Condo insurance for Fort Myers

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How to find affordable condo insurance in Fort Myers

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.

Fort Myers condo insurance costs

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.

Average Fort Myers condo insurance premiums

Structure Kin Average Premium
Low-rise building $1,541
High-rise building  $1,018

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.

What Fort Myers condo insurance covers

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:

  • Dwelling interior. Can repair or replace structural components inside the unit, such as floors, ceilings, and improvements.
  • Personal property. Can replace lost or damaged belongings in the unit or with you while traveling.
  • Loss of use. Helps pay for additional living expenses like temporary lodging during covered repairs to your home.
  • Loss assessment. This can help cover your portion of a shared loss as mandated by your HOA.
  • Personal liability. Helps pay for legal expenses stemming from lawsuits over property damage or bodily injuries.
  • Medical payments. Can cover small medical expenses when guests have a minor injury.

How condo insurance covers natural disasters in Fort Myers

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.

Fort Myers hurricane coverage

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.

Fort Myers flood insurance

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.

Fort Myers sinkhole coverage

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.

Tips for keeping condo insurance affordable in Fort Myers

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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