People used to think of Fort Lauderdale as a place where spring breakers went, but now the city is a good place for families to live. Those who live here enjoy resort-style amenities that also accommodate daily life.
There’s no surprise that the city that has the International Swimming Hall of Fame and is known for its beaches and water sports is often under water. Because of all the hurricanes, tropical storms, and flooding that happen in Fort Lauderdale, it can be hard to find cheap home insurance.
Purchasing home insurance is an essential part of owning property in Fort Lauderdale Florida. With hurricane risks, flooding exposure and high property values, having the right homeowners coverage at the best rate is crucial. This comprehensive guide provides key details on shopping for Fort Lauderdale home insurance.
Average Cost of Home Insurance in Fort Lauderdale
The table below shows average annual premiums for homeowners insurance in Fort Lauderdale compared to state and national rates
| Location | Average Annual Premium |
|---|---|
| Fort Lauderdale | $2,040 |
| Florida | $2,182 |
| Nationwide | $1,192 |
With an average premium of $2,040, rates in Fort Lauderdale run about 6% lower than the Florida average yet 71% higher than typical costs nationwide. Expensive coastal exposures contribute to above-average premiums for Fort Lauderdale homeowners insurance.
Factors Affecting Your Fort Lauderdale Home Insurance Rate
What determines your premiums for Fort Lauderdale homeowners insurance coverage? Key factors include:
Location: Properties in high-risk flood zones or coastal areas like barrier islands will cost more to insure. Inland homes have lower rates.
Home features: Characteristics like the roof type, age of electrical and plumbing systems, security devices, and distance to fire hydrants help set premiums.
Claims history: Prior insurance claims for water/flood damage, hurricanes, theft or liability incidents can increase your costs.
Deductible: Choosing a higher deductible amount reduces your policy’s premiums. Just ensure you can afford the out-of-pocket expense if you file a claim.
Discounts: Bundling policies, installing storm shutters or impact-resistant roofing, securing alarms and more can qualify you for discounts to lower your rate.
Shopping around and comparing quotes is the best way to find value with Fort Lauderdale home insurance.
Top Home Insurance Companies in Fort Lauderdale
The major insurance carriers providing competitive rates and coverage in Fort Lauderdale include:
- State Farm
- Universal Property & Casualty (UPC)
- Citizens Property Insurance
- Travelers
- Progressive
- USAA
UPC focuses specifically on Florida homeowners policies while Citizens Property Insurance provides state-backed coverage options. USAA is for military members and families.
Independent insurance agencies can provide quotes from these and other top insurers to find you the best fit and value based on your specific risks and needs.
What Fort Lauderdale Home Insurance Usually Covers
A standard homeowners policy includes these core protections:
-
Dwelling coverage: Pays to repair or rebuild your home if damaged.
-
Other structures: Covers unattached buildings like garages, fences and pools.
-
Personal property: Reimburses to replace belongings stolen or damaged by covered perils.
-
Loss of use: Pays additional living expenses if you can’t live in your home during repairs.
-
Personal liability: Protects against claims if someone is injured on your property.
-
Medical payments: Covers medical bills for visitors injured on your property, regardless of fault.
Be sure you understand exclusions like flood damage and coastal erosion that require separate coverage.
Key Add-Ons for Fort Lauderdale Home Insurance
Beyond the standard policy, consider these important add-ons:
-
Flood insurance: Required for federally-backed mortgages in high-risk zones but advisable for all Fort Lauderdale homes.
-
Hurricane deductible: Pay a higher deductible if a hurricane loss occurs to reduce overall premiums.
-
Water/sewer backup: Covers damage from water and wastewater backing up into your home.
-
Earthquake: Provides protection from ground shaking, which is excluded from standard policies.
-
Umbrella liability: Extra liability limits above your homeowners policy if you have significant assets at risk.
Work closely with your insurance agent to build adequate, cost-effective coverage.
How to Get the Best Rates on Fort Lauderdale Home Insurance
Follow these tips to find affordable Fort Lauderdale homeowners insurance:
-
Shop around for quotes from multiple insurers. Rates can vary widely.
-
Ask about discounts to reduce your premiums. Be sure you qualify for all available savings.
-
Raise deductibles for windstorm and hurricane coverage to lower costs if you can afford more out-of-pocket risk.
-
Improve home security with alarm systems, storm shutters and other upgrades to reduce premiums.
-
Review credits carefully such as for impact-resistant roofing and inspected electrical systems.
-
Compare included coverages to avoid paying for unnecessary riders.
-
Work with an independent agent who can provide quotes from multiple carriers.
-
Maintain good credit since insurers may use credit-based insurance scores to set premiums.
Taking time to research and compare rates results in the best value.
Bundling Home and Auto Insurance in Fort Lauderdale
You can often save by bundling Fort Lauderdale homeowners and auto policies with the same provider. Average savings for bundled insurance are:
- State Farm: 17%
- Progressive: 12%
- Travelers: 10%
- Allstate: 8%
Even if bundling with your current insurer doesn’t offer the lowest rate, be sure to compare bundled and standalone policies from other carriers when shopping for the best deal.
Fort Lauderdale Home Insurance Requirements
Florida law doesn’t mandate specific home insurance coverage amounts. But mortgage lenders usually require:
- Dwelling coverage equal to the home’s replacement cost
- Personal liability of $100,000 minimum
- Deductibles of $2,500 or less
Carefully review your mortgage clause or contact your lender to confirm required homeowners insurance coverage levels and any restrictions.
How to File a Fort Lauderdale Home Insurance Claim
If you suffer a covered loss:
-
Take reasonable steps to prevent further damage.
-
Contact your insurer promptly to start the claims process.
-
Document damage with photos/video and keep damaged property for inspection.
-
Make repairs to prevent additional deterioration per your policy’s mitigation requirements.
-
Keep receipts for temporary lodging and other claim-related expenses.
-
Work cooperatively with your adjuster and provide all requested documentation.
Understanding the claims process allows you to take the right steps to receive your insurance benefits without delays after a loss.
Key Takeaways on Fort Lauderdale Home Insurance
Protecting your property requires securing adequate Fort Lauderdale homeowners insurance tailored to local risks. Compare insurers and policies to find the best rates. Work with an experienced local agent to ensure you get the right coverages. Understand exclusions and home insurance requirements for your situation. Comprehensive Fort Lauderdale home insurance provides vital peace of mind.
References
https://www.fdfs.com/what-we-regulate/property-insurance/ – Florida Department of Financial Services regulatory information
https://www.floir.com/office/insuranceconsumer/homeownersconf.aspx – Florida Office of Insurance Regulation home insurance guide
https://www.naic.org/documents/consumer_guide_home.pdf – National Association of Insurance Commissioners overview of homeowners policies
https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance – Insurance Information Institute homeowners insurance data
https://www.allstate.com/tr/home-insurance/compare-home-insurance-rates-in-florida.aspx – Allstate data on Florida home insurance rates
Fort Lauderdale home insurance costs
Florida sits at the top of the list of states with the highest average home insurance premiums. National data puts the annual cost at $2,165. Fort Lauderdale homeowners likely pay at least the statewide average because of their location and high crime rate.
But there’s no cookie-cutter approach to homeowners insurance. Personal quotes take into account where your home is located, how many claims you’ve had in the past, and many other factors about your home, such as its size, age, and type of construction.
We use technology to look at a lot of information about your home to help us figure out what risk it poses. That means we can insure your home for a fair price and also makes it easier for you to get coverage.
Fort Lauderdale’s biggest perils
Most home insurance policies in Fort Lauderdale cover common risks, like fire, theft, and water damage from broken pipes. Fort Lauderdale has one of the highest crime rates in the country, so it’s important to have good home insurance there. Additionally, homeowners should understand how their policy addresses natural disasters like hurricanes, floods, and sinkholes.
More tropical storms and hurricanes hit Florida than any other state, and Fort Lauderdales location in the southeast part of the state makes it a prime target for damage. Fort Lauderdale has been hit directly or nearly directly by the eye of Hurricanes Andrew, Wilma, and Katrina, to name a few. More recently, Hurricane Ian devastated the area as a Category 4 storm with winds exceeding 162 miles per hour.
When a hurricane throws strong winds at a home, like when the roof is ripped off or windows are broken, hurricane home insurance pays for claims. Kind policies come with hurricane insurance; all you have to do is pick the hurricane deductible, which is either a $500 flat fee or 1%, 2%, 3%, 5%20%, or 2010% of the cost to rebuild your home.
According to the city of Fort Lauderdale, the majority of residents live in or close to a Special Flood Hazard Area (SFHA), creating high risk of flooding from heaving rains or storm surges. Remember that hurricane insurance won’t cover storm surges or rises in ground water during a hurricane. Only flood insurance does that.
Kin made a flood endorsement that is easy to add to your homeowner’s policy because they know that even an inch of water can do a lot of damage to buildings and property. This enables homeowners to save money and eliminate coverage gaps.
Sinkholes can happen in any part of Florida due to the high concentration of limestone in the ground. When limestone is saturated, it softens and begins to erode. Significant erosion can create sinkholes.
Brower County is less likely to have sinkholes than other parts of the state, which is good news for people who live in Fort Lauderdale. Kin’s policies include catastrophic ground cover collapse, which helps protect residents in lower-risk areas.
The Best Homeowners Insurance In Fort Lauderdale
FAQ
How much is homeowners insurance in Ft. Lauderdale?
|
City
|
Average annual rate
|
Average monthly rate
|
|
Boca Raton
|
$3,250
|
$271
|
|
Bradenton
|
$2,100
|
$175
|
|
Cape Coral
|
$2,450
|
$204
|
|
Fort Lauderdale
|
$4,775
|
$398
|
Who has the cheapest homeowners insurance in Florida?
What is the average cost of home insurance in Florida?
Why is it difficult to get homeowners insurance in Florida?
How much does home insurance cost in Fort Lauderdale?
On average, home insurance in Fort Lauderdale costs $8,431 per year for $300,000 in dwelling coverage, which is 52 percent more than the statewide average of $5,533. While the pickings are slim, Bankrate’s insurance editorial team researched which of the remaining Florida home insurance companies may be the best for Fort Lauderdale homeowners.
What is the best home insurance company in Fort Lauderdale?
Best Homeowners Insurance Companies in Fort Lauderdale The best homeowners insurance companies in Fort Lauderdale by cost are Citizens, which is a state-run home insurance company that may not be your best option, FedNat, Liberty Mutual, State Farm and Universal Property & Casualty Insurance Company.
Why is homeowners insurance important in Fort Lauderdale?
It’s important to have reliable homeowners insurance in Fort Lauderdale because it has one of the highest crime rates in the country. Additionally, homeowners should understand how their policy addresses natural disasters like hurricanes, floods, and sinkholes.
What should I consider when buying homeowners insurance in Fort Lauderdale?
When buying homeowners insurance in Fort Lauderdale, Florida, make sure you have coverage for: The dwelling’s replacement cost. This is the amount to rebuild the structure of your home to it’s pre-claim condition. Personal property. This insures the total value of your personal belongings (clothing, electronics, appliances, home goods, etc.).