Liberty Mutual $2,567 $2,297 $2,546
People’s Trust $4,176 $3,523 $3,004
Southern Oak $6,082 $4,484 $3,171
State Farm $5,105 $3,506 $2,851
Stillwater $1,958 $1,541 $1,086
Universal Property $1,499 $837 $871
Average $4,799 $3,137 $2,894

Wind mitigation reduced average Lake City homeowners insurance rates on older houses by $1,662 per year. 

Cost of Homeowners Insurance on $450,000 House in Lake City
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,067 $4,480 $3,548
Citizens $3,539 $2,904 $3,255
Florida Penn $6,237 $4,893 $4,270
Liberty Mutual $3,708 $3,318 $3,641
People’s Trust $6,032 $5,088 $4,296
Southern Oak $8,785 $6,477 $4,535
State Farm $7,374 $5,065 $4,077
Stillwater $2,829 $2,226 $1,553
Universal Property $2,166 $1,209 $1,246
Average $6,932 $4,531 $4,139
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.

Which Company Has the Cheapest Homeowners Insurance in Lake City?

Universal Property and Casualty had the cheapest homeowners insurance in Lake City of the companies we analyzed. But, you should get quotes from multiple carriers to see which company is the cheapest for you, as rates vary by company and person depending on circumstances.

Universal Property is the largest private insurer in the state that has been in business since 1997. It’s a publicly traded company with plenty of experience handling claims from Florida’s disasters throughout the years.

The only larger insurance provider in Florida is Citizens, a state-run entity designed to be an insurer of last resort for people who can’t find coverage in the private market. Due to recent difficulties in the Florida market, Citizens has become bigger than intended. Citizens’ plans have stricter limits than standard policies. And, the company is trying to offload policies to private carriers in an attempt to shrink operations. Keep this in mind when quoting.

Lake City Homeowners Insurance Coverages

The most common type of homeowners insurance, called the HO-3 form, includes the same core coverages no matter which company provides the policy. The six coverages look as follows: 

Lake City Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially protects the physical structure of your home, including the walls, roof, floors, and built-in appliances.
Other Structures Coverage Other structures coverage covers fixtures on your property that are not part of your main house, such as detached garages, sheds, carports, pools, and fences.
Personal Property Coverage Personal property coverage safeguards your belongings, including furniture, clothing, electronics, tools, jewelry, and more, in case they are damaged or stolen.
Loss of Use Coverage Loss of use coverage helps cover the costs of temporary living arrangements, like hotel stays and groceries, if your home becomes uninhabitable due to a covered peril.
Liability Coverage Liability coverage if you’re found responsible for injuries to someone
Medical Payments Coverage Medical payments coverage pays for minor medical expenses of individuals who are injured on your property, regardless of fault.

Your home insurance policy covers your property and belongings from possible sources of damage called perils, such as fires, hurricanes, theft, and vandalism.

How to Get the Best Home Insurance in Lake City, Florida

What makes one home insurance policy better than another depends on your specific needs and circumstances. The best homeowners insurance in Lake City is a plan that covers your home, belongings, and liability sufficiently while not breaking the bank.

To find the best plan, you’ll need to know your coverage needs and shop around for the policy containing sufficient coverage at the best price.

Identify Coverage Needs

We mentioned that the most common type of homeowners insurance is the HO-3 policy form. When looking for a policy, you may come across HO-1 and HO-2. While HO-1 and HO-2 are almost always cheaper, they don’t cover nearly as many forms of damage in as many areas as the HO-3.

HO-1 plans often include dwelling and personal property coverage from a limited number of perils at actual cash value only, meaning your provider will always deduct depreciation before reimbursing you. 

HO-2s cover slightly more and at replacement cost, which provides larger payouts after damage. But, they don’t always include liability and loss of use coverage by default. And, you may be limited in the endorsements you can get with an HO-2.

You can also adjust your policy limits when you get a policy to tailor the plan to your needs. For example, we recommend making a home inventory list to determine your personal property coverage limit. This catalog will give you the precise number to fully insure your possessions without overpaying for unneeded coverage.

Identify Savings

You should shop around and compare home insurance plans from multiple providers before deciding on one. Compare rates, discounts, and endorsements that affect cost. You should also note customer service or online experience (if shopping online) to see which carriers have superior service.

Everyone wants to save as much money as possible on a policy. But, you shouldn’t sacrifice protection for savings. One option you have to cut costs is to change your deductible

The deductible is the amount you agree to pay out of pocket before your insurance coverage kicks in to cover a claim. Generally, if you opt for a higher deductible, your premiums will be lower, while choosing a lower deductible will result in higher premiums. You just must be willing to cover more upfront costs in case of damage.

Consider Flood Insurance in Lake City

While homeowners insurance normally covers over a dozen perils, flood damage is not one of these perils. Home insurance policies exclude flood damage in almost all scenarios.

In Columbia County, the primary threat of flooding results from the Suwannee and Santa Fe rivers overflowing. Even small ditches and streams can spill over during major storms. And, hurricanes and tropical storms can bring heavy rains with them when they strike the Gulf coast.

We highly recommend looking into flood insurance in Lake City to fully protect your property. Otherwise, you’re totally on the hook for all the flooding damage your property can sustain.

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?

Cost Factors of Home Insurance in Lake City, Florida

Several variables about your home and policy affect Lake City home insurance rates. Factors that alter your risk of a claim influence your premiums. 

Home Features: Homes in areas more prone to damage, such as flood zones or high-crime neighborhoods, will have higher premiums. The materials used to build your house can influence your rates, also. Masonry homes can withstand wind and fire damage better and have lower premiums than wooden frame houses.

Older homes may have outdated systems and materials, making them more susceptible to damage. Conversely, installing safety features such as smoke detectors, burglar alarms, deadbolt locks, and fire extinguishers can often lead to discounts on your premium.

Policy Features: The extent of coverage and deductible you choose also affects your insurance premiums. Higher coverage limits raise premiums. Opting for endorsements or riders increases insurance costs. Also, having a history of frequent claims or high claim payouts can result in higher premiums. Insurers may view you as a higher-risk policyholder.

Raising your deductible can lower your rates, as can qualifying for discounts. Always ask your provider for their available discounts.

Is Home Insurance Required in Lake City?

Homeowners insurance isn’t required by law in Lake City. But, you may be required to keep a policy by your mortgage lender. 

When you take out a mortgage to purchase a home, the lender provides substantial money upfront. To protect their investment, lenders stipulate home insurance as a condition of most loans. They typically require that the plan meets a certain dwelling limit. And, you must maintain the policy for the life of the loan, or else you’ll receive force-placed insurance.

Once you pay off your mortgage or if you bought your house with cash, no entity will make you purchase home insurance. But, we recommend maintaining a policy – it’s better to be safe than sorry. Even minor home repairs after damage can cost thousands.

How to Get Home Insurance Quotes in Lake City

Securing the best home insurance policy is a critical step in ensuring peace of mind and protecting your most valuable asset – your home. If you want any help finding the right plan for your property, use Clovered to get homeowners insurance quotes in Lake City.

Our proprietary quoting engine can help you compare quotes from top providers in the states in minutes. All you must do is enter some information about yourself and your property. 

You can also call us at 833-255-4117 during business hours if you’d rather speak with one of our licensed agents for a quote. We’re based in South Florida, and you’ll be speaking to a fellow state resident about your policy options. You can also email us at agent@clovered.com with any questions.

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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