Looking for affordable condo insurance in Florida? Get a quote today!
Fort Myers, located on the Gulf of Mexico in Florida, is a well-known place to settle down. From the Four Mile Cove Ecological Preserve and the Six Mile Cypress Slough Preserve to the Shell Factory, Manatee Park, and The Butterfly Estates, Fort Myers offers both serenity and wonder for nature enthusiasts. Given its great weather and economic opportunities, it’s easy to see why the city is both a great place to retire or to start a family.
But its proximity to the coast means residents need an affordable condo policy, also called Florida HO6 insurance, that addresses their big risks. Let’s take a look at the cost of condo insurance in Fort Myers and some easy tips to make sure your HO6 policy covers your bases.
According to our survey, cost was the big motivator for 43% of our customers. That’s no surprise considering Florida condo insurance costs are some of the highest in the country. The national average for condo insurance is $471 a year, and Florida’s is $936 a year, according to NAIC data from 2019. Costs have only risen since then.
Fort Myers’ condo insurance costs tend to be a little higher than the state average because of its hurricane risk. For example, the average cost of coverage for a high-rise condo is $1,018 a year with Kin.
|Kin Average Premium
Keep in mind your costs may be much lower depending on your condo’s construction, wind mitigation features, and age. You can see in the chart above that high-rises cost about 34% less than low-rises because they tend to be fortified.
Condo insurance – also called an HO6 policy, if you’re feeling formal – is designed to pick up where your homeowners association’s master policy leaves off. That master insurance policy typically covers the condo’s exterior and shared spaces (think: hallways, lobbies, courtyards, etc.).
That means your HO6 policy usually covers everything from the studs in the walls to the inside of your home. It also covers your belongings and more. Here’s a quick snapshot of what the policy typically includes:
Our condo policies are written on an open-peril basis for your home. That means your unit is protected for all sources of damage except those listed as exclusions. That’s a lot of coverage! Your policy can cover damage from fire, burst pipes, windstorms, vandalism, theft, and more.
But even a place like Fort Myers – a city considered one of the safest places to live in Florida – does experience natural disasters like hurricanes, floods, and sinkholes. Let’s take a look at how your policy can respond to extreme situations.
If you’ve lived in Fort Myers for any period of time, you know that Hurricane Irma was one of the worst hurricanes to hit the area in recent years. Winds exceeded 150 miles per hour, causing more than $64 billion in damages.
Because we understand how costly recovering from a hurricane can be, we include hurricane insurance in every policy. A special hurricane deductible applies for wind damage your home experiences during a named storm.
Tropical Storm Eta caused heavy rains throughout Fort Myers, leaving many homeowners and businesses in knee-high water. While condo insurance can cover some forms of water damage, like from a leaky appliance, it does not cover damage from rising water or storm surges.
Whereas the National Flood Insurance Program (NFIP) used to be the only option for flood insurance in most of Florida, we’re happy to offer a more affordable solution. Our flood insurance is an endorsement, meaning you can just add it to your condo policy. Premiums are as low as $175 a year on average.
Thanks to limestone deposits in Florida’s soil, the ground is especially susceptible to sinkholes when it’s saturated. A sinkhole can lead to buckling walls, sagging ceilings, and cracked foundations. Without sinkhole coverage, condo owners would have to cover this damage out of pocket.
The good news: we automatically include catastrophic ground cover collapse coverage with your condo coverage.
To keep your condo insurance rates low, look for ways you can earn more discounts. For example, we reward our customers with lower rates for:
Another way to control insurance costs? Try increasing the deductible on your policy. A higher deductible reduces your yearly premium. Look for the sweet spot between savings and what you’re comfortable covering out of pocket during a claim. We’re happy to make recommendations.
Ready to experience what condo insurance should be? Get a quote today.
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