Fort Myers has more than 600 miles of white sand beaches, making it a great place to live for both exploration and curiosity. Just imagine – both Thomas Edison and Henry Ford built winter homes here.
However, the Southwestern Florida coast is also a favorite destination for hurricanes. In addition to weather threats, the ground is constantly shifting, creating the potential for major sinkhole problems. Put together, these risks make finding affordable homeowners insurance a bit tricky.
Located on Florida’s Gulf Coast, Fort Myers is known for its sunshine, beaches, and waterfront lifestyle. But this tropical paradise is also vulnerable to severe storms like hurricanes that can cause extensive damage. Having proper Fort Myers homeowners insurance is crucial to protect your property and assets.
This guide will explore key considerations for buying home insurance in Fort Myers and provide tips to find the best coverage at the lowest cost. We’ll look at:
- Fort Myers weather risks impacting home insurance
- Typical Fort Myers home insurance rates
- Minimum coverage requirements in Florida
- Ways to save on Fort Myers homeowners insurance
- Top-rated insurers in the area
Fort Myers Weather Risks Impacting Insurance
Fort Myers’ climate and location on the Gulf of Mexico expose homeowners to weather risks including
-
Hurricanes – As a coastal town Fort Myers is vulnerable to hurricanes between June and November. Major storms like Irma in 2017 can bring destructive winds, storm surge flooding, and heavy rainfall.
-
Tropical storms – Weaker tropical storms and depressions often impact the area in summer/fall causing localized flooding and wind damage even without making landfall
-
Thunderstorms – Frequent thunderstorms, especially during the rainy season, can spawn tornadoes or straight-line winds exceeding 100 mph.
-
Flooding – Low elevation areas of Fort Myers are prone to occasional flooding from heavy rains or storm surge even outside major hurricane strikes.
These common weather perils make having adequate replacement cost and flood coverage vital for Fort Myers homeowners.
Typical Home Insurance Rates in Fort Myers
The average Fort Myers homeowner pays around $1,200 annually for homeowners insurance according to 2021 rate data. However, rates can vary more widely based on these factors:
Location – Areas in FEMA high-risk flood zones or closer to the coast generally have higher premiums. Inland areas are more affordable.
Home value – More expensive homes cost more to insure. Rates for a $500,000 house will be higher than a $200,000 house.
Deductible – Choosing a higher deductible of $2,500 or $5,000 can reduce your premium up to 20%.
Discounts – Taking defensive measures like storm shutters and alarm systems can qualify you for discounts to lower your rate.
Claims history – Frequent claims for water/storm damage will push rates higher over time.
Shopping around with multiple insurers is the best way to find competitive Fort Myers home insurance rates.
Minimum Home Insurance Requirements in Florida
To meet state-mandated minimums, Fort Myers homeowners insurance policies must include:
-
$100,000 liability coverage for injuries/damage to others
-
$10,000 minimum property damage liability
-
$2,500 personal property coverage
-
$1,000 loss of use coverage
Florida also requires “replacement cost” coverage for the structure that pays the full amount to rebuild after a total loss. Actual cash value coverage paying depreciated costs is insufficient.
Additionally, mortgage lenders impose their own minimum requirements that typically exceed the state mandates. Having adequate coverage is crucial in areas like Fort Myers prone to major hurricane and flood losses.
Ways to Save on Fort Myers Home Insurance
Fort Myers homeowners have options to reduce their insurance premiums including:
Raise deductibles – Increasing your deductible from $500 to $2,500 could potentially save 30% or more.
Bundle policies – Buy home and auto insurance together with the same provider for a multi-policy discount.
Strengthen roof – Upgrading from an older or weaker roof to an impact-resistant concrete/metal roof qualifies for up to 50% savings.
Add storm shutters – Installing tested hurricane wind mitigation features like storm shutters can reduce premiums by up to 45%.
Update plumbing – Replacing old copper pipes with PVC or CPVC plastic piping can prevent water damage claims that drive up rates.
Maintain good credit – Keeping your credit score above 700 will earn you the best premiums from most insurers.
Comparison shop – Get quotes from independent agents and captive insurers like GEICO to find the lowest price.
Seek discounts – Take advantage of all discounts offered by insurers for security systems, being claims-free, and bundling policies.
Top Home Insurers in Fort Myers
Major national insurers providing coverage in the Fort Myers area include:
-
State Farm – Popular for bundling discounts and superior customer service ratings.
-
Allstate – Known for claims satisfaction and offering discounts for new roofs and storm-resistant features.
-
USAA – Only for military families and veterans but has some of the lowest rates available.
-
Travelers – Provides coverage for older homes and excellent pricing for retirees/snowbirds with security systems.
-
American Strategic – Florida-based insurer with very competitive rates but limited discounts.
-
Homeowners Choice – Top-rated Florida insurer with extensive coverage for flood damage, pipes, and roof leaks.
It’s wise to compare quotes from national and local insurers when shopping for Fort Myers homeowners insurance. An independent agent can provide unbiased recommendations to find the right policy with enough coverage at the optimal price.
Protect Your Fort Myers Home
Homeowners in sunny Fort Myers face substantial weather risks from hurricanes and tropical storms coming off the Gulf of Mexico. Having adequate dwelling and flood insurance tailored for the area’s risks is essential to fully protect your property.
Shop around and use all available discounts from reputable insurers to secure the best rate. Fort Myers homeowners who take proactive measures to mitigate storm damage can lower their insurance costs long-term.
Partnering with a knowledgeable local independent insurance agent is also beneficial when buying home insurance in high-risk regions like Fort Myers.
How much does home insurance cost in Fort Myers?
Home insurance rates vary depending on several factors, such as the size of your home, your home’s construction, and your claims history. Location, however, has a major impact. Unfortunately, Florida has some of the most expensive coverage in the US, averaging $2,165 per year.
As a homeowner in Fort Myers, you likely pay at least the state’s average simply because you live so close to the coast. But weather risks aren’t the only issue. The city also has an above-average property crime rate that can also drive up insurance costs.
When buying home insurance, you want to protect the structure, your belongings, and yourself against liability. Make sure you have the following coverage in your homeowners insurance:
- Replacement cost coverage fixes or rebuilds your home to the way it was before the claim.
- In the event of a covered claim, personal property coverage fixes or replaces lost, stolen, damaged, or damaged personal items.
- Coverage for loss of use: This gives you a place to stay while your home is being fixed up.
- Personal liability insurance protects you if someone sues you for injuries or damage to their property that you caused (e.g. g. , your dog bites someone on a walk).
Those are the very basics of what your policy should cover. Talk to a Kin agent about your home and the risks that come with it. They can help you figure out how much coverage you need.
Covering big risks in Fort Myers, Florida
Homes in Fort Myers can be insured against common risks like fire, theft, and water damage from a burst pipe. Additionally, homeowners should know how insurance responds to natural disasters, such as hurricanes, floods, and sinkholes.
Since Fort Myers is on the southwest coast of Florida, hurricanes that come through the Gulf Coast often hit it. In 2017, Hurricane Irma hit land. Her 150 mph winds caused more than $64 billion in damage. This is why every house in Fort Myers needs hurricane insurance.
Damage to your home caused by high winds and flying objects during a hurricane is covered by hurricane insurance. For hurricane insurance, the deductible is set just for hurricane claims, but the replacement cost of your home stays the same. Because of the hurricane, our Florida hurricane deductible choices are $500, 1%, 2%, 3%, 5%, or 2010% of your coverage A limits.
Check out our Florida hurricane insurance guide for more information.
According to FEMA, if you live in a low-to-moderate flood zone, you are five times more likely to experience flood damage than a house fire. Fort Myers sits on the Caloosahatchee River, which can overflow and lead to flooding during heavy rains. During a hurricane, the storm surge could be as high as nine feet, pushing miles inland as it did with Irma.
It’s important to understand that hurricane insurance will not cover storm surge; only flood insurance can. You can see how likely you are to flood in Lee County and Fort Myers even if you don’t live on the water. Kin offers a flood endorsement so that you can conveniently add flood insurance coverage to your homeowners policy.
Many sinkholes can be found in Florida. This is because water and limestone in the ground soften and cave in. These happen less often in Fort Myers than in Northern or Central Florida, but they are still a worry. Kin insurance policies cover catastrophic ground cover collapse. This is usually enough to protect people who live in places where sinkholes don’t happen very often. Talk to your Kin representative to learn more about this coverage.
Florida homeowners abandon insurance amid skyrocketing rates
FAQ
How much is homeowners insurance in Ft Myers, Florida?
Who has the cheapest homeowners insurance in Florida?
What is the average cost of home insurance in Florida?
Why is homeowners insurance getting so expensive in Florida?
What is the cheapest home insurance in Fort Myers Florida?
The most affordable homeowners insurance in Fort Myers, Florida, is offered by Nationwide, with an annual premium of $1,292. What is the average cost of home insurance in Fort Myers, FL? The typical expense for homeowners insurance in Fort Myers, Florida, is around $1,902 per year.
What is the best homeowners insurance company in Fort Myers Florida?
The best homeowners insurance company in Fort Myers, Florida, is State Farm, with a score of 4 out of 5. State Farm offers Fort Myers homeowners a flexible array of coverage options and a competitive set of discount opportunities. No spam. No hidden fees.
Does Fort Myers have homeowners insurance?
Homeowners insurance in Fort Myers, Fla., is crucial for residents. We at the Marketwatch Guides team have comprehensively researched homeowners insurance companies in Fort Myers, Fla. We reviewed coverage, benefits and costs to bring you the top providers. Your rates may vary according to variables such as your location and policy structure.
What factors affect the cost of Home Insurance in Fort Myers?
The cost of homeowners insurance in Fort Myers varies based on where you reside. Other factors that impact the cost of home insurance include the amount of dwelling coverage, personal property coverage, and homeowner’s credit score. Because of this, it’s important to consider these factors when looking for a quote.