Homeowners Insurance in Merritt Island, Florida

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  • Homeowners Insurance in Merritt Island, Florida

Although not officially a city, Merritt Island on Florida’s Space Coast is home to tens of thousands of people and, most notably, the Kennedy Space Center.

With limited space for new development, homeowners on Merritt Island should highly value and protect their property. Homeowners insurance is the best financial safety net you can have. 

Unfortunately, it can be hard to find cheap home insurance on Merritt Island. Read the guide below for all the details you should be aware of to secure the best and most affordable policy.

How Much Is Homeowners Insurance in Merritt Island, Florida?

The average cost of homeowners insurance on Merritt Island is about $3,628 annually for a $150,000 house, $6,484 for a $300,000 house, and $9,343 for a $450,000 house.

Florida home insurance rates are among the highest in the country due to soaring property values and the significant threat of hurricanes every year. On Merritt Island, rates are above the state average in most cases, likely due to the area’s hurricane-prone location on the Atlantic coast.

The table below shows average home insurance rates in Merritt Island for homes at three different price levels.

Average Cost of Homeowners Insurance in Merritt Island
Company $150,000 House $300,000 House $450,000 House
Allstate $2,015 $3,602 $5,190
Citizens $2,009 $3,587 $5,167
Florida Penn $3,380 $6,037 $8,697
Liberty Mutual $2,597 $4,634 $6,673
People’s Trust $5,604 $10,012 $14,425
Southern Oak $4,500 $8,061 $11,625
State Farm $2,992 $5,349 $7,708
Stillwater $1,541 $2,757 $3,975
Universal Property $4,396 $7,860 $11,328
Average $3,628 $6,484 $9,343
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.

Home value is one of the chief determinants of home insurance rates. More expensive homes generally have higher premiums. However, this isn’t because of their market value. It’s due to their replacement cost, which is the cost of materials and labor to rebuild the house from the ground up. 

In addition to replacement costs, insurers examine a home’s age and wind mitigation. Older houses often have higher rates because they’re more prone to damage than newer homes. Older houses aren’t built up to the latest building and safety codes that make many new homes more resistant to storm damage. And, wear and tear on old houses can exacerbate potential property damage.

Take a deeper look at home insurance rates on Merritt Island, accounting for home age and wind mitigation.

Cost of Homeowners Insurance on $150,000 House in Merritt Island
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,095 $1,520 $1,429
Citizens $3,107 $1,194 $1,727
Florida Penn $4,598 $2,836 $2,705
Liberty Mutual $3,286 $2,109 $2,397
People’s Trust $9,184 $3,299 $4,328
Southern Oak $7,465 $3,810 $2,224
State Farm $4,465 $2,378 $2,133
Stillwater $2,463 $1,187 $974
Universal Property $7,685 $2,463 $3,040
Average $5,588 $2,623 $2,673

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 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. 

On older homes valued at $150,000, wind mitigation cut rates by about 53% on average in Merritt Island. Newer homes and older homes with wind mitigation had similarly lower rates. The trend continues on $300,000 houses.

Cost of Homeowners Insurance on $300,000 House in Merritt Island
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,571 $2,736 $2,498
Citizens $5,593 $2,149 $3,020
Florida Penn $8,276 $5,105 $4,729
Liberty Mutual $5,915 $3,796 $4,190
People’s Trust $16,531 $5,938 $7,566
Southern Oak $13,437 $6,858 $3,888
State Farm $8,037 $4,280 $3,729
Stillwater $4,433 $2,137 $1,702
Universal Property $13,833 $4,433 $5,315
Average $10,058 $4,721 $4,674

Finally, observe the table below, which depicts average homeowners insurance on Merritt Island for $450,000 homes. Premiums rise as home value rises, but wind mitigation continues to make a notable difference.

Cost of Homeowners Insurance on $450,000 House in Merritt Island
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $8,047 $3,952 $3,572
Citizens $8,078 $3,104 $4,319
Florida Penn $11,955 $7,374 $6,762
Liberty Mutual $8,544 $5,483 $5,992
People’s Trust $23,878 $8,577 $10,819
Southern Oak $19,409 $9,906 $5,560
State Farm $11,609 $6,183 $5,332
Stillwater $6,404 $3,086 $2,434
Universal Property $19,981 $6,404 $7,600
Average $14,528 $6,819 $6,683
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 Merritt Island, Florida

In many cases, Stillwater had the cheapest homeowners insurance on Merritt Island. But, you may be able to find cheap coverage from any of the carriers on our list, as rates vary by person and company depending on many factors.

You shouldn’t rule any carrier out by default, as certain factors about yourself and your property weigh into premiums differently at different companies. Also, some insurers may want to expand their business and offer more affordable rates in specific areas, while others may not want new policyholders at a given time. You should always shop around to find the best deal.

Merritt Island Homeowners Insurance Coverages

The protection you receive in a homeowners insurance policy is divided into different coverage areas. These coverages largely remain the same regardless of the insurance company:

Merritt Island Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage in homeowners insurance financially guards your home’s physical structure and components, including the roof, walls, flooring, balconies, wiring, plumbing, and more.
Other Structures Coverage Other structures coverage covers features on your property not attached to your main home, such as sheds, fences, detached garages, carports, and more.
Personal Property Coverage Personal property coverage protects your belongings, including electronics, clothing, furniture, small appliances, art, jewelry, bikes, and more. Your insurer will reimburse you if these items are stolen or damaged by a covered event.
Loss of Use Coverage Loss of use coverage covers living expenses you incur if you must move out of your home after significant damage from a covered loss. Your insurer can help cover temporary lodging, gas, groceries, and more.
Liability Coverage Liability coverage covers potential medical bills and legal fees if someone sustains an injury that you’re found liable for after a lawsuit.
Medical Payments Coverage Medical payments coverage is like liability coverage on a smaller scale, covering minor, accidental injuries regardless of fault.

How to Get the Best Homeowners Insurance in Merritt Island, Florida

There’s no default best homeowners insurance in Merritt Island, as everyone’s coverage needs differ, but you can take steps to make your policy the best fit for your circumstances. You should also shop around before buying a plan to ensure you get the best deal.

Set Policy Limits

You choose many of your policy limits when you get your Merritt Island home insurance plan. Consider making a home inventory list. This inventory will give you a dollar amount for the worth of your belongings and the exact amount of personal property coverage you need.

Adjust your liability and medical payments coverage amounts depending on your situation. You may want to increase your limits if you own large dogs or attractive nuisances, like a pool or trampoline. Insurers often recommend at least $300,000 in liability coverage, but raising your limits is relatively cheap, and you can often go up to $1 million in coverage.

Consider Endorsements

Depending on your property, you may want to add coverage to your plan beyond the default inclusions. For example, standard plans only cover valuables like art and jewelry up to $2,500 or $5,000, regardless of their value. If you have very expensive pieces, you might want to consider scheduled personal property coverage to insure them fully.

If you run a business out of your home, your insurer may also recommend a permitted incidental occupancies endorsement, which helps protect spaces and equipment used for commercial purposes that are otherwise excluded. 

Compare Companies

Shopping around is the best way to find the best price when looking for homeowners insurance. You can do this on your own or consult a home insurance agency on Merritt Island, Florida.

You can see which companies have the best customer service or website user experience. These qualitative factors can also contribute to your choice of provider.

What to Know About Flood Insurance in Merritt Island, Florida

Home insurance covers your property from various perils, from hurricanes to fire to theft, but, unfortunately, policies don’t cover flood damage. This surprises many homeowners, as floods are more common and costly than you might imagine.

Floods can come from heavy rains, mudslides, coastal erosion, king tides, and storm surges from hurricanes. The Federal Emergency Management Agency (FEMA) estimates that just one inch of floodwater can cause over $20,000 in damage.

You should consider flood insurance on Merritt Island to protect your property completely. As pleasant as it is, living so close to the Atlantic can have its drawbacks if the ocean comes to your door.

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 on Merritt Island, Florida

Home insurance rates on Merritt Island are generally between $3,628 and $9,343 annually. Insurance companies examine several factors about yourself and your property to determine premiums. Some factors make your property more risky and raise your premiums, while others can lower your rates. 

Factors that can raise your home insurance premiums include:

  • Old roofs
  • Attractive nuisances
  • Historically aggressive dog breeds
  • Claims history

Factors that can lower average Merritt Island homeowners insurance rates include:

  • Centrally monitored burglar alarms
  • Deadbolt locks
  • Proximity to fire stations
  • New construction

Insurers consider many aspects of the construction of your home. Roofs are especially important in Florida, as they’re a primary recipient of storm damage. Old roofs are more prone to damage from hurricanes. Additionally, having dated wiring, plumbing, and HVAC components can raise your premiums.

Alternatively, certain home features, such as burglar alarms and deadbolt locks, can lower rates. Some companies also offer discounts for SMART home features.

Is Home Insurance Required in Merritt Island?

Homeowners insurance isn’t required by law on Merritt Island, but mortgage lenders can require homeowners to get policies.

A mortgage lender invests a sizable amount of money in your home. To protect their investment, they mandate a home insurance policy as a loan condition. If a fire or hurricane destroyed the house, you and your lender can recoup your money through the insurance plan rather than out of your pocket.

If you don’t find your own coverage, your lender can force-place insurance on you. Force-placed insurance is more expensive and less comprehensive than a normal policy. Avoid force-placed coverage by finding a plan and making timely payments to your provider.

How to Get Home Insurance Quotes in Merritt Island

Rather than going it alone, it’s never a bad idea to consult an independent insurance agency for help with homeowners insurance quotes in Merritt Island. An independent agent can answer your questions and find you coverage tailored to your needs.

Our team at Clovered wants to make your search for the right insurance easy. Take advantage of our online quoting platform to compare plans from top home insurance companies in Merritt Island in minutes.

Or, feel free to call one of our licensed agents at 833-255-4117, who would be happy to walk you through a quote. You can also email us 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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