Homeowners Insurance in Venice, Florida (2024)

You need homeowners insurance to protect your property. Consult this guide before buying a policy, as we break down the information you should know to get the best homeowners insurance in Venice.

The average cost of homeowners insurance in Venice is about $3,335 annually on a $150,000 house, $6,044 on a $300,000 house, and $8,672 on a $450,000 house.

Florida sits at the top of the list for the highest homeowners insurance rates in the country. Premiums in Venice, along the Gulf Coast of Florida, are on par with the state average because of its high possibility of hurricane damage. 

Coastal cities in Florida are more prone to hurricanes and tropical storms. Hurricanes Ian and Idalia serve as the most recent examples. They ripped through Gulf Coast cities in 2022 and 2023.

We broke down some average rates from top home insurance companies in Venice in the table below, depending on home value.

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.

Rates vary by carrier because companies have diverse underwriting methods. Many factors affect premiums, and while these factors remain consistent, the criteria and weight given to each element differ. Also, company needs and strategies can dictate price changes.

One of the most important factors in home insurance rates is your home’s value. Companies examine your home’s replacement cost, the cost to rebuild your house completely based on labor and construction costs. Larger, nicer homes have higher replacement costs, which is why premiums rise as home value increases.

Home age and wind mitigation are two more critical factors influencing home insurance rates in Venice. 

Let’s see how insurers categorize homes when determining premiums, taking into account these two factors. 

Now, look at their effects, starting with the table of rates for $150,000 homes. 

Wind mitigation is crucial in Florida because of the regular threat of powerful winds from hurricanes and tropical storms. Wind mitigation reduced premiums on older homes worth $150,000 by over $3,000 annually, amounting to savings of about 58% every year. 

Newly constructed homes also had more affordable rates than older houses. Newer houses are up to the latest codes for building and safety, reducing the chances of damage during a major storm. 

Also, their components have little use; thus, chances of wear and tear or poor upkeep affecting things like the roof and pipes are much lower. Insurance companies prefer this, as it lowers the odds of property damage and insurance claims.

The next table shows the effects of the same rating factors on $300,000 homes in Venice.

Wind mitigation can cut average home insurance rates in Venice in half. Note how prices continue to rise as home value increases in the final table, depicting premiums for $450,000 houses.

State Farm and Tower Hill tended to have the cheapest homeowners insurance in Venice of the carriers on our list. However, home insurance rates vary widely based on individual circumstances, and you may find more affordable coverage from another provider in your area.

You won’t know who has the most affordable coverage until you get quotes, as premiums vary by policyholder, location, and company. You should always get multiple quotes when looking for home insurance to find the best deal.

It’s a good idea to check prices from large, national carriers like Progressive and State Farm and compare them with rates from smaller regional carriers like Tower Hill and People’s Trust. 

Citizens and Universal Property & Casualty are the largest home insurers in Florida. Citizens often has affordable rates, but they’re unlike all other carriers on our list. Citizens is a non-profit carrier funded by the Florida government. It was designed to be a last resort option for people unable to find coverage in the private market. 

It has grown larger than intended and is trying to unload policies onto private insurers that’ll take them, so keep that in mind when quoting.

Homeowners insurance policies cover your property from possible damage sources called perils. The coverage areas in every home insurance plan typically remain the same regardless of which company provides it. They look as follows:

Coverage A, or dwelling coverage, can protect the structure of your home if a covered peril damages it. It may protect elements of your home like the foundation, pipes, flooring, walls, HVAC system, and more.

Coverage B, or other structures coverage, may help you protect the fixtures on your property not attached to your main dwelling from damage caused by a covered peril. This may include elements like your fencing, shed, detached garage, or even your pool. 

Coverage C, or personal property coverage, can help you protect the belongings you spend your hard-earned cash on should a covered peril, like theft, damage them. Many belongings you store on your property may be covered with this coverage, like your prized art piece, that tennis bracelet you received as a birthday gift years ago, your furniture, clothing, electronics, and so much more. 

Coverage D, or loss of use coverage, may help you in a bind if a covered peril causes significant damage to your home that may take time to mend. It can help you pay for expenses like groceries, temporary housing, and other necessities. 

Coverage E, or liability coverage, can help you pay for medical expenses or legal fees should you be found liable for someone’s injuries or damage to someone’s property.

Coverage F, or medical payments coverage, can help you cover a guest’s medical expenses following a minor injury, like a broken wrist or a chipped tooth, regardless of who was at fault.

Shopping for the best homeowners insurance in Venice requires an understanding of your coverage needs and budget. You’ll likely have to adjust areas of your policy to suit your property, and you should check options at multiple carriers to find the best deal.

While your insurer will have many default suggestions, you have the ultimate say in your policy’s limits. Don’t underinsure yourself.

Verify that your dwelling limit is 80% to 100% of your replacement cost. More is better, but it depends on your budget. 

Ensure you have enough personal property coverage to cover all your belongings. A home inventory is perfect for determining your limits and would be very handy during a claim. Additionally, you should make sure your liability limits account for all your financial assets.

Insurers require at least $100,000 in liability coverage, but we suggest anywhere from $300,000 to $500,000 for most people. Opt for more if you have a high net worth or large, aggressive dogs. You don’t want to be caught short on liability coverage after a major injury, as medical bills and fees pile up very quickly.

Policies don’t cover everything. You can address some coverage gaps with endorsements. Home insurance endorsements or riders are optional coverage choices that cover areas normally excluded.

You can get endorsements for expensive jewelry or art, water backup, increased building costs, and more. Look into available endorsements and weigh their cost and benefits.

Once you know what you need, you should always get quotes from multiple providers when shopping for homeowners insurance in Venice, Florida. You can also check the cost of endorsements and the size of discounts.

The best homeowners insurance in Venice isn’t all about price. In addition to monetary factors, you may want to observe your experience at different companies. How is their customer service? Was their website easy to use? If you’re having difficulty finding a good company, consult a Venice insurance agency.

Even the most comprehensive home insurance policy in Venice won’t cover flooding. Flood damage is excluded from all homeowners insurance plans by default.

Instead, you need a separate flood insurance policy to protect your home from the many water-related threats around Venice. 

The city reports that properties along Hatchett Creek, Curry Creek, Deertown Gully, Flamingo Ditch, and East Venice Avenue are prone to flash flooding. Also, coastal homes are prone to storm surges during hurricanes and tropical storms.

Consider Venice flood insurance sooner rather than later. Too many people don’t realize they have sufficient protection until it’s too late.

Homeowners insurance in Venice ranges from $3,096 to $7,975 annually, on average. Many factors influence your rate, such as:

Many features of your home affect premiums. Older components are more likely to suffer damage and cause higher rates. Larger houses have higher replacement costs and need more coverage. Owning attractive nuisances or historically aggressive dog breeds can raise premiums.

The details of your policy also play a role. Raising your deductible can lower your rates, while opting for endorsements can increase insurance costs in Venice.

No, homeowners insurance isn’t required by law in Venice. However, mortgage lenders typically require homeowners to carry insurance as a condition of the loan. This protects the lender’s investment in the property. 

The insurance policy guarantees you and your lender a payout if your house is damaged or destroyed. Otherwise, you’d both have no recourse.

Even if you own your home outright, we still recommend maintaining home insurance. Being personally responsible for all home damage can become a financial nightmare for most people who don’t have thousands of dollars lying around. 

With so much to keep track of when getting homeowners insurance quotes, it can’t hurt to get the guidance of professionals when you need it. Insurance agents in Venice , Florida, serve as links between the consumer and the insurance provider. Their knowledge and local expertise can prove invaluable.

Clovered is an independent insurance agency based in South Florida. We can help you online or over the phone. Use our online quoting tool to compare rates and find a policy on your own time. We partner with several of the top home insurance companies in Florida to bring you several coverage options.

You can also call one of our licensed agents at 833-255-4117 during business hours to get homeowners insurance quotes in Venice over the phone or email us at [email protected].

Mobile homes are fairly popular in Venice. Owners might be pleased to know that mobile home insurance in Venice is likely cheaper than standard home insurance, depending on age and location.

Mobile homes are technically not the same as manufactured homes. Manufactured homes are constructed and inspected up to national guidelines. The term “mobile homes” generally refers to movable homes that were built before these construction rules were established in 1976.

Manufactured home insurance is usually cheaper than standard home insurance since manufactured homes are generally smaller and simpler. However, you won’t know exactly until you get quotes. For example, manufactured homes close to the water may have higher rates due to wind and flood risk.

You should still compare your options from several providers when looking for mobile home insurance in Venice. Many of your coverage options, discounts, and available endorsements are the same, and rates still vary by company. It’s never a bad idea to seek help from a home insurance agency in Venice.