Homeowners Insurance in Seminole, Florida

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  • Homeowners Insurance in Seminole, Florida

The residential town of Seminole keeps you close to the great Gulf beaches while avoiding the bustle of the large, nearby cities like St. Petersburg and Tampa.

The best way to financially protect your property in Seminole is with a homeowners insurance policy, which you’ll be required to find if you have a mortgage.

Getting home insurance in Florida can be confusing and costly if you’re not sure where to look. Use this guide to find the best homeowners insurance in Seminole while staying within your budget.

How Much Is Homeowners Insurance in Seminole, Florida?

The average cost of homeowners insurance in Seminole is about $3,958 annually on a $150,000 house, $6,431 on a $300,000 house, and $9,267 on a $450,000 house.

Unfortunately, home insurance premiums have been on the rise in Florida since about the late 2010s, and the state has experienced some of the most dramatic increases nationwide. Florida has the highest average home insurance premiums in the country.

The high rates result from consistent (and potentially worsening) hurricanes, soaring property values, inflation, and more. In Seminole, where damage from a tropical storm or hurricane is more likely due to the city’s coastal location, home insurance rates are about 18% above the state average.

The table below depicts some common home insurance companies in Seminole and their average premiums depending on home value.

Average Cost of Homeowners Insurance in Seminole
Company $150,000 House $300,000 House $450,000 House
Allstate $2,125 $3,798 $5,474
Citizens $1,911 $3,410 $4,910
Florida Penn $4,046 $7,225 $10,408
Liberty Mutual $2,729 $4,868 $7,011
People’s Trust $3,137 $5,603 $8,072
Southern Oak $4,851 $8,692 $12,536
State Farm $2,993 $5,350 $7,709
Stillwater $1,627 $2,910 $4,195
Universal Property $4,372 $7,816 $11,264
Average $3,598 $6,431 $9,267
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Rates vary depending on home value, with more costly houses needing more insurance and thus having higher premiums. Insurers examine your home’s replacement cost, which is the cost to rebuild a house based on materials and labor only. 

Naturally, larger houses with nicer finishes would cost more to rebuild. And while replacement cost isn’t the same as market value, homes that are more costly to buy or sell will generally have higher replacement costs than less expensive homes.

Several more factors influence home insurance rates. We break down the effect of two critical variables, home age and wind mitigation, on Seminole homeowners insurance in the table below on $150,000 homes only.

Cost of Homeowners Insurance on $150,000 House in Seminole
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,270 $1,598 $1,506
Citizens $2,788 $1,219 $1,725
Florida Penn $5,146 $3,606 $3,387
Liberty Mutual $3,265 $2,058 $2,503
People’s Trust $4,683 $2,219 $2,509
Southern Oak $8,254 $4,007 $2,292
State Farm $4,364 $2,452 $2,162
Stillwater $2,516 $1,323 $1,042
Universal Property $7,485 $2,541 $3,090
Average $5,437 $2,699 $2,659

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 can see that home insurance premiums on older houses without wind mitigation were roughly double those on houses with wind mitigation measures. This is because older houses are more prone to damage due to their wear and tear and outdated construction. 

See how premiums translate on $300,000 houses below.

Cost of Homeowners Insurance on $300,000 House in Seminole
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,886 $2,876 $2,633
Citizens $5,018 $2,194 $3,016
Florida Penn $9,263 $6,491 $5,922
Liberty Mutual $6,525 $3,704 $4,376
People’s Trust $8,429 $3,994 $4,386
Southern Oak $14,857 $7,213 $4,007
State Farm $7,855 $4,414 $3,780
Stillwater $4,529 $2,381 $1,821
Universal Property $13,473 $4,574 $5,402
Average $9,876 $4,859 $4,648

The final table lists average home insurance rates in Seminole for $450,000 homes, which are the highest. But, you can still save significantly with wind mitigation.

Cost of Homeowners Insurance on $450,000 House in Seminole
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $8,502 $4,155 $3,765
Citizens $7,249 $3,169 $4,313
Florida Penn $13,380 $9,376 $8,468
Liberty Mutual $9,425 $5,351 $6,258
People’s Trust $12,176 $5,769 $6,272
Southern Oak $21,460 $10,418 $5,730
State Farm $11,346 $6,375 $5,405
Stillwater $6,542 $3,440 $2,604
Universal Property $19,461 $6,607 $7,725
Average $14,135 $7,018 $6,646
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 Seminole?

Stillwater had the cheapest homeowners insurance in Seminole of the companies we analyzed. While this is useful, it isn’t a steadfast rule, as rates vary by person and property. You should shop around to see which companies have the best deals and look for other ways to save, such as with discounts.

Stillwater Insurance Group is a property insurance company that has been in operation since 2000 and is headquartered in Jacksonville. They can offer cheap coverage, but you should always shop around. The best way to get cheap homeowners insurance in Seminole is by shopping around and comparing quotes from multiple insurance providers, as rates can vary significantly depending on the insurer and your specific circumstances. And, note customer service and other aspects that can influence your decision.

You should also note what discounts you can get. In addition to wind mitigation, you can usually get discounts for installing security systems or bundling several policies with one provider. Discounts differ by company.

Seminole Homeowners Insurance Coverages

The most common type of homeowners insurance is officially called the HO3 form. This is an open-peril policy that protects against the greatest number of possible damage sources. 

HO3 policies typically include six coverage areas:

Seminole Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially protects your home’s structure and components, including the foundation, walls, flooring, roof, siding, pipes, and more.
Other Structures Coverage Other structures coverage covers features on your property that aren’t attached to the main house, such as fences, sheds, and detached garages.
Personal Property Coverage Personal property coverage guards your belongings, including furniture, electronics, clothing, tools, jewelry, art, and more.
Loss of Use Coverage Loss of use coverage helps cover living expenses, such as lodging and groceries, if you must move out of your home after it suffers property damage.
Liability Coverage Liability coverage pays for medical bills and legal fees if you’re found legally responsible for someone’s injuries in court. 
Medical Payments Coverage Medical payments coverage helps cover minor injuries someone can suffer regardless of fault.

How to Get the Best Home Insurance in Seminole

The best homeowners insurance in Seminole will fully cover your property and liability at a price you can afford. No default “best” policy suits everyone’s needs. When getting home insurance, you’ll likely have to adjust your policy limits and add additional coverages to tailor the plan to your circumstances. 

Adjust Policy Limits

You can increase or decrease your coverage amounts to suit your needs. For instance, you may need to increase your limits in some areas to guard your property fully. 

Your dwelling coverage limit is derived from your home’s value. Insurers require your dwelling limit to be at least 80% of your home’s replacement cost, but you can increase it to 100% or more for an added cost. 

Your default other structures coverage amount is 10% of your dwelling limit, which is sufficient for most people. Companies often estimate your personal property coverage to 50% of your dwelling limit, which is much easier to determine and adjust. You can make a home inventory of your belongings to get a value of your possessions and inform you exactly how much personal property coverage you need.

 Carriers typically require at least $100,000 in liability limits, but you should always opt for more than that. Get enough to cover your assets. You don’t want to be caught short on liability coverage after an accident, as medical bills and legal fees can climb very quickly. And, raising your liability limits is relatively cheap compared to the other coverages in your plan.

Consider Endorsements

Sometimes, your policy’s six coverage areas may not cover all areas and risks of your property sufficiently. You can purchase endorsements to supplement your coverage at an additional cost.

Endorsements are optional coverage add-ons for items or perils not covered by default. For example, valuables like jewelry, art, and memorabilia are usually only covered up to $2,500 or $5,000 under standard personal property coverage. If you have any pieces worth more than that, you might want to look into scheduled personal property coverage, an endorsement that will insure the full price of your expensive item.

Other common endorsements include inflation guards, water backup coverage, and home-based business endorsements. Check with your insurer if you’re unsure if you need an endorsement.

What to Know About Flood Insurance in Seminole

Homeowners insurance covers a variety of perils, from fires to hurricanes to theft. But, policies exclude coverage for floods. We emphasize this because floods are the country’s most common and costly natural disaster.

Due to its location near the Gulf of Mexico, Seminole is prone to storm surges and heavy rains if a hurricane comes. Some parts of Seminole and surrounding areas were under storm surge watches in the run-ups to Hurricanes Ian and Idalia that hit the west coast of Florida in 2022 and 2023.

The Federal Emergency Management Agency (FEMA) reports that just one inch of floodwaters in your home can cause over $20,000 of damage. Your home isn’t fully protected without a separate policy for flood insurance in Seminole.

You can purchase a plan backed by the government from the National Flood Insurance Program (NFIP) or look into the growing private flood insurance market for sufficient coverage

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 Average Cost of Home Insurance in Seminole, Florida

Several factors affect the cost of homeowners insurance in Seminole, which ranges from  $3,958 to $9,267 annually. Insurers examine many features of your home and policy to determine a rate that works for them. Some of the most important variables include:

Home Characteristics: insurance companies ask questions about your home to determine its likelihood of damage and the cost of insuring. Some features make your home more risky, while others can decrease premiums. Insurers examine:

  • Location
  • Age
  • Features

Homes on the coast are more prone to wind damage and will likely have higher premiums, while homes close to a fire hydrant or station can receive a discount. As we explained earlier, older houses often cost more to cover due to their wear and tear and dated components. Also, having expensive fixtures and finishings in your home will raise your dwelling limit and, thus, your insurance premiums.

Policy Details: the specifics of your policy directly impact your rates as you adjust coverage limits or add additional protections that cost extra. Policy features that alter premiums include:

  • Deductibles
  • Coverage limits
  • Endorsements
  • Discounts

The choice of deductible on your home insurance policy can impact your rates. Opting for a higher deductible typically lowers your premiums since you agree to cover more of the initial cost in case of a claim. Conversely, a lower deductible results in higher premiums as the insurer will cover a larger portion of the claim costs.

Higher coverage limits provide more extensive protection but generally lead to higher premiums. Adding endorsements or riders to your policy will likely increase premiums. And, qualifying for discounts will lower your Seminole home insurance rates.

Is Home Insurance Required in Seminole?

No law requires home insurance in Seminole. The only entity that can mandate homeowners insurance is a mortgage lender.

Mortgage lenders want to protect their investments, so they necessitate homeowners to obtain insurance coverage. Thus, if your home gets destroyed by a covered loss, you and your lender can recoup your money through the insurance plan.

Home insurance serves as a vital financial safeguard, ensuring the ability to restore or replace property and personal belongings in the event of property damage. So, even if you own your home outright, we recommend you get home insurance to protect yourself.

How to Get Home Insurance Quotes in Seminole

When getting homeowners insurance quotes in Seminole, comparing rates and options among different providers is essential before making your choice. If you want help simplifying your shopping process, look to an independent insurance agency with experience in the Florida market.

We’re Clovered, an agency founded in 2016 and headquartered in Fort Lauderdale. We partner with some of the top home insurers in Florida to find you the coverage you need at the price you want.

Use our online quoting platform to compare your options and potentially bind a policy in minutes. Or, chat with our licensed agents at 833-255-4117 during business hours for a personalized quote. 

We know how hard it can be to find affordable home insurance in Florida, and we want to help you find the right coverage and protect your property.

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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