Homeowners Insurance in Pace, Florida

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  • Homeowners Insurance in Pace, Florida

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 $3,699 annually on a $150,000 home, $6,611 on a $300,000 home, and $450,000 on a $9,526 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 Cost of Homeowners Insurance in Pace
Company $150,000 House $300,000 House $450,000 House
Allstate $2,331 $4,167 $6,004
Citizens $2,430 $4,336 $6,244
Florida Penn $3,764 $6,723 $9,685
Liberty Mutual $3,097 $5,523 $7,953
People’s Trust $3,753 $6,706 $9,662
Southern Oak $4,922 $8,820 $12,720
State Farm $3,300 $5,901 $8,504
Stillwater $1,107 $1,979 $2,853
Universal Property $5,049 $9,026 $13,008
Average $3,699 $6,611 $9,526
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 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.

Look at the effects of home and another significant consideration, wind mitigation, on premiums on $150,000 homes in Pace below.

Cost of Homeowners Insurance on $150,000 House in Pace
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,514 $1,806 $1,673
Citizens $3,545 $1,534 $2,211
Florida Penn $5,041 $3,210 $3,041
Liberty Mutual $3,694 $2,637 $2,959
People’s Trust $6,229 $2,152 $2,878
Southern Oak $8,373 $4,078 $2,315
State Farm $4,947 $2,643 $2,311
Stillwater $1,642 $953 $725
Universal Property $8,657 $2,931 $3,558
Average $5,723 $2,674 $2,699

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. 

In Florida, where hurricanes are a significant concern, homes with wind mitigation features regularly have lower rates. In Pace, wind mitigation cut premiums by 53% 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.

Cost of Homeowners Insurance on $300,000 House in Pace
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $6,325 $3,251 $2,924
Citizens $6,381 $2,761 $3,865
Florida Penn $9,074 $5,778 $5,317
Liberty Mutual $6,649 $4,747 $5,173
People’s Trust $11,212 $3,874 $5,031
Southern Oak $15,071 $7,340 $4.047
State Farm $8,905 $4,757 $4,041
Stillwater $2,956 $1,715 $1,267
Universal Property $15,583 $5,276 $6,221
Average $10,301 $4,813 $4,719

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.

Cost of Homeowners Insurance on $450,000 House in Pace
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $9,136 $4,696 $4,181
Citizens $9,217 $3,988 $5,527
Florida Penn $13,107 $8,346 $7,603
Liberty Mutual $9,604 $6,856 $7,397
People’s Trust $16,195 $5,595 $7,194
Southern Oak $21,770 $10,603 $5,787
State Farm $12,862 $6,872 $5,779
Stillwater $4,269 $2,478 $1,812
Universal Property $22,508 $7,621 $8,896
Average $14,879 $6,952 $6,748
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.

Which Company Has the Cheapest Homeowners Insurance in Pace, Florida?

In many cases, Stillwater had the cheapest homeowners insurance in Pace. However, the cheapest homeowners insurance for one person may not be the same for another. While Stillwater is the most affordable on average, rates are highly personalized and differ based on many factors.

Stillwater Insurance Group was founded in Jacksonville in 2000 and currently offers its products nationwide. Sometimes, larger carriers can offer lower rates because they can spread their financial risk among their policyholders. A company isn’t overly exposed to one threat in a specific area.

When you’re searching for the cheapest homeowners insurance in Pace, you should take note of Citizens. The company isn’t a standard provider. Citizens is managed by Florida’s state government and run at a loss. 

It was originally designed to be an insurer of last resort for residents who can’t find coverage on the private market. However, Florida’s insurance landscape has become so difficult for insurers lately that more people have turned to Citizens than ever anticipated.

It has become the largest insurer in the state and is oversaturated. Citizens is trying to transfer its policyholders back into the private market. So, if you choose Citizens today, you may be handed off to another insurer down the road. Also, Citizens policies have stricter limits and less flexibility than standard policies.

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 financially protects the structure of your home, including the walls, roof, floors, foundation, and more.
Other Structures Coverage Other structures coverage protects fixtures on your property that are not part of your main house, like fences, sheds, detached garages, carports, and pools.
Personal Property Coverage Personal property coverage covers your belongings in and around your home in case they are damaged or stolen, such as furniture, electronics, clothing, bikes, jewelry, and 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.
Liability Coverage Liability coverage safeguards you against legal expenses and medical bills if you’re found legally responsible for causing damage 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.

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 Pace

Companies take many variables into consideration to assess the risk associated with insuring your home. Insurers weigh your property, policy, and personal details to determine your rates

Property Factors

Many factors are related to your home’s location and physical characteristics. Houses in areas prone to damage have higher insurance rates. Examples of such areas include flood zones, high-crime neighborhoods, and waterfront properties. Homes on or near bodies of water usually have increased chances of wind and water damage.

Your property’s age, construction, and features impact your premiums. Insurers will typically ask about your roof, building materials, attractive nuisances, and more. Generally, newer homes have lower rates than older homes.

Other Factors

Carriers will also assess policy and personal details, such as your deductible, to determine appropriate premiums. Your deductible is the amount you must pay out of pocket when filing a claim. Opting for a higher deductible reduces the insurer’s financial risk, lowering your premiums.

If you have a history of filing home insurance claims, companies view you as a higher risk and will likely charge you higher premiums. Also, carriers adjust rates based on market factors and financial needs. For example, a company may raise its rates if it experienced heavy losses the previous year..

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 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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