Homeowners Insurance Quotes in Fort Lauderdale, FL

What You Should Know About Home Insurance in Fort Lauderdale

The Atlantic Ocean serves as a background for the beautiful beaches of Fort Lauderdale. Endless throngs of tourists pass through this city throughout the year for a chance to bask in the sun and enjoy the world-class eateries, entertainment, and fashion scene on Las Olas Boulevard. Over four million guests depart on cruises through Port Everglades, and an entire marine industry is based around Fort Lauderdale’s many waterways, which are used for both recreation and commerce.

But this city is more than just fun and games and frolicking in the sand. It is part of the Miami metropolitan area, the ninth largest in the country — its population of more than six million people is more than that of most U.S. states. Several schools of higher learning operate out of the downtown, and Fort Lauderdale-Hollywood International Airport transports over 35 million passengers yearly.

Make sure you always have the ability to restore your piece of Fort Lauderdale in case it is ever damaged by talking to an expert agent to get the best homeowners insurance at the most affordable prices in Florida.

How Much Does a Homeowners Insurance Policy Typically Cost in Fort Lauderdale?

Coastal locations often have to deal with devastating storms that can wreck homes. Because of wind events and several other factors, all the paradise in Fort Lauderdale also comes with higher-than-average insurance rates, as indicated in the table below:

Dwelling Insurance Total	Average Annual Cost in Fort Lauderdale	Average Annual Cost Nationwide
$300K	$3,911	$2,582
$600K	$7,573	$4,140
$1 million	$12,466	$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 Fort Lauderdale?

When a tree falls and hits a Fort Lauderdale home, the loss can easily be in the thousands of dollars. However, the insurer does not pay for all of the estimated damages — they deduct an amount you agree to, called a deductible, when you sign up for a policy. So if the total loss is $2,500 and you have a $500 deductible, your insurer would only pay $2,000, and they would not have to pay anything if your deductible is $2,500 or more in this scenario.

Because the deductible directly affects how much insurers pay when you file a claim, higher deductibles result in lower premiums and vice versa.

Is Home Insurance Tax Deductible in Fort Lauderdale?

Although Florida does not have a state income tax, wouldn’t it be nice if you could use your insurance costs to save money on your federal tax return? If these or similar scenarios pertain to you, it is possible that you could write some or all of your premiums off as a business expense:

• You have a home office
• Someone rents an apartment from you
• You use the basement as storage for work
• The whole house is an investment property
• You rent the home to a business

But if you only use your house to live in and not for any work or income-generating purpose, your policy premiums are not tax deductible.

Does Fort Lauderdale Have the 80% Homeowners Insurance Rule?

It is always important to have adequate coverage in case your home suffers significant damage. Though not by law, the insurance industry has a standard called the 80% rule, which requires policyholders in Fort Lauderdale to maintain a minimum of 80% replacement cost coverage.

That means that if it costs $300,000 to replace your home, you must be insured for at least $240,000. While you might want to obtain an even higher amount of coverage, your InsureOne agent will help you confirm that, at the very least, you comply with the 80% rule.

Bundling Home and Auto Insurance in Fort Lauderdale

There is no need to pay top dollar for your coverage — if you bundle your home and auto insurance, you could save between 5% and 25% on your policies. Bundling means obtaining more than one type of coverage from the same insurer. In appreciation for the extra policy, your insurer offers you a discount, but you also simplify matters by paying your bills and only having to deal with one company.

You will enjoy white-glove treatment as your InsureOne expert shows you customized quotes from top-tier providers for both homeowners and car insurance. A lot of effort goes into shopping multiple carriers for the best coverage at the most affordable prices. However, you do not have to busy yourself with any of that because your agent will do all the work for you.

What Weather Affects Home Insurance Costs in Florida?

Between the Straits of Florida, the Atlantic Ocean, and the Gulf, the state has 825 miles of waterfront property. But being a coastal area also means exposure to some high-category storms. Some of these wind events have battered the state, causing severe damage to homes. Fort Lauderdale itself was subject to Hurricane Irma in 2017 and Hurricane Wilma in 2005, but there have been many smaller destructive storms over the years.

These natural disasters cause lots of damage that insurers have to cover, which causes rates to increase.

What Are the Different Types of Homeowners Coverage Offered in Fort Lauderdale?

So much about your coverage is personalized, down to different types of homeowners policies that might work best for your situation. You can even choose customized options within the various policy types. These are examples of some of the options your agent will present if you own a single-family home:

• HO-1 policy: This policy provides very basic coverage. It does not protect your belongings or provide liability insurance. If you have a mortgage, your lender will not be satisfied with this policy.
• HO-3 policy: The HO-3 is likely the most popular policy. It protects your home and its contents from more types of disasters than the HO-1, and it comes with liability coverage as well.
• HO-5 policy: Many insurers do not offer the HO-5 because of how comprehensive it is with the types of events it protects you from, and because of how favorably they calculate reimbursements for policyholders.
• HO-8 policy: The HO-8 deals with older homes that may have outdated HVAC and electrical systems or unique materials or features that are hard to replace and would not be covered under the other policies.

What Is the Most Common Type of Home Purchased in Fort Lauderdale?

Nearly half of the dwellings in Fort Lauderdale are large apartment complexes or high-rise apartments, and less than 35% are single-family detached homes. There are a significant number of sunny days per year in the city, and homeowners use a lot of electricity to keep their houses cool, especially during the summer. Consider using solar energy to save on your electric bills. Your agent can help you determine if your current homeowners insurance coverage covers solar panels or if you would need a separate policy for them.

Which Common Natural Disasters Are Covered by Home Insurance in Fort Lauderdale?

When issues arise, it is difficult to react properly unless you prepare in advance. That is why it is important to know what type of natural disasters may affect your area and to understand your coverage for these events. These are the perils that may occur in Fort Lauderdale:

• Hurricanes: Wind events, both small and large, are fairly common in Fort Lauderdale. These should be covered in your policy.
• Flooding: Water damage from wind events might not be included in your policy. Your agent will advise you if you need additional coverage.
• Wildfires: These are not a major risk in Fort Lauderdale, but if your home gets damaged by a wildfire, your insurer will likely reimburse you.