Homeowners Insurance in Largo, Florida

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  • 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
Allstate $2,125 $3,798 $5,474
Citizens $1,911 $3,410 $4,910
Florida Penn $4,046 $7,225 $10,408
Liberty Mutual $2,729 $4,868 $7,011
People’s Trust $3,137 $5,603 $8,072
Southern Oak $4,851 $8,692 $12,536
State Farm $2,993 $5,350 $7,709
Stillwater $1,627 $2,910 $4,195
Universal Property $4,372 $7,816 $11,264
Average $3,598 $6,431 $9,267

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.

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 Largo because, as a city close to the Gulf Coast, it’s especially susceptible to wind damage from hurricanes. Wind mitigation involves improving a home’s ability to withstand strong winds through building measures and features. Having effective wind mitigation on your house can reduce your property’s risk of damage and greatly lower your insurance rates.

Cost of Homeowners Insurance on $150,000 House in Largo
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,270 $1,598 $1,506
Citizens $2,788 $1,219 $1,725
Florida Penn $5,146 $3,606 $3,387
Liberty Mutual $3,265 $2,058 $2,503
People’s Trust $4,683 $2,219 $2,509
Southern Oak $8,254 $4,007 $2,292
State Farm $4,364 $2,452 $2,162
Stillwater $2,516 $1,323 $1,042
Universal Property $7,485 $2,541 $3,090
Average $5,437 $2,699 $2,659

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 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. 

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
Allstate $5,886 $2,876 $2,633
Citizens $5,018 $2,194 $3,016
Florida Penn $9,263 $6,491 $5,922
Liberty Mutual $6,525 $3,704 $4,376
People’s Trust $8,429 $3,994 $4,386
Southern Oak $14,857 $7,213 $4,007
State Farm $7,855 $4,414 $3,780
Stillwater $4,529 $2,381 $1,821
Universal Property $13,473 $4,574 $5,402
Average $9,876 $4,859 $4,648

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
Allstate $8,502 $4,155 $3,765
Citizens $7,249 $3,169 $4,313
Florida Penn $13,380 $9,376 $8,468
Liberty Mutual $9,425 $5,351 $6,258
People’s Trust $12,176 $5,769 $6,272
Southern Oak $21,460 $10,418 $5,730
State Farm $11,346 $6,375 $5,405
Stillwater $6,542 $3,440 $2,604
Universal Property $19,461 $6,607 $7,725
Average $14,135 $7,018 $6,646

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 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 is run by the state.

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.

Over a dozen insurance companies have minimized operations or failed in Florida, making it more difficult than usual for residents to find coverage. As a result, Citizens’ policyholder numbers have swelled. The company is trying to offload policyholders to private companies. If you choose Citizens as your provider, you may get transferred in the near future.

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
Coverage Definition
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 best homeowners insurance in Largo will cover your property and liability sufficiently at a price you can afford. The specifics of this coverage will vary depending on your coverage needs and budget, so there’s no one-size-fits-all best option. You should understand your coverage needs and seek discounts for the best protection.

Determine Coverage Needs

You have a say in most of your policy limits when getting quotes. Your carrier’s recommendation for dwelling and other structures coverage is based on your home’s replacement cost and is typically sufficient. However, you can increase your dwelling limit if it falls below 100% of your property, and some providers offer extended replacement cost coverage for over 100% protection at an additional cost.

To determine an appropriate personal property limit, we recommend making a home inventory to assess the value of your personal belongings accurately. The figure you arrive at is the amount of personal property coverage you need.

Insurers typically require at least $100,000 in liability coverage, but we recommend opting for at least $300,000 to $500,000 for most people. Ensure your liability limits cover the cost of all your financial assets. Having large dogs or attractive nuisances at your property raises your liability risk and may call for increased coverage. It’s better to be safe than sorry.

Seek Discounts

Once you know what you need in your policy, you can look for some ways to save, including qualifying for discounts and raising your deductible

You should always ask what discounts you can receive when shopping for coverage. Discounts can be based on property and personal characteristics, from owning a burglar alarm to being retired. Bundling your policies with one company also saves you money.

Adjusting your deductible can lower your premiums, also. Your deductible is the dollar amount that damage must exceed before you can file a claim for your insurer to foot the bill. Deductibles typically range from $500 to $2,000. Deductibles usually apply to dwelling, other structures, and personal property damage.

Choosing a higher deductible means you’re willing to cover more damage out of your own pocket and lessens your carrier’s chances of paying out a claim. Companies prefer this, as it reduces your property’s financial risk, thus lowering your premiums.

What to Know About Flood Insurance in Largo

Heavy rains, storm surges, coastal erosion, and mudslides can cause floods. Unfortunately, if you’re affected by any of these, your home insurance won’t come to your aid, as homeowners insurance excludes flood damage.

Floods are the most common and costly natural disaster in the country. The Federal Emergency Management Agency (FEMA) reports that just one inch of floodwater in your home can cause over $20,000 in damages.Your home isn’t fully protected without a separate policy for flood insurance in Largo. The city’s location near the Gulf of Mexico means heavy rains and storm surges caused by hurricanes can be calamitous.

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?

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.

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.

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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