Homeowners Insurance in Margate, Florida

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  • Homeowners Insurance in Margate, Florida

Although Margate is fairly inland from the Atlantic Ocean, its location in South Florida still leaves it prone to hurricane damage, driving up insurance rates.

Homeowners insurance is essential in Margate, but finding an affordable policy isn’t always easy. We created this guide to help you find the best protection while keeping cost and coverage in mind.

How Much Is Homeowners Insurance in Margate, Florida?

The average cost of homeowners insurance in Margate 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. However, rates vary due to many factors, including carrier and location.

Florida has some of the highest home insurance rates in the country. 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.

Broward County has the third-highest premiums of all counties in Florida, trailing only Miami-Dade and Monroe. We broke down some average rates from common carriers in Margate below.

Average Cost of Homeowners Insurance in Margate
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 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. Observe the effects and explanations of these variables below, starting with the table for $150,000 houses.

Cost of Homeowners Insurance on $150,000 House in Margate
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. 

While average costs may seem high at a glance, home insurance in Margate becomes much more reasonable with wind mitigation. Having wind mitigation features lowered average premiums on older homes worth $150,000 by nearly $6,000 per year. 

Wind mitigation can cut your premiums in half, reducing rates by over 55% annually. This effect only increases as the home value rises, evidenced in the following table showing $300,000 homes.

Cost of Homeowners Insurance on $300,000 House in Margate
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

With wind mitigation, houses with a $300,000 replacement cost can save over $10,000 annually. Newly constructed homes often had the lowest home insurance rates in Margate, Florida, of the three categories.

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. For example, old roofs are much more likely to suffer damage during a hurricane. Older pipes are more likely to corrode or fail and cause water damage.

Insurance companies simply have less to worry about on newer houses, which results in favorable premiums.

The final table shows Margate home insurance costs for $450,000 houses.

Cost of Homeowners Insurance on $450,000 House in Margate
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
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 Margate

Based on our analysis, Allstate has the cheapest homeowners insurance in Margate. However, many factors affect rates, and you may find a more affordable carrier based on your property and coverage needs.

Allstate is one of the largest and most well-known insurers in the nation. It’s a reliable choice for coverage in Margate, but you should always get multiple quotes to see if other carriers have cheaper plans.

Compare rates from other large companies in addition to smaller regional carriers. In addition to price differences, you might find preferable customer service, website layout, or policyholder reviews at another company.

You won’t know which carrier has the cheapest homeowners insurance in Margate for your circumstances until you compare rates. Shopping around is an essential part of finding the best coverage and saving money.

Margate Homeowners Insurance Coverages

A standard homeowners insurance policy consists of six coverages areas designed to protect your home, belongings, and liability. These coverages come standard from every company.

Margate Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage protects the physical structure of your home, including the walls, roof, and floors, and components, like the pipes and wiring.
Other Structures Coverage Other structures coverage guards structures on your property unattached to the main house, such as detached garages, sheds, fences, and pools.
Personal Property Coverage Personal property coverage covers your possessions, including furniture, clothing, electronics, tools, jewelry, and more.
Loss of Use Coverage Loss of use coverage helps pay for living expenses if your home becomes uninhabitable after major damage. Your insurer can cover lodging, meals, and gas temporarily.
Liability Coverage Liability coverage covers if you or a family member are found legally responsible for someone’s injuries by paying medical bills and legal fees.
Medical Payments Coverage Medical payments coverage covers minor medical expenses in case of injury without the need for legal liability.

How to Get the Best Homeowners Insurance in Margate

Getting the best homeowners insurance in Margate requires understanding your coverage needs and financial constraints. You need a plan that wholly covers your property and liability without breaking the bank. 

You can adjust your coverage limits to enhance your protection, and you take certain steps to save money on your policy.

Adjust Your Coverage

You’re responsible for making many choices about your plan to protect your property. Tailor your policy to your needs by adjusting your limits appropriately and considering endorsements when needed.

Companies require you to insure your dwelling to at least 80% of its value, called insurance to value. However, you can go as high as 100% or more, which would be preferable during a rebuild. Weight the cost of upping your dwelling limits with your budget.

You should always make a home inventory to determine the amount of personal property coverage you need. Also, ensure your liability limits fully cover your financial assets. We recommend between $300,000 and $500,000 for most people.

Most insurers offer additional coverage for a fee by purchasing add-ons called endorsements. For example, all policies have limits for certain valuables, such as jewelry, memorabilia, or art. If you own especially rare or costly items, consider adding scheduled personal property coverage to fully cover them.

Seek Savings

Once you have an idea of the policy you need, you should shop around to see who has that coverage at the cheapest rates. You can also compare endorsements, coverage options, and available discounts.

Discounts vary by company and can go a long way to lowering your rates. Common discounts include:

  • Bundling policies
  • Paying in full
  • Having security systems or SMART home features
  • Being retired or a military veteran
  • Living in a newly constructed home or gated community

What to Know About Flood Insurance in Margate

While your home insurance policy covers you from several perils, from hurricanes to fires to theft, no plan will cover flooding. Due to the severity and frequency of flood events, all homeowners insurance companies exclude flood damage from their plans. 

Margate, like anywhere in Florida, is prone to flash flooding. Some properties in Margate are in federally designated high-risk flood zones and will be required to have flood insurance by mortgage lenders.

However, the National Flood Insurance Program reports that over one in four of their flood insurance claims come from outside high-risk flood zones. Anywhere it can rain, it can flood. Your property isn’t financially protected unless you purchase flood insurance in Margate.

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?

Cost Factors of Home Insurance in Margate

The cost of home insurance in Margate is influenced by various factors relating to your financial risk. Homes with higher chances of having claims pay more for insurance. Many property features affect this risk, such as:

  • Home construction
  • Home age
  • Attractive nuisances

In addition to these risk factors, some policy details and coverages increase premiums because they increase the amount of insurance you have. Higher coverage limits and endorsements cost more and raise rates. Conversely, qualifying for discounts will lower your premiums of property insurance in Margate.

Is Home Insurance Required in Margate?

Homeowners insurance isn’t mandated by law in Margate, but mortgage lenders make home insurance a requirement when financing a house.

Lenders stipulate home insurance as part of their loans to protect their investments. Since a home is insured for its value, the insurance policy will reimburse the lender the money it puts into the property if it gets destroyed by a covered peril. During a claim, the insurer generally releases the reimbursement to both the lender and the policyholder.

If you don’t maintain your own coverage, your lender will force place insurance on you. Force-placed insurance is less comprehensive and more costly than a plan you can find on your own, so be sure to find the right policy and not let your coverage lapse.

How to Get Homeowners Insurance Quotes in Margate, Florida

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

Use our online quoting tool to easily compare your options online on your own time. It only takes a few minutes, and we have an agent on standby ready to help in a live chat just one click away.

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.

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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