Average Annual Rates for Home Insurance in Valrico, Florida by Company While no law requires Valrico homeowners insurance, mortgage lenders do. Lenders mandate insurance policies as part of home loans to protect their investments. If you don’t maintain your own coverage while you have a mortgage, your lender will force-place insurance on you. Force-placed insurance is more expensive and less comprehensive than standard coverage, so be sure to stay on top of your insurance payments and effective dates to avoid it.
Key Takeaways
- The average cost of home insurance in Valrico is about $4,097 annually, which is 43% higher than Florida’s state average.
- Edison, Florida Peninsula, and American Platinum are the companies with the cheapest home insurance in Valrico.
- The best way to save money on homeowenrs insurance is to shop around and compare quotes before you buy.
How Much Is Home Insurance in Valrico, Florida?
On average, home insurance in Valrico, Florida costs about $4,097 per year, which is 43% higher than Florida’s state average of $2,857 annually.
Florida has some of the highest home insurance rates in the country due to generally high property values and the consistent threat of hurricanes, among other factors. While exact premiums vary by property, rates in Valrico tend to be above the state average.
As an independent Florida insurance agency, we’ve helped several residents in and around Valrico find coverage. We’ll list their premiums so you have an idea of what to expect if you’re shopping for home insurance in the Valrico area.
| Company | Average Premium |
|---|---|
|
Johnson & Johnson Insurance |
$2,066 |
|
Edison |
$3,048 |
|
Florida Peninsula |
$3,497 |
|
American Platinum |
$3,976 |
|
Slide Insurance Company |
$4,900 |
|
People’s Trust |
$5,318 |
|
Swyfft |
$5,473 |
|
Citizens |
$5,744 |
|
Average |
$4,097 |
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The Cheapest Homeowners Insurance in Valrico, Florida
Johnson & Johnson had the cheapest home insurance in Valrico, but this is rather unusual, as J&J is a specialty provider. The standard insurance companies with the most affordable rates in Valrico for our policyholders were Edison and Florida Peninsula.
There is no default cheapest carrier, as rates vary by company and policyholder. We recommend quoting at large, national carriers in addition to small, localized companies to gauge all your different options.
The Best Homeowners Insurance Companies in Valrico, Florida
Everyone wants to save money on home insurance and pay as little as possible. Compare rates, customer service, user experience, coverage options, and discounts to find the best home insurance company in Valrico for your circumstances. Some people may be ok with paying slightly more at one carrier over another if they have better customer service, financial ratings, or aligned beliefs and values. We can present a range of options from our partner companies.
Average premiums are determined from our policyholder data. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.
To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.
Johnson & Johnson
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$2,066
Johnson & Johnson is an independent insurance brokerage founded in 1930, offering insurance services in all 48 contiguous states. While not an insurance carrier, it can provide the insurance services needed for many types of personal and surplus lines.
Edison
Demotech Rating
A
NAIC Complaint Index
0.40
Average Premium
$3,048
Established in 2006, Edison Insurance Company offers home insurance primarily in Florida through independent agents, like our team at Clovered. It was acquired by Florida Peninsula Insurance Company in 2010, although it still has its own book of business.
Florida Peninsula
Demotech Rating
A
NAIC Complaint Index
0.10
Average Premium
$3,497
Florida Peninsula Insurance Company was founded in 2005 and focuses on offering coverage in its namesake state. With over 150,000 policies in force in Florida, it just cracks the top ten list of Florida’s largest home insurers.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$3,976
American Platinum Insurance Company, founded in 2011, is a subsidiary of Universal Insurance Holdings, offering home insurance coverage in Florida and Georgia. Policies are available exclusively through independent agents at Clovered.
Slide Insurance Company
Demotech Rating
A
NAIC Complaint Index
0.56
Average Premium
$4,900
Slide Insurance Company was founded in 2021 and began operations offering home insurance in 2022. Available in Florida and South Carolina, the company currently has over 300,000 policyholders in the Sunshine State, making it one of Florida’s largest.
People’s Trust
Demotech Rating
A
NAIC Complaint Index
1.44
Average Premium
$5,318
People’s Trust Insurance Company was established in 2008 and offers home insurance exclusively in Florida. The company prides itself on its business model, which differs from most carriers in that it retains a network of preferred contractors for claims.
Swyfft
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$5,473
Swyfft is an insurance managing general agency founded in 2014, offering insurance products in several coastal states around the country.
Citizens
Demotech Rating
NR
NAIC Complaint Index
0.69
Average Premium
$5,744
Citizens Property Insurance Corporation is Florida’s state-run home insurer of last resort. It’s a non-profit entity that provides property insurance to state residents who are unable to obtain coverage in the traditional, private market.
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.
Valrico Homeowners Insurance Coverages
The most common type of homeowners insurance is the HO3 policy form, which contains property and liability protections. These coverage areas are typically divided into six sections as follows:
| Coverage | Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage in home insurance financially protects your home and its structural components from damage caused by a covered peril. From the roof, walls, and flooring to the pipes, wiring, and water heater, dwelling coverage, or Coverage A as it’s sometimes called, has you covered. |
|
Other Structures Coverage |
Other structures coverage accounts for components on your property not attached to your main house, and protects them should they incur damage from a covered peril. Other structures coverage, sometimes called Coverage B, may cover things such as fences, sheds, and detached garages. |
|
Personal Property Coverage |
Personal property coverage covers your belongings if they’re damaged by a covered peril or stolen. Personal property coverage, or Coverage C, may protect things like furniture, clothing, televisions, computers, bicycles, tools, jewelry, and more. |
|
Loss of Use Coverage |
Loss of use coverage may help you cover living expenses you incur if you must move out of your house after it suffers damage from a covered loss, such as a fire or hurricane. This coverage, also known as Coverage D, may help you pay for necessities like food, lodging, or gasoline. |
|
Liability Coverage |
Liability coverage can help you pay for medical bills and legal fees if you’re found liable in court for someone’s injury at your property or damage to someone else’s property. It’s also called Coverage E. |
|
Medical Payments Coverage |
Medical payments coverage is designed to cover minor injuries someone may suffer on or around your property, regardless of fault. It may appear on some policies as Coverage F. |
How to Get Homeowners Insurance Quotes in Valrico, Florida
We’ve emphasized the importance of shopping around for home insurance quotes in Valrico. Make it easy with the help of Clovered, an independent insurance agency based in South Florida.
Clovered was founded with one purpose: simplify the process of getting insurance. In Florida, where market challenges are great, we have two straightforward ways for you to quote.
Compare rates online with our online quote tool. As an independent agency, we partner with several of the top home insurance companies in Valrico, and you can see your options in minutes.
Or, call us at 833-255-4117 during business hours to speak with a licensed and get a quote. We’re happy to help you find the coverage you need at the price you want. You can also email us at agent@clovered.com.
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Valrico Home Insurance FAQs
Is homeowners insurance required in Valrico, Florida?
What is wind mitigation in Valrico?
Wind mitigation is the act of fitting your home with components to help it better withstand hurricane-force winds. These elements range from hurricane windows to roof connections and opening protections. Having wind mitigation measures will reduce your homeowners insurance premiums.
What factors affect home insurance costs in Valrico, Florida?
Insurance companies use several factors to calculate home insurance premiums, and while the specific criteria may vary among providers, your home’s location, age, size, and construction are some of the most critical ones that insurers typically consider. Additionally, personal and policy aspects like claims history, coverage amounts, and deductibles influence Valrico home insurance rates.
Do you need flood insurance in Valrico, Florida?
You only need flood insurance in Valrico if required by your mortgage lender, which will occur if your home is in a high-risk flood zone according to Federal Emergency Management Agency (FEMA) maps. Flood insurance is separate from homeowners insurance, and your lender will require both policies if your house is in a high-risk FEMA flood zone.
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?
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
