Homeowners Insurance in Titusville, Florida

Nestled along the Space Coast, homeowners face unique challenges and considerations when it comes to safeguarding their homes and belongings in Titusville.

The city’s proximity to the Atlantic Ocean and susceptibility to tropical weather systems make homeowners insurance an essential aspect of responsible homeownership.

We break down many of the factors you need to know about home insurance in Titusville so you can find the best coverage at the best price.

The average cost of homeowners insurance in Titusville is about $3,944 on a $150,000 home, $7,140 on a $300,000 home, and $10,251 on a $450,000 home.

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 at about 19% above the state average

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

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.

Generally, insurers use many factors to determine your premiums. However, in Florida, one of the factors that’s most directly related 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.

Before we get to looking at how premiums can differ when wind mitigation is considered, let’s look at the considerations Florida insurers use when using wind mitigation to determine premiums. 

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.

Two other important factors are your home’s age and wind mitigation features. We break down the effects of these aspects on home insurance rates in Titusville below for a more detailed look at insurance costs.

As you can see, wind mitigation can save you significant money on Titusville home insurance. Wind mitigation cut premiums by 62% on average, totaling $2,382 every year.

You’ll also notice older homes had newer premiums than newer houses. The dated components in older houses, such as roofs and pipes, are more likely to fail and cause issues that lead to insurance claims. Also, older homes in Florida don’t withstand severe weather as well as newer ones because of changes in building codes.

So, insurance companies charge higher premiums on older homes to offset their increased financial risk. See more rates on $300,000 homes in Titusville below.

Wind mitigation on $300,000 older homes decreased rates by over $5,300 annually in Titusville. Insurers in Florida are required to discount premiums on houses with effective wind mitigation features. The final table lists premiums on homes with a replacement cost of $450,000.

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 People’s Trust, two Florida-based carriers, offered the biggest discounts when factoring in wind mitigation. 

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, the payout may be less than the current cost of replacing the item with a new one.

Replacement cost coverage, on the other hand, provides compensation to replace the damaged items with a new one of similar kind and quality without factoring in depreciation. 

Consider your budget, the value of your possessions, and your willingness to pay higher premiums for more comprehensive coverage. Replacement cost is the superior option but comes with a higher price tag.

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.

Standard homeowners insurance typically does not cover flooding. While homeowners insurance covers a range of perils, including fire, windstorms, theft, and more, it usually excludes coverage for flooding.

Titusville lies between the St. Johns’ River and the Indian River, which both pose serious flooding risks during severe storms. Coastal properties in Titusville are prone to flood damage from storm surges during hurricanes and tropical storms. 

You should think about flood insurance in Titusville. Most homeowners don’t realize their home insurance plan doesn’t cover flood insurance until it’s too late. Be proactive and protect your property completely with flood insurance.

Insurance companies use a variety of elements to calculate home insurance premiums. While the specific criteria may vary among providers, they generally relate to the details of your home or policy.

Your home’s location can increase the likelihood of damage. For instance, homes on the water in Florida tend to have higher premiums due to increased chances of flood and hurricane damage. Homes near fire stations or hydrants can receive discounts.

Certain characteristics of your house can also raise premiums, such as having pools, trampolines, or playground equipment. These items, known as attractive nuisances, increase the likelihood of liability claims and raise insurance rates. Owning certain aggressive dog breeds can also raise premiums.

Brick or concrete houses tend to withstand hurricanes and fires better than wooden frame homes and can have lower premiums.

Your policy details also influence rates. The higher your policy limits, the higher your premiums. Also, opting for endorsements to supplement coverage will increase costs. And, raising or lowering your deductible will change your premiums.

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.