Homeowners Insurance in Largo, Florida
- Homeowners Insurance in Largo, Florida
Largo, the third-largest city in Pinellas County, lies on a peninsula between the Gulf of Mexico and Tampa Bay. The area has had many close hurricane misses over the years, but luck isn’t a reliable deterrent to devastating home damage.
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.
How Much Is Homeowners Insurance in Largo, Florida?
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 Cost of Homeowners Insurance in Largo|
|Company||$150,000 House||$300,000 House||$450,000 House|
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 Older houses have an increased likelihood of suffering damage and causing claims due to wear and tear and outdated construction techniques.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.
|Cost of Homeowners Insurance on $150,000 House in Largo|
|Company||Pre-2001 No Wind||Pre-2001 w/Wind||2001-Present|
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|
|*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.|
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.
|Cost of Homeowners Insurance on $300,000 House in Largo|
|Company||Pre-2001 No Wind||Pre-2001 w/Wind||2001-Present|
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.
|Cost of Homeowners Insurance on $450,000 House in Largo|
|Company||Pre-2001 No Wind||Pre-2001 w/Wind||2001-Present|
Companies With the Cheapest Homeowners Insurance in Largo
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.
Largo Homeowners Insurance Coverages
A standard home insurance plan typically includes the following coverages, no matter which company you purchase it from.
|Largo Homeowners Insurance Coverages|
|Dwelling Coverage||Dwelling coverage in homeowners insurance financially protects the physical structure of your home, such as the walls, roof, floor, foundation, balconies, patios, pipes, and more.|
|Other Structures Coverage||Other structures coverage safeguards features on your property that are not part of your main dwelling, like a detached garage, fences, sheds, gazebos, and more.|
|Personal Property Coverage||Personal property coverage insures your belongings, both inside and outside your home, such as electronics, clothing, furniture, bicycles, art, jewelry, and more.|
|Loss of Use Coverage||Loss of use coverage helps cover additional living expenses, such as temporary lodging and meals, if your home becomes uninhabitable due to a covered event.|
|Liability Coverage||Liability coverage provides financial protection if you’re legally responsible for injuries to others or damage to their property.|
|Medical Payments Coverage||Medical payments coverage pays for medical expenses if someone is injured on your property, regardless of fault.|
How to Get the Best Homeowners Insurance in Largo, Florida
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.
Determine Coverage Needs
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.
What to Know About Flood Insurance in Largo
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.
Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?
What Affects the Average Cost of Home Insurance in Largo, Florida?
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.
Is Home Insurance Required in Largo?
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.
How to Get Home Insurance Quotes in Largo, Florida
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.
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.