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. Homeowners can save up to $1,300 by doing some research on the available providers in the area. Our research revealed that Fort Lauderdale’s best affordable homeowners insurance companies were those that offer the most coverage and are also the most satisfied with their customers.
Best Fort Lauderdale Home Insurance Companies
Below is a table that highlights Fort Lauderdale’s best home insurance companies. It shows the average annual premium to cover a $250,000 residence. Power customer satisfaction rating. The sections below provide additional information on each company’s discounts and coverages.
All over the country
Nationwide is Fort Lauderdale’s best affordable homeowners insurance provider. 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 coverages include personal liability, medical payments, credit card coverages, and dwelling, ordinance, law, contents, or other structures. The company offers many optional coverages that can be added to your policy. These include identity theft, valuables, water backup, earthquake and flood, replacement cost plus insurance, as well as protections for personal liability, medical payments, and credit card coverages.
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. You can get a significant discount if you have multiple policies, have made a home purchase within the last 12 months, have had previous insurance, live in a gated community and have a clean credit history.
Travelers
A close second for affordability is Travelers homeowners insurance in Fort Lauderdale. This insurance carrier offers basic homeowner coverages at a fraction of the cost of a $250,000 home. You can add personal liability, dwelling, personal property, and other structures to your basic policy. You can also add on coverages to your policy from Travelers: contents replacement cost, extra replacement cost, special personal property, valuable jewelry, personal articles and water backup.
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
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. A base policy can be built with dwelling, other structures and personal possessions. It also includes personal liability coverages. Policyholders have the option to add personal injury and water backup coverages for additional policy strength.
This home insurance carrier also offers plenty of ways to save on coverage. You can get a discount by buying multiple homes, signing up for electronic documents, purchasing a home that is newly built, and/or bundling your home and auto.
Allstate
Allstate is another affordable home insurance provider in Fort Lauderdale. Nearly $900 cheaper than the regional average, Allstate homeowners insurance offers plenty of basic coverages to protect your personal property. Allstate’s standard homeowners insurance offers include coverage for dwelling, liability, personal property, and guest medical protection. Allstate customers have the option to customize their policies with additional coverages such as identity theft restoration, green improvements, water backup, yard, garden, electronic data recovery and business property.
Policyholders can further drive down the cost of coverage by qualifying for Allstate’s many available discounts. You can save significant money by signing multiple policies, paying on time, being responsible, not making claims, loyalty, welcome and loyalty, and purchasing homebuyer coverage.
State Farm
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. State Farm’s standard policy provides basic coverage for your home, jewelry, collectibles and musical instruments. It also covers clothing, electronics, lawn decorations as well as swing sets, tools, and other items. There aren’t many additional coverages, except for 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
Although homeowners insurance is not required by law in Florida, your lender may require you to have a policy in order to obtain a loan. A home insurance policy is a great way of protecting your belongings in case something happens. However, standard policies won’t usually cover water backup, identity theft, or contents replacement. It is therefore important to add optional coverages to your policy. Here are some coverages Fort Lauderdale residents might want to consider.
- Contents cost replacement: Fort Lauderdale residents are 2.21x more likely to become victims of theft, burglary, or robbery than any other American. It’s important to have contents replacement coverage because of the high level of property crime in the area. This will ensure that you have sufficient money to replace any items stolen.
- Identity theft protection: This is another reason why the area has such a high rate of property crime. It can also provide additional security because it protects you from identity theft. Your home insurance provider will cover the costs of identity theft if a thief tries to steal your credit cards and other forms I.D.
- Water Backup Coverage: 51% Fort Lauderdale homes were built more than 60 years ago. This means that your home may have old plumbing if it has not been updated in recent years. If your home is considered to be at greater risk, standard homeowners insurance policies won’t cover the cost for plumbing repairs and replacements due to ageing equipment.
Fort Lauderdale Home Insurance Discounts
Fort Lauderdale homeowners insurance policies are more costly than the national average. There are discounts that residents have the opportunity to take advantage of in order to lower their premiums.
- Multi-Policy Discounts: You may be eligible for a discount if you combine your auto and home insurance with one provider.
- Home Security Discount: You may be eligible for additional savings by purchasing certain alarms and security systems.
- Special Discounts for Policyholders Who Have Not Claim in the Last Five Years
- Many insurance companies offer discounts on home improvement projects, including green upgrades and roof replacement credits.
Most Frequently Asked Questions
Which is the best company for home insurance?
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. It’s all about researching and finding the right home insurance company to suit your needs.
What is the cost of Fort Lauderdale home insurance?
The average cost of home insurance in Fort Lauderdale is $2,318 annually for coverage on a $250,000 dwelling. Homeowners can save money by finding the best home insurance providers in their area. 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.
What amount of Fort Lauderdale home insurance do you need?
Fort Lauderdale does not have a minimum amount of home insurance. However, it is recommended that homeowners make sure they have sufficient coverage to cover the cost of their home and any personal property.
