Homeowners Insurance in Lake Wales, Florida

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  • Homeowners Insurance in Lake Wales, Florida

Despite its inland location, Lake Wales has felt the effects of several hurricanes throughout the years, dating back to Hurricane Charley in 2004. Financial protection from such storms is one of the many reasons you need to invest in homeowners insurance.

The right policy protects you from many of life’s uncontrollable events. Finding the right coverage doesn’t have to break the bank.

We break down what you should know to find the best home insurance in Lake Wales at the best price below.

How Much Is Homeowners Insurance in Lake Wales, Florida?

The average cost of homeowners insurance in Lake Wales is about $2,704 annually on a $150,000 home, $4,829 on a $300,000 home, and $6,957 on a $450,000 home.

While Florida has the highest home insurance rates nationwide, Lake Wales premiums are lower than most places in the state, coming in about 12% below the Florida average. Their relatively affordable rates are likely due to the city’s inland location.

Coastal cities in Florida tend to have higher rates because the chances of serious impact from hurricanes and tropical storms are greater. 

We analyzed the average rates from the top home insurers in Lake Wales and listed findings from nine in the table below.

Average Cost of Homeowners Insurance in Lake Wales
Company $150,000 House $300,000 House $450,000 House
Allstate $2,264 $4,043 $5,825
Citizens $1,561 $2,783 $4,008
Florida Penn $2,190 $3,909 $5,630
Liberty Mutual $2,005 $3,576 $5,149
People’s Trust $2,444 $4,364 $6,286
Southern Oak $3,740 $6,695 $9,652
State Farm $2,783 $4,973 $7,166
Stillwater $1,369 $2,448 $3,527
Universal Property $2,650 $4,735 $6,822
Average $2,704 $4,829 $6,957
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.

As you can see, insurance rates rise as home value increases. This occurs because larger homes need more insurance coverage, which costs more money.

Larger houses have higher replacement costs, which is what it would cost to rebuild your home from scratch. Replacement cost factors in materials and labor and depends on square footage, building materials, and other construction costs. It’s unrelated to the market value of your home.

 Replacement cost is one of many factors that cause rates to vary. We’ll break down the effects of two more notable considerations, home age and wind mitigation, on houses in Lake Wales by price level below, starting with $150,000 homes.

Cost of Homeowners Insurance on $150,000 House in Lake Wales
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $2,817 $2,156 $1,818
Citizens $1,899 $1,294 $1,489
Florida Penn $2,566 $2,101 $1,902
Liberty Mutual $2,430 $1,678 $1,906
People’s Trust $3,112 $2,168 $2,052
Southern Oak $5,649 $3,382 $2,190
State Farm $3,867 $2,419 $2,062
Stillwater $1,923 $1,229 $955
Universal Property $4,108 $1,786 $2,057
Average $3,612 $2,300 $2,200

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. 

Wind mitigation is critical in Florida due to hurricane and tropical storm risk. Insurance companies are required to discount the premiums of homeowners who proactively protect their homes from strong winds through wind mitigation.

In Lake Wales, wind mitigation measures reduced average rates on older homes by $1,312 annually. This is a 36% discount.

See below for the average home premiums with a replacement cost of $300,000.

Cost of Homeowners Insurance on $300,000 House in Lake Wales
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,071 $3,881 $3,178
Citizens $3,418 $2,329 $2,603
Florida Penn $4,619 $3,782 $3,326
Liberty Mutual $4,374 $3,020 $3,333
People’s Trust $5,602 $3,902 $3,588
Southern Oak $10,168 $6,088 $3,828
State Farm $6,961 $4,354 $3,605
Stillwater $3,461 $2,212 $1,669
Universal Property $7,394 $3,215 $3,596
Average $6,502 $4,140 $3,846

Wind mitigation continued to drastically reduce rates, while older homes had the highest rates. Old houses have higher premiums because they’re more likely to suffer property damage. Components like roofing, pipes, and siding degrade over time and are more likely to suffer damage during a storm or just fail due to wear and tear. The increased chances of property damage raise rates.

Newly constructed homes have no past history to worry about and are built with some wind mitigation features by default, which helps them have the lowest premiums on average.

The final table depicts premiums on $450,000 homes in Lake Wales.

Cost of Homeowners Insurance on $450,000 House in Lake Wales
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $7,324 $5,606 $4,545
Citizens $4,937 $3,364 $3,722
Florida Penn $6,672 $5,463 $4,756
Liberty Mutual $6,318 $4,363 $4,766
People’s Trust $8,091 $5,637 $5,131
Southern Oak $14,687 $8,793 $5,474
State Farm $10,054 $6,289 $5,155
Stillwater $5,000 $3,195 $2,387
Universal Property $10,681 $4,644 $5,142
Average $9,392 $5,979 $5,499
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 Lake Wales, Florida

Stillwater generally had the cheapest homeowners insurance in Lake Wales, but this may not always be the case. Premiums vary by provider, location, and policyholder, and you may find more affordable rates from another provider depending on your property and needs.

Stillwater is a lesser-known insurer based in Jacksonville and offering products nationwide. When looking for the cheapest home insurance, you should quote from a variety of companies. You can start with well-known carriers like Allstate and State Farm in Lake Wales, but you should also check rates and customer service experiences from smaller regional carriers like Florida Peninsula.

You won’t know which provider has the most affordable rates until you get quotes. Shopping around is a critical part of finding the best insurance.

Lake Wales Homeowners Insurance Coverages

The coverages you receive in a homeowners insurance policy remain the same regardless of which company provides the plan. Every policy protects you from the same perils and contains six coverage areas:

Lake Wales Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially protects your home’s structure and components, including the roof, walls, patios, flooring, pipes, and more.
Other Structures Coverage Other structures coverage accounts for features on your property that aren’t attached to your main house, such as pools, fences, sheds, and detached garages.
Personal Property Coverage Personal property coverage covers your possessions in and around your home, including clothing, furniture, bicycles, electronics, and more.
Loss of Use Coverage Loss of use coverage helps pay for living expenses, such as lodging and groceries, if you’re forced to move out of your home temporarily after it suffers damage.
Liability Coverage Liability coverage safeguards your finances if you’re found legally liable for someone’s injury. Your insurer can cover medical bills, legal fees, and more.
Medical Payments Coverage Medical payments coverage covers minor injuries someone can suffer, regardless of fault.

How to Get the Best Homeowners Insurance in Lake Wales, Florida

Getting the best homeowners insurance in Lake Wales requires an understanding of your coverage needs and financial constraints. You’ll adjust your policy to suit your property, so you need to know the details of your coverage to make it right for you.

Identify Coverage Needs

You want to set the right policy limits to avoid overpaying for unneeded coverage while not underinsuring yourself. For dwelling coverage, make sure that your dwelling is insured to its value, typically between 80% and 100% of its replacement cost.

Make a home inventory for your personal property coverage to catalog the worth of all your belongings and give you an exact number for a personal property limit. Ensure your liability limits protect all your financial assets. You should increase them beyond the minimum required amount.

You may also want to consider endorsements for policy exclusions. Default coverage has limitations that could prevent you from fully protecting your property unless you opt for additional coverage called an endorsement or rider.

For example, one common endorsement is scheduled personal property coverage. Default plans normally limit coverage of jewelry and artwork to $2,500 or $5,000. If you have any piece worth more than this, you can’t be reimbursed for their whole value if damaged or stolen without scheduling them.

Save Money

Once you know what coverage you need, you can take some steps to save money. The most proven way to lower insurance costs is by shopping around. You should always compare rates from multiple providers to see who has the coverage you need at the lowest price.

You can also compare discounts. Discounts vary by provider, and you can find out which company has the best or has more for which you qualify. You can get discounts for:

  • Bundling policies
  • Having a security system
  • Living in a newly constructed home or gated community
  • Being retired or a military veteran
  • Staying claims-free

What You Should Know About Flood Insurance in Lake Wales

While on the topic of home protection, we want to mention flooding. Floods are the most common and costly natural disaster in the United States, and home insurance policies don’t cover them.

You’d need a separate flood insurance policy in Lake Wales to guard your property from the dangers of floodwaters. Flooding can occur from a variety of sources.

Flash flooding can occur in Lake Wales after heavy rains, and, in some cases, hurricanes and tropical storms can bring disastrous amounts of rain with them as they move inland. Many homeowners think they’re protected from floods through their home insurance, but this isn’t the case. 

We recommend looking into flood insurance in Lake Wales for complete peace of mind.

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 Wales

The average cost of home insurance in Lake Wales ranges from $2,704 to $6,957 annually, on average. But, many factors can cause this rate to be higher or lower. Most factors can be categorized as a home or policy characteristic.

Home Details

The location of your home is important for your premiums. Homes at higher risk of damage, such as those in hurricane-prone or high-crime areas, have higher rates. Older homes also have higher insurance costs due to their higher likelihood of damage.

Having certain features at your home, such as pools, trampolines, and playground equipment, can increase the chances of a liability claim and raise your rates. Also, houses built with brick or concrete may have lower premiums than wooden houses of the same size because masonry homes tend to withstand wind and fire damage better.

Policy Details

Many characteristics of your policy directly influence your premiums. Having high coverage limits or opting for endorsements increases the cost of your policy. Conversely, qualifying for discounts and raising your deductible can lower your rates.

Is Home Insurance Required in Lake Wales?

You’re only required to have home insurance in Lake Wales if you have a mortgage, as your lender will mandate it. Otherwise, no law requires home insurance.

Mortgage lenders stipulate home insurance as part of their home loans to protect their investments. If your home got destroyed, your lender would have no way to get the money back that it put down on your house. The insurance policy can reimburse you and your lender.

If you pay off your mortgage or bought your home with cash, then no entity will require you to have homeowners insurance. However, this doesn’t mean you shouldn’t get a policy. 

Home insurance is possibly the wisest investment you can make as a homeowner. Without it, you’re financially responsible for all property damage, which can be disastrous in some cases, such as a fire or hurricane. No one thinks they need home insurance until they do. It’s better to be safe than sorry.

How to Get Homeowners Insurance Quotes in Lake Wales

As an independent insurance agency, our team at Clovered wants to give you all the tools to get homeowners insurance quotes in Lake Wales. You can quote online or over the phone, depending on your preference.

Use our proprietary quoting engine to compare rates and buy a policy totally online. All you need is some information about your home and property to see your options.

Or, if you’d rather speak to a licensed agent for your quote, call us at 833-255-4117 during business hours. We’re based in South Florida, so you’ll be speaking with a fellow state resident who knows the difficulty of finding coverage in Florida all too well. 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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