Homeowners Insurance in Venice, Florida

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  • Homeowners Insurance in Venice, Florida

Life in Venice, Florida, can seem like paradise with beautiful beaches and scenic waterways, but trouble can come when the weather turns. Hurricanes and tropical storms can wreak havoc on Florida’s Gulf Coast.

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.

How Much Is Homeowners Insurance in Venice, Florida?

The average cost of homeowners insurance in Venice is about $3,096 annually on a $150,000 house, $5,534 on a $300,000 house, and $7,975 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.

Average Cost of Homeowners Insurance in Venice
Company $150,000 House $300,000 House $450,000 House
Allstate $2,204 $3,940 $5,679
Citizens $1,743 $3,110 $4,479
Florida Penn $3,478 $6,211 $8,949
Liberty Mutual $1,940 $3,461 $4,985
People’s Trust $3,447 $6,158 $8,873
Southern Oak $3,831 $6,867 $9,905
State Farm $2,915 $5,211 $7,510
Stillwater $1,149 $2,056 $2,964
Universal Property $4,702 $8,406 $12,114
Average $3,096 $5,534 $7,975
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.

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. Look at their effects and explanations below, starting with the table of rates for $150,000 homes. 

Cost of Homeowners Insurance on $150,000 House in Venice
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,484 $1,589 $1,539
Citizens $2,507 $1,153 $1,569
Florida Penn $4,704 $2,935 $2,794
Liberty Mutual $2,564 $1,469 $1,788
People’s Trust $5,756 $1,949 $2,635
Southern Oak $6,807 $3,063 $1,622
State Farm $4,417 $2,262 $2,066
Stillwater $1,831 $896 $720
Universal Property $8,060 $2,731 $3,314
Average $4,878 $2,193 $2,216

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. 

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 $2,000 annually, amounting to savings of about 55% 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.

Cost of Homeowners Insurance on $300,000 House in Venice
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $6,271 $2,860 $2,690
Citizens $4,513 $2,075 $2,743
Florida Penn $8,467 $5,283 $4,884
Liberty Mutual $4,615 $2,644 $3,125
People’s Trust $10,361 $3,508 $4,606
Southern Oak $12,253 $5,513 $2,835
State Farm $7,951 $4,072 $3,612
Stillwater $3,296 $1,613 $1,259
Universal Property $14,508 $4,916 $5,793
Average $8,780 $3,948 $3,873

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.

Cost of Homeowners Insurance on $450,000 House in Venice
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $9,058 $4,131 $3,847
Citizens $6,518 $2,998 $3,922
Florida Penn $12,230 $7,631 $6,984
Liberty Mutual $6,666 $3,819 $4,469
People’s Trust $14,966 $5,067 $6,587
Southern Oak $17,698 $7,964 $4,054
State Farm $11,484 $5,881 $5,165
Stillwater $4,761 $2,330 $1,800
Universal Property $20,956 $7,101 $8,284
Average $12,682 $5,703 $5,539
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 Venice

Stillwater and Citizens 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 Allstate and State Farm and compare them with rates from smaller regional carriers like Florida Penn and Southern Oak. 

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.

Venice Homeowners Insurance Coverages

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:

Venice Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage protects your home’s structure and components, including the roof, walls, flooring, patios, pipes, wiring, and more.
Other Structures Coverage Other structures coverage accounts for fixtures on your property not attached to your main house, such as fences, pools, sheds, and detached garages.
Personal Property Coverage Personal property coverage guards your belongings, including clothing, jewelry, electronics, furniture, and more.
Loss of Use Coverage Loss of use coverage covers living expenses you incur if your home suffers damage and you’re forced to move out temporarily. Your insurer can cover lodging, meals, and gas while your home is being repaired.
Liability Coverage Liability coverage helps pay for medical bills and legal fees if you’re found legally responsible for someone’s injuries or property damage.
Medical Payments Coverage Medical payments coverage is designed to cover minor medical expenses if someone gets hurt around your property.

How to Go Shopping for Homeowners Insurance in Venice, Florida

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.

Adjust Policy Limits

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.

Address Coverage Limitations

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.

Compare Quotes

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.

What to Know About Flood Insurance in Venice

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.

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 Venice, Florida

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

  • Home age
  • Home size
  • Property features
  • Construction materials
  • Dog breeds
  • Claims history
  • Policy deductibles

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.

Is Home Insurance Required 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. 

Getting Quotes With an Insurance Agency in Venice, Florida

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 agent@clovered.com.

Getting Mobile Home Insurance in Venice, Florida

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.

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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