Homeowners Insurance in Titusville, Florida

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  • 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.

How Much Is Homeowners Insurance in Titusville, Florida?

The average cost of homeowners insurance in Titusville is about $3,628 on a $150,000 home, $6,484 on a $300,000 home, and $9,343 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. Brevard County premiums are about 19% above the state average.

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

Average Cost of Homeowners Insurance in Titusville 
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.

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.

Cost of Homeowners Insurance on $150,000 House in Titusville 
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. 

As you can see, wind mitigation can save you significant money on Titusville home insurance. Wind mitigation cut premiums by 53% on average, totaling $2965 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.

Cost of Homeowners Insurance on $300,000 House in Titusville 
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

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.

Cost of Homeowners Insurance on $450,000 House in Titusville 
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 Titusville

While Stillwater Insurance Group 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 second 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, Universal Property & Casualty and People’s Trust, two Florida-based carriers, offered the biggest discounts when factoring in wind mitigation. 

Titusville Homeowners Insurance Coverages

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.

Titusville Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially covers your home’s structure, including the walls, roof, flooring, patios, foundation, pipes, HVAC, and more.
Other Structures Coverage Other structures coverage guards features on your property not attached to your home, such as fences, sheds, detached garages, pools, and more.
Personal Property Coverage Personal property coverage covers your belongings in and around your house, such as furniture, clothing, electronics, bicycles, jewelry, and more.
Loss of Use Coverage Loss of use coverage helps cover your living expenses if you must move out of your home after major property damage. Your insurer can temporarily cover lodging, gas, groceries, and more.
Liability Coverage Liability coverage comes into play if someone suffers an injury on your property and sues you for damages. Liability coverage can cover their medical bills and your legal fees.
Medical Payments Coverage Medical payments coverage covers minor medical expenses if someone gets injured on or around your property, regardless of fault.

How to Get the Best Homeowners Insurance in Titusville

The best homeowners insurance in Titusville will look different for every person, as every policyholder has different coverage needs and budgetary restraints. 

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.

Understand Actual Cash Value vs. Replacement Cost

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 for Policy Exclusions

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.

Shop Around to Save Money

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.

What to Know About Flood Insurance in Titusville

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.

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 Titusville, Florida

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.

Is Home Insurance Required in Titusville?

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.

How to Get Home Insurance Quotes in Titusville

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.

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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