Average Cost of Homeowners Insurance in Lighthouse Point No law mandates homeowners insurance in Lighthouse Point. But, if you finance your home, your bank or mortgage lender will require you to get a policy. They want to protect their investment. You don’t technically need homeowners insurance if you paid cash for your home or have paid off your mortgage, but we still recommend maintaining coverage. You’d be totally on the hook for all repairs, which could be a total rebuild in a worst-case scenario.
Key Takeaways
- The average home insurance cost in Lighthouse Point, Florida, is about $3,415 per year, which is higher than average.
- American Platinum and Citizens had the cheapest home insurance in Lighthouse Point, based on our data.
- Before buying an insurance policy, you should always shop around and compare quotes from multiple companies to see who has the best rates.
How Much Is Homeowners Insurance in Lighthouse Point, Florida?
The average homeowners insurance cost in Lighthouse Point is about $3,415 annually, which is 20% higher than the Florida statewide average of $2,857 per year. South Florida is the most hurricane-prone region of the state, and cities there tend to have higher home insurance rates than the rest of the state.
Broward County, where Lighthouse Point is located, has the third-highest premiums of all counties, trailing only Miami-Dade and Monroe. South Florida has costly insurance rates due to the high property values and significant risk of hurricane damage.
As an independent agency in nearby Fort Lauderdale, we’ve helped Lighthouse Point residents find coverage, and we can list their real, average premiums to give you an idea of what insurance may cost you in the city when you’re shopping around.
| Company | Average Premium |
|---|---|
|
American Platinum |
$1,909 |
|
Citizens Prop Ins. Corp. |
$2,771 |
|
Safepoint |
$2,942 |
|
Olympus Insurance Company |
$4,246 |
|
TypTap Insurance Company |
$12,349 |
|
Average |
$3,415 |
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Which Company Has the Cheapest Homeowners Insurance in Lighthouse Point, Florida?
According to our agency data, American Platinum has the cheapest homeowners insurance in Lighthouse Point. While this is useful to know, it may not necessarily represent the premiums you find when quoting. Home insurance rates vary based on many factors, and you won’t know which company is the cheapest for you until you quote.
American Platinum is a Florida-based insurer available exclusively through our agency here at Clovered. Citizens, the second name on our list, is also a common choice for cheap coverage. Citizens is run by the Florida state government, which purposefully subsidizes Citizens’ rates. You can only qualify for Citizens coverage if you get three quotes from standard insurers that are all 20% higher than your Citizens quote.
When getting quotes, it’s a good idea to compare rates from both larger and smaller names. You must shop around to find the cheapest home insurance in Lighthouse Point. No one provider will always be the most affordable, and you can’t settle for the first quote you receive. Our team at Clovered will make comparing options easy for you.
Best Homeowners Insurance Companies in Lighthouse Point, Florida
The best insurer varies by person due to coverage needs, budgetary constraints, and other personal preferences. For example, companies may have different rates, discounts, customer service, or claims procedures that can affect someone’s decision.
Our agency team is happy to provide as much information as we can to help you make your choice. Average premiums from our partners below are determined from our policyholder data. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.
To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$1,909
American Platinum Insurance Company, founded in 2011, is a subsidiary of Universal Insurance Holdings, offering home insurance coverage in Florida and Georgia. Policies are available exclusively through independent agents at Clovered.
Citizens
Demotech Rating
NR
NAIC Complaint Index
0.69
Average Premium
$2,771
Citizens Property Insurance Corporation is Florida’s state-run home insurer of last resort. It’s a non-profit entity that provides property insurance to state residents who are unable to obtain coverage in the traditional, private market.
Safepoint
Demotech Rating
A
NAIC Complaint Index
3.91
Average Premium
$2,942
Safepoint Insurance has specialized in insuring property in coastal regions since 2013. They sell their policies through independent agents and offer homeowners insurance coverage in seven states.
Olympus
Demotech Rating
NR
NAIC Complaint Index
0.90
Average Premium
$4,246
Olympus Insurance Company has offered home insurance solely in Florida since its founding in 2007, with a general focus on higher-value homes and a count of over 70,000 policyholders.
TypTap
Demotech Rating
A
NAIC Complaint Index
1.48
Average Premium
$12,349
TypTap Insurance Company was founded in 2006 and offers home insurance in over a dozen states. It’s primarily distributed through independent agents, like ours at Clovered.
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Lighthouse Point Homeowners Insurance Coverages
A standard homeowners insurance policy typically consists of several coverage components designed to protect your home, belongings, and liability. These remain standard regardless of which company provides the plan.
| Coverage | Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage covers the elements of your main home that make up its structure. Coverage may extend to things like your roof, walls, flooring, pipes, and more. |
|
Other Structures Coverage |
Other structures coverage can be used to protect the fixtures on your property that aren’t attached to your main home. This coverage may be used to protect things like your fencing, pool, shed, detached garage, and more. |
|
Personal Property Coverage |
Personal property coverage helps cover the items you store in and around your property from damage caused by a covered peril on your policy. This coverage can be used if your tools, appliances, furniture, jewelry, clothing, or other items on your property are stolen or damaged by a covered peril. |
|
Loss of Use Coverage |
Loss of use coverage can help you pay for living expenses if a covered peril significantly damages your home. It can help you pay for necessary things like temporary housing, food, and more. |
|
Liability Coverage |
Liability coverage can help you cover legal fees and medical expenses if you damage someone else’s property or if someone injures themself on your property. |
|
Medical Payments Coverage |
Medical payments coverage can help you cover the cost of someone’s medical expenses following a minor injury on your property, like a broken finger. This coverage can be used regardless of who was at fault for the incident. |
How to Get Homeowners Insurance Quotes in Lighthouse Point, Florida
Don’t let finding the right home insurance policy be an afterthought. You can save significant money by taking the time to shop around for the right coverage.
An independent insurance agency, like our team at Clovered, can help you find the insurance you need at the price you want. You can use our online insurance comparison platform to easily get quotes from multiple insurers.
Or, you can call us at 833-255-4117 during business hours to chat with one of our licensed agents for a quote. We’re based in Fort Lauderdale, so you’ll be speaking with a fellow state resident who is very familiar with life and insurance in South Florida. You can also send us an email at agent@clovered.com.
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.
Lighthouse Point Home Insurance FAQs
Is homeowners insurance required in Lighthouse Point, Florida?
What determines Lighthouse Point home insurance rates?
Home insurance premiums are influenced by a variety of factors that assess the risk associated with insuring a particular property and homeowner. Some critical cost factors include house age, size, construction materials, location, and features (such as security systems and attractive nuisances). Policy details, like coverage amounts and deductibles, also affect insurance costs.
Do you need flood insurance in Lighthouse Point, Florida?
Only homeowners with mortgaged properties in federally designated flood zones will be required to have flood insurance in Lighthouse Point. The Federal Emergency Management Agency (FEMA) makes flood risk maps for the country. If your house is in a high-risk FEMA flood zone, your lender will require you to have flood insurance in addition to home insurance in order to get a mortgage. That said, many homes in Lighthouse Point are on or very close to the Atlantic Ocean or connected canals. It wouldn’t be a bad idea to look into flood insurance, even if not required.
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?
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
