Homeowners Insurance in Lighthouse Point, Florida

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  • Homeowners Insurance in Lighthouse Point, Florida

The oceanside city of Lighthouse Point is perfect for boating and fishing on the Atlantic. It’s also ripe for hurricane and tropical storm damage every year.

Lighthouse Point, like most cities in South Florida, is very prone to property damage every storm season. You should have the right homeowners insurance to protect your home and belongings.

However, finding cheap coverage isn’t easy, which is why we created this guide to help Lighthouse Point residents find coverage without breaking the bank. Keep reading for more information below.

How Much Is Homeowners Insurance in Lighthouse Point, Florida?

The average cost of homeowners insurance in Lighthouse Points is about $6,701 annually on a $150,000 home, $11,893 on a $300,000 home, and $17,271 on a $450,000 home.

South Florida is the most hurricane-prone region in Florida, and cities in this area have the highest home insurance rates in the state. Broward County has the third-highest premiums of all counties, trailing only Miami-Dade and Monroe.

Average home insurance rates in Lighthouse Point can easily be double the state average due to the high property values and significant risk of hurricane damage. Look at the table below for more information on specific companies.

Average Cost of Homeowners Insurance in Lighthouse Point
Company $150,000 House $300,000 House $450,000 House
Allstate $2,773 $4,888 $7,045
Citizens $3,707 $6,617 $9,531
Florida Penn $8,103 $14,483 $20,871
Liberty Mutual $3,826 $6,829 $9,837
People’s Trust $10,936 $19,573 $28,218
Southern Oak $10,301 $18,442 $26,590
State Farm $5,332 $9,546 $13,763
Stillwater $3,432 $6,140 $8,850
Universal Property $8,418 $15,071 $21,729
Average $6,701 $11,983 $17,271
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.

Insurance premiums rise as home value increases. This is normal as larger, nicer homes need more insurance coverage. The higher your coverage limits, the more your policy will cost.

Insurance companies typically derive your home value from its replacement cost — the cost to rebuild it completely based on materials and labor. Your home’s replacement cost is the basis for many limits in your policy and a main driver of insurance rates.

Another crucial factor is your home’s age. Older houses often have higher rates due to their outdated components, from roofs to foundations. Old roofs, pipes, and wiring are more likely to fail and cause damage, especially after a major storm or fire. Also, old houses aren’t built to the same codes as new ones that help with hurricane resistance.

The following table breaks down average home insurance rates in Lighthouse Point for houses with a replacement cost of $150,000. Note premiums on older homes vs. newer homes.

Cost of Homeowners Insurance on $150,000 House in Lighthouse Point
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $4,294 $2,059 $1,846
Citizens $5,221 $2,685 $3,215
Florida Penn $11,986 $6,453 $5,869
Liberty Mutual $5,700 $2,503 $3,274
People’s Trust $20,769 $5,533 $6,507
Southern Oak $16,600 $8,544 $5,758
State Farm $8,866 $4,114 $3,016
Stillwater $4,956 $3,116 $2,225
Universal Property $15,911 $4,574 $4,770
Average 10,785 $4,794 $4,524

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. 

Older houses had the highest premiums of the bunch. You’ll also notice that wind mitigation lowered rates on older homes substantially. Wind mitigation is crucial in Florida because of the threat of hurricanes and tropical storms yearly.

Wind mitigation decreased premiums by 55% annually on older homes worth $150,000, amounting to over $5,000 in savings. These trends continue on $300,000 homes in Lighthouse Point.

Cost of Homeowners Insurance on $300,000 House in Lighthouse Point
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $7,729 $3,706 $3,228
Citizens $9,398 $4,833 $5,620
Florida Penn $21,575 $11,615 $10,260
Liberty Mutual $10,260 $4,505 $5,723
People’s Trust $37,384 $9,959 $11,376
Southern Oak $29,880 $15,379 $10,066
State Farm $15,959 $7,405 $5,273
Stillwater $8,921 $5,609 $3,890
Universal Property $28,640 $8,233 $8,339
Average $19,413 $8,629 $7,908

Wind mitigation cut rates by over $10,000 per year on $300,000 houses, while newly constructed houses had the lowest premiums. The final table depicts the effects of these same factors on houses worth $450,0000 in Lighthouse Point.

Cost of Homeowners Insurance on $450,000 House in Lighthouse Point
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $11,164 $5,353 $4,616
Citizens $13,575 $6,981 $8,037
Florida Penn $31,164 $16,778 $14,672
Liberty Mutual $14,820 $6,508 $8,184
People’s Trust $53,999 $14,386 $16,268
Southern Oak $43,160 $22,214 $14,394
State Farm $23,052 $10,696 $7,540
Stillwater $12,886 $8,102 $5,563
Universal Property $41,369 $11,892 $11,925
Average $19,413 $8,629 $7,908

No company expects you to pay $30,000 or more for home insurance yearly. Instead of reflecting actual premiums, these averages are calculated given the variable conditions. It’s rare to find such a costly home with no wind mitigation. And, if offered this rate, you just wouldn’t choose it.

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.

Which Company Has the Cheapest Homeowners Insurance in Lighthouse Point, Florida?

According to our findings, Allstate 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.

Allstate is one of the largest and most recognized insurers in the country. When getting quotes, it’s a good idea to compare rates from smaller names, too. Smaller companies will likely have different rates due to their smaller customer base and limited size. They may also have other customer service or claims procedures that you might prefer over a larger company.

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.

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.

Lighthouse Point Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage protects the physical structure of your home, including the walls, roof, floors, built-in appliances, and other structural components.
Other Structures Coverage Other structures coverage extends to structures on your property that aren’t attached to the main dwelling, such as detached garages, sheds, pools, and fences.
Personal Property Coverage Personal property coverage protects your personal belongings, including furniture, clothing, electronics, bicycles, tools, jewelry, art, and more.
Loss of Use Coverage Loss of use coverage picks up bills if your home becomes uninhabitable due to a covered loss. Your insurer can cover groceries, gas, lodging, and more.
Liability Coverage Liability coverage helps cover your finances if someone is injured on your property or if you cause damage to someone else’s property. It covers medical and legal fees.
Medical Payments Coverage Medical payments coverage covers minor medical expenses for guests who are injured on your property, regardless of fault.

How to Get the Best Homeowners Insurance in Lighthouse Point

The best homeowners insurance in Lighthouse Point will cover your home, belongings, and liability sufficiently at a price you can afford. What this coverage looks like varies by person and property, so you need to know your coverage needs and compare your options for the best deal.

Know Coverage Needs

You should know what coverage you need to tailor a plan to your property. Set appropriate policy limits that avoid underinsuring and overpaying for unnecessary protection. 

Create a home inventory to determine exact personal property coverage limits. Ensure your liability limits cover your assets, and consider raising them beyond the minimum required amount.

You should also reassess your insurance needs periodically, especially after significant life events or renovations. You can double-check that your coverage still aligns with your current needs and risks.

You should be aware of policy exclusions and limitations, including specific perils that may not be covered. For instance, certain high-value items might require additional coverage. Some risks, like sinkholes and water backup, aren’t covered by default, and you may need to pay extra for protection from these if your property is prone to them.

Compare Your Options

Look for the best price when shopping around, which includes considering potential discounts and endorsements. Some companies may have better discounts or cheaper add-ons. You should also note customer service to see which carrier is most or least helpful. Check out the company’s website if quoting online – is it easy to navigate?

All these aspects matter; you shouldn’t settle on a plan just because it’s the cheapest. Don’t sacrifice coverage or customer service to save money, as you want an insurer that will be there for you when you need them most if you file a claim.

What to Know About Flood Insurance in Lighthouse Point

Lighthouse Point is in a very flood-prone area. We stress this because standard homeowners insurance doesn’t cover flood damage

While some water damage is covered under your policy, such as pipe leaks, flood damage from storm surges, heavy rains, coastal erosion, and hurricanes aren’t covered. Flooding causes hundreds of millions in damages to properties nationwide every year. Many homes in Lighthouse Point are on or very close to the Atlantic Ocean or connected canals.

Homeowners should consider purchasing a separate plan for flood insurance in Lighthouse Point. And, you may be required by your mortgage lender to get coverage if you live in a federally designated high-risk flood zone.

Just as you would for home insurance, shop around for flood coverage. Policies are available from private companies or the National Flood Insurance Program (NFIP).

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?

Factors Affecting the Cost of Home Insurance in Lighthouse Point

Home insurance premiums are influenced by a variety of factors that assess the risk associated with insuring a particular property and homeowner. Here are some critical cost factors that can affect home insurance premiums:

The materials used to build your home, its age, and the quality of construction can impact insurance rates. Homes built with fire-resistant materials may have lower premiums.

Installing security systems, such as burglar alarms, fire alarms, or surveillance cameras, may make you eligible for discounts. Many insurance providers offer discounts for bundling multiple policies. Consider combining your homeowners insurance with auto insurance or other policies from the same provider to potentially save on premiums.

Adjusting your deductible—the amount you pay out of pocket before your insurance coverage kicks in—can impact your premium. Choosing a higher deductible often results in lower premiums, but it means you’ll have a higher upfront cost in the event of a claim.

A history of frequent or significant insurance claims can lead to higher premiums. Home insurance companies in Lighthouse Point, Florida, may see a higher risk associated with homes that have a history of claims.

Is Home Insurance Required 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. Your lender likely put tens or hundreds of thousands into your home purchase. 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.

How to Get Home Insurance Quotes in Lighthouse Point

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.

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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