Homeowners Insurance in Titusville, Florida

Although not known for recent hurricanes, any area along Florida’s Atlantic coast, such as Titusville, is vulnerable to hurricanes and tropical storms during hurricane season.  

Having the right homeowners insurance is a responsible and wise decision for Titusville residents. Otherwise, you risk paying out of your own pocket for all property damage you could incur from hurricanes or other uncontrollable events.

We want to make getting the best policy easy. We break down information and tips you should know to find quality insurance coverage in Titusville.

The average cost of home insurance in Titusville, Florida is about $3,445 annually, or about 18% above the average rate in the state of $2,924 annually. Unfortunately, home insurance rates in Florida are some of the highest in the country, due in large part to the threat of hurricanes on each coast.

Since Titusville borders the Atlantic Ocean, the average premiums in the city are on the higher end in the state. In fact, Brevard County premiums are the highest averages in Central Florida, coming in quite above the state average.

Below, we listed some common home insurance companies and their average rates in Titusville.

These averages represent just that – average rates. It’s crucial to understand that the cost of homeowners insurance in Titusville varies based on several factors. For example, homes with higher value will cost more to insure. 

It’s important to note that insurance companies typically don’t use your home’s market value, or the selling price, as your home’s value. They’re concerned with your home’s replacement cost. The replacement cost of a house is the amount it would take to rebuild, accounting for materials and labor. 

Average premiums rise as replacement cost rises because larger, nicer homes need more insurance coverage. But, many factors affect rates, and the way companies weigh these other variables causes differences in rates.

As we mentioned, insurers use many factors to determine your premiums. In Florida, one of the factors that most directly relates to your premium cost is how well your home can stand up against strong winds caused by storms like hurricanes. Wind mitigation, or the features that help your home withstand strong winds, can make or break you when it comes to premiums.

If you live in an older home, meaning a home built over 20 years ago, its materials may not be up to code in terms of resilience to high winds. Homeowners in older homes that are built with dated materials may have higher premiums, since they’re more likely to file claims for damage, making their homes riskier to insure.

However, if these homeowners retrofit their homes with updated, impact-resistant materials and features, like storm doors and windows, a hip roof, and water-resistant seals, their homes may be better suited against strong winds and eligible for lower premiums. 

Those in newer homes may be eligible for low premiums, too, since their homes are built up to the latest building codes and are thus equipped to stand against severe storms. 

While Citizens tended to have the cheapest homeowners insurance in Titusville of the companies we analyzed, you may experience differently when you quote. Rates vary based on location, company, and policyholder. 

Citizens had the cheapest rates on our list, although it’s unlike the carriers on our list because it’s a state-run entity funded by the Florida government. Citizens was originally designed to be an insurer of last resort. However, due to the difficulties many residents face when finding coverage in the state, it has become oversaturated and is trying to offload policies onto standard private carriers.

You won’t know which company is the cheapest option until you get quotes, as many factors affect rates. You may want to choose one company over another based on available discounts, coverages, or customer service.

For instance, American Platinum and Olympus, two Florida-based home insurance companies, may have policies that more closely align with your needs and budget.

Homeowners insurance plans include six coverage areas that largely stay the same from company to company. You can expect these coverages in all home insurance policies.

The best homeowners insurance in Titusville will look different for every person, as every policyholder has different coverage needs and budgetary restraints. While the Sunshine State faces a nasty crisis involving surging homeowners insurance premiums and insurers leaving the state in droves, some good news comes out of Brevard County, with several new insurers approved to enter the state.

The best policy will suit your home and property adequately while remaining affordable. You must understand your plan’s nuances to ensure it’s the right fit.

Understanding how your policy addresses damage is essential. Most plans provide a choice between actual cash value and replacement cost.

With actual cash value protection, your insurance company will reimburse you for damaged or stolen items after subtracting the depreciation from the item’s original cost. As a result, your payout is always less than what you paid for the item.

Alternatively, replacement cost coverage replaces damaged possessions with new substitutes regardless of their age or use. You receive full compensation or fair market value for all belongings or damage.

Consider your budget and the value of your possessions if deciding between the two. Replacement cost is the superior option but is more costly.

Consider endorsements to bridge possible coverage gaps. Depending on your property, standard policies don’t always address everything you need to be covered. 

For instance, if you own expensive jewelry or art, you may want to get scheduled personal property coverage since standard plans normally limit their coverage for valuables up to a couple of thousand dollars.

Be aware of all policy exclusions for possible risks and property areas, and ask about endorsements if you’re concerned. Common endorsements include those for home-based businesses, water backup, and inflation guards.

Once you have a clear idea of your policy needs, it’s time to shop around. Comparing plans from multiple carriers will enable you to secure the best policy at the best rate. You can also see the cost differences of their endorsements and discounts as well as gauging their customer service.

While homeowners insurance covers a range of perils, including fire, windstorms, theft, and more, it usually excludes coverage for flooding.

During heavy rain storms, the St. Johns and Indian Rivers can overflow. Properties on or near bodies of water are at particular risk and may be in federally designated flood zones.

You should think about flood insurance in Titusville. Most homeowners don’t realize their home insurance plan doesn’t cover floods until it’s too late. The Federal Emergency Management Agency (FEMA) reports that flooding is the most common and costly natural disaster in the nation.

The average cost of homeowners insurance in Titusville ranges from $3,628 to $9,343 on average. Many factors affect where your premiums fall in this range. Insurers analyze considerations of your home and policy.

Your home’s location affects the likelihood of damage. Homes in areas prone to property damage, such as flood zones or high-crime areas, can have higher premiums. Also, homes on or near bodies of water are more likely to experience wind or flood damage and often have higher rates.

Conversely, houses near fire hydrants or stations typically receive discounts. Living in a gated community may also reduce rates at some carriers.

Insurers will also analyze the characteristics of your home’s structure, from the roof to the foundation. Older houses or dwellings with dated components that are more likely to fail have higher rates. Attractive nuisances on your property, such as pools and trampolines, raise your liability risk and also increase premiums.

Your policy directly impacts your rates. Opting for higher limits or endorsements will increase insurance costs while qualifying for discounts and raising your deductible will lower rates.

While homeowners insurance isn’t required by law in Titusville, it will be mandated by mortgage lenders if you have a mortgage.

When lenders put money down to help you purchase your property with a mortgage, they’ll require homeowners insurance as part of the loan. This protects their investment. If the house gets destroyed, you and your lender can recoup the money you’ve put into your house from the insurance payout.

No entity will make you have home insurance once you pay off your mortgage (or if you never had one). But, we always recommend having a policy. Otherwise, you’ll be responsible for all damage out of pocket, which can be devastating after a major incident like a fire or hurricane.

Getting homeowners insurance quotes in Titusville on your own allows you the time and convenience of shopping when you please. You can compare and bind policies totally online at most carriers. But, if you ever want to reach out for help with questions or concerns, you can contact an independent insurance agency like our team at Clovered.

You can call us at 833-255-4117 during business hours to chat with a licensed agent about a quote. We’re based in South Florida, so we know how hard it can be to find affordable coverage in the state. We’d be happy to help you however we can. You can also reach us by email at agent@clovered.com.