Homeowners Insurance in Rockledge, Florida

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  • Homeowners Insurance in Rockledge, Florida

Rockledge, the oldest city in Brevard County, lies on the bank of the Indian River. Any city in Florida bordering the Atlantic Ocean is prone to hurricane damage. Residents need the right homeowners insurance to protect their properties financially.

Unfortunately, home insurance in Florida isn’t always affordable. Use this guide before you buy to find the best and cheapest homeowners insurance in Rockledge. 

How Much Is Homeowners Insurance in Rockledge, Florida?

The average cost of homeowners insurance in Rockledge is about $3,628 annually on a $150,000 house, $6,484 on a $300,000 house, and $9,343 on a $450,000 house.

Florida has the highest home insurance rates in the country, partly due to soaring property values and statewide hurricane risk. As a coastal city, Rockledge is on the higher end of the rating scale in Florida because places on the coast are more prone to hurricane damage.

Homeowners insurance premiums in Rockledge are about 19% higher than the state average. The following table shows rates from nine carriers in Florida according to home value.

Average Cost of Homeowners Insurance in Rockledge 
Company $150,000 House $300,000 House $450,000 House
Allstate $2,015 $3,602 $5,190
Citizens $2,009 $3,587 $5,167
Florida Penn $3,380 $6,037 $8,697
Liberty Mutual $2,597 $4,634 $6,673
People’s Trust $5,604 $10,012 $14,425
Southern Oak $4,500 $8,061 $11,625
State Farm $2,992 $5,349 $7,708
Stillwater $1,541 $2,757 $3,975
Universal Property $4,396 $7,860 $11,328
Average $3,628 $6,484 $9,343
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.

You’ll notice that home insurance rates increase as home value increases. This occurs because larger homes need more insurance coverage. The more insurance you need, the more it’ll cost.

Bigger houses need more insurance because they have higher replacement costs. Replacement cost refers to the amount necessary to rebuild your home based on construction and labor expenses. Larger, nicer homes cost more to rebuild. As a result, they need more insurance.

On top of replacement cost, your home’s age is another critical factor in insurance premiums in Florida. Older houses tend to have higher premiums than newer ones. The following table shows the effects of home age and another variable, wind mitigation, on homes worth $150,000 in Rockledge.

Cost of Homeowners Insurance on $150,000 House in Rockledge 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,095 $1,520 $1,429
Citizens $3,107 $1,194 $1,727
Florida Penn $4,598 $2,836 $2,705
Liberty Mutual $3,286 $2,109 $2,397
People’s Trust $9,184 $3,299 $4,328
Southern Oak $7,465 $3,810 $2,224
State Farm $4,465 $2,378 $2,133
Stillwater $2,463 $1,187 $974
Universal Property $7,685 $2,463 $3,040
Average $5,588 $2,623 $2,673

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. 

You’ll notice that older houses with no wind mitigation had the highest premiums by a decent margin. These homes are most prone to claims. The older components are more likely to fail and cause damage, and their lack of wind mitigation features leaves them especially vulnerable to hurricanes.

Wind mitigation can save you significant money in Rockledge. It lowered premiums on older homes worth $150,000 by nearly $3,000 per year, totaling discounts of 53% on average. 

In the most drastic case, wind mitigation lowered rates from Universal Property & Casualty, the state’s largest private carrier, by over 67% annually.

The next table shows rates of home insurance in Rockledge, Florida, for $300,000 homes.

Cost of Homeowners Insurance on $300,000 House in Rockledge 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,571 $2,736 $2,498
Citizens $5,593 $2,149 $3,020
Florida Penn $8,276 $5,105 $4,729
Liberty Mutual $5,915 $3,796 $4,190
People’s Trust $16,531 $5,938 $7,566
Southern Oak $13,437 $6,858 $3,888
State Farm $8,037 $4,280 $3,729
Stillwater $4,433 $2,137 $1,702
Universal Property $13,833 $4,433 $5,315
Average $10,058 $4,721 $4,674

Notable mitigation savings persist, bringing average rates on houses with wind mitigation very close to those of newly constructed homes. Newer houses always have some wind mitigation features, such as hurricane windows, built-in by default.

The final table lists average premiums in Rockledge for homes with replacement costs of $450,000.

Cost of Homeowners Insurance on $450,000 House in Rockledge 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $8,047 $3,952 $3,572
Citizens $8,078 $3,104 $4,319
Florida Penn $11,955 $7,374 $6,762
Liberty Mutual $8,544 $5,483 $5,992
People’s Trust $23,878 $8,577 $10,819
Southern Oak $19,409 $9,906 $5,560
State Farm $11,609 $6,183 $5,332
Stillwater $6,404 $3,086 $2,434
Universal Property $19,981 $6,404 $7,600
Average $14,528 $6,819 $6,683
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 Rockledge

Stillwater had the cheapest homeowners insurance of the companies we listed. Their average rates were sometimes thousands lower than competitors, but this may not always happen. You won’t know which carrier has the most affordable rates for you until you get quotes.

Home insurance costs vary by location, company, and policyholder. The many factors that affect premiums make it difficult to name one provider as the cheapest at all times. 

Stillwater is headquartered in Jacksonville yet offers policies throughout the country, which can help spread risk out and lower premiums. More localized carriers like People’s Trust, based in South Florida and serving only Florida, don’t have this option.

However, this doesn’t mean you can’t find fair coverage from all the carriers on our list. You should always shop around to find the cheapest homeowners insurance in Rockledge for your circumstances. 

Rockledge Homeowners Insurance Coverages

Every homeowners insurance policy consists of the same coverage areas. Plans protect your property and liability in several ways, briefly outlined below:

Rockledge Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage protects the physical structure of your home, including the roof, walls, flooring, foundation, piping, and more.
Other Structures Coverage Other structures coverage financially guards features on your property unattached to your main house, such as fences, sheds, gazebos, and pools.
Personal Property Coverage Personal property coverage covers your possessions in and around your home, including clothing, electronics, furniture, jewelry, and more.
Loss of Use Coverage Loss of use coverage helps pay for living expenses, such as groceries and lodging, if you’re forced to move out of your home after property damage makes it uninhabitable.
Liability Coverage Liability coverage covers you if someone suffers an injury and pursues you for damages. Your insurer can cover medical bills, legal fees, and more.
Medical Payments Coverage Medical payments coverage helps cover minor medical expenses if someone is injured at or around your property, regardless of fault.

How to Get the Best Homeowners Insurance in Rockledge, Florida

The best homeowners insurance in Rockledge will look different for every person, depending on your property, location, and coverage needs. You must know what you want in your policy to tailor it to your situation. 

Adjust Policy Limits

You set many of your policy limits when you get quotes for your plan. Your carrier normally has some default limits in mind, but you can adjust these as you see fit. 

For example, insurers often set your personal property limit to 50% of your dwelling coverage limit. You can create a contents list that documents all of your personal belongings and their values. The grand total of your items is the amount of personal property coverage you need. Changing your personal property limit to this number will save you money if it’s under 50% of your dwelling limit or prevent you from underinsuring yourself if it’s over.

You can also adjust your liability limits. Providers usually require at least $100,000 in coverage, but we recommend having limits that fully cover all your financial assets. For most people, this ranges from $300,000 to $500,000 in coverage.

Recognize Exclusions

Policies protect against over a dozen possible sources of damage known as perils. But, they don’t cover everything. You should know how and when your plan shields you so you can purchase additional protection if needed.

Note when your policy covers damage at actual cash value or replacement cost. Actual cash value factors in depreciation and will give you lower payouts. If you have the choice between the two, replacement cost coverage provides better protection, but typically costs more.

Consider endorsements for certain policy exclusions. For example, insurers normally limit reimbursement for jewelry and art under personal property coverage up to $2,500 or $5,000. If you have very expensive pieces, you may want to look into scheduling your valuables to qualify them for full coverage. Ask your provider what endorsements they offer and see if you need them.

What to Know About Flood Insurance in Rockledge, Florida

Flood damage is another common exclusion on homeowners insurance. Floods are never covered by default, yet many policyholders don’t realize this until it’s too late.

Floods are more common than you may think and are very costly to remediate. You’re not financially protected against flood damage unless you have a separate flood insurance policy.

In Rockledge, homes along the Indian River and other bodies of water may be prone to storm surges. And, just about every home in Florida can experience flash flooding because of the state’s regular thunderstorms and largely flat and low terrain.

We encourage you to consider flood insurance in Rockledge. You can purchase a plan from the National Flood Insurance Program (NFIP) at a discounted rate.

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 Rockledge, Florida

Home insurance rates are influenced by many factors relating to the property or policyholder’s risk level. Some of the most critical considerations are:

Home Characteristics

One of the primary determinants of Rockledge home insurance rates is the location of your home. Properties on or near the coast often have higher premiums because they’re more prone to wind and flood damage. Homes in high-crime neighborhoods can have higher rates, also. 

The construction and age of a home also play a crucial role. Newer homes are less susceptible to damage since they’re built up to modern construction codes. Additionally, larger homes typically cost more to insure, as there is more square footage and more belongings to cover. 

Having safety features like security systems and deadbolt locks also lowers premiums. Attractive nuisances, such as pools and trampolines, can raise your risk of a liability claim and increase rates.

Policy Characteristics 

The type and amount of coverage you choose impacts rates. Policies with higher coverage limits and additional endorsements or riders will generally result in higher premiums. Deductibles, the amount you damage must exceed before insurance coverage kicks in, also impact rates. Opting for higher deductibles leads to lower premiums.

Qualifying for discounts lower rates. Companies commonly offer discounts based on:

  • Military status
  • Retiree status
  • Policy bundling
  • Gated community living
  • New construction

Discounts differ by company, so always be sure to ask which are applicable to you. 

Is Home Insurance Required in Rockledge?

Homeowners insurance isn’t mandated by law in Rockledge, but if you finance your home purchase with a mortgage, your lender will require a home insurance plan for the life of the loan.

Lenders require borrowers to have insurance to protect their investments. If the house gets destroyed, you and your lender can recoup money through the insurance policy.

If you don’t maintain your own coverage, your lender can force you to have insurance. This coverage, called force-placed insurance, provides minimal coverage while being more expensive than a plan you can find on your own.

 It’s not in your best interest, which is why you should always get your own property insurance in Rockledge when you have a mortgage and make your payments on time. Many people set up their home insurance through escrow to ensure payments aren’t missed.

How to Get Homeowners Insurance Quotes in Rockledge

Getting homeowners insurance quotes in Rockledge can typically be done online or over the phone. At Clovered, we can accommodate you either way, with our localized expertise on hand whenever you need it.

As an independent insurance agency based in Fort Lauderdale, we understand how hard it can be to find affordable coverage in the state. We partner with many of the top home insurance companies in Florida to bring you quotes in minutes through our online quoting platform, where you can compare options quickly and easily.

Or, if you’d rather chat with one of our licensed agents for your quote, give us a call at 833-255-4117 during business hours. We’re happy to help. You can also email us with any questions 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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