Cape Coral, the “Venice of America,” may be the ideal place for Floridans who love the water. The city’s 400 miles of canals creates plenty of waterfront properties and provides access to the Gulf of Mexico.
Living oceanside does have its trade-offs – especially when it comes to homeowners insurance. Getting quality insurance that fits your budget isn’t easy in Cape Coral.
That’s where we come in. We’re committed to insuring Florida homeowners, and we work hard to keep premiums affordable. Let’s take a look at just how much policies can cost in Cape Coral, and how Kin may be able to help.
How much does home insurance cost in Cape Coral?
The average cost of homeowners insurance in Florida is $2,165 per year. That makes the Sunshine State the most expensive place in the nation when it comes to home insurance costs. The reasons for this are complicated, but the main causes behind high Florida home insurance rates are:
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Costly reinsurance.
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Insurance fraud.
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Excessive litigation.
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High inflation.
In Cape Coral, these forces combine with another factor that forces home insurance premiums even higher, and that’s location. Being situated near the coast increases your risk, and that means you could easily see premiums at the state’s average or even higher. In just the last few years, Cape Coral has been hit by Hurricanes Irma and Ian.
According to Risk Factor, climate change is increasing Cape Coral risk for:
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Floods. About 88% of Cape Coral properties are likely to be impacted by flooding over the next 30 years.
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Fire. The possibility of wildfire is serious in the area with 38% of all properties having some chance of being affected in the next 30 years.
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Wind. Hurricane winds are the biggest risk, but tornadoes and severe storms are expected to increase over time.
Between these extreme weather factors and a high median home price nearing $420,000, many Cape Coral homeowners will find higher home insurance rates than average.
Factors affecting home insurance costs in Cape Coral
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Positive cost factors
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Negative cost factors
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Low crime rate
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High property values
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Elevated hurricane/wind risk
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Elevated fire risk
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Elevated flood risk
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But insurance companies look at other factors when they calculate premium, including:
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Your home’s age.
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Your roof’s condition.
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Your home’s building materials.
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Your prior claims history.
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The coverage amounts and deductibles you choose.
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What you’ve done to mitigate your home’s wind risk.
Why members save money with Kin
There’s no guarantee that you’ll save money with Kin; however, our members report an average savings of over $900 when they switch to us.*
One reason we can often help members save is our technology. It allows us to analyze tons of insurance data so we can provide premium quotes that are more aligned with your home’s actual risk. In many cases, that turns into savings for you.
Other ways to keep home insurance costs down
The first step is to ask your insurance provider about possible discounts. Our members often see discounts and premium credits for:
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Installing home security systems.
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Mitigating their wind risk and getting a windstorm inspection.
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Living in a gated or secured community.
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Installing a water leak monitoring system.
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Being claims free.
Even if you don’t qualify for all the discounts, you may still find ways to save on your homeowner insurance. For example, you could
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Improve your credit score.
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Perform regular home maintenance to reduce your chance of a claim.
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Choose a higher deductible.
Selecting a higher deductible can lower your premium because you end up being responsible for more of your costs in a claim. But that means you want to be smart about how high your deductible is. You need to pick a deductible you can afford to cover even if you’re faced with a total loss.
Kin policies in Cape Coral offer the following deductibles.
What other coverage do I need in Cape Coral?
Homeowners insurance doesn’t cover flood damage, so you likely need flood insurance to protect your Cape Coral home. Due to its coastal location and elevated hurricane risk, many neighborhoods and buildings in Cape Coral are in high-risk flood zones as designated by the Federal Emergency Management Agency (FEMA).
You can go to FEMA’s Flood Map Service Center and enter Cape Coral, Florida to see the flood zone designation for your neighborhood. We did and found several areas designated as Flood Zone AE. We also reviewed a Special Flood Hazard Area (SFHA) map for Cape Coral and saw several high-risk areas in the city.
Even if your home is in a moderate-to-low-risk flood zone, buying flood insurance is a good idea just about everywhere in Florida. Getting flood coverage from us is a simple and affordable way to make sure your home is protected.
How to get home insurance in Cape Coral
While other insurance companies have withdrawn from Florida because of the high cost of hurricanes, Kin is proud to offer affordable coverage to homeowners who need it most. We’re committed to Florida for the long haul. Get a quote for Cape Coral, FL, homeowners insurance today.
*Based on Kin Customer Savings Survey conducted September 2022 to September 2023.
