Average Rates for Home Insurance in Marco Island, Florida Homeowners insurance isn’t required by law in Marco Island, but your mortgage lender will mandate coverage if you have a mortgage. Lenders require insurance so their investment in your property is protected. You and your lender have a financial stake in your home. So, if it got destroyed, you both would have no way to recoup the money you’ve put into your house without an insurance policy. The insurer will reimburse both parties if disaster strikes.
Key Takeaways
- The average home insurance cost in Marco Island is about $2,572 annually.
- American Platinum had the cheapest home insurance in Marco Island, Florida, based on our data.
- Comparing quotes with several companies before you buy insurance is the best way to find the right coverage and avoid overpaying.
How Much Is Homeowners Insurance in Marco Island, Florida?
Home insurance in Marco Island, Florida costs about $2,572 per year, which is surprisingly just below Florida’s state average of $2,857 annually.
Florida has among the most costly home insurance rates in the country. Coastal regions in the state typically experience the brunt of these high premiums because of their higher property values and increased likelihood of hurricane damage, the primary concern of insurance companies in Florida. However, our calculated rates in Marco Island were surprisingly affordable.
It’s crucial to note that rates vary due to many factors, including your chosen carrier. As an independent Florida agency, we can present the real, average premiums of our policyholders in Marco Island to give you some insight into what you could pay for insurance there.
| Company | Average Premium |
|---|---|
|
American Platinum |
$1,517 |
|
Safepoint |
$2,417 |
|
Florida Peninsula |
$3,783 |
|
Average |
$2,572 |
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 Marco Island
American Platinum had the cheapest home insurance in Marco Island, based on our data. However, with the many factors affecting rates, you may find that another company is more affordable for you once you get quotes.
All the carriers listed above are based in Florida, but we partner with several more regional and national insurers that aren’t listed above. We recommend quoting with a diverse range of companies when seeking coverage. Our Clovered team makes the process simple.
Home insurance premiums vary by policyholder, location, and property, so you won’t know which company is the cheapest until you compare your options with multiple companies.
The Best Homeowners Insurance Companies in Marco Island
Finding the best insurer in Marco Island is different for each person. You should note differences in price, customer service, and more among the carriers to determine the best fit for your circumstances.
As an independent agency, we’re prepared to help. Find more information on some of 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.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$1,517
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.
Safepoint
Demotech Rating
A
NAIC Complaint Index
3.91
Average Premium
$2,417
Safepoint Insurance has specialized in insuring property in coastal regions since 2013. They sell their policies through independent agents and offer homeowners insurance coverage in seven states.
Florida Peninsula
Demotech Rating
A
NAIC Complaint Index
0.10
Average Premium
$3,783
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.
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Marco Island Homeowners Insurance Coverages
Homeowners insurance policies always include the same coverage areas, regardless of provider. Plans are generally separated into six coverage areas:
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Coverage A, or dwelling coverage, covers your home’s physical structure, including the roof, walls, flooring, patios, pipes, water heater, and more. |
|
Other Structures Coverage |
Coverage B, or other structures coverage, covers fixtures on your property not attached to your house, such as sheds, pools, fences, and detached garages. |
|
Personal Property Coverage |
Coverage C, or personal property coverage, covers your possessions, including furniture, electronics, clothing, jewelry, tools, art, and more. |
|
Loss of Use Coverage |
Coverage D, or loss of use coverage, covers temporary living expenses if you must move out of your house after it suffers property damage, rendering it uninhabitable. Your insurer can cover lodging, gas, food, and more. |
|
Liability Coverage |
Coverage E, or liability coverage, covers many expenses if you’re found legally responsible for someone’s injuries or property damage. Your insurer can cover medical bills, legal fees, and more. |
|
Medical Payments Coverage |
Coverage F, or medical payments coverage, covers minor medical expenses if someone is injured around your property, regardless of fault. |
How to Get Homeowners Insurance Quotes in Marco Island, Florida
The limited real estate and prime location of Marco Island mean every home is precious. Protecting your property with the right coverage is crucial. You shouldn’t take any shortcuts in your insurance search.
To be sure you’re protecting your home as well as possible, consult our team at Clovered. We’re a South Florida-based independent insurance agency helping thousands of state residents find the coverage they need at the price they want.
You can shop Marco Island home insurance quotes online with our quoting tool, where it only takes minutes to input your property information and see your options.
If you need help at any time, or if you’d just rather chat with one of our licensed agents for your quote, call us at 833-255-4117 during business hours. You can also email our team 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.
Marco Island Home Insurance FAQs
Is homeowners insurance required in Marco Island?
What factors affect Marco Island home insurance rates?
Homeowners insurance rates are affected by many factors relating to the property and policyholder. Insurers will assess your home’s likelihood of damage, so house age, size, wind mitigation, construction materials, and location play a role. Your rates will also depend on the amount of coverage you get, discounts, endorsements, and deductibles within your policy.
Do you need flood insurance in Marco Island, Florida?
You only need flood insurance in Marco Island if you have a mortgage and your house is in a federally designated high-risk flood zone called a Special Flood Hazard Area. The Federal Emergency Management Agency (FEMA) creates the nation’s flood maps, and its high-risk areas are called SFHAs. If your house is in an SFHA, your lender will require both flood and home insurance. According to the city’s website, there are over 6,100 active flood insurance policies on Marco Island. Collier County overall has the second-most flood insurance policies of all counties in Florida.
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.
