Homeowners Insurance in Vero Beach, Florida

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  • Homeowners Insurance in Vero Beach, Florida

Vero Beach Is the second-most populous city in Indian River County. The great beaches and weather make it a gem of the Treasure Coast.

Unfortunately, a downside of the town’s prime beauty is its home insurance rates. Indian River County has some of the highest rates in the state.

Yet, homeowners insurance is essential and often required for city residents, and there are ways you can save money on coverage. Keep reading for crucial information on Vero Beach homeowners insurance.

How Much Is Homeowners Insurance in Vero Beach, Florida?

The average cost of homeowners insurance in Vero Beach annually is about $4,596 for $150,000 homes, $8,217 for $300,000 homes, and $11,842 for a $450,000 home.

Of the many factors affecting home insurance rates, property value is one of the most significant. Larger, more expensive homes need more insurance coverage. And, the more coverage you have, the more you’ll need to pay.

The table below depicts average homeowners insurance costs in Vero Beach from several popular companies in Florida for houses at three different valuations.

Average Cost of Homeowners Insurance in Vero Beach 
Company $150,000 House $300,000 House $450,000 House
Allstate $3,219 $5,757 $8,297
Citizens $2,823 $5,033 $7,247
Florida Penn $4,808 $8,591 $12,378
Liberty Mutual $3,109 $5,550 $7,993
People’s Trust $5,853 $10,458 $15,067
Southern Oak $5,805 $10,404 $15,006
State Farm $3,187 $5,697 $8,210
Stillwater $1,995 $3,570 $5,146
Universal Property $7,261 $12,984 $18,714
Average $4,596 $8,217 $11,842
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 for insurance companies, the value of a home isn’t the selling price — carriers typically determine value through replacement cost. The replacement cost of a house is the amount it would take to rebuild the house totally, accounting for materials and labor. It doesn’t consider land value or other real estate market factors.

Insurers set various policy limits based on the replacement cost of your house. They consider replacement costs and more when calculating rates. Another major factor in insurance premiums in Florida is the presence of wind mitigation.

Wind mitigation features on homes reduce the impact and damage your property can sustain from hurricanes and tropical storms, the most severe threat to Florida properties yearly. Homes with wind mitigation have lower insurance premiums. 

Home age is also an important factor affecting rates. Older houses have accumulated wear and tear that impacts structural integrity and increases the likelihood of property damage. For example, old roofs are more prone to wind damage. Leaky pipes are more likely to cause water damage. As a result, older houses often have higher rates.

Take a look at the table below to see how wind mitigation and home age influence average rates on $150,000 homes.

Cost of Homeowners Insurance on $150,000 House in Vero Beach 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,507 $2,001 $2,148
Citizens $3,758 $1,976 $2,734
Florida Penn $7,066 $3,692 $3,665
Liberty Mutual $4,286 $2,318 $2,724
People’s Trust $9,729 $3,333 $4,496
Southern Oak $10,024 $4,770 $2,621
State Farm $4,805 $2,511 $2,244
Stillwater $3,240 $1,510 $1,236
Universal Property $12,958 $3,903 $4,921
Average $7,360 $3,156 $3,274

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 can lower your homeowners insurance premiums in Vero Beach by over $4,000, or about 57%, annually. Some companies had more notable differences than others. For instance, Universal Property and Casualty, the state’s largest private insurance company, had a difference of over $9,000 when comparing older houses with and without wind mitigation.

Observe how the numbers translate for homes with a replacement cost of $300,000.

Cost of Homeowners Insurance on $300,000 House in Vero Beach 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $9,913 $3,602 $3,756
Citizens $6,764 $3,557 $4,779
Florida Penn $12,179 $6,646 $6,408
Liberty Mutual $7,715 $4,172 $4,762
People’s Trust $17,512 $5,999 $7,861
Southern Oak $18,043 $8,586 $4,583
State Farm $8,649 $4,520 $3,923
Stillwater $5,832 $2,718 $2,160
Universal Property $23,324 $7,025 $8,603
Average $13,247 $5,681 $5,723

Rates remain notably more affordable with wind mitigation. See the final table below for average homeowners insurance in Vero Beach on $450,000 houses.

Cost of Homeowners Insurance on $450,000 House in Vero Beach 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $14,318 $5,203 $5,371
Citizens $9,771 $5,138 $6,834
Florida Penn $18,372 $9,599 $9,163
Liberty Mutual $11,144 $6.027 $6,810
People’s Trust $25,295 $8,666 $11,241
Southern Oak $26,062 $12,402 $6,554
State Farm $12,493 $6,529 $5,610
Stillwater $8,424 $3,926 $3,089
Universal Property $33,691 $10,148 $12,302
Average $19,135 $8,205 $8,184
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.

Cheapest Home Insurance Companies in Vero Beach, Florida

Stillwater had the cheapest homeowners insurance in Vero Beach, on average, of the companies we analyzed. In addition to the providers listed above, several more home insurance companies in Vero Beach, Florida, offer coverage, such as:

  • AAA
  • Florida Family
  • Florida Farm Bureau
  • Security First
  • Tower Hill

Tower Hill has some relatively affordable rates in the area. There are also the usual national carriers like Progressive, USAA, Travelers, and more. You may want to compare quotes from large, nationwide companies and smaller, regional carriers to note differences in customer service and rates.

One of the home insurance companies in Vero Beach you should note is Citizens. Citizens is a state-run provider, and it’s meant to be an insurer of last resort. However, due to the difficulties many residents face when finding coverage in Florida, it has ballooned to become the largest carrier in the state.

Citizens policies have smaller limits and less flexibility than plans from standard insurers. Although Vero Beach insurance agencies will help write you a Citizens policy if you need it, it’s best to try and avoid the company if you can.

Vero Beach Homeowners Insurance Coverages

Although you can find differences in rates among carriers, most insurance policies come with the same core coverages no matter which Vero Beach home insurance you choose. 

Vero Beach Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage is the part of your homeowners insurance policy that financially covers your home’s structure, including the walls, roof, flooring, patios, and internal components (such as wiring and piping).
Other Structures Coverage Other structures coverage financially protects features on your property not attached to your home, such as fences, sheds, detached garages, gazebos, and more.
Personal Property Coverage Personal property coverage covers your belongings in and around your house, such as furniture, clothing, electronics, bikes, art, jewelry, and more.
Loss of Use Coverage Loss of use coverage helps cover your living expenses if you’re forced out of your home after major property damage. Your insurer can cover lodging, gas, groceries, and more through loss of use coverage while you’re displaced.
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 is like liability coverage on a smaller scale. It’s designed to cover minor medical expenses for injured parties

How to Get the Best Homeowners Insurance in Vero Beach, Florida

Comparing plans from different providers is essential in finding the best homeowners insurance in Vero Beach. Once you identify your budget and coverage needs, you should shop around to find a policy that fits your circumstances.

Recognize Actual Cash Value vs. Replacement Cost

While many policies have the same coverage, the specifics of these coverages can vary. For instance, you should recognize how your policy covers damage. Most plans have the option of replacement cost or actual cash value.

Actual cash value coverage in home insurance means your insurer subtracts depreciation when reimbursing you for items or damage during a claim. You won’t receive the full value of an item after damage.

Replacement cost coverage, on the other hand, provides compensation to replace the damaged items with a new one of similar kind and quality, regardless of age or condition. Replacement cost coverage is the superior option but is also more expensive. Choose one or the other based on your financial needs and personal property value.

Consider Endorsements to Fill Coverage Gaps

You should also note what isn’t covered by your plan and consider endorsements to fill in potential coverage gaps. For example, you may want to fully cover expensive jewelry or art you own with scheduled personal property coverage

If you run a home-based business, you’ll want to check if your plan covers equipment and spaces around your home for business use. Carriers offer a variety of endorsements for common needs. Note your policy exclusions and double-check if you should opt for additional coverage for total protection.

Shop Around

Once you know what you want in your policy, you should shop around. Comparing plans from several carriers will help you find the best policy at the best rate. It will save you money.

You can often get quotes and compare policies online whenever. But, if you want help along the way, independent insurance agencies in Vero Beach, Florida, can help you find coverage with their industry knowledge and expertise.

What to Know About Flood Insurance in Vero Beach, Florida

A surprising number of homeowners are unaware that their home insurance policy excludes flood damage. Floods are the country’s most common and costly natural disaster, and your home insurance plan won’t cover flood damage in Vero Beach.

Vero lies on Florida’s Atlantic coast, leaving it prone to hurricane damage. A significant portion of house damage from hurricanes doesn’t come from the hurricane’s strong winds but rather the storm surge and rain caused by the cyclone.

Even though most home insurance policies cover hurricane damage, they won’t cover storm surge damage, in addition to mudslides, erosion, or flash flooding. 

If you’re worried about flood damage, you may want to consider getting Vero Beach flood insurance.

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?

Factors Affecting the Average Homeowners Insurance in Vero Beach, Florida

The average homeowners insurance in Vero Beach, Florida, is between $4,596 and $11,842 annually, but many factors affect this range. Homes at greater risk of suffering property damage have higher insurance premiums. 

Carriers look at as many factors as possible that determine the risk level of your home, such as:

  • Home age
  • Home construction and condition
  • Home location
  • Policyholder personal details

Insurers are very concerned about home age, especially in Florida. Older homes tend to have more issues relating to wear and tear that lead to insurance claims, such as worn siding or outdated wiring and HVAC. Also, older roofs are much more prone to wind damage than new roofs. Many companies in Florida won’t write policies for homes with roofs older than 15 to 20 years. Older houses generally have higher insurance rates.

The way your home was built also influences the average homeowners insurance in Vero Beach. Masonry homes made of brick or concrete can withstand hurricane winds better than wooden frame houses. They’re also less prone to fire damage. Masonry homes tend to have lower premiums as a result.

Insurers and Vero Beach insurance agents will also note if your home’s location increases its risk. Homes in neighborhoods with high crime rates or other areas with increased insurance claims can have higher premiums.

Is Home Insurance Required in Vero Beach?

Homeowners insurance isn’t required by law in Vero Beach, but it’s common practice for mortgage lenders to mandate home insurance in Vero Beach, Florida, as part of their home loans.

When lenders put money down to help you purchase your property with a mortgage, they’ll require homeowners insurance to protect their investment. If your home gets destroyed, you and your lender can recoup your money through the insurance policy.

How to Get Homeowners Insurance Quotes in Vero Beach, Florida

If you’re in the market for homeowners insurance in Vero Beach, let Clovered help you find the right coverage. As an independent insurance agency headquartered in South Florida, we’re very familiar with the difficulty of finding affordable coverage in the state.

We want to help you find the insurance you need at the price you want. You can quote entirely online with our proprietary quote engine and compare your options on your own time.

Or, if you’d rather speak with one of our licensed insurance agents in Vero Beach, Florida, for a quote, call 833-255-4117 during business hours or email us anytime 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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