Homeowners Insurance in Largo, Florida

You need homeowners insurance to financially protect yourself and your home from hurricanes, tropical storms, and a variety of other possible damage sources. Otherwise, you’re on the hook for all repairs yourself.

This guide contains all the information you need to find the best homeowners insurance in Largo.

The average cost of homeowners insurance in Largo is about $3,958 annually on a $150,000 home, $6,431 on a $300,000 home, and $9,267 on a $450,000 home.

Florida overall has some of the highest home insurance rates in the nation due to a combination of hurricane risk, skyrocketing property values, and inflation.

Due to the city’s location on the Gulf, residents experience above-average premiums in the state. Insurers are wary of possible hurricane damage. Hurricane Ian in 2022 and Hurricane Idalia in 2023, which devastated nearby regions, only support their concern.

The table below depicts average home insurance rates in Largo from some well-known insurance providers.

Average premiums increased as home value increased. This occurs because as the value of your home increases, the cost to rebuild or replace it with similar materials and features also rises. Insurers refer to this cost as the replacement cost of your home. Naturally, larger, more extravagant homes cost more to rebuild. Note that the replacement cost of your home isn’t the same as its market value.

Home value is one of the many factors that influence home insurance rates. Two other critical factors are home age and wind mitigation. As you’ll see shortly in subsequent tables, older homes tend to have higher premiums. Older houses have an increased likelihood of suffering damage and causing claims due to wear and tear and outdated construction techniques.

Wind mitigation is particularly important for home insurance in Florida because the state is so prone to hurricanes and severe windstorms. Wind mitigation measures are steps taken to strengthen a home’s resistance to wind damage, and they can significantly impact the cost of homeowners insurance premiums in Florida.

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.

As you can see, newly constructed and older homes with wind mitigation had similar premiums, both about $2,700 lower than the premiums of older houses with no wind mitigation. Observe how the average cost of home insurance in Largo changes when jumping to $300,000 homes.

Wind mitigation continued to cut premiums on older houses in half, decreasing rates by just over 50% on average. Universal Property & Casualty, the largest private insurer in the state, had the largest decrease of the companies listed.

The final table shows average home insurance rates in Largo on $450,000 houses.

Allstate, Citizens, and Stillwater had the cheapest homeowners insurance in Largo of the companies we observed. However, you may find another company with the most affordable coverage on the list as you shop around, as it varies by person and circumstances.

Allstate is a well-known national provider. With their headquarters in Jacksonville, Stillwater is also nationwide, although they aren’t nearly as large. Citizens differs from these two companies in that it isn’t a company at all, but rather a state-run entity.

Citizens is a government-backed insurance provider established in Florida. It was designed to serve as the insurer of last resort for property owners in the state who couldn’t find coverage in the normal market. However, recent difficulties have made it a primary choice for many homeowners.

Citizens’ policies have smaller limits and stricter guidelines than standard companies. They are currently trying to offload policies onto private companies and restore the market to more normalcy. Try to keep Citizens as a backup option when you’re shopping around. 

A standard home insurance plan typically includes the following coverages, no matter which company you purchase it from.

The specifics of this coverage may vary depending on individual needs and the insurance provider. It is crucial to assess your coverage requirements and explore different options to discover the best option for your situation.

You have a say in most of your policy limits when you’re quoting. While your carrier’s recommendation for dwelling and other structures coverage often suffices due to the basis of your home’s replacement cost, you can adjust your personal property and liability coverage to tailor your policy.

We recommend making a home inventory to accurately assess the value of your personal belongings. The figure you arrive at should serve as the limit of your personal property coverage.

While insurers typically require a minimum of $100,000 in liability coverage, we recommend opting for more. Increasing your liability coverage is relatively cost-effective compared to raising other policy limits, making it a wise and safe choice, particularly if you own large dogs or have attractive nuisances on your property.

Once you know what you need in your policy, you can look for some ways to save. You can seek out specific discounts and adjust your deductible.

You should always ask what discounts you can receive when shopping for coverage. Some discounts, such as those for home security or new construction, may relate to your property. Others may be personal discounts, such as those for retirees or military veterans. Bundling your policies with the same insurer can also lead to notable savings.

Adjusting your deductible can effectively lower your premiums. Your deductible is the dollar amount damage must exceed before your insurance company covers the bill in a claim. Opting for a higher deductible means taking on more financial responsibility in the event of a claim, but it also results in lower premiums. Insurance companies often reward policyholders who choose higher deductibles with reduced premiums.

Sandwiched by the Gulf of Mexico and Tampa Bay, Largo’s location makes flooding a significant concern for nearly every resident. Floods can be caused by heavy rains, storm surges, coastal erosion, and mudslides. Unfortunately, home insurance doesn’t cover any of these scenarios.

Home insurance policies exclude flood damage due to the volume and frequency of flooding events. The Federal Emergency Management Agency reports that just one inch of floodwater can cause over $20,000 in damages.

You should look into flood insurance to protect your home completely in Largo. Otherwise, you’re exposed to the most common natural disaster in the country.

Average homeowners insurance in Largo is between $3,958 and $9,267  annually. Insurers consider several variables to calculate appropriate premiums. Many of the cost factors of home insurance in Largo have to do with property features and policy details.

Home Features: Many aspects of your home’s structure influence premiums. Larger homes with more costly fixtures cost more to insure than small, simple homes. Houses built with brick or concrete better withstand fire and wind damage and often have lower premiums than wooden, frame homes. Houses directly on the water will likely have higher rates than inland homes due to increased chances of flooding and wind damage.

Policy Specifics: Your policy details directly impact your premiums. Naturally, opting for higher coverage limits will raise premiums. Purchasing optional endorsements for extra coverage will also raise rates. Raising your deductible can lower your premiums, although it leaves you on the hook for more damage personally.

The only time homeowners insurance is required is when you have a mortgage, as lenders stipulate insurance policies in their home loans. Otherwise, there are no laws that require home insurance in Largo.

Lenders mandate homeowners insurance policies to protect their investments. If your house got destroyed, you and your lender could get the money back that you’ve put into the property from the insurance plan.

Comparing multiple rates is the best and only way to find home insurance savings. Shopping for insurance can be easier with the right home insurance agency in Largo, Florida. Independent agents work with several companies to find the right coverage provider for you. 

Our team at Clovered, based in South Florida, is very familiar with the Florida insurance market. We work with the top carriers in the state to find you the coverage you need at the price you want.

You can call our team at 833-255-4117 during business hours to quote over the phone. Or, you can use our proprietary online platform to get homeowners insurance quotes in Largo on your own time. You can also email us at agent@clovered.com with any questions you may have.