Homeowners Insurance in Lantana, Florida

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  • Homeowners Insurance in Lantana, Florida

Homeowners in Lantana, as in any city in South Florida, need the right insurance to protect their properties from life’s uncontrollable events. Hurricanes and tropical storms are the most significant potential disasters, but a policy will protect you from over a dozen other possible damage sources.

Finding reasonably priced home insurance in Lantana isn’t always easy, so our team at Clovered created this guide to help you find the coverage you need at a cost you can afford.

How Much Is Homeowners Insurance in Lantana, Florida?

The average cost of homeowners insurance in Lantana is about $6,185 annually on a $150,000 house, $11,057 on a $300,000 house, and $15,935 on a $450,000 house.

Florida has high home insurance rates overall, and South Florida is especially costly due to the significant threat of hurricane damage every year. Also, many expensive homes in the area cost more to insure and skew the average insurance cost higher when looking at all the properties.

Unfortunately, average rates in Lantana are more than double the state average for home insurance. Palm Beach County has the fourth-highest premiums in the state, trailing only Broward, Monroe, and Miami-Dade. 

For specific numbers, take a look at the table below that lists average homeowners insurance costs in Lantana from nine popular companies for houses at three different valuations.

Average Cost of Homeowners Insurance in Lantana
Company $150,000 House $300,000 House $450,000 House
Allstate $3,062 $5,475 $7,890
Citizens $3,537 $6,310 $9,087
Florida Penn $7,152 $12,780 $18,415
Liberty Mutual $3,661 $6,536 $9,414
People’s Trust $8,990 $16,066 $23,149
Southern Oak $9,990 $17,902 $25,819
State Farm $4,359 $7,793 $11,232
Stillwater $2,783 $4,978 $7,175
Universal Property $8,721 $15,595 $22,476
Average $6,185 $11,057 $15,935
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 become more costly as home value rises. This occurs because larger, nicer houses have higher replacement costs, one of the primary factors driving home insurance premiums.

Replacement cost is the amount of money needed to rebuild your house based on materials and labor costs. Insurers calculate this by examining your home’s square footage, age, materials, and features. 

We segmented home insurance rates in Lantana by home value while accounting for two more major rate factors: home age and wind mitigation. See the effects of these variables below, starting with $150,000 houses in the city.

Cost of Homeowners Insurance on $150,000 House in Lantana
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $4,906 $2,143 $2,138
Citizens $5,012 $2,284 $3,316
Florida Penn $10,619 $5,419 $5,419
Liberty Mutual $5,475 $2,362 $3,147
People’s Trust $15,601 $4,580 $6,790
Southern Oak $17,458 $7,884 $4,627
State Farm $6,777 $3,261 $3,038
Stillwater $4,016 $2,479 $1,855
Universal Property $15,523 $4,711 $5,928
Average $9,943 $4,232 $4,380

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. 

Rates on $150,000 homes topped $10,000 yearly from some companies when no wind mitigation was present on older houses. Wind mitigation is critical in Florida due to hurricanes and tropical storms. Features that limit the possibility of damage from these disasters are legally required to lower your premiums.

Older homes also typically have higher premiums than newer ones because new building codes are more effective in limiting hurricane damage. Also, wear and tear and outdated components, such as roofs or pipes, are more likely to cause issues in older homes.

Wind mitigation on older $150,000 homes reduced premiums by over $4,000 annually in Lantana. The following table shows the effects of these factors on homes in the next price range.

Cost of Homeowners Insurance on $300,000 House in Lantana
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $8,831 $3,857 $3,737
Citizens $9,022 $4,111 $5,798
Florida Penn $19,114 $9,754 $9,473
Liberty Mutual $9,855 $4,252 $5,501
People’s Trust $28,082 $8,244 $11,871
Southern Oak $31,424 $14,191 $8,089
State Farm $12,199 $5,870 $5,312
Stillwater $7,229 $4,462 $3,243
Universal Property $27,941 $8,480 $10,363
Average $17,897 $7,617 $7,658

Wind mitigation provided a 57% decrease in Lantana home insurance rates, which yielded savings of over $10,000 annually, on average, for $300,000 houses.

The final table shows premiums on houses with a replacement cost of $450,000.

Cost of Homeowners Insurance on $450,000 House in Lantana
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $12,756 $5,572 $5,344
Citizens $13,031 $5,938 $8,291
Florida Penn $27,609 $14,089 $13,546
Liberty Mutual $14,235 $6,141 $7,866
People’s Trust $40,63 $11,908 $16,976
Southern Oak $45,391 $20,498 $11,567
State Farm $17,620 $8,479 $7,596
Stillwater $10,442 $6,445 $4,637
Universal Property $40,360 $12,249 $14,819
Average $25,851 $11,002 $10,951

Rates on the most expensive bracket of houses built before 2001 with no wind mitigation are exorbitant from some companies. These carriers likely charge such high prices to decrease their chances of insuring that home. Some companies can’t afford such risk.

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 Lantana

Stillwater and Allstate had the cheapest homeowners insurance in Lantana of the companies we reviewed. Their average costs came in several thousand lower than other carriers on our list. But, many factors affect rates, and you may find a cheaper company when you get quotes depending on your location or coverage needs.

Stillwater and Allstate are both nationwide carriers, although the latter is much more well-known. Sometimes, larger providers have the benefit of spreading their financial risk out among their policyholders around the country, which can allow them to lower their rates in Florida. 

However, you won’t know which company is the cheapest for your situation until you get quotes. Rates can vary from home to home based on many property, personal, and business factors. Be sure to get quotes from multiple providers when seeking coverage to ensure you get the best deal.

Lantana Homeowners Insurance Coverages

No matter where you get your home insurance plan, the coverage you receive remains standard. Policies are typically separated into six major coverage areas, financially protecting your property and liability in several ways.

Lantana Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage covers your home’s structure and components, including the roof, walls, flooring, balconies, pipes, HVAC, and more.
Other Structures Coverage Other structures coverage covers fixtures on your property unattached to the main house, such as sheds, pools, fences, and detached garages.
Personal Property Coverage Personal property coverage covers your possessions, including furniture, electronics, clothing, tools, and jewelry, in case of damage or theft.
Loss of Use Coverage Loss of use coverage can temporarily cover living expenses if your home suffers severe damage and you’re forced to move out. Your insurer can cover lodging, food, and more while your home is repaired.
Liability Coverage Liability coverage covers medical bills and legal fees if you’re found legally responsible for causing injuries to someone else.
Medical Payments Coverage Medical payments coverage helps cover minor medical expenses if someone is hurt around your property without the need for legal liability.

How to Get the Best Homeowners Insurance in Lantana

The best homeowners insurance in Lantana will differ for every person, as each policyholder’s property and coverage needs vary. You will likely need to adjust your policy in some ways to fit your circumstances, so you need to understand the relevant coverage details well.

Understand Your Coverage Needs

Know how your plan can work for you by recognizing what perils are and aren’t covered by default. You can purchase endorsements for additional protections if your policy has coverage gaps. You can also adjust your policy limits to increase or decrease standard coverage amounts.

Covered Perils and Endorsements

Homeowners insurance typically protects from a long list of possible damage sources called perils, with the most commonly covered events being fires, theft, hurricanes, and some forms of water damage.

However, your property may have other areas of concern that are excluded by default. For example, if you run a business out of your home, your homeowners insurance policy won’t cover commercial inventory or equipment. You can purchase a permitted incidental occupancy endorsement to cover your business items.

Other common endorsements include water backup coverage, sinkhole coverage, and inflation guards to protect against increased construction costs if you suffer property damage. 

Policy Limits

You’re responsible for setting many of the limits in your policies for the six default coverage areas. To determine how much coverage you need, you should know your home’s replacement cost. Insurers require you to insure your house to at least 80% of the replacement cost, but you can increase protection beyond that depending on your budget.

You should also create and maintain a home inventory that tracks all your belongings and their prices. The total amount is the precise number to set your personal property coverage limit. This would ensure you have enough to account for all your belongings without overpaying for unnecessary coverage.

What to Know About Flood Insurance in Lantana

Homeowners insurance covers a variety of perils, from hurricanes to theft to fires. But, when shopping around, you’ll notice that even the most expensive and comprehensive policies won’t cover flood damage.

Flooding is the most common and damaging natural disaster in the nation. In Florida, companies and the government paid over $225 million in flood claims in 2019 alone. The state’s low-lying terrain, regular rainfall, and plentiful construction near the coast make flooding a possibility for virtually any property. 

In Lantana, homes along the Intracoastal and east of the Dune on Lantana Beach are in federally designated flood zones and should really consider flood insurance if not already required by your mortgage lender.

You can purchase a policy from some private carriers or through the National Flood Insurance Program. Lantana participates in the NFIP’s Community Rating System, allowing property owners to receive up to 5% discounts on NFIP policies. 

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 Lantana

The average cost of Lantana homeowners insurance ranges from $6,185 to $15,935 on average. Where you fall on this range depends on many factors, such as:

  • Home characteristics
  • Claims history
  • Policy specifics

As we mentioned earlier, the age of your home greatly affects your premiums. Older homes often have higher rates due to the increased risk of damage. The materials with which your house was built also matter.

Masonry homes constructed with brick or concrete often have lower premiums than wooden frame houses because masonry homes are less prone to wind and fire damage. Features in and around your home can also affect rates. Having burglar alarms or SMART home features can get you discounts, while attractive nuisances, such as a pool or trampoline, increase your liability risk and raise premiums.

Insurance companies will also ask about your claims history when you’re quoting. Individuals or properties with a history of home insurance claims will have higher premiums. Carriers believe a person or place with previous claims is more likely to experience another, thus causing increased financial risk.

The details of your home insurance policy also directly influence your insurance costs. Opting for higher limits or extra endorsements will raise your premiums. Qualifying for discounts or raising your deductible will lower your rates.

Is Home Insurance Required in Lantana?

The only entity that can require homeowners insurance in Lantana is a mortgage lender. No law requires you to have coverage. But, if you have a mortgage, your lender will mandate coverage for the life of the loan.

Lenders require home insurance as a condition of their loans to protect their interests. When underwriting your mortgage, they put large sums of money down to invest in your home. If your house got destroyed, they’d have no way to recoup their funds without the insurance policy. Homeowners insurance reimburses all parties in case of damage.

If you don’t maintain your own coverage during your mortgage, your lender will force place insurance on you. Force-placed coverage is more expensive and limited than a standard policy you can find yourself. Avoid force-placed insurance by finding a satisfactory policy that meets your needs and always making timely payments.

How to Get Homeowners Insurance Quotes in Lantana

While you can take the time to shop around and review your options on your own, don’t hesitate to reach out to an independent insurance agency if you need help with your Lantana homeowners insurance quotes.

Our team at Clovered specializes in simplifying the insurance search process. Utilize our online quoting platform to compare plans in minutes from the comfort of your home. Or, chat with one of our licensed agents for a quote over the phone by calling 833-255-4117 during business hours. You can also email us at agent@clovered.com.

We’re based in nearby Fort Lauderdale, so we have the regional expertise and experience to protect properties in South Florida. When you reach out to our team, you’re speaking with a fellow state resident.

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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