Average Cost of Home Insurance in Palm Harbor, Florida by Company Lenders require homeowners insurance on mortgaged houses. Otherwise, there’s no law requiring home insurance in Palm Harbor. Lenders make insurance coverage a mandatory part of their home loans to protect their investments.
Key Takeaways
- The average homeowners insurance cost in Palm Harbor, Florida, is $3,908 annually.
- Slide and Edison had the cheapest home insurance in Palm Harbor for our policyholders.
- It’s essential to shop around and compare quotes with a Palm Harbor insurance agency before buying coverage to ensure you’re getting the best deal and not overpaying for unnecessary protection.
How Much Is Home Insurance in Palm Harbor, Florida?
On average, home insurance in Palm Harbor, Florida costs about $3,908 per year, or about 37% higher than the state average of $2,857 annually.
Palm Harbor is situated near the Gulf of Mexico, and the high property values and increased hurricane risk contribute to above-average premiums relative to the rest of the state. Hurricane damage susceptibility is one of the main reasons Florida is one of the most expensive states in the country for homeowners insurance coverage.
The relatively high rates in Florida make shopping around before you buy that much more important. As an independent agency, we wanted to present some real, average premiums from our policyholders to give you some ideas when seeking coverage.
|
Company |
Average Premium |
|---|---|
|
Slide Insurance Company |
$1,248 |
|
Edison |
$2,321 |
|
Olympus |
$2,563 |
|
American Platinum |
$4,032 |
|
Florida Peninsula |
$7,001 |
|
Average |
$3,908 |
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 Cheap Homeowners Insurance in Palm Harbor, Florida
Slide and Edison tended to have the cheapest homeowners insurance in Palm Harbor, although this may not be the case for every consumer. You may find cheaper rates from another company based on your personal and property details.
Our policyholders found the lowest rates with Slide. This could be because they only cover certain properties, or they limit their risk to a handful of the safest ones. Regardless, you should shop around with several carriers before purchasing a policy to ensure you’re getting the best deal, and our team at Clovered will help you do so.
Best Homeowners Insurance Companies in Palm Harbor, Florida
No sole carrier can be considered the outright best since many factors, like rates, coverage needs, and personal preference, could influence a person’s choice for insurance provider. As an independent agency, we can help you assess your choices and save money.
Average premiums are determined from our policyholder data. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.
To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.
Slide Insurance Company
Demotech Rating
A
NAIC Complaint Index
0.56
Average Premium
$1,248
Slide Insurance Company was founded in 2021 and began operations offering home insurance in 2022. Available in Florida and South Carolina, the company currently has over 300,000 policyholders in the Sunshine State, making it one of Florida’s largest.
Edison
Demotech Rating
A
NAIC Complaint Index
0.40
Average Premium
$2,321
Established in 2006, Edison Insurance Company offers home insurance primarily in Florida through independent agents, like our team at Clovered. It was acquired by Florida Peninsula Insurance Company in 2010, although it still has its own book of business.
Olympus
Demotech Rating
NR
NAIC Complaint Index
0.90
Average Premium
$2,563
Olympus Insurance Company has offered home insurance solely in Florida since its founding in 2007, with a general focus on higher-value homes and a count of over 70,000 policyholders.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$4,032
American Platinum Insurance Company, founded in 2011, is a subsidiary of Universal Insurance Holdings, offering home insurance coverage in Florida and Georgia. Policies are available exclusively through independent agents at Clovered.
Florida Peninsula
Demotech Rating
A
NAIC Complaint Index
0.10
Average Premium
$7,001
Florida Peninsula Insurance Company was founded in 2005 and focuses on offering coverage in its namesake state. With over 150,000 policies in force in Florida, it just cracks the top ten list of Florida’s largest home insurers.
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.
Palm Harbor Homeowners Insurance Coverages
The coverages you receive in a home insurance plan typically look as follows, regardless of which company provides the policy.
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage in homeowners insurance financially guards your home’s physical structure from damage. This includes your roof, walls, flooring, pipes, water heater, wiring, and more. |
|
Other Structures Coverage |
Other structures coverage accounts for structures on your property separate from the main dwelling, such as a detached garage or shed. |
|
Personal Property Coverage |
Personal property coverage protects your belongings, such as furniture, electronics, clothing, bikes, tools, and more, against damage or theft, both inside and outside your home, up to specified limits. |
|
Loss of Use Coverage |
Loss of use coverage reimburses you for extra expenses incurred if your home becomes uninhabitable, such as lodging and groceries, due to a covered event. |
|
Liability Coverage |
Liability coverage covers legal expenses and medical bills if you’re found legally responsible for injuries or property damage to others. |
|
Medical Payments Coverage |
Medical payments coverage pays for minor medical expenses if a guest is injured on your property, regardless of fault. |
How to Get Homeowners Insurance Quotes in Palm Harbor, Florida
Shopping around for home insurance is an essential step in finding the best coverage at an affordable price. An independent insurance agent can be an invaluable resource in this process.
Our team at Clovered, based in South Florida, works with multiple insurance companies to find the best Palm Harbor home insurance quotes for you.
Call our licensed agents at 833-255-4117 during business hours for a custom quote. Or, you can use our online quoting tool to compare rates on your own time. We’ve helped thousands of Florida homeowners with their property insurance needs, and we’d be happy to help you with home insurance quotes in Palm Harbor.
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.
Palm Harbor Home Insurance FAQs
Is homeowners insurance required in Palm Harbor, Florida?
What is wind mitigation in Palm Harbor, Florida?
Wind mitigation features are home characteristics that make your property better adapted to strong winds. These can range from roof attachments to opening coverings and more. Wind mitigation gets you discounts on home insurance, sometimes worth thousands of dollars per year.
What factors affect Palm Harbor home insurance rates?
Insurance companies assess several factors to determine the level of risk associated with insuring your property, which in turn impacts the cost of your coverage. Most factors are associated with your home features and policy details, like home age, size, construction materials, deductibles, coverage amounts, and optional endorsements.
Do you need flood insurance in Palm Harbor, Florida?
Technically, you only need flood insurance in Palm Harbor if required by your mortgage lender, which occurs if your home is in a federally designated high-risk flood zone. However, it’s worth noting that since Palm Harbor is situated between the Gulf Coast and Tampa Bay, the town is at risk of storm surge flooding from hurricanes and tropical storms. Home insurance doesn’t cover flood damage, so it’s not a bad idea to look into flood insurance, whether it’s required or not.
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?
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
