Melbourne, Florida Homeowners Insurance

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  • Melbourne, Florida Homeowners Insurance

In the heart of Brevard County lies Melbourne, Florida, a pivotal place for homeowners involved in the United State’s space program, a hub for engineers and a haven for those who love golf, the beach and sunshine.

The city has boomed in recent years, expanding its footprint in the housing market from Eau Gallie to the Viera and Suntree neighborhoods. That expansion means many more homeowners are flocking to the city, increasing housing costs and, with it, the price of homeowners insurance in Melbourne, Florida.

Let’s take a look at what residents of this splendid city can expect to pay for property insurance, what it covers and some factors that go into determining the average costs.

Average Cost of Homeowners Insurance Melbourne, Florida

The average cost of homeowners insurance in Melbourne, Florida is about $2,859 per year for a $150,000 house, which is a bit above the Sunshine State’s average of $2,533 per year. For $300,000 and $450,000 houses, homeowners yearly premiums are even higher than the state’s average, coming in at $4,942 and $6,543

Florida is among the most costly states for home insurance — and Melbourne isn’t exempt from those higher premium prices. While Melbourne is a few miles inland, it borders the Indian River and only has a slim island separating it from the ocean. That means the city still sees the brunt of Florida’s devastating hurricane winds, which often spur tornadoes in the area.

Each of those events causes damage to homes in the area, which, in turn, causes home insurance premiums to rise. Let’s take a look at the average cost homeowners can expect to pay from some of the top home insurance companies in Melbourne, Florida.

Average Cost of Homeowners Insurance in Melbourne for 2022

Company

ASI
Citizens
FedNat
Florida Penn
Liberty Mutual
People’s Trust
State Farm
Universal Property
Average

$150,000 House

$2,494
$1,815
$3,453
$3,369
$2,587
$4,147
$2,479
$2,753
$2,859

$300,000 House

$4,377
$3,186
$6,059
$5,913
$4,544
$7,278
$4,352
$4,830
$4,942

$450,000 House

$6,063
$4,395
$8,379
$8,165
$6,242
$10,068
$5,990
$6,695
$6,543

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.

Florida Office of Insurance Regulation Premium Consideration Factors

The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the 2022 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.

Pre-2001 Construction w/ Wind Mitigation

This risk is for a Florida masonry home with a current replacement value of $150,000, a $500 non-hurricane deductible, a 2% hurricane deductible, and no claims in the past three years. Premium examples are shown for maximum wind mitigation features.

Pre-2001 Construction w/ No Wind Mitigation

This risk is for a Florida masonry home with a current replacement value of $150,000, a $500 non-hurricane deductible, a 2% hurricane deductible, and no claims in the past three years. Premium examples are shown for no wind mitigation features.

2001-Present Construction

This risk is for a Florida masonry home with a current replacement value of $300,000, a $500 non-hurricane deductible, a 2% hurricane deductible, no claims in the past three years, and minimum premium discounts for limited wind mitigation features and no hip roof.

*Wind Mitigation

A wind mitigation is 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. Wind mitigations typically result in deep discounts on your home insurance premiums, so you’ll want to get one.

While those may be the average premiums for $150,000 houses in Melbourne, there’s a whole lot more to the equation you must know. Your premium prices hinge greatly on what year your home was built and if it has sufficient protection to curb the damage created by hurricanes and tropical storms.

$150,000 House in Melbourne for 2022

Company

ASI
Citizens
FedNat
Florida Penn
Liberty Mutual
People’s Trust
State Farm
Universal Property
Average

Pre-2001 No Wind

$3,669
$2,889
$5,772
$4,598
$3,286
$6,684
$3,246
$4,668
$4,342

Pre-2001 w/ Wind

$2,020
$1,076
$1,956
$2,836
$2,109
$2,634
$2,036
$1,644
$2,106

2001-Present

$1,793
$1,480
$2,630
$2,672
$2,367
$3,122
$2,154
$1,946
$2,129

If your Melbourne home was built from 2001 to the present, it meets the new building codes put into place by legislation at the turn of the 2000s. That means it already has elevated features that help protect it from high winds.

However, the story is slightly different if your home was built before 2001, which is when many of the homes off Wickham, Lake Washington and many other roads were built. Those homes didn’t have to meet the same stringent standards of building codes as their newer counterparts. So your home may not have come equipped with storm shutters, impact-resistant windows and doors or even a hip roof.

If your home falls into the aforementioned category, you may be surprised to find out you could be paying an average of $4,342 per year instead of $2,106 per year for homeowners insurance in Melbourne, Florida.

Adding those features to your home could save you thousands of dollars per year on your home insurance, which truly adds up over the course of a decade or more. All you need to do is install storm shutters, replace your windows and doors with impact-resistant models or opt for a hip roof the next time your roof needs to be replaced.

Even if you only make one or two of those upgrades, you’ll likely pay less for homeowners insurance after getting a wind mitigation inspection, which proves that your home has better resistance to wind damage.

 While we’ve broken down the average cost of premiums for $150,000 houses in Melbourne, you may have to get extremely lucky to find a house in the city for that cost. Housing prices in Florida have been skyrocketing through the years, and Melbourne is at the heart of that increase. So let’s take a look at what you can expect to pay for property insurance in Melbourne for a $300,000 home.

$300,000 House in Melbourne for 2022

Company

ASI
Citizens
FedNat
Florida Penn
Liberty Mutual
People’s Trust
State Farm
Universal Property
Average

Pre-2001 No Wind

$6,421
$5,056
$10,101
$8,047
$5,751
$11,697
$5,681
$8,169
$7,498

Pre-2001 w/ Wind

$3,535
$1,883
$3,423
$4,963
$3,691
$4,610
$3,563
$2,877
$3,644

2001-Present

$3,174
$2,619
$4,654
$4,729
$4,190
$5,526
$3,812
$3,445
$3,685

Unfortunately, prices get even steeper for $450,000 houses. Homeowners who haven’t properly mitigated the potential for wind damage could be paying an average of $10,156 per year (Florida state average = $8,612), compared to their wind-mitigated neighbors who are paying an average of $5,122 per year (Florida state average = $4,848).

$450,000 House in Melbourne for 2022

Company

ASI
Citizens
FedNat
Florida Penn
Liberty Mutual
People’s Trust
State Farm
Universal Property
Average

Pre-2001 No Wind

$9,173
$7,223
$14,430
$11,495
$8,215
$16,710
$8,115
$11,670
$10,156

Pre-2001 w/ Wind

$5,050
$2,690
$4,890
$7,090
$5,273
$6,585
$5,090
$4,110
$5,122

2001-Present

$3,968
$3,274
$5,818
$5,911
$5,238
$6,908
$4,765
$4,306
$4,473

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.

What Does Home Insurance in Melbourne Cover?

Though you may think of home insurance protecting your house at first glance, there’s much more to your policy than meets the eye. From your home’s structure and everything that makes it, like flooring and walls, to the other structures on your property and personal protection that helps keep you financially sound if something bad were to happen, these are the different coverages included in your Melbourne homeowners insurance policy.

Dwelling Coverage

Covers your home’s structure and the things that help create it, including the fireplace, windows, doors and flooring.

Other Structures Coverage

Covers structures on your property not attached to your house, such as a fence, detached garage, carport or shed.

Personal Property Coverage

Covers the personal belongings you keep inside or on your property, such as a TV, electronics, lawnmower and clothes.

Loss of Use Coverage

Reimburses you for additional living expenses if you’re forced to move from your home while it’s being rebuilt or repaired.

Medical Payments Coverage

Utilized to pay for small medical bills if someone was injured on your property, whether you’re at fault or not.

Your policy protects you against many different perils, including all-too-common hurricanes and tornadoes, unexpected and devastating house fires, torrential rains and other water damage, burglaries and so much more. Your policy even protects you if your dog bites and injures someone.

Best Home Insurance Companies in Melbourne, Florida

At first glance, you’ll find that the best home insurance companies in Melbourne for cost and customer service are Citizens, Universal Property & Casualty Insurance Company, FedNat, People’s Trust and Florida Penn — each with an average cost of homeowners insurance less than $3,500 for a $150,000 house.

At Clovered, we partner with all of those insurance companies to provide you with the best policy at the best price. All you need to do is answer a few questions in our quoting platform, we’ll work some magic behind the scenes and, if they’re the right fit, we’ll display a policy and premium in a matter of minutes.

Of course, the average premium price you pay depends on a few other factors besides your home’s value. Things like your claims history, coverage amounts, deductibles, insurance score and your home’s location and crime in the area all influence the price you’ll pay.

Flood Insurance in Melbourne, Florida

Unfortunately, homeowners insurance doesn’t cover flooding, so you’ll need to purchase a separate flood insurance policy to ensure your home and belongings are protected against floods, which includes storm surge and rising waters from ponds and rivers in the area.

The bad thing is that Melbourne is prone to flooding due to its location off the Indian River and the number of ponds it has on its grounds. The good news is that flood insurance in Melbourne, Florida is relatively inexpensive, especially compared to homeowners insurance.

Residents can expect to pay around $600 per year for a flood insurance policy on a $300,000 house. That protection provides coverage similar to homeowners insurance for the structure of your home, any other structures on the property, your personal belongings and even additional living expenses you may incur if you have to temporarily move out of your home while it’s being repaired.

How to Get Property Insurance in Melbourne, Florida

With Clovered, getting a homeowners insurance policy in Melbourne is super simple and only takes a few minutes. All you need to do is put some details about your home into our online quoting platform, answer a few questions and you’ll have a policy in minutes!

If you hit any snags or just want to talk to a real person, one of our many licensed agents is available to chat by phone Monday through Friday from 8:30 a.m. to 6 p.m. at 833-255-4117. Or you can drop us an email anytime 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.