Ocala Homeowners Insurance

Living in the heart of Florida is appealing to some since it’s usually cheaper than living by the beach, yet the sandy shore is only a couple of hours’ drive away if you want to visit 

You also get a slight break from the state’s expensive homeowners insurance rates in Ocala. Keep reading to learn more.

The average cost of homeowners insurance in Ocala, Florida is $1,748 for a $150,000 house, $3,034 for a $300,000 house, and $40,071 for a $450,000 house.

These rates are quite affordable compared to the rest of the state. The average Florida home insurance premium overall is $2,553 for a $150,000 house, $4,386 for a $300,000 house and $5,849 for a $450,000 house.

A major reason for the lower cost is the city’s distance from the coast. Ocala’s inland location means it’s not as susceptible to some serious weather hazards like tropical storms and hurricanes. The heavy rains and wind damage these bring are a major source of claims for many companies, which is why rates are so heavily influenced by these weather hazards. 

Let’s take a look at the rates of some homeowners insurance companies in Ocala, Florida:

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.

These averages are useful, but premiums are affected by many different things. An average may not accurately reflect all the intricacies that go into pricing Ocala homeowners insurance. A major insurance consideration in Florida is wind mitigation, which greatly reduces rates. Here are some premium costs accounting for and against wind mitigation on $150,000 homes in Ocala.

For an older house, the numbers indicate that Ocala home insurance rates can be decreased by about 30% with effective wind mitigation. There are some measures that homeowners can take that insurers recognize and reward with a rate decrease, and wind mitigation is one of the most significant actions a policyholder can take to save on premiums.

Homes in Ocala are relatively affordable, with the median home price being under $200,000. Nevertheless, house prices in the state of Florida are trending upward. While a home’s selling price doesn’t equal how much coverage you need, bigger and more expensive homes generally cost more to insure. So, let’s look at what homeowners insurance in Ocala tends to cost for a $300,000 house:

For both $150,000 and $300,000 homes, Citizens had the cheapest average rates in Ocala. Citizens is one of the largest insurers in the state, but it’s different from other providers in a major way. It’s run by the state and was designed for those who struggled to afford private coverage. It’s cheap, but you may not qualify for Citizens if your home is above a certain value or it may not provide you the coverage you want.

Universal Property & Casualty and People’s Trust were runners-up for the most affordable premiums. Using Clovered, you can find quotes from these providers with the coverage you need at a price that works for you.

If you use Clovered to purchase homeowners insurance in Ocala, you’re buying protection from over a dozen perils, including theft, fire, wind damage and more. And your coverage extends beyond just the structure of your house. A policy incorporates several important aspects of your property and more:

There are many factors other than wind mitigation that affect Ocala home insurance rates. Some of the influential factors are in the policyholder’s control, while some aren’t. A few of the most important determinants are:

As mentioned earlier, the likelihood of severe weather is a significant aspect that insurers consider when pricing premiums. Let’s take a closer look at some severe weather the city is prone to that negatively affects Ocala homeowners insurance:

The combination of frequent rain in the summer months, bodies of water trickling throughout the city, and plenty of buildings in and around floodplains mean many areas of Ocala are prone to flash floods. 

The Federal Emergency Management Agency (FEMA) is responsible for creating flood zone maps for the country. Insurance costs are influenced by the zones that FEMA designates for flood risk.  Ocala has A, AE, AH and X flood zones. While X is one of the safer flood zone classifications, any zone that begins with “A” is high risk. Many places around bodies of water in Ocala and parts of neighborhoods around Vanguard High School are in FEMA flood zones.

A standard homeowners insurance plan doesn’t cover flood damage. Floods are very common and very costly, and to be properly protected you’d need to purchase a separate flood policy. While no law requires homeowners to get a flood policy, your mortgage lender might not finance your home without one if you live in a flood zone.

Fortunately, according to the city website, Ocala is a Class 3 Community for the National Flood Insurance Program’s Community Rating System. This means FEMA recognizes the city for being proactive in floodplain management and reducing flood risk around the city. As a result, residents are eligible for discounts on flood insurance premiums. For a class 3 community, rates could be discounted between 10% to 35%.

Florida experiences the most sinkholes of any state, and northern and central Florida are particular hotspots. The limestone that makes up the ground under this region of the state, like in Ocala, is porous. Water erodes existing holes in the rock, which makes the holes larger and larger over time. Eventually, the earth above one of these holes can give way through natural erosion or human activities and cause a sinkhole.

Homeowners insurance generally doesn’t cover the land under your property. Instead, it deals with the replacement cost of physical structures, which means an earth movement, like a sinkhole, isn’t normally covered at all in a standard plan.

Florida is one of the few states in the nation that requires insurers to cover “catastrophic ground cover collapse,” but this only protects you from very serious sinkholes. To be financially covered by your insurer for this exception, a sinkhole has to render your house unlivable, and you must be made to evacuate your home, among other criteria. 

If you want further consistent protection from sinkholes anywhere on your property, you’d need to purchase a sinkhole add-on to your Ocala insurance or separate sinkhole coverage. This is always optional but could be useful in Florida.

Ocala’s location in the central part of the state means it’s much safer from hurricanes than the coastal cities, but it’s not untouched. The town can receive tropical-storm-force winds and plenty of rain from hurricanes that hit the coast. For example, Hurricane Irma caused downed trees and power lines and brought heavy rainfall to the Ocala area in 2017.

Central Florida can also experience tornadoes. While they’re usually weak, they do happen, and a tornado of any size can cause damage to homes and properties. Just last April, three tornadoes spawned in Marion County on the same day. One of the storms, with 85 MPH winds, lifted a tractor-trailer off the ground and snapped trees.

Damage from hurricanes and tornadoes is covered by homeowners insurance policies. This includes protection for your home and belongings if damaged directly or indirectly by a windstorm. In Florida, homeowners have to deal with a hurricane deductible, which is different from their regular homeowners insurance deductible, when filing an insurance claim for hurricane damage. 

Clovered has partnered with top insurance companies to give you sufficient coverage at a price you want. Using our online quote engine, you can tailor policies to your needs and compare plans from top providers for homeowners insurance in Ocala all from your phone or computer.

Or, if you’d prefer to chat with a licensed agent, you can reach one by phone Monday through Friday from 8:30 a.m. to 6 p.m. by calling 833-255-4117, or email us anytime at agent@clovered.com.