Homeowners Insurance in Margate, Florida

Average Cost of Homeowners Insurance in Margate, Florida

The average home insurance cost in Margate, Florida, is about $4,162 annually.  Due to its susceptibility to hurricanes and high property values, South Florida is one of the most expensive areas in one of the most costly states for homeowners insurance.

Florida has some of the highest home insurance rates in the country. Broward County, where Margate is located, has the third-highest premiums among Florida counties, trailing only Miami-Dade and Monroe. 

We broke down some average rates from common carriers in Margate below.

Insurance companies use many metrics to determine rates, with arguably the most important being your home’s replacement cost. Replacement cost is the amount of money it would take, based on construction and labor costs, to rebuild your home from the ground up.

Larger, nicer homes have higher replacement costs, so average premiums increase as home value rises.

Building age and wind mitigation features are two more important considerations for home insurance costs in Margate. Newer homes tend to have cheaper premiums than older buildings because newer houses are built up to the latest codes and have no wear and tear or outdated components that can compromise the building’s structure. 

Getting the Cheapest Homeowners Insurance in Margate, Florida

Based on our analysis of customer data, Citizens, American Platinum, and Florida Peninsula offer the best Margate home insurance for those seeking the lowest average rates, with some customers paying up to 57% below the city’s average rate. However, many factors affect rates, and you may find a more affordable carrier based on your property and coverage needs.

While rates vary by policyholder, these three insurers stand out for our customers in Margate, Florida, as they consistently offer the best rates. Let’s take a look at what makes these carriers different from the rest. 

Citizens

While our Margate customers who bind with Citizens pay, on average, about 57% below average for their home insurance premiums, it should be noted that Citizens is unlike the other carriers in Florida. As a state-run insurer of last resort, Citizens often offers below-average rates, but sometimes those savings come at the cost of coverage. While the rates may be low, the coverage provided by this insurer is often less than that of another insurer.

American Platinum

When binding with American Platinum, our customers in Margate save, on average, about 21% on their annual premiums. These savings are no joke, especially when getting home insurance in South Florida, where rates are generally much higher than elsewhere. In addition to these savings, American Platinum offers discounts for homes with wind mitigation features and for those with security or fire safety systems installed, for those hoping for further savings. 

Florida Peninsula

On average, our customers in Margate save about 10% on their annual premiums when they bind with Florida Peninsula. Additionally, Florida Peninsula offers discounts for homes with wind mitigation features or a home security system, as well as a senior discount, for eligible policyholders looking to maximize their savings. 

Discovering the Best Home Insurance Companies in Margate, Florida

Getting the best homeowners insurance in Margate requires understanding your coverage needs and financial constraints. While there isn’t a single policy that’s the best for each policyholder, there will be a policy that works best for your needs. 

Generally, the best policy for every policyholder is one that fully covers their property and liability without breaking the bank. However, plans differ in the nitty-gritty of what those limits actually are.

The best way to find the policy that best suits your needs is to gather and compare quotes from multiple insurers. This way, you can customize your ideal policy limits and get an accurate estimate of what it will cost. From there, you can tweak your coverage limits until you get an affordable rate. 

Once you’ve determined what your best policy looks like, you may find that several insurers are able to meet your needs. So, from here, you’ll have to decide which provider is best for you. We can help make that task easier by providing you with some baseline information on the insurers our customers in Margate trust. 

Average premiums 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.

Margate Homeowners Insurance Coverages

A standard homeowners insurance policy consists of six coverage areas designed to protect your home, belongings, and liability. These coverages come standard from every company, wherever you go in the country. So, in Margate, across the Sunshine State, or nationwide, here are the coverages you can expect your homeowners insurance policy to provide:

How to Get Home Insurance Quotes in Margate, Florida

Taking the time to compare Margate home insurance quotes is crucial to finding the best coverage and securing the best price for your individual needs. Our team at Clovered is here to help with this process if you need it.

Use our online quoting tool to easily compare your coverage options online on your own time. It only takes a few minutes, and you can email agent@clovered.com anytime with any questions that crop up along the way.

Or, if you’d rather quote over the phone, call us at 833-255-4117, and one of our licensed agents would be happy to help. We’re based just up the road in Fort Lauderdale, so you’re chatting with someone who knows insurance needs in South Florida.