Homeowners Insurance Quotes in Cape Coral, FL

What You Should Know About Home Insurance in Cape Coral

Cape Coral, located in Lee County on the Southwest coast of Florida, started as a large subdivision of single-family homes on a natural wetland dubbed “Water Wonderland” for its 400 miles of canals — more than the city of Venice. Cape Coral’s 120 square miles make it the second-largest city (geographically) in Florida. It was incorporated in 1970, at which time the city had just over 10,000 residents. Today’s population stands at over 225,000 residents.

The city’s more than 1,500 acres of parks provide residents and visitors alike with the ultimate outdoor nature opportunities. View wildlife at Four Mile Cove Ecological Preserve from your boardwalk stroll along the Caloosahatchee River. Kayak, bird watch, and fish at Sirenia Vista Park. Visit the butterfly house at Rotary Park Environmental Center.

Whatever activities you choose, be sure your Cape Coral home is protected while you are out enjoying them by having your InsureOne agent find you the best homeowners insurance options at the most competitive rates in Florida.

How Much Does a Homeowners Insurance Policy Typically Cost in Cape Coral?

Cape Coral residents pay about the same as the national average. Your unique insurance rate depends on several factors, including your home’s construction materials, crime rates in your area, and risk of natural disasters in your zip code. The chart below shows an idea of what you can expect to pay as a Cape Coral resident as compared to the national average.

Dwelling Insurance Total	Average Annual Cost in Cape Coral	Average Annual Cost Nationwide
$300K	$2,214	$2,582
$600K	$4,242	$4,140
$1 million	$6,934	$7,380

We arrived at these numbers by using the cost of dwelling coverage, a $100,000 liability and a standard $1,000 deductible.

How Do Home Insurance Deductibles Change Insurance Rates in Cape Coral?

Your deductible is the price you pay when you file a claim before your insurer pays its portion. You can choose a higher or lower deductible when purchasing your insurance. A higher deductible will give you a lower rate, and a lower deductible will give you a higher rate.

Common deductibles are between $500 and $2,500, although some insurers offer higher deductibles or the ability to pay a percentage of your dwelling coverage. To figure out which scenario works best for you, consider the following:

• What is your risk of filing a claim? If you live in a higher risk area, such as one with high crime rates or considerable risk of natural disasters like hurricanes, chances are you are more likely to file a claim.
• Do you have a high risk of filing small claims? Hurricane Milton statistics show 45,725 of 264,763 residential property insurance claims (or about 6%) closed without payment due to damage being below the deductible. For example, if your damage is determined to be $1,000 and your deductible is $1,500, you will not receive payment on a claim.
• Do you have cash available ready to pay a deductible if you have to file a claim? If you choose a higher deductible, set that amount of money aside for use should you need to file a claim. If you are short on ready cash, a smaller deductible may better suit you.

If you change your deductible, which you can do at any time, it will not change your deductible on claims you have already filed, whether closed or in process.

Does Cape Coral Have the 80% Homeowners Insurance Rule?

Most Cape Coral insurers follow the 80% homeowners insurance rule, which is an industry standard rather than a law. This model protects you as a homeowner by ensuring you have the appropriate coverage for the replacement of your home. To fit within the guidelines of this standard, for example, you would need $240,000 worth of coverage for a $300,000 house.

If you make upgrades to your property, such as performing a kitchen remodel on your home in the Pelican neighborhood, your home value may increase by up to $40,000. Be sure to let your insurer know about this home improvement so they can adjust your coverage.

When it’s time to renew your policy, your InsureOne agent will review market rates to adjust your rate accordingly and confirm you have the proper coverage.

Bundling Home and Auto Insurance in Cape Coral

If you are interested in ways to save on your insurance, ask your agent about bundling, which means buying more than one form of coverage from one insurer. Bundling your home and auto coverage can save you a bundle (up to 25% off your bill) on your insurance — it can also save you the time of dealing with multiple agents and managing multiple sets of paperwork. With that time saved, you can get back to walking and kayaking at the Four Mile Cove Ecological Preserve.

As a homeowner, you can bundle your home coverage with your car insurance or any other kind of insurance you need, such as boat or RV coverage or coverage on a second home.

Think of your InsureOne as a one-stop shop where you will receive white-glove service. Your agent will do all the work to provide you with personalized choices and notable cost savings.

What Weather Affects Home Insurance Costs in Florida?

Hurricanes are the biggest threat in Florida. Homeowner damage claims resulting from their strong winds, heavy rain, and storm surge play a significant role in higher rates for all Floridians.

The Florida Office of Insurance Regulation advises you as a Florida resident to proactively protect your home from storm damage before a hurricane or other severe weather hits, such as installing hurricane shutters and reinforcing your roof. Review your insurance policy coverage and take a room-by-room inventory of your personal possessions, including photos and proof of ownership. By reviewing such an inventory, your insurer can determine whether you need additional coverage.

What Are the Different Types of Homeowners Coverage Offered in Cape Coral?

Having the best homeowners insurance in Cape Coral, just like everywhere in Florida, is an essential way to protect your investment. To help simplify the insurance process, homeowners insurance is broken down into eight categories.

Here are the basics of four of these categories:

• HO-1 policy: This policy provides minimal coverage for your house, covering damage from 10 perils, including windstorm and fire damage.
• HO-2 policy: This policy expands HO-1 coverage by adding protection from six more perils, such as falling objects or ice damage. This policy pays actual cash value for your belongings, which takes depreciation into account.
• HO-5 policy: This policy is the highest level of coverage for your home and belongings with few exclusions. It pays replacement costs rather than actual cash value of your belongings.
• HO-6 policy: This policy is for condo and co-op “walls-in coverage,” which covers walls, floors, ceilings, and your personal belongings.

Please speak with your InsureOne agent about the other benefits of each coverage type to determine which one works best for your unique situation.

What Is the Most Common Type of Home Purchased in Cape Coral?

Almost 80% of Cape Coral’s homes are single-family homes, with about 77% of those being owner-occupied and containing three or four bedrooms. Many of Cape Coral’s residents work in computers and math, with just over 11% of residents working from home and a quarter of residents having a bachelor’s degree or higher.

While Cape Coral’s real estate appreciation showed a roughly 150% growth over the previous 10-year period, its more recent statistics show this rate has slowed to one of the lowest appreciation rates in the United States. Nearly 18% of Cape Coral homes are listed as vacant.

Whatever your situation in Cape Coral, it is essential to have the proper homeowners insurance coverage in case of unexpected mishaps.

Which Common Natural Disasters Are Covered by Home Insurance in Cape Coral?

While policies vary according to such factors as your crime rates and the likelihood of a natural disaster happening in your neighborhood, your home policy likely covers damage from the following common natural disasters:

• Extreme heat and humidity: Most policies cover roof and other home damage that can happen as a result of extreme heat. Some policies cover mold from high humidity.
• Hailstorms: Hailstones can damage your roof and other parts of your structure. Your policy likely covers this damage.
• Fires: Cape Coral is not immune to brush fires, and extreme storms can cause fires from lightning strikes. Your policy likely covers damage from these fires.

Most policies do not cover floods. Be sure to ask your agent about how you can protect your home from flood damage and for specifics about what your policy covers.