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Finding an affordable homeowners insurance policy in Fort Lauderdale can be a challenge: Compared to the nation’s average policy price of $1,312, residents can expect to pay $2,318 annually for coverage on a $250,000 dwelling. By doing a little homework on available providers in the region, homeowners can easily shave up to $1,300 off the average premium. Our team investigated the best cheap homeowners insurance companies in Fort Lauderdale based on affordability, breadth of coverage, available discounts and average customer satisfaction rating.
Best Cheap Home Insurance Companies in Fort Lauderdale
The table below highlights the best cheap home insurance companies in Fort Lauderdale based on the average annual premium for coverage on a $250,000 dwelling as well as the average J.D. Power customer satisfaction rating. Additional information about each company’s available coverages and discounts can be found within the sections below:
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power score|
In terms of affordability, Nationwide is certainly the best cheap homeowners insurance provider in Fort Lauderdale. Not only does the company boast the lowest average rates in the region, but they also provide an extensive list of basic homeowners coverages. These include dwelling, ordinance or law, contents, other structures, loss of use, personal liability, medical payments to others and credit card coverages. However, the company also offers plenty of optional add-on coverages to help strengthen your policy, including identity theft, valuables plus, water backup, earthquake, flood and replacement cost plus insurance.
It might seem too good to be true, but Nationwide’s rates can get even lower if you qualify for any of their many available discounts. If you have multiple policies, made a home purchase in the past 12 months, have a home security system, have had prior insurance, live in a gated community, have a claims-free history, are renovating your home or have a roof in good condition, you can save significantly on your policy.
A close second for affordability is Travelers homeowners insurance in Fort Lauderdale. Nearly $1,000 less than the regional average on a $250,000 dwelling, this insurance carrier offers plenty of basic homeowners coverages. Dwelling, personal property, other structures, loss of use and personal liability coverage can all be added to your basic policy. If you wish to strengthen your policy with add-on coverages, Travelers offers plenty of those as well: special personal property, contents replacement cost, additional replacement cost, jewelry and valuable items, personal articles, water backup and sump pump discharge or overflow, identity fraud, and green home.
Policyholders can further save on their homeowners insurance by taking advantage of Travelers’ available discounts for holding multiple policies, buying a home within 12 months, having a claims-free history, having protective devices installed or having a certified “green home” by the Leadership Energy and Environmental Design (LEED) organization.
Progressive homeowners insurance may as well hold second place with Travelers as far as affordability is concerned: At just $1,377 for annual coverage on a $250,000 dwelling, this Fort Lauderdale home insurance provider offers plenty of standard and optional coverages. Customers can build a base policy with dwelling, other structures, personal possessions, loss of use, personal liability and medical payments coverages. For additional policy strength, policyholders can add water backup and personal injury coverages as well.
This home insurance carrier also offers plenty of ways to save on coverage. Policyholders can qualify by bundling home and auto, having safety alarms, getting a quote in advance, buying a new home, signing up for e-documents, having a newly constructed home, or paying in full.
Yet another cheap home insurance provider in Fort Lauderdale is Allstate. Nearly $900 cheaper than the regional average, Allstate homeowners insurance offers plenty of basic coverages to protect your personal property. Dwelling, liability protection, personal property and guest medical protection coverages are all provided under their standard homeowners insurance offerings. In addition to these standard coverages, Allstate customers can further customize their policies by adding identity theft restoration, green improvement, water backup, yard and garden, scheduled personal property, electronic data recovery, business property, musical instruments and sports equipment coverages.
Policyholders can further drive down the cost of coverage by qualifying for Allstate’s many available discounts. Multi-policy, responsible payment, claims-free, welcome and loyalty, homebuyer, easy pay plan, protective devices and early signing can all earn you significant savings on your policy.
State Farm home insurance falls at the more expensive end of the spectrum, but it is still about $600 more affordable than what the average Fort Lauderdale resident pays annually. If you are looking for basic coverage for your dwelling, jewelry, collectibles, pictures, cameras, musical instruments, sports equipment, appliances, furniture, clothing, electronics, lawn decorations, swing sets and tools, State Farm’s standard policy covers it all. However, there are not many add-on coverages available aside from liability protection.
This insurance carrier only offers three discounts to its policyholders: multi-policy, home alert protection and impact-resistant roofing.
Fort Lauderdale home insurance Considerations
While homeowners insurance is not legally required in Florida, you may be required to hold a policy if your mortgage lender stipulates it as a condition of loan approval. Having a home insurance policy in place is a great way to protect your belongings when something goes wrong; however, standard policies will not usually cover things like water backup, identity theft or contents cost replacement. This is why it is important to strengthen your policy with optional coverages. The following are just some of the coverages that Fort Lauderdale homeowners may want to consider:
- Contents Cost Replacement: According to 2019 property crime statistics, Fort Lauderdale residents are 2.21 times more likely to be the victim of theft, burglary or robbery than anywhere else in the United States. With so much property crime happening in the area, it’s a good idea to have contents cost replacement coverage to ensure you have enough money to cover the cost of replacing any stolen items.
- Identity Theft Protection: Again, due to the extremely high rate of property crime in the area, identity theft protection can provide the extra layer of security you need. If a thief manages to steal your credit cards or other forms of I.D., your home insurance provider can help cover any costs related to the identity theft.
- Water Backup Coverage: 51% of Fort Lauderdale homes were built 60 years ago or longer, meaning your home could have outdated plumbing installed if it was not upgraded in recent years. Standard homeowners insurance policies will not cover the cost of plumbing repairs or replacements needed due to aging equipment, so it is important to have water backup coverages in place if you feel your home is at a higher risk.
Home Insurance Discounts in Fort Lauderdale
Homeowners insurance policies in Fort Lauderdale are far more expensive than the national average. However, there are discounts available that residents can take advantage of to help save on their premium:
- Multi-Policy Discount: If you bundle your home and auto insurance with one provider, you may get a discount.
- Home Security Discount: Certain home security systems and alarms may qualify you for additional savings.
- Claims-Free Discount: Policyholders that have not made a claim in the past five years may receive special savings.
- Home Improvement Discounts: From green upgrades to roof replacement credits, many insurance providers offer discounts for home improvements.
Frequently Asked Questions
What is the best home insurance company?
The best home insurance company largely depends on your specific coverage needs, geographic location, home age, customer satisfaction rating, financial strength, as well as a number of additional factors. At the end of the day, it is all about doing thorough research and finding the best home insurance company that’s able to meet your individual needs.
How much does home insurance in Fort Lauderdale cost?
The average cost of home insurance in Fort Lauderdale is $2,318 annually for coverage on a $250,000 dwelling. However, homeowners can save by researching the best cheap home insurance providers in the region. According to Bankrate’s research, the best cheap home insurance provider in Fort Lauderdale is Nationwide at just $1,030 annually for coverage on a $250,000 home.
How much home insurance do I need in Fort Lauderdale?
There is no legal requirement for the amount of home insurance you need in Fort Lauderdale; however, it is recommended that homeowners ensure that they have enough coverage to replace the total cost of their home as well as any personal property they have inside.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homeriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2020 Quadrant Information Services data.