Homeowners Insurance in Lutz, Florida

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  • Homeowners Insurance in Lutz, Florida

Just north of Tampa, Lutz is a more rural suburb reaching into Pasco County. Homeownership is a cherished milestone, representing years of hard work and careful planning. If you don’t have home insurance in Lutz, you’re putting your property and belongings at risk financially to the elements and unforeseen damage.

Getting the right homeowners insurance can be tricky, especially in Florida, which is why we put all the information you need to know to find the best policy in the paragraphs below.

How Much Is Homeowners Insurance in Lutz, Florida?

The average cost of homeowners insurance in Lutz is about $3,247 annually on a $150,000 house, $5,800 on a $300,000 house, and $8,356 on a $450,000 house.

While Lutz properties are far more inland than many Hillsborough and Pasco County homes, the area is still susceptible to hurricane damage from the Gulf of Mexico side, which increases insurance rates. Home insurance premiums in Lutz are between 6% to 13% higher than the state average.

The following table lists average premiums in Lutz from some popular companies depending on home value.

Average Cost of Homeowners Insurance in Lutz
Company $150,000 House $300,000 House $450,000 House
Allstate $2,265 $4,048 $5,832
Citizens $1,855 $3,310 $4,767
Florida Penn $3,074 $5,486 $7,902
Liberty Mutual $2,154 $3,841 $5,530
People’s Trust $3,454 $6,167 $8,883
Southern Oak $4,338 $7,766 $11,197
State Farm $2,841 $5,077 $7,316
Stillwater $1,309 $2,340 $3,373
Universal Property $2,945 $5,262 $7,580
Average $3,247 $5,800 $8,356
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.

While rates vary by provider, you can see that insurance premiums increase as home value increases. Replacement cost refers to the amount of money required to rebuild or replace your home in case of a total loss based on materials and labor costs only. 

Homes with a higher replacement cost typically have higher premiums because insuring them carries a greater financial risk for the insurer, as the cost of rebuilding or repairing a more expensive home will be greater.

The age of a home is another pivotal factor in insurance rates. As you’ll see in the following table for premiums on $150,000 homes, older houses have outdated systems and materials that are more prone to damage or failure, resulting in higher premiums. Additionally, older homes may not meet current building codes and safety standards, which is essential in Florida as the threat of hurricane-strength winds looms yearly.

For a more in-depth look at Lutz homeowners insurance, look at the following table listing average rates on older and newer homes with and without wind mitigation.

Cost of Homeowners Insurance on $150,000 House in Lutz
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $2,945 $2,097 $1,754
Citizens $2,297 $1,585 $1,683
Florida Penn $3,660 $2,885 $2,676
Liberty Mutual $2,615 $1,763 $2,083
People’s Trust $4,503 $2,936 $2,923
Southern Oak $6,777 $3,809 $2,427
State Farm $3,881 $2,521 $2,121
Stillwater $1,823 $1,205 $899
Universal Property $4,448 $2,058 $2,330
Average $4,457 $2,692 $2,592

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. 

Florida is one of the most hurricane-prone regions in the United States, with a long history of devastating hurricanes. Insurance companies are legally required to discount premiums for homeowners whose properties have passed wind mitigation inspections.

In Lutz, average rates decrease on older homes by about 40% or over $1,700 annually. Rates increase on $300,000 homes, but wind mitigation continues to cut rates drastically. Look below.

Cost of Homeowners Insurance on $300,000 House in Lutz
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,301 $3,775 $3,067
Citizens $4,135 $2,853 $2,943
Florida Penn $6,588 $5,193 $4,678
Liberty Mutual $4,707 $3,173 $3,642
People’s Trust $8,105 $5,285 $5,111
Southern Oak $12,199 $6,856 $4,243
State Farm $6,986 $4,538 $3,708
Stillwater $3,281 $2,169 $1,571
Universal Property $8,006 $3,704 $4,074
Average $8,022 $4,846 $4,531

The final table shows rates on $450,000 homes in Lutz. These rates will be the highest, but wind mitigation can still save you thousands annually and slash premiums almost in half.

Cost of Homeowners Insurance on $450,000 House in Lutz
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $7,657 $5,452 $4,386
Citizens $5,972 $4,121 $4,208
Florida Penn $9,516 $7,501 $6,690
Liberty Mutual $6,799 $4,584 $5,208
People’s Trust $11,708 $7,634 $7,309
Southern Oak $17,620 $9,903 $6,067
State Farm $10,091 $6,555 $5,302
Stillwater $4,740 $3,133 $2,247
Universal Property $11,565 $5,351 $5,826
Average $11,588 $6,999 $6,480
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 Lutz

Based on our analysis, Stillwater had the cheapest homeowners insurance in Lutz. When considering insurance options in Florida, it’s essential to evaluate Stillwater Insurance Company alongside other insurers, considering factors such as coverage options, premiums, discounts, and customer service.

Stillwater is a property and casualty insurance provider based in Jacksonville but operating nationwide.

You never know which company will be your cheapest choice until you get quotes, as rates vary by location, company, and person. 

Lutz Homeowners Insurance Coverages

Home insurance policies are separated into different coverage areas based on the property aspects the plan covers. A policy typically contains the following coverages, regardless of which company provides it: 

Lutz Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Typically the core component of a policy, dwelling coverage covers the physical structure of your home, including the walls, roof, floors, foundation, plumbing, and more.
Other Structures Coverage Other structures coverage extends coverage to features on your property not attached to the main house, such as sheds, fences, pools, and detached garages.
Personal Property Coverage Personal property coverage financially protects your belongings inside and around your home, including furniture, small appliances, electronics, clothing, bicycles, art, and more.
Loss of Use Coverage If your home becomes uninhabitable due to covered property damage, loss of use coverage helps pay for expenses while you move out, such as lodging, gas, food, and more.
Liability Coverage Liability coverage comes into play if you’re legally found responsible for injuries to someone else or damage to their property. Your insurer can cover medical bills, legal fees, and more.
Medical Payments Coverage Medical payments coverage covers minor medical expenses of individuals who are hurt on your property.

How to Get the Best Home Insurance in Lutz

To get the best homeowners insurance in Lutz, ensure your plan covers you sufficiently at a price you can afford. The plan that achieves this will vary by person, so you should understand your coverage needs and shop around to find the best option and save money.

Understand Your Coverage Needs

Adjust your policy limits to fit your circumstances as well as possible. While insurers will have default recommendations, you can mold your policy to fit your needs more specifically. Create a home inventory to know the exact amount of personal property coverage you need. And, raise or lower your liability limits to sufficiently protect your assets. We always recommend liability limits beyond the minimum required amount.

Review your policy periodically, especially if you’ve made renovations or other major life changes. You may need to adjust some coverage limits or be able to drop unneeded endorsements.

An endorsement is optional additional coverage you can purchase that covers items or risks excluded by default. You should look into endorsements if you own expensive jewelry, run a business out of your home, or are concerned about water backup from sewage and other pipes.

Look for Savings

Once you know what you need in your policy, you should try to save money on optimal coverage. The best ways to save money on home insurance in Lutz are:

  • Adjust your deductible
  • Inquire about discounts
  • Shop around

Your home insurance deductible is the amount of money damage must exceed before you can file a claim. Increasing your deductible can be a smart way to save money on home insurance. By opting for a higher deductible, you’re agreeing to cover more of the initial costs in the event of a claim, which results in lower premium payments.

Insurance providers offer a range of discounts that can significantly reduce your home insurance costs. These can be based on various factors such as bundling insurance policies, having security features like burglar alarms, maintaining a claims-free history, or even being a senior citizen or military veteran. Ask about what discounts are available to you.

Shopping around for home insurance quotes is the most tried-and-true method to save money on Lutz home insurance. You can compare rates, endorsements, discounts, and customer service to find a provider you like best.

What to Know About Flood Insurance in Lutz, Florida

Homeowners insurance plans protect against various damage sources, officially called perils. Some common covered perils include theft, vandalism, fires, and hurricanes. However, the most common and costly peril that can affect your home isn’t covered under standard home insurance – flooding.

Floods can and do happen anywhere. The Federal Emergency Management Agency (FEMA) reports that all 50 states have experienced flooding in the past five years. Lutz can flood after heavy rains, especially in the wake of tropical storms and hurricanes.

Yet, most homeowners don’t have flood insurance. In the spirit of protecting your home from damage, we encourage you to consider buying a policy for flood insurance in Lutz.

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 Lutz, Florida

Several variables affect the average homeowners insurance in Lutz. Factors about your house that worsen possible property damage or increase liability risks will raise premiums. Also, aspects of your policy itself will directly affect your rates.

Property Factors

Insurers examine aspects about your home, such as location, age, and construction. Older houses have higher rates due to wear and tear. Masonry homes can withstand wind and fire damage better and often have lower premiums than frame houses.

Liability Factors

Certain factors will raise your premiums because they increase your liability risk. For example, having trampolines, pools, or other attractive nuisances at your property increases the chances of personal injury and often raises rates.

Also, certain dog breeds can raise red flags. Insurers sometimes raise rates for owners of Rottweilers, pit bulls, or other breeds that have historically been aggressive. Some companies ban them altogether. 

Policy Factors

Policy details can directly influence rates of property insurance in Lutz. Higher limits and endorsements can raise premiums, while qualifying discounts can lower rates. You can also change your deductible to raise or lower your premiums. Common deductibles are between $500 and $2,000.

Is Home Insurance Required in Lutz?

Homeowners insurance isn’t required by law in Lutz. But, mortgage lenders typically require you to maintain home insurance if you’ve got a mortgage.

To safeguard their investment, lenders typically require borrowers to maintain homeowners insurance covering potential property damage or loss. If you fail to maintain the required insurance coverage, your lender can force place insurance on you. Force-placed insurance can be an expensive and less comprehensive option, so it’s in your best interest to find and maintain your own home insurance.

How to Get Homeowners Insurance Quotes in Lutz

We outlined this information to help you make a well-informed decision to ensure that your home is adequately protected. But, our help doesn’t have to end there. Our team at Clovered can help you with homeowners insurance quotes in Lutz online or over the phone.

Our proprietary quote tool enables you to compare rates and plans from our partners, some of the top home insurance companies in Lutz.

But, if you’d rather speak to a licensed home insurance agency in Lutz, Florida, for your quote, you can call us at  833-255-4117 during business hours. We’re based in South Florida, so you’ll be chatting with a fellow state resident about your coverage. You can also email us at agent@clovered.com with any questions.

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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