Homeowners Insurance in Pace, Florida (2024)
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- Homeowners Insurance in Pace, Florida (2024)
At the western tip of the Florida Panhandle, Pace has grown into one of the most robust communities in the area. Life in Pace has changed since the population doubled in the first decade of the 2000s, but the risk of property damage remains.
Pace’s location on the Gulf of Mexico leaves it vulnerable to hurricanes and other events out of your control. You should protect your home with the right homeowners insurance. Read on for helpful information and tips to find the best policy.
How Much Is Homeowners Insurance in Pace, Florida?
The average cost of homeowners insurance in Pace is about $3,913 annually on a $150,000 home, $7,109 on a $300,000 home, and $10,188 on a $450,000 home.
Florida has some of the country’s most expensive home insurance premiums, and coastal areas of the state are at the forefront of these costly rates because of the increased risk of hurricane damage.
Unfortunately, rates in Pace and Santa Rosa County are about 21% higher than the state average. Inflation and soaring property values also contribute to this dilemma.
The following table shows average home insurance rates in Pace from some common companies based on home value.
Average Annual Cost of Homeowners Insurance in Pace for 2024 | |||
Company | $150,000 House | $300,000 House | $450,000 House |
American Platinum | $4,289 | $8,064 | $11,394 |
Citizens | $2,947 | $5,606 | $7,655 |
People’s Trust | $3,753 | $6,706 | $9,662 |
Safeco | $3,358 | $6,716 | $9,587 |
State Farm | $1,107 | $1,979 | $2,853 |
Tower Hill | $2,166 | $3,869 | $5,574 |
Average | $3,913 | $7,109 | $10,188 |
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We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
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.
Insurance rates increase as home value increases. Home value is critical to premiums because higher-value homes typically have more expensive building materials, fixtures, and finishes, meaning it would cost more to rebuild or restore the property if it sustains damage.
The primary way carriers determine home value is by replacement cost valuation. Insurers calculate the cost of rebuilding your property from scratch based on materials and labor. It’s not the same as the market value of your home.
In addition to home value, home age is another major factor in Pace home insurance rates. Older houses pose a higher risk for carriers due to potential wear and tear, outdated building materials, and construction methods that may not meet current building codes. These factors make the home more susceptible to damage and thus more costly to insure. This is especially critical when considering a home’s resistance to heavy winds as produced by storms like hurricanes.
Homeowners who have certain fixtures called wind mitigation features on their homes may be up for a significant decrease in their premiums. Let’s break down how insurers use both wind mitigation and home age to categorize homes when determining premiums.
Florida Office of Insurance Regulation Rate Factors | |
Home Construction | Coverage Definition |
Wind Mitigation | Measures that strengthen your home’s ability to withstand strong winds from hurricanes and tropical storms. Common wind mitigation features involve roof construction methods, roof connections and attachments, and impact-resistant doors and windows. |
Pre-2001 Construction w/ No Wind Mitigation | These premiums represent Florida homes built in 1990 with no wind mitigation features. |
Pre-2001 Construction w/ Wind Mitigation | These premiums represent Florida homes built in 1990 with maximum wind mitigation features. |
New Construction | These premiums represent Florida homes built in 2005 after the state revamped its construction standards to better combat hurricane-force winds. These homes have limited wind mitigation features and no hip roof. |
Now, look at the effects of home age and wind mitigation on premiums on $150,000 homes in Pace below.
Average Annual Cost of Homeowners Insurance on $150,000 Homes in Pace for 2024 | |||
Company | Pre-2001 No Wind | Pre-2001 w/Wind | 2005-Present |
American Platinum | $7,572 | $2,568 | $2,726 |
Citizens | $4,329 | $1,898 | $2,615 |
People’s Trust | $6,229 | $2,152 | $2,878 |
Safeco | $4,178 | $2,973 | $2,923 |
State Farm | $1,642 | $953 | $725 |
Tower Hill | $3,134 | $1,661 | $1,702 |
Average | $6,187 | $2,806 | $2,748 |
In Florida, where hurricanes are a significant concern, homes with wind mitigation features regularly have lower rates. In Pace, wind mitigation cut premiums by 55% on older houses. This can save you over $3,000 annually, and this effect only gets greater as home value increases. See the table below for rates on $300,000 homes.
Average Annual Cost of Homeowners Insurance on $300,000 Homes in Pace for 2024 | |||
Company | Pre-2001 No Wind | Pre-2001 w/Wind | 2005-Present |
American Platinum | $13,630 | $5,110 | $5,452 |
Citizens | $7,762 | $3,796 | $5,230 |
People’s Trust | $11,212 | $3,874 | $5,031 |
Safeco | $8,356 | $5,946 | $5,846 |
State Farm | $1,642 | $953 | $725 |
Tower Hill | $5,641 | $2,990 | $2,975 |
Average | $11,200 | $5,163 | $4,964 |
Wind mitigation continued to reduce Pace homeowners insurance rates by over 50%, while new houses had the lowest premiums.
See how the trend continues in the final table on homes worth $450,000.
Average Annual Cost of Homeowners Insurance on $450,000 Homes in Pace for 2024 | |||
Company | Pre-2001 No Wind | Pre-2001 w/Wind | 2005-Present |
American Platinum | $19,687 | $7,678 | $6,815 |
Citizens | $11,255 | $5,694 | $6,015 |
People’s Trust | $16,195 | $5,595 | $7,194 |
Safeco | $12,534 | $8,919 | $7,308 |
State Farm | $4,269 | $2,478 | $1,812 |
Tower Hill | $8,148 | $4,319 | $4,254 |
Average | $16,214 | $7,522 | $6,829 |
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We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Which Company Has the Cheapest Homeowners Insurance in Pace, Florida?
In many cases, State Farm had the cheapest homeowners insurance in Pace. It’s important to note that the cheapest homeowners insurance for one person may not be the same for another, as rates are highly personalized. To find the most affordable coverage, you should get quotes from multiple providers.
State Farm is a national insurer that serves policyholders in nearly all 50 states. While they may have affordable average rates, no carrier is always the cheapest for everyone due to the many factors that affect rates.
Another provider on our list with cheap rates was Citizens. But, Citizens isn’t your average insurance company. It’s a state-funded insurer originally created to serve as a last-resort option for people who can’t find coverage from standard carriers.
Although things may be looking up in 2024, home insurance in Florida has had many issues, causing too many people to flock to Citizens. The company was never meant to be a primary insurer and is actively trying to offload policies onto private companies. Property owners in Pace should seek to get coverage from private insurers when possible.
Additionally, working with an insurance agent in Pace, Florida, can help you navigate the insurance market if you’re having difficulty finding a policy.
Pace Homeowners Insurance Coverages
Every home insurance plan contains the same default coverages, which are:
Pace Homeowners Insurance Coverages | |
Coverage | Definition |
Dwelling Coverage | Dwelling coverage safeguards the structure of your home should it suffer damage from a fire, vandalism, or another covered peril on your policy. It may cover elements of your home’s structure like the plumbing, HVAC system, roof, flooring, walls, and more. |
Other Structures Coverage | Other structures coverage can help you fix or replace the elements on your property that aren’t attached to your main dwelling. This may include structures like sheds, fences, pools, carports, detached garages, and more. |
Personal Property Coverage | Personal property coverage covers your belongings in and around your home if they’re damaged or stolen. It covers all sorts of items you may own, like your lucky bracelet, heirloom vase, your trusty lawnmower, and so much more. |
Loss of Use Coverage | Loss of use coverage helps with temporary living expenses, like lodging and groceries, if your home becomes uninhabitable after property damage from a covered peril on your policy. |
Liability Coverage | Liability coverage can provide you with financial assistance for legal expenses and medical bills if you’re found legally responsible for causing damage to someone’s property or injury to someone else. |
Medical Payments Coverage | Medical payments coverage helps cover minor medical bills if someone is injured on your property, regardless of fault, |
How to Get the Best Homeowners Insurance in Pace, Florida
The best homeowners insurance in Pace will vary by person. You need to know your coverage needs to find the plan that provides you sufficient coverage at a reasonable cost. Shop around to find the best value.
Adjust Your Policy
Ensure that the policy you choose aligns with your needs and offers adequate protection in case of various scenarios. Note the difference between replacement cost and actual cash value in your policy.
You may also want to consider endorsements to enhance your coverage. Standard homeowners insurance policies have limitations and may not adequately protect specific high-value items or unique risks, such as expensive jewelry or home-based businesses. Check what endorsements are available and judge if your property needs protection from such risks.
Insurance needs can change over time. Review your policy annually to ensure it still meets your needs and reflects any changes in your home’s value or contents. Adjust coverage as necessary to maintain adequate protection.
Find Ways to Save
Once you know what you need in your policy, you should look at how to save money. Inquire about available discounts. Discounts vary by provider, but some common ones include those for:
- Home security systems
- New home construction
- Non-smoking household
- Military or veteran status
- Loyalty
- Bundling
Some insurers also offer discounts for paying your full premium upfront or setting up automatic payments.
And, as we said earlier, you should always shop around when looking for the best homeowners insurance in Pace. Don’t settle for the first quote you get, as you might be able to find the same coverage for less at another company. Shopping around lets you see differences in rates, endorsements, discounts, and customer service.
What to Know About Flood Insurance in Pace, Florida
While homeowners insurance covers many perils, floods are typically excluded. The cost of providing flood coverage in home insurance policies would make premiums too high.
Properties near the Gulf and water bodies can flood from storm surges during a hurricane or tropical storm. But, it doesn’t always take a significant weather event to cause a flood. Some neighborhoods in Pace are subject to flooding after heavy rains.
It’s important to consider getting flood insurance in Pace, especially if you live in a flood-prone area, as it provides vital financial protection for which you’d otherwise be on the hook.
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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 Pace
Home insurance rates are influenced by various factors. Companies take many variables into consideration to assess the risk associated with insuring your home. Some prominent factors are:
Location: The location of your home is a significant determinant of insurance rates. Homes in flood zones or high-crime areas can have higher premiums, while houses near fire stations can have lower rates.
Property Features: Your property’s age, condition, and building materials influence rates. New houses with no wear and tear often have lower rates.
Deductible: The deductible is the amount you must pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible can lower your premium, but it means you must cover more damage in the event of a claim.
Claims History: If you have a history of filing frequent insurance claims, insurers may view you as a higher risk and charge higher premiums. A claims-free history can lead to lower rates for property insurance in Lutz.
Policy Factors: The type and amount of coverage you select significantly impact your premium. Higher rates and endorsements increase costs, while discounts lower premiums of home insurance in Pace.
Market Conditions: Companies may raise or lower premiums based on past performance or business changes to stay profitable.
Is Home Insurance Required in Pace?
Homeowners insurance isn’t legally required by law in Pace or anywhere in the country. However, you can be required to get insurance by your mortgage lender.
If you have a mortgage on your home, your lender will require you to maintain homeowners insurance as a condition of the loan. This is to protect their financial interest in the property. If the house gets destroyed, you and your lender can recoup your money through the insurance policy.
How to Get Homeowners Insurance Quotes in Pace, Florida
Getting homeowners insurance quotes in Pace is easy online or over the phone, especially when you use Clovered. The experience and knowledge of an independent home insurance agency in Pace, Florida, can save you time and money on your insurance hunt.
Headquartered in South Florida, our team at Clovered partners with some of the top home insurance companies in Pace and can help you compare rates and plans in minutes with our online quote engine.
You can also call our licensed agents during business hours at 833-255-4117. We’re happy to help you find insurance to give you the security and financial support you need in times of unexpected events. Feel free to email us with any questions, also, at [email protected].
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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.