Average Cost of Homeowners Insurance in Lake Wales You’re only required to have home insurance in Lake Wales if you have a mortgage, as your lender will mandate it. Otherwise, no law requires home insurance. Mortgage lenders stipulate home insurance as part of their home loans to protect their investments. If your home were destroyed, your lender would have no way to get the money back that it put down on your house. The insurance policy can reimburse you and your lender.
Key Takeaways
- The average homeowners insurance cost in Lake Wales, Florida, is about $2,908 per year.
- American Integrity had the cheapest home insurance in Lake Wales, according to our agency data.
- We recommend that everyone shop around and compare quotes from multiple home insurance companies before buying a policy.
How Much Is Homeowners Insurance in Lake Wales, Florida?
The average cost of homeowners insurance in Lake Wales is about $2,908 annually, which is right around the statewide average rate of $2,857 per year.
While Florida has among the highest home insurance rates nationwide, Lake Wales premiums are lower than most places in the state, likely due to the city’s inland location. Coastal cities in Florida tend to have higher rates because the risk of severe impacts from hurricanes and tropical storms is higher.
As an independent agency in Florida, we can show the real, average prices our policyholders in Lake Wales pay for insurance to give you an idea of what to expect.
|
Company |
Average Premium |
|---|---|
|
American Integrity Insurance |
$1,000 |
|
People’s Trust |
$3,002 |
|
American Platinum |
$3,109 |
|
Average |
$2,908 |
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.
Companies With the Cheapest Homeowners Insurance in Lake Wales, Florida
American Integrity had the cheapest homeowners insurance in Lake Wales, but this may not always be the case. Premiums vary by provider, location, and policyholder, and you may find more affordable rates from another provider depending on your property and needs.
American Integrity and American Platinum are regional providers who focus most of their policies in Florida, while also covering properties in a few other states. People’s Trust, on the other hand, writes insurance in Florida only.
We partner with local, regional, and national insurers to help you find the lowest possible rates. When looking for the cheapest home insurance, you should quote from a variety of companies. Shopping around is a critical part of finding the best insurance, and we aim to make the process as simple as possible.
Best Homeowners Insurance Companies in Lake Wales, Florida
In addition to rates and coverage needs, people may factor in claims procedures, customer service, and other company aspects when choosing an insurer, making the decision of the best insurance company in Lake Wales a different process for everyone.
We want to help with the decision, no matter what that entails, so we want to start by presenting more information on some of our partner companies.
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.
American Integrity Insurance
Demotech Rating
A
NAIC Complaint Index
1.48
Average Premium
$1,000
Established in 2006, American Integrity Insurance has become one of the five largest home insurers in Florida with over 300,000 policyholders in the state. Since its founding, the company has expanded its coverage to Georgia and South Carolina and gone public, trading on the New York Stock Exchange.
People’s Trust
Demotech Rating
A
NAIC Complaint Index
1.44
Average Premium
$3,002
People’s Trust Insurance Company was established in 2008 and offers home insurance exclusively in Florida. The company prides itself on its business model, which differs from most carriers in that it retains a network of preferred contractors for claims.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$3,109
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.
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 Wales Homeowners Insurance Coverages
The coverages you receive in a homeowners insurance policy remain the same regardless of which company provides the plan. Every policy protects you from the same perils and contains six coverage areas:
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage, or Coverage A, helps protect the structure of your home. Its coverage may help protect elements of your home like the roof, flooring, walls, foundation, pipes, and much more. |
|
Other Structures Coverage |
Other structures coverage, or Coverage B, may cover fixtures on your property, like your pool, fence, or shed. In short, it protects elements of your property that aren’t attached to your main home. |
|
Personal Property Coverage |
Personal property coverage, or Coverage C, can help protect the belongings you store on your property. This may include items like your clothing, furniture, appliances, electronics, and much more. |
|
Loss of Use Coverage |
Loss of use coverage, or Coverage D, can help you and your family should your home become unlivable due to damage from a covered peril, like vandalism or a hurricane. It may help you cover expenses like lodging, groceries, gasoline, and other necessities. |
|
Liability Coverage |
Liability coverage, or Coverage E, may help you if you’re found liable for someone’s injuries or damage to someone’s property. It can help you pay for expenses like legal fees or medical bills. |
|
Medical Payments Coverage |
Medical payments coverage, or Coverage F, can help you cover medical expenses from a minor injury someone may incur, like a broken tooth or a dog bite, regardless of fault. |
How to Get Homeowners Insurance Quotes in Lake Wales
As an independent insurance agency, our team at Clovered wants to give you all the tools to get homeowners insurance quotes in Lake Wales. You can quote online or over the phone, depending on your preference.
Use our proprietary quoting engine to compare rates and buy a policy totally online. All you need is some information about your home and property to see your options.
Or, if you’d rather speak to a licensed agent for your quote, call us at 833-255-4117 during business hours. We’re based in South Florida, so you’ll be speaking with a fellow state resident who knows the difficulty of finding coverage in Florida all too well. You can also email us with questions 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 Wales Home Insurance FAQs
Is homeowners insurance required in Lake Wales?
What determines Lake Wales home insurance rates?
Many factors influence home insurance rates; most can be categorized as home or policy characteristics. Your home age, size, location, features, and construction materials affect rates. Policy details like coverage amounts, deductibles, endorsements, and discounts will impact your premiums. Companies will also note personal and property claims history. Having a record of filing claims will likely increase your insurance costs.
Do you need flood insurance in Lake Wales, Florida?
Only homeowners in federally designated high-risk flood zones with mortgages would be required to have flood insurance in Lake Wales. The Federal Emergency Management Agency (FEMA) creates the nation’s flood risk maps. If you have a mortgage and your house lies in a FEMA high-risk area, your lender will require you to carry flood insurance in addition to home insurance. Homeowners insurance doesn’t cover flooding damage.
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.
