Average Rates for Homeowners Insurance in Lake Worth No, home insurance isn’t required by law in Lake Worth Beach. However, if you have a mortgage, you will need a policy. Lenders require borrowers to carry homeowners insurance for the life of the loan. If you don’t get your own policy or let your coverage lapse during your mortgage, your lender will force place insurance on you.
Key Takeaways
- The average homeowners insurance cost in Lake Worth is about $4,791 per year.
- Lloyds of London, Florida Peninsula, and American Platinum had the cheapest home insurance in Lake Worth, based on our agency data.
- The best way to save money on home insurance is to shop around and compare quotes from several companies before buying.
Average Cost of Homeowners Insurance in Lake Worth, Florida
The average cost of homeowners insurance in Lake Worth, Florida, is about $4,791 yearly. This is high, even by Florida standards, due to Lake Worth’s coastal location in South Florida.
Florida is regularly among the most expensive states for home insurance premiums, and South Florida is typically on the pricier end of the state. The high property values and extreme hurricane susceptibility in the region drive up home insurance rates. Average rates in Lake Worth are 68% higher than Florida’s statewide average of $2,857 per year.
But just because the averages seem high, that doesn’t mean you won’t be able to find affordable premiums. One of the more easily controllable factors of your premiums is the company you choose.
As an independent agency based in nearby Fort Lauderdale, we’ve helped plenty of people find insurance in Lake Worth. We can list their average premiums below to help inform your decision when seeking coverage.
|
Company |
Average Premium |
|---|---|
|
Lloyds of London |
$1,763 |
|
Florida Peninsula |
$3,368 |
|
American Platinum |
$4,538 |
|
Swyfft |
$4,963 |
|
TypTap |
$4,996 |
|
Slide Insurance Company |
$5,959 |
|
Olympus |
$8,995 |
|
Average |
$4,791 |
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Cheapest Home Insurance in Lake Worth Beach, Florida
The most affordable home insurance companies in Lake Worth are Lloyds of London, Florida Peninsula, and American Platinum. Our policyholders found the cheapest coverage with these carriers, but you won’t know which company is the most affordable for you until you get quotes.
Lloyds of London is more of a specialty insurer, so it’s unlikely that it will be one of your first stops when searching for coverage. The other companies listed are traditional insurance carriers and are much more common, except Swyfft. Swyfft isn’t a provider itself but acts more like a crossover between an agency and a carrier, placing you with a policy underwritten by one of its partners.
Regardless of the company, our team at Clovered will work to find you the cheapest possible option for your home insurance needs. We partner with the firms listed above and several more in Florida, and we can help you find the coverage you need at the price you want.
Best Homeowners Insurance Companies in Lake Worth Beach, Florida
The process of determining the best home insurance company in Lake Worth Beach will look a little different for each person due to coverage needs, budget, and personal preference on company procedures and beliefs.
We can present more information on our partners below. Average premiums are determined from our policyholder data. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.
To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.
Lloyd’s of London
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$1,763
Lloyd’s of London is a global specialty insurer that provides a wide range of insurance coverage in over 200 countries. Lloyd’s isn’t exactly an insurance company; it’s a marketplace for insurance and reinsurance where brokers and underwriters come together to insure diverse assets.
Florida Peninsula
Demotech Rating
A
NAIC Complaint Index
0.10
Average Premium
$3,368
Florida Peninsula Insurance Company was founded in 2005 and focuses on offering coverage in its namesake state. With over 150,000 policies in force in Florida, it just cracks the top ten list of Florida’s largest home insurers.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$4,538
American Platinum Insurance Company, founded in 2011, is a subsidiary of Universal Insurance Holdings, offering home insurance coverage in Florida and Georgia. Policies are available exclusively through independent agents at Clovered.
Swyfft
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$4,963
Swyfft is an insurance managing general agency founded in 2014, offering insurance products in several coastal states around the country.
TypTap
Demotech Rating
A
NAIC Complaint Index
1.48
Average Premium
$4,996
TypTap Insurance Company was founded in 2006 and offers home insurance in over a dozen states. It’s primarily distributed through independent agents, like ours at Clovered.
Slide Insurance Company
Demotech Rating
A
NAIC Complaint Index
0.56
Average Premium
$5,959
Slide Insurance Company was founded in 2021 and began operations offering home insurance in 2022. Available in Florida and South Carolina, the company currently has over 300,000 policyholders in the Sunshine State, making it one of Florida’s largest.
Olympus
Demotech Rating
NR
NAIC Complaint Index
0.90
Average Premium
$8,995
Olympus Insurance Company has offered home insurance solely in Florida since its founding in 2007, with a general focus on higher-value homes and a count of over 70,000 policyholders.
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Coverages to Expect From Homeowners Insurance in Lake Worth, Florida
With Lake Worth homeowners insurance, your property is protected from many uncontrollable weather-related events like hurricanes — which is extremely important given the city’s location near the ocean — as well as other unexpected perils like burglary, water damage, dog bites and fires.
But it’s not just your home that’s protected. Your policy also protects your personal belongings, the things that make your house a home and even unexpected bills if something were to occur. But let’s break those down even further with a few examples.
|
Coverage |
Definition |
|---|---|
|
Coverage A |
Coverage A, or dwelling coverage, covers the elements that make up your home’s structure. If a covered peril damages your foundation, roof, flooring, or walls, you may invoke this coverage. |
|
Coverage B |
Coverage B, or other structures coverage, helps cover the components of your property that aren’t attached to your main house. If a covered peril damages your shed, pool, garage, or carport, you may be able to use this coverage. |
|
Coverage C |
Coverage C, or personal property coverage, helps protect your personal belongings. If a covered peril on your policy damages your patio furniture, refrigerator, or the clothes in your closet, you may be able to use this coverage to replace them. |
|
Coverage D |
Coverage D, or loss of use coverage, helps you pay for necessities if your house becomes unlivable because of damage from a covered peril on your policy. It can be used to cover temporary housing, groceries, gasoline, or other necessities. |
|
Coverage E |
Coverage E, or personal liability coverage, covers your liability if you damage someone else’s property or if a guest injures themself on your property. It may cover legal fees and medical expenses. |
|
Coverage F |
Coverage F, or medical payments coverage, can help you cover medical expenses for a guest’s minor injury that occurred on your property, like a broken leg or tooth. |
How to Get Home Insurance Quotes in Lake Worth Beach, Florida
When you choose Clovered for your home insurance needs, getting the best homeowners insurance policy is easy. Simply get a fast, free quote through our online quoting engine and we’ll pair you with a policy in just a few minutes.
We reside at the intersection of technology and real people, so we have a team of licensed, in-house sales and service agents ready to help you or answer any questions you may have along the way. You can reach them Monday through Friday from 8:30 a.m. to 6 p.m. at 833-255-4117 or email us anytime at agent@clovered.com.
It’s Time to Switch Your Homeowners Insurance
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Lake Worth Beach Home Insurance FAQs
Is homeowners insurance required in Lake Worth Beach, Florida?
What influences Lake Worth home insurance rates?
Factors that influence your home’s chances of sustaining damage affect rates, including your house’s age, size, location, and construction materials. Financial policy aspects like coverage amounts, deductibles, and endorsements will also directly impact your insurance costs. Additionally, insurers assess your claims history – people with a record of filing claims tend to pay more for insurance.
Do you need flood insurance in Lake Worth Beach, Florida?
You only need flood insurance in Lake Worth if required by your mortgage lender, which happens if your house is in a federally designated high-risk flood zone. The Federal Emergency Management Agency (FEMA) creates flood risk maps for the country. If your home is in a high-risk flood zone on FEMA maps, your lender will require you to carry flood insurance in addition to homeowners insurance.
Stay Above Water With Flood Insurance
Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
