Homeowners Insurance in Palatka, Florida

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  • Homeowners Insurance in Palatka, Florida

Historic Palatka lies on the St. Johns River in the state’s interior. Palatka residents dealt with some effects of Hurricanes Ian and Idalia in 2022 and 2023. And, the area is susceptible to tornadoes. 

Homeowners in Palatka should invest in the right insurance coverage to protect their property and belongings. We made this guide to help you find the best homeowners insurance in Palatka. Read about average rates, cost factors, and more below.

How Much Is Homeowners Insurance in Palatka, Florida?

The average cost of homeowners insurance in Palatka is about $1,851 annually on a $150,000 house, $3,304 on a $300,000 house, and $4,760 on a $450,000 house.

While Florida has some of the highest home insurance premiums in the country, Palatka residents will be happy to know that they’re on the lower end of the spectrum. The average rates in Putnam County are the third lowest in the state, with only Alachua and Leon Counties having more affordable premiums.

Home insurance in Palatka is relatively affordable partly because a hurricane can’t directly hit the city. Its inland location protects it from the worst of the storms, although no city in Florida is totally safe.

Look below at average homeowners insurance rates in Palatka from some common companies based on home value.

Average Cost of Homeowners Insurance in Palatka
Company $150,000 House $300,000 House $450,000 House
Allstate $1,447 $2,585 $3,724
Citizens $1,099 $1,959 $2,820
Florida Penn $1,501 $2,680 $3,860
Liberty Mutual $1,436 $2,558 $3,683
People’s Trust $1,425 $2,543 $3,664
Southern Oak $2,233 $3,993 $5,755
State Farm $2,005 $3,583 $5,163
Stillwater $732 $1,309 $1,887
Universal Property $964 $1,722 $2,480
Average $1,851 $3,304 $4,760
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.

These average rates in Putnam County are very affordable compared to the rest of Florida, coming in about 39% lower than the state average. But, you’ll need to pay more for insurance as your home value rises.

Insurance companies take home value into account for many aspects of your policy through your home’s replacement cost. Replacement cost is the amount of money needed to rebuild your house from the ground up based on material and labor costs.

While replacement cost isn’t the same as market value, what your house would sell for, both numbers generally increase as homes get larger and more costly. But, when we refer to a home value in this article, we’re concerned with replacement cost.

The table below lists average home insurance rates in Palatka for homes with a replacement cost of $150,000. We also segment the numbers further, accounting for two more critical cost factors: home age and wind mitigation.

Cost of Homeowners Insurance on $150,000 House in Palatka
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $1,714 $1,455 $1,173
Citizens $1,201 $958 $1,138
Florida Penn $1,808 $1,414 $1,281
Liberty Mutual $1,536 $1,288 $1,483
People’s Trust $1,734 $1,344 $1,206
Southern Oak $3,066 $2,128 $1,504
State Farm $2,725 $1,796 $1,494
Stillwater $1,001 $683 $513
Universal Property $1,437 $688 $766
Average $2,381 $1,629 $1,542

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. 

Wind mitigation is essential in Florida because of the annual threat of hurricanes and tropical storms. They can cause major property damage, and insurers want to limit their exposure to their effects. Wind mitigation can lower premiums on older homes in Palatka worth $150,000 by about $752 or 32% annually.

You’ll notice that, on average, old homes had higher premiums than new homes. This is because older houses are more prone to damage. Their older components can’t withstand severe weather as well and have more of a chance of breaking down from wear and tear. As a result, insurers charge higher premiums to offset the risk of older properties generating a claim.

See how the home insurance rates in Palatka translate on houses worth $300,000 below.

Cost of Homeowners Insurance on $300,000 House in Palatka
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,085 $2,619 $2,051
Citizens $2,162 $1,724 $1,990
Florida Penn $3,254 $2,545 $2,239
Liberty Mutual $2,765 $2,318 $2,592
People’s Trust $3,121 $2,401 $2,108
Southern Oak $5,519 $3,830 $2,630
State Farm $4,905 $3,233 $2,612
Stillwater $1,802 $1,229 $897
Universal Property $2,587 $1,238 $1,340
Average $4,285 $2,933 $2,695

Wind mitigation still produces significant savings at over $1,300 annually, on average. Newer homes still had the cheapest premiums of the three categories. The final table lists Palatka home insurance costs for $450,000 homes. 

Cost of Homeowners Insurance on $450,000 House in Palatka
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $4,456 $3,783 $2,933
Citizens $3,123 $2,491 $2,846
Florida Penn $4,701 $3,676 $3,202
Liberty Mutual $3,994 $3,349 $3,707
People’s Trust $4,508 $3,468 $3,014
Southern Oak $7,972 $5,533 $3,761
State Farm $7,085 $4,670 $3,735
Stillwater $2,603 $1,776 $1,283
Universal Property $3,736 $1,789 $1,916
Average $4,285 $2,933 $2,695
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 Palatka, Florida

Stillwater and Universal Property & Casualty had the lowest homeowners insurance in Palatka. However, you may be able to find cheap coverage from any provider on the list, as rates vary by company, location, and more.

Stillwater is a nationwide insurance provider headquartered in Jacksonville, Florida. Universal Property & Casualty is also based in Florida, out of Fort Lauderdale. Although the company has steadily expanded into new states over the years, it primarily focuses on the Florida market. UPCIC is the largest private insurer in the state.

You’ll never know which company will be the most affordable for you until you get quotes since so many factors affect premiums. You should shop around to find cheap homeowners insurance in Palatka.

Palatka Homeowners Insurance Coverages

While rates vary by provider, the coverage in policies remains the same from company to company. The most common type of homeowners insurance, the HO3 policy, contains the same core coverages generally divided into six sections:

Palatka Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially protects your home’s structure and components, including the roof, walls, flooring, countertops, pipes, and more. 
Other Structures Coverage Other structures coverage guards fixtures on your property unattached to your main house, such as fences, detached garages, sheds, pools, and carports.
Personal Property Coverage Personal property coverage covers your belongings in and around your home, including furniture, electronics, clothing, jewelry, art, and more.
Loss of Use Coverage Loss of use coverage helps cover living expenses you incur if you must move out of your home after it suffers property damage. Your carrier can cover lodging, gas, and groceries.
Liability Coverage Liability coverage protects you financially if you’re found legally liable for someone’s injury. Your insurer can cover medical bills, legal fees, and more.
Medical Payments Coverage Medical payments coverage is designated to cover minor injuries someone can suffer, regardless of fault.

How to Get the Best Homeowners Insurance in Palatka

The best homeowners insurance in Palatka will sufficiently cover your property, belongings, and liability at a price you can afford. No one-size-fits-all plan is the best to recommend for everyone, as coverage needs vary.

Your best bet for getting the best protection is understanding the coverage you need and finding ways to save by shopping around or tweaking your policy.

Know Your Coverage Needs

You specify your coverage limits when getting a homeowners insurance policy. You can adjust your coverage limits to meet your needs and possibly save money. Create a home inventory to determine the precise amount of property coverage you need. Raise or lower your liability limits depending on your assets and possible risks. We recommend opting for higher limits if you own attractive nuisances or large dogs.

Home additions or renovations can necessitate adjusting your dwelling coverage limits. You should revisit your policy periodically to adjust your plan to fit your property and belongings as you make changes. This can help you not underinsure yourself or overpay for unnecessary coverage.

Find Ways to Save

Once you know what you need in your plan, you can start looking for savings. The best ways to save on home insurance include:

  • Shopping around
  • Adjusting your deductible
  • Qualifying for discounts

Shopping around for home insurance is the best way to find savings. Providers assess risk factors and set premiums differently, so comparing quotes allows you to find the cheapest option that fits your needs. You can also enlist the help of a Palatka insurance agent if you need it. 

Raising your deductible is another way to lower your premiums. Your deductible is the dollar amount that property damage must exceed before your insurance coverage kicks in. Common deductibles range from $500 to $2,000, and opting for a higher deductible lowers your premiums since you take on more potential up-front costs of a claim.

Carriers offer a range of discounts that can significantly reduce home insurance premiums. Always find out the discounts for which you can qualify. Common discounts include:

  • Bundling home and auto insurance with the same provider
  • Installing security systems
  • Maintaining a good credit score
  • Having a claims-free history

What to Know About Flood Insurance in Palatka

A common misconception about home insurance is that it covers flooding. While some instances of water damage are covered, homeowners insurance policies always exclude flood damage.

Flooding can be caused by storm surges, heavy rains, and overflowing bodies of water. The Federal Emergency Management Agency (FEMA) reports that flooding is the country’s most common natural disaster.

Anywhere it can rain, it can flood. In Palatka, the St. Johns River can overflow, and shallow flooding caused by ponding runoff during heavy rains occurs in some areas. Also, Hurricane Ian recently dumped rainfall that flooded parts of the city in 2022.

Without a separate policy for flood insurance in Palatka, your property isn’t completely safe from Mother Nature. FEMA reports that just one inch of floodwater in your home can cause over $20,000 in damages. Rebuilding on your own after a flood can be devastating, so consider purchasing flood insurance in Palatka. 

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 in Palatka, Florida

Insurance companies examine many variables to calculate premiums of property insurance in Palatka. Insurers must determine the risk your property poses of spawning an insurance claim, which costs the carrier money. Some notable factors affecting insurance costs involve your property and policy.

Home Location: Homes in damage-prone locations, such as flood zones or high-crime neighborhoods, often have higher premiums. Conversely, homes near fire hydrants or stations receive discounts.

Home Construction: Brick or concrete homes withstand fire and wind damage better than wooden frame homes and tend to have lower rates. Also, insurers will likely ask about your roof, HVAC, and piping to determine their susceptibility to damage. Certain dated components aren’t aligned with modern building codes and are more likely to fail.

Policy Details: Choosing higher coverage limits and opting for endorsements increases rates. Conversely, qualifying for discounts and raising your deductible will lower premiums.

Claims History: If you or your home has a history of frequent claims, it may result in higher rates for property insurance in Palatka. Insurers are wary of a person or property with a claims history as it is more likely to generate another claim than someone or somewhere with a clean claims record.

Is Home Insurance Required in Palatka?

Homeowners insurance isn’t required by law in Palatka. But, lenders require you to maintain coverage if you have a mortgage.

Lenders require home insurance as part of their home loans. This protects their investment in your property. In a worst-case scenario, if your home gets destroyed by a covered peril, you and your lender can recoup your invested money through the insurance policy.

No law requires home insurance in Palatka or anywhere in the country. So, if you pay off your mortgage or bought your home with cash, no entity will require you to get a policy. However, we don’t recommend bypassing home insurance ever, or else you risk paying for all property damage you could suffer out of your own pocket.

How to Get Homeowners Insurance Quotes in Palatka

Shopping around empowers you as a consumer, so you can hopefully reap the rewards of finding the best policy at the best price. Be sure to compare multiple homeowners insurance quotes in Palatka before deciding on a policy.

As an independent insurance agency, our team at Clovered wants to help you find the best plan at the best price. Use our online quoting tool to compare rates quickly and easily from providers in your area.

Or, feel free to call us at 833-255-4117 during business hours for a quote. We’re based in South Florida, so you’ll be chatting with a fellow state resident who knows how difficult finding coverage in Florida can be. You can also email us at agent@clovered.com with any questions.

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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