Homeowners Insurance in Valrico, Florida

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  • Homeowners Insurance in Valrico, Florida

If you don’t have homeowners insurance, you’d be responsible for paying for all property damage your house could suffer out of pocket. While Valrico’s location makes it a serene Tampa suburb, it doesn’t mean your house is safe from theft or natural disaster.

Homeowners insurance acts as a financial safety net protecting your home and belongings. Below, we break down the details you need to know to find the best homeowners insurance in Valrico.

How Much Is Homeowners Insurance in Valrico, Florida?

The average cost of homeowners insurance in Valrico is $3,247 annually on a $150,000 home, $5,800 on a $300,000 home, and $8,356 on a $450,000 home.

Florida sports some of the highest home insurance rates in the country due to rising property insurance rates and the consistent threat of hurricanes, among other factors.

While exact premiums vary due to many factors, rates in Valrico tend to be above the state average. The table below lists average home insurance rates in Valrico from some popular insurance companies for houses at three different price points.

Average Cost of Homeowners Insurance in Valrico 
Company $150,000 House $300,000 House $450,000 House
Allstate $2,265 $4,048 $5,832
Citizens $1,855 $3,310 $4,767
Florida Penn $3,074 $5,486 $7,902
Liberty Mutual $2,154 $3,841 $5,530
People’s Trust $3,454 $6,167 $8,883
Southern Oak $4,338 $7,766 $11,197
State Farm $2,841 $5,077 $7,316
Stillwater $1,309 $2,340 $3,373
Universal Property $2,945 $5,262 $7,580
Average $3,247 $5,800 $8,356
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.

Home value matters in home insurance because larger, more expensive homes need more insurance coverage. And, the more coverage you get, the higher your insurance premiums will be.

Carriers typically determine home value by your home’s replacement cost, which is the cost of materials and labor needed to rebuild your house from scratch. This differs from your home’s selling price or market value, so don’t expect the two to match when you’re getting a quote and setting your policy limits.

Two more critical factors of insurance rates include home age and wind mitigation. Carriers are concerned about home age because older houses are more prone to damage. Their systems, from pipes to roofs to siding, accumulate wear and tear that can exacerbate property damage. As a result, older houses often have higher rates.

Since hurricanes are a major issue in Florida, wind mitigation can lower your rates. Insurance companies reward homeowners who take measures to limit storm damage by fitting their houses with features that help their dwellings withstand strong winds.

In the table below, we further break down Valrico homeowners insurance rates on $150,000 homes. Observe the effects of house age and wind mitigation on average premiums.

Cost of Homeowners Insurance on $150,000 House in Valrico 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $2,945 $2,097 $1,754
Citizens $2,297 $1,585 $1,683
Florida Penn $3,660 $2,885 $2,676
Liberty Mutual $2,615 $1,763 $2,083
People’s Trust $4,503 $2,936 $2,923
Southern Oak $6,777 $3,809 $2,427
State Farm $3,881 $2,521 $2,121
Stillwater $1,823 $1,205 $899
Universal Property $4,448 $2,058 $2,330
Average $4,457 $2,692 $2,592

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 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 greatly reduces premiums on older homes. It cut average rates from some carriers, such as Universal Property and Casualty, by over 50%. Newer houses had the lowest average rates of the three categories. Take a look at premiums from home insurance companies in Valrico for $300,000 homes.

Cost of Homeowners Insurance on $300,000 House in Valrico 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,301 $3,775 $3,067
Citizens $4,135 $2,853 $2,943
Florida Penn $6,588 $5,193 $4,678
Liberty Mutual $4,707 $3,173 $3,642
People’s Trust $8,105 $5,285 $5,111
Southern Oak $12,199 $6,856 $4,243
State Farm $6,986 $4,538 $3,708
Stillwater $3,281 $2,169 $1,571
Universal Property $8,006 $3,704 $4,074
Average $8,022 $4,846 $4,531

The final table lists rates for $450,000 homes, which can exceed $10,000 annually without wind mitigation.

Cost of Homeowners Insurance on $450,000 House in Valrico 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $7,657 $5,452 $4,386
Citizens $5,972 $4,121 $4,208
Florida Penn $9,516 $7,501 $6,690
Liberty Mutual $6,799 $4,584 $5,208
People’s Trust $11,708 $7,634 $7,309
Southern Oak $17,620 $9,903 $6,067
State Farm $10,091 $6,555 $5,302
Stillwater $4,740 $3,133 $2,247
Universal Property $11,565 $5,351 $5,826
Average $11,588 $6,999 $6,480
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 Valrico

In many cases, Stillwater offered the cheapest homeowners insurance in Valrico. However, there is no cheapest carrier by default, as rates vary by company and policyholder.

Everyone wants to save money on home insurance and pay as little as possible. But, the cheapest option isn’t always the best option. Compare rates, customer service, user experience, coverage options, and discounts to see which company is the best choice for your situation. It may be worth paying slightly more at one carrier over another if they have better customer service.

We recommend quoting at large, national carriers in addition to small, localized companies to gauge all your different options.

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:

Valrico Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage in home insurance financially protects your home and its structural components, from the roof, walls, and flooring to the pipes, wiring, and water heater.
Other Structures Coverage Other structures coverage accounts for fixtures on your property not attached to your main house, such as fences, sheds, and detached garages.
Personal Property Coverage Personal property coverage covers your belongings, including furniture, clothing, televisions, computers, bicycles, tools, jewelry, and more.
Loss of Use Coverage Loss of use coverage covers 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.
Liability Coverage Liability coverage helps pay for medical bills and legal fees if you’re found liable in court for someone’s injury at your property.
Medical Payments Coverage Medical payments coverage is designed to cover minor injuries someone can suffer on or around your property, regardless of fault.

How to Get the Best Homeowners Insurance in Valrico, Florida

The best homeowners insurance in Valrico will cover your property and finances at a price you can afford. You must know your coverage needs, and you’ll likely need to shop around to find the right policy.

Identify Coverage Needs

A crucial part of getting quotes is setting your likely policy limits. You can take some steps to ensure you select the right amount of coverage for each section.

Your insurer usually determines your recommended dwelling coverage based on your home’s value. You must insure your home to at least 80% of its value, but you can increase your dwelling limit to 100% or more if you’d like, although it will raise the cost of your policy pretty decently.

You can make a home inventory to determine the amount of personal property coverage you need. By documenting all your belongings and their values, you can come up with a total amount to set your personal property limit. 

Raising your liability limits is affordable compared to increasing the other aspects of your policy, and it’s always better to be safe than sorry. Medical bills can pile up quickly after an accident, so we don’t recommend skimping on liability coverage.

For most people, liability limits of $300,000 to $500,000 will suffice, but you can opt for more if your assets amount to a greater cost.

Find the Right Carrier

As mentioned earlier, shopping around to find the right coverage is essential. It’s wise to consider well-known national carriers like Liberty Mutual and smaller, regional carriers in Florida, like St. James, for different market exposures.

In addition to rates and customer service, compare the cost of endorsements, which are optional coverage add-ons, in case you want to fill in some coverage gaps in your policy. Also, we recommend always asking about discounts for which you qualify. Ask about the rewards for staying claims-free or bundling.

What to Know About Flood Insurance in Valrico

Although it is inland compared to other places in the county, Valrico is still susceptible to flooding, especially during hurricane season. Homeowners insurance doesn’t cover flood damage.

Storm surges, mudslides, coastal erosion, and flash flooding from heavy rains can cause flood damage. These occur more commonly than you think, and they’re very costly. The Federal Emergency Management Agency reports that just one inch of floodwaters can cause over $20,000 in damage.

Know that home insurance won’t help you in case of a flood, and you should consider flood insurance in Valrico for complete protection.

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 Valrico, Florida

Insurance companies use a variety of elements to calculate home insurance premiums, and while the specific criteria may vary among providers, the following are some of the most critical factors that insurers typically consider in Valrico:

  • Location
  • Home features
  • Policy details

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

Certain characteristics of your house can also raise rates. Having pools or trampolines, known as attractive nuisances, increases the likelihood of liability claims and raises insurance costs. Owning certain aggressive dog breeds can also raise 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.

Is Home Insurance Required in Valrico?

While no law requires homeowners insurance in Valrico, mortgage lenders can. Lenders mandate insurance policies as part of home loans to protect their investments.

If you bought a house with a mortgage, your lender put money down with you to make the purchase. If your house gets destroyed, your lender can recoup their investment through the insurance policy. 

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.

How to Get Homeowners Insurance Quotes in Valrico

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, Florida. 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.

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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