Homeowners Insurance in Wesley Chapel, Florida

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  • Homeowners Insurance in Wesley Chapel, Florida

Wesley Chapel is one of the fastest-growing suburban retreats around Tampa. If you own a home in Wesley Chapel, it would be wise to protect it from the many perils property owners face in Florida, weather-related and not. A homeowners insurance policy is the best way to achieve this safeguard.

We created this guide to help consumers find the best homeowners insurance in Wesley Chapel. We break down average rates from top companies, common cost factors, and more below.

How Much Is Homeowners Insurance in Wesley Chapel, Florida?

The average cost of homeowners insurance in Wesley Chapel is $3,461 per year on a $150,000 house, $6,183 on a $300,000 house, and $8,907 on a $450,000 house. 

Soaring property rates combined with hurricane susceptibility, flood vulnerabilities, and climate-related concerns result in Florida having some of the highest home insurance rates in the country.

As a coastal county, Pasco County has insurance rates above the state average. The table below shows the average homeowners insurance cost in Wesley Chapel from some common companies in the area.

Average Cost of Homeowners Insurance in Wesley Chapel 
Company $150,000 House $300,000 House $450,000 House
Allstate $2,098 $3,750 $5,404
Citizens $2,930 $5,223 $7,520
Florida Penn $3,044 $5,436 $7,832
Liberty Mutual $2,545 $4,540 $6,538
People’s Trust $3,698 $6,604 $9,513
Southern Oak $4,225 $7,564 $10,905
State Farm $5,505 $9,832 $14,165
Stillwater $1,592 $2,847 $4,102
Universal Property $3,513 $6,279 $9,047
Average $3,461 $6,183 $8,907
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.

Although insurance rates vary by company, you’ll notice that average premiums always rise as home value increases. This occurs regardless of the provider because larger, more expensive homes always cost more to insure.

Houses with higher values have higher replacement costs, the money needed to rebuild in case of damage. Insurers always measure your home’s replacement cost to help determine how much insurance you need. Homes with higher values have higher replacement costs, so they normally have higher insurance premiums.

The table below shows a more complete picture of homeowners insurance rates in Wesley Chapel, accounting for home age and wind mitigation, two further essential factors, starting with $150,000 houses.

Cost of Homeowners Insurance on $150,000 House in Wesley Chapel 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $3,196 $1,602 $1,495
Citizens $3,484 $2,371 $2,934
Florida Penn $,154 $2,526 $2,451
Liberty Mutual $3,189 $2,060 $2,386
People’s Trust $5,064 $2,946 $3,085
Southern Oak $6,519 $3,740 $2,417
State Farm $6,817 $5,273 $4,424
Stillwater $2,118 $1,542 $1,117
Universal Property $5,703 $2,218 $2,619
Average $4,848 $2,775 $2,761

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 evident above, wind mitigation can help you save substantially on home insurance. Older with wind mitigation had, on average, about 43% lower premiums than older houses with no wind mitigation measures.

Newer houses also had notably lower premiums. You can see the trend continue for $300,000 homes below.

Cost of Homeowners Insurance on $300,000 House in Wesley Chapel 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $5,753 $2,884 $2,613
Citizens $6,271 $4,268 $5,130
Florida Penn $7,477 $4,547 $4,285
Liberty Mutual $5,740 $3,708 $4,172
People’s Trust $9,115 $5,303 $5,394
Southern Oak $11,734 $6,732 $4,225
State Farm $12,271 $9,491 $7,734
Stillwater $3,812 $2,776 $1,952
Universal Property $10,265 $3,992 $4,578
Average $8,726 $4,995 $4,828

The final table below depicts the average cost of Wesley Chapel homeowners insurance for $450,000 homes.

Cost of Homeowners Insurance on $450,000 House in Wesley Chapel 
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $8,310 $4,165 $3,737
Citizens $9,058 $6,165 $7,336
Florida Penn $10,800 $6,568 $6,128
Liberty Mutual $8,291 $5,356 $5,966
People’s Trust $13,166 $7,660 $7,713
Southern Oak $16,949 $9,724 $6,042
State Farm $17,724 $13,710 $11,060
Stillwater $5,507 $4,009 $2,791
Universal Property $14,828 $5,767 $6,547
Average $12,604 $7,214 $6,903
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 Wesley Chapel

Based on our findings, Stillwater had some of the cheapest homeowners insurance in Wesley Chapel, followed by Allstate in many cases. But, you may be able to find affordable coverage from any of the carriers on the list, as rates vary by person and company.

Since so many factors affect insurance premiums, shopping around is the only way to guarantee you’re finding the best rate. That way, you’ll know who has the coverage you need at the best price. 

In addition to checking rates, you can compare customer service experience and website ease of use (if shopping online) to see which companies are most helpful and straightforward. We recommend getting quotes from large and small carriers to feel the benefits of each. For instance, larger companies may have lower rates but less personal customer service.

Wesley Chapel Homeowners Insurance Coverages

No matter who you get your insurance policy from, the default coverages will likely remain the same. The most common type of homeowners insurance is formally called the HO3 form, which is what we have been discussing here. The coverages in HO3 plans are:

Wesley Chapel Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage in your home insurance policy covers the physical structure and fixtures of your home, including the roof, walls, flooring, windows, patios, wiring, piping, and more.
Other Structures Coverage Other structures coverage financially protects features on your property not attached to the main house, such as fences, sheds, gazebos, detached garages, carports, and more.
Personal Property Coverage Personal property coverage protects your belongings, such as electronics, furniture, clothes, tools, jewelry, bicycles, and more. Your insurer can reimburse you for these items if stolen or damaged by covered losses.
Loss of Use Coverage Loss of use coverage can reimburse you for living expenses if you must move out of your home after it suffers major damage from a covered loss. Your insurance company can cover lodging, gas, groceries, and more.
Liability Coverage Liability coverage protects your finances if you’re found liable for someone’s injury (such as a dog bite) in a lawsuit. Your insurer can cover your legal fees and the injured party’s medical expenses.
Medical Payments Coverage Medical payments coverage is designed to cover minor injuries without the need for legal liability.

How to Get the Best Homeowners Insurance in Wesley Chapel, Florida

The best homeowners insurance in Wesley Chapel will cover you and your home at a price you can afford.

Everyone wants to save money on home insurance. But, before you can save on a policy, you must know what you need in the policy. You choose your coverage limits when you get a policy.

Determine Coverage Limits

Whether you get a quote online or visit a home insurance agency in Wesley Chapel, Florida, you typically choose the coverage limits you want in your policy when shopping for coverage. Picking the right limits will ensure you protect your property fully without overpaying for unneeded coverage.

Creating a home inventory to track and value your belongings will help you determine the exact amount of personal property coverage you need. Increase or decrease your liability limits depending on your assets and financial situation. The higher your net worth, the higher liability limits you need. We usually recommend between $300,000 and $500,000 in liability coverage, but you can raise your limits to $1 million at most companies if needed.

Adjust Your Deductible

Another key part of your home insurance plan is your deductible, which is the cost you must pay when filing a claim before your insurer picks up the bill. Changing your deductible changes your premiums.

Common deductibles range from $500 to $2,000. Choosing a deductible on the higher end puts you on the hook for more damage out of your own pocket, meaning your insurer would also pay less in a claim. Companies naturally prefer this, and they reward policyholders who choose high deductibles with lower premiums. 

Consider Endorsements

For the best home insurance in Wesley Chapel, you may want extra protection in the form of an endorsement. A home insurance endorsement can fill coverage gaps in your policy. Some common home endorsements include:

  • Water backup
  • Identity theft
  • Home-based business
  • Scheduled personal property
  • Equipment breakdown
  • Inflation guard

While they may cost extra, they may be worthwhile if used just once in your property insurance in Wesley Chapel. And, the cost of these endorsements may vary from provider to provider.

What to Know About Flood Insurance in Wesley Chapel

The Federal Emergency Management Agency (FEMA) reports that just one inch of floodwaters can cause over $20,000 in property damage. Floods can happen anywhere, especially in Florida. Unfortunately, homeowners insurance doesn’t cover flood damage.

Heavy rains, mudslides, coastal erosion, and storm surge from hurricanes can cause floods. FEMA states that nearly one in four flood insurance claims they receive come from properties outside of designated flood zones, so you may not be as safe as you think. Consider flood insurance to protect your home completely.

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 Wesley Chapel, Florida

The average cost of homeowners insurance in Wesley Chapel ranges from $3,461 house to $8,907 annually, on average. Where your rate will exactly in this range depends on many factors relating to your home characteristics and property features.

Home Characteristics

Houses that are more likely to suffer damage have higher insurance premiums. Carriers will assess many aspects of your home’s construction and features to determine its likelihood of damage. Older homes have dated components, like roofs, siding, pipes, and wiring, that are more likely to fail and cause property damage. As a result, older houses often have higher insurance rates.

Some companies will want to conduct a home inspection before issuing you a policy and ask you to take certain measures before offering coverage if they see a potential issue, such as removing a large tree from your yard.

Policy Details

Your policy details also influence your insurance costs. For example, choosing high coverage limits and opting for endorsements will raise your premiums. Conversely, raising your deductible will lower rates, although it increases your out-of-pocket costs before you can file a claim.

You should also note what discounts you can get. Many insurers offer discounts for security features like alarm systems, smoke detectors, and impact-resistant windows. Bundling insurance policies can also lead to cost savings.

Is Home Insurance Required in Wesley Chapel?

Homeowners insurance isn’t required by law in Wesley Chapel. But, it can be mandated by mortgage lenders.

Banks and financiers require homeowners insurance when they get loans to safeguard their investments. If a disaster, such as a fire or hurricane, destroys your house, then your lender would have no way to recoup the money it invested into your property without the insurance policy. The insurance company will reimburse you and your lender during a claim.

If you let your coverage lapse or never shop for a policy on your own, your lender will force place insurance on you. Force-placed insurance is much more costly than a plan you can find on your own, so we don’t recommend ever having it.

How to Get Homeowners Insurance Quotes in Wesley Chapel, Florida

Instead of tackling the process of finding coverage on your own, let our team at Clovered help you. As an independent insurance agency, we partner with several companies in the state of Florida and can help you compare homeowners insurance quotes in Wesley Chapel.

We can save you time and money while empowering you to make an informed decision by comparing policies, coverage, and rates all in one place at a Wesley Chapel home insurance agency. 

Use our online quoting engine, or call one of our licensed agents at 833-255-4117 during business hours. You can also email us at agent@clovered.com.

What to Know About Insuring Manufactured Homes in Wesley Chapel

While standard home insurance is the HO3 policy form, manufactured home insurance is done with the HO7 form. Depending on the house, manufactured home insurance in Wesley Chapel will likely be slightly cheaper than insurance on a traditional house.

Note the difference between manufactured and mobile homes. Mobile homes are much older and will likely have higher premiums and more coverage restrictions. Technically, mobile homes were built before 1976 and don’t subscribe to national, standardized building codes like manufactured homes built later. 

Manufactured home insurance includes the same default coverages as standard homeowners insurance, although it may not include other structures coverage by default. You can also purchase endorsements if needed. 

Insuring a manufactured home in Wesley Chapel is largely the same as a traditional house, and our team at Clovered can help you get a quote if needed.

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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