Homeowners Insurance in Punta Gorda, Florida

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  • Homeowners Insurance in Punta Gorda, Florida

Punta Gorda is no stranger to the effects of hurricanes, as significant storms have torn the town up more than once in its history. Homeowners insurance provides an essential financial safety net for property owners.

This guide lays out the important information you need to know to find the best homeowners insurance, including average rates from many of the top home insurance companies in Punta Gorda.

How Much Is Homeowners Insurance in Punta Gorda, Florida?

Homeowners insurance in Punta Gorda costs about $3,364 annually on a $150,000 house, $6,014 on a $300,000 house, and $8,666 per year on a $450,000 house. However, these rates are subject to many variables, and you may pay less or more depending on your property and personal details.

Florida’s home insurance rates are above the national average and among the highest in the country. This is reflected in Punta Gorda, as the city is on the Gulf Coast, where hurricanes are relatively frequent.

The table below shows home insurance rates in Punta Gorda on homes at three different price points from some popular carriers.

Average Cost of Homeowners Insurance in Punta Gorda 
Company $150,000 House $300,000 House $450,000 House
Allstate $2,494 $,459 $6,426
Citizens $1,944 $3,470 $4,998
Florida Penn $3,033 $5,418 $7,805
Liberty Mutual $1,940 $3,461 $4,985
People’s Trust $2,391 $4,271 $6,153
Southern Oak $4,201 $7,529 $10,858
State Farm $3,069 $5,487 $7,907
Stillwater $1,344 $2,404 $3,466
Universal Property $6,314 $11,288 $16,266
Average $3,364 $6,014 $8,666
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.

In the context of homeowners insurance, replacement cost refers to the amount of money it would take to rebuild your home entirely based on materials and labor. It isn’t exactly the same as your home’s listing price or market value. Many of your policy limits will align with your replacement cost.

The age of a home and its level of wind mitigation measures can significantly impact homeowners insurance premiums. Older homes, typically constructed several decades ago, may have outdated building materials, construction methods, and safety features. These factors can increase the risk of damage during severe weather events such as hurricanes, making them more costly to insure. 

Home age can raise or lower premiums, but wind mitigation can only work in your favor. Homes with wind mitigation features, such as hurricane-resistant windows, reinforced roofs, and proper roof-to-wall connections, demonstrate reduced vulnerability to wind-related damage. Insurers in Florida are required to reduce the premiums of houses with wind mitigation.

The tables below show the rate differences in homes when accounting for age and wing mitigation in Punta Gorda.

Cost of Homeowners Insurance on $150,000 House in Punta Gorda 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,947 $1,792 $1,742
Citizens $2,835 $1,272 $1,726
Florida Penn $4,164 $2,521 $2,414
Liberty Mutual $2,564 $1,469 $1,788
People’s Trust $3,624 $1,656 $1,893
Southern Oak $7,204 $3,446 $1,954
State Farm $4,647 $2,382 $2,179
Stillwater $2,072 $1,102 $858
Universal Property $10,576 $3,816 $4,551
Average $5,188 $2,451 $2,455

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 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. 

As you can see, newer homes and homes with wind mitigation have notably lower premiums. If you have an older house, you save an average of 52% with effective wind mitigation.  See how this carries over to home insurance rates in Punta Gorda on $300,000 homes.

Cost of Homeowners Insurance on $300,000 House in Punta Gorda 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $7,105 $3,226 $3,046
Citizens $5,103 $2,290 $3,018
Florida Penn $7,495 $4,538 $4,220
Liberty Mutual $4,615 $2,644 $3,125
People’s Trust $6,523 $2,981 $3,309
Southern Oak $12,967 $6,203 $3,416
State Farm $8,365 $4,288 $3,809
Stillwater $3,730 $1,984 $1,500
Universal Property $19,037 $6,869 $7,957
Average $9,338 $4,412 $4,292

Average costs rise as home value increases since larger houses need more coverage. But, you can still save significantly with wind mitigation. Look below at rates on $450,000 houses. 

Cost of Homeowners Insurance on $450,000 House in Punta Gorda 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $10,262 $4,659 $4,356
Citizens $7,371 $3,307 $4,316
Florida Penn $10,826 $6,555 $6,035
Liberty Mutual $6,666 $3,819 $4,469
People’s Trust $9,422 $4,306 $4,732
Southern Oak $18,730 $8,960 $4,885
State Farm $12,082 $6,193 $5,447
Stillwater $5,387 $2,865 $2,145
Universal Property $27,498 $9,922 $11,379
Average $13,488 $6,372 $6,137
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.

Cheapest Home Insurance Companies in Punta Gorda, Florida

In many instances, Stillwater offered the cheapest homeowners insurance in Punta Gorda of the companies we analyzed. Liberty Mutual, Citizens, and Allstate were other relatively affordable carriers, although the cheapest provider for you may differ based on several factors about your property.

Citizens Property Insurance in Florida is run by the state and was designed to be an insurer of last resort for residents unable to find insurance in the private market with a standard company (like the others on the table). Unfortunately, the ongoing difficulties of finding coverage in Florida have caused hundreds of thousands to turn to Citizens as their only option.

Citizens coverage isn’t preferable. It has smaller policy limits than you can find on the private market, and the company is actively trying to shed policies onto private carriers. If you can help it, quote from several private companies before turning to Citizens.

Punta Gorda Homeowners Insurance Coverages

While premiums will vary among carriers, the coverages you receive in a standard policy largely stay the same. Every HO3 plan, the most common type of homeowners insurance, includes the following coverage areas:

Punta Gorda Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage protects the structure of your home and its permanent components, including the roof, foundation, walls, flooring, water heater, pipes, and more.
Other Structures Coverage Other structures coverage financially guards features on your property not directly connected to your home, such as sheds, fences, pools, detached garages, and more.
Personal Property Coverage Personal property coverage covers your belongings from theft and possible property damage. Covered items include furniture, clothing, electronics, jewelry, tools, art, and more.
Loss of Use Coverage Loss of use coverage helps cover living expenses when you can’t stay in your home after major property damage. Your insurer can reimburse you for lodging, storage, groceries, and more.
Liability Coverage Liability coverage safeguards you financially if you’re found responsible for someone’s injury while on your property. Your insurance company can cover property damage, medical bills, and legal fees.
Medical Payments Coverage Medical payments coverage covers medical expenses for individuals injured on your property, regardless of fault, helping to avoid possible lawsuits for minor injuries.

How to Get the Best Homeowners Insurance in Punta Gorda, Florida

Getting the best homeowners insurance in Punta Gorda requires an understanding of your coverage needs to ensure a policy covers your property and finances sufficiently. Once you know what you need, you should compare plans from different companies to find the best price.

Set Policy Limits

Setting the right policy limits for your home insurance plan is crucial to having adequate coverage in the event of a loss without overpaying for unnecessary protection. We recommend making a home inventory list to determine the precise amount of personal property coverage you need.

Adjust your liability limits to cover your finances sufficiently. Homeowners with large dogs or attractive nuisances such as pools at their homes may want to raise their limits well above the minimum to be safe. Consider your financial situation to set loss of use coverage limits.

Recognize Exclusions

While homeowners insurance policies are quite comprehensive, they do have some restrictions. For example, significantly expensive items like jewelry and art are subject to sub-limits and not fully insured with standard coverage. Look into a rider for scheduled personal property coverage if you have many valuables. You can also consider endorsements for water backup, home-based businesses, and more.

Seek Savings

The best homeowners insurance in Punta Gorda will cover you completely while remaining affordable. This is possible to find for most as long as you shop around.

Obtain quotes from multiple insurance providers. Different companies offer varying rates based on their underwriting criteria, so comparing options can help you find the best deal. You can also seek help from Punta Gorda insurance agencies.

You should also ask your insurer about discounts. Many insurance companies offer discounts if you bundle your home insurance with other policies, such as auto insurance. You can also raise your deductible to lower premiums, although you shouldn’t make your deductible a number you can’t afford.

What to Know About Flood Insurance in Punta Gorda

Homeowners insurance covers various perils ranging from hurricanes to fire to theft. But, policies never cover flooding damage. Floods are too common and costly for most insurance companies to include in their homeowners insurance policies.

Unfortunately, floods are much more common than you may think. Foods can arrive in the form of storm surges from hurricanes, king tides, coastal erosion, mudslides, and plain old flash flooding from heavy rain. In a coastal town like Punta Gorda, floodwaters can cause critical damage. Consider Punta Gorda flood insurance to protect your property fully. 

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 Influencing the Average Cost of Home Insurance In Punta Gorda, Florida

Punta Gorda home insurance costs between $3,364 and $8,666 per year on average. To determine appropriate premiums for your property, insurance companies analyze many factors about you and your home. Aspects that make covering you more of a financial risk will increase your premiums. Some of the most important factors affecting home insurance rates include:

  • Home age
  • Home features
  • Claims history
  • Policy details

Characteristics of your house influence your rates. Older homes generally have higher premiums because older features have more wear and tear and are less likely to withstand peril damage. For instance, old roofs are a great concern to insurers in Florida. Old pipes and wiring are also red flags as they’re more prone to leaks and fires, respectively.

Having a history of filing home insurance claims will likely raise your premiums. If you’ve filed several home insurance claims in the past three to five years, an insurer will believe you’re more likely to file another than someone who never has. They’ll often charge you higher rates to offset your increased odds of filing a claim. Similarly, properties that have previously generated claims may see higher premiums.

Naturally, the details of your policy also directly impact your premiums. Setting higher policy limits costs more. Raising your deductible will lower your premiums and vice versa. Adding endorsements or riders increases rates.

Is Home Insurance Required in Punta Gorda?

Homeowners insurance isn’t required by law in Punta Gorda. But, mortgage lenders can require property owners to keep home insurance when they have a mortgage.

Lenders mandate insurance coverage as part of their loans to protect their investments. If your house got destroyed by a fire, hurricane, or other covered peril, you and your lender can get the money back that you’ve put into the property from the insurance policy.

You must keep home insurance for the life of your loan. If you miss payments, your lender can force-place coverage on you. Force-placed insurance is more expensive than a plan you can get on your own, further underlining the importance of finding the best coverage you can.

How to Get Home Insurance Quotes in Punta Gorda

 There is much information to keep track of when looking for homeowners insurance quotes in Punta Gorda. It’s often a good idea to get help quoting with an independent insurance agency like us at Clovered.

Independent agencies work with multiple insurance providers, giving you access to a diverse range of options tailored to your specific needs. Clovered was founded to help simplify the process of getting insurance. We want to make getting coverage easier.

You can use our quoting platform to compare providers in your area at your own pace entirely online. You can also call our team at 833-255-4117 during business hours to quote with a licensed agent.

We’re headquartered in South Florida, so we know the difficulties of finding affordable insurance in the state. We’d love to help you with your Punta Gorda homeowners insurance quotes.

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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