How much does homeowners insurance cost in the sunshine state?

Having an insurance policy is an important part of the deal when buying a home. In fact, you won’t be able to get a mortgage without homeowners insurance! At Kirby Soar Insurance, your independent insurance experts in Central Florida, we know that finding quality, affordable homeowners coverage might seem like a real challenge. Just know, we’re here to help. In this article, we’ll explore what affects your homeowners insurance cost in Florida.

homeowners insurance cost

The Cost of Homeowners Insurance in Florida

Florida residents, on average, pay an annual premium of $1,951, according to the Insurance Information Institute (III). That’s the second-highest average in the United States! Consequently, Louisiana homeowners are the only ones who pay more. So what do other homeowners around the nation pay? On average, homeowners in the United States pay a premium of $1,211 every year. 

Why are home insurance rates so high in Florida?

It’s not that insurance providers have it out for homeowners in the sunshine state. They actually use a mathematical algorithm to determine what rates to charge. Ultimately, it boils down to location. Florida has two coasts: one touching the Atlantic Ocean, and another bordering the Gulf of Mexico. As a peninsula, Florida is constantly exposed to two different weather patterns, putting it at high risk for serious weather events such as tropical storms and hurricanes. Most states don’t have a catastrophe risk on one side. let alone two. 

The particular types of natural disasters that plague Florida also inflate home insurance. Logistically, hurricanes are harder for insurance providers to handle logistically than other major events. They affect entire towns at one time, meaning that if a hurricane hits, an insurance provider could be paying out to cover damage of many clients in a single area rather than just one home or business. Because Florida is so high risk, certain companies don’t even offer homeowner’s policies in the state. That allows the few carriers that do offer policies in Florida to drive up costs. 

General Homeowner’s Insurance Cost Factors

Location dictates the majority of the cost of your homeowner’s insurance but other factors also play a role. These factors include a wide variety of personal information about you as well as specific data and factors pertaining to your home. The list of potential factors that can change insurance costs are:

  • Marital status
  • Your age
  • Credit score 
  • Your history of past claims, if any 
  • Any safety and security systems installed
  • Pets 
  • Extra features such as pools, trampolines, patios, etc.
  • The demographics of your location (crime rate, proximity to schools, etc.)
  • The age of the home 
  • The current condition and/or quality of the home 

Find Affordable Homeowners Insurance in Polk and Hillsborough County

As an independent insurance company, Kirby Soar can work with any and all providers to find the best deal for you. And, since we work and live in Florida, we know exactly what the residents of the Sunshine State are looking for when it comes to insurance coverage. So take it easy and let Kirby Soar Insurance navigate the market for you. Our wealth of experience and knowledge in the industry mean you can enjoy the best insurance at the lowest possible rates.

If you are a homeowner in Polk or Hillsborough County, including areas such as Plant City, Valrico, Lakeland, Mango, Brandon, and Mulberry, you owe it to yourself and your family to contact Kirby Soar Insurance to help with your home insurance needs. Contact us by phone today by calling (813) 752-1680, visit our website, or our office located at 809 S. Evers Street in Plant City.