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What Is the Average Cost of Homeowners Insurance in Florida?

April 10, 2024

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If you want to get homeowners insurance in Florida, you won't run out of options any time soon. As one of the most populated parts of the U.S., Florida has a thriving real estate market with multiple insurance options to match. Potential buyers have high expectations, knowing the demand attached to certain locations and the environmental factors that make insurance so important for homeowners across the state.

What To Look for in a Home Insurance Policy?

A Family and a House on FireFirst of all, you need to be clear on what you get from securing insurance coverage for your home. Homeowners insurance basically covers the costs attached to material losses in a real estate property so homeowners don't have to put their savings on the line. It's mostly focused on cases of theft or accidents resulting in property damage.

As explained on Hippo's official website, the price range for homeowner insurance in Florida is higher than in other parts of the country due to its location near the Atlantic Ocean. Hurricane season is a constant source of worry for Florida homeowners, and property damage is a real possibility when a storm is at its worst.

For this reason, homeowner insurance tends to cover a wide array of issues, including floods, storms, hail, and natural catastrophes. In many cases, this type of insurance also extends to interior damage, the loss of personal property, and injuries sustained by its residents.

Getting homeowners insurance is a standard step leading up to a closing. Some mortgage brokers request homeowner insurance from borrowers, but most buyers in Florida take this step on their own. For many people, buying a house is a once-in-a-lifetime investment, so they will not cut corners to protect their property after all is said and done.

Circumstances also change over time, which is why homeowners should periodically review their insurance plan and update it when needed.

Getting Homeowners Insurance in Florida

Homeowners insurance is a basic step that all owners complete to protect their investment, but not everyone gets the same policy. For starters, some options are designed to cover the costs of property damage in high-risk areas, while others offer more leeway for properties with a history of liens.

Companies offer multiple plans to suit different budgets, so the borrower's credit score will be evaluated during the process. Some people won't qualify for premium plans, and it might be tricky for them to secure the same benefits with a plan that's not tailored for them. In other cases, the amount is determined according to the home's state of repair, depending on how much work needs to be done before it's in livable conditions.

So, on average, what is the cost of homeowners insurance?

To keep things between a manageable bracket, you can pay anywhere between $1,800 to $2,490 a year. Consider your monthly expenses before making a decision, since a comprehensive insurance plan will likely cost you no less than $400 a month.

A Person Pointing at a HouseSome digging could reveal affordable options from reliable companies close to you. It's also easier to get a lower payment rate if you own a new, sturdy house that's properly equipped to withstand wear and tear.

Homeowners insurance costs also vary from city to city, as shown by MarketWatch, with Miami and Hialeah having the highest rates statewide.

Because of the sheer number of options available, choosing the right company can be overwhelming and, once you make that choice, you need to assess all insurance plans to rule out potential financial losses.

This is one of many areas in which the assistance of a title and escrow agent can make the experience less stressful. With the support of a professional, you can get insurance coverage that's tailored to your needs, taking into account the size of your property, its location, market value, pending repairs, etc.

To do this, the escrow company will look into the following information:

  • The reputation that the insurance company has built in the county where they operate, as well as reviews left by previous clients online.

  • Their coverage plans and the explicit inclusion of the factors mentioned above.

  • The company's financial stability and its ability to cover large costs in a timely manner.

Key Title & Escrow works with the best insurance services in Florida and across the country to ensure that you don't miss the best option during your search. On top of helping you protect your investment, our specialists can also safeguard your ownership rights with the best title insurance options, so you don't have to be burdened by hidden claims later down the line.

Whatever you need to ensure a smooth, straightforward process, Key Title & Escrow is here to make it happen. You can count on our specialists to provide insight and harness the most advanced resources to bring speedy results, so feel free to come to us if you don't want to navigate a real estate transaction on your own. You can call (305) 235-4571 or toll-free at (800) 547-0006 to learn more about our services. Another option is to contact us via the contact form on this page; our staff will answer all your questions and guide you through your process, whether you're selling a house, preparing your purchase offer, or looking for homeowner insurance in Florida. At Key Title & Escrow, we'll be happy to assist you!
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