Homeowners Insurance in Vero Beach, Florida (2024)

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.

The average cost of homeowners insurance in Vero Beach annually is about $4,821 for $150,000 homes, $8,741 for $300,000 homes, and $12,539 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.

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. 

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.

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.

As you can see, wind mitigation can lower your homeowners insurance premiums in Vero Beach by over $4,000, or about 58%, 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 $6,929 when comparing older houses with and without wind mitigation.

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

Rates remain notably more affordable with wind mitigation. See the final table below for average homeowners insurance in Vero Beach on $450,000 houses. While much of Florida is seeing a slowing real estate market in 2024, Vero Beach remains a popular spot, so it’s important to understand premiums at several home price points as property values may climb.

State Farm 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:

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.

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. 

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.

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.

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.

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.

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.

The average homeowners insurance in Vero Beach, Florida, is between $4,821 and $12,539 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:

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.

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.

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 [email protected].