Home insurance in Fort Lauderdale

While Florida's statewide average is $9,462 per year^* for a home with a replacement cost value of $350,000, Fort Lauderdale premiums often trend higher. Its coastal location and hurricane exposure can contribute to above-average insurance costs.

^{*Based on data from the Consumer Federation for America.}

Several factors can influence what you pay in Fort Lauderdale:

• Deductibles and limits. Policies with lower deductibles and higher coverage amounts tend to cost more.

• Property's replacement cost value. The more it costs to rebuild your home after a complete loss, the more you'll pay for coverage.

• Claims history. Frequent claims, whether filed by you or specific to your property, can affect your premium.

• Hurricane risk. The city lies in a high-risk zone for tropical storms and hurricanes, which can lead to higher home insurance rates. 

• Roof age and type. Newer, wind-rated roofs can reduce windstorm premiums.

• Local building codes. Homes built to newer standards may cost less to insure.

• Additional insurance needs. Policy add-ons can lead to higher costs. For instance, homes near canals, the Intracoastal, or the Atlantic face a higher flood risk and may benefit from a flood insurance endorsement. 

Consider these tips as you explore your coverage needs in Fort Lauderdale, Florida:

• Dwelling coverage. Your dwelling limit should cover 100% of the cost to rebuild your home if a covered peril destroyed it. This usually differs from what you paid for it or its current market value. 

• Other structures coverage. The limits for this part of your policy are usually set to 10% of your dwelling coverage limit. If the cost to rebuild other structures on your property exceeds this value, consider increasing your limit. 

• Personal property coverage. Limits are often set to 50% of your dwelling coverage limits. Consider completing a home inventory to determine if the standard limit is enough to cover your belongings. 

• Liability coverage. You should carry enough liability insurance to protect your assets (e.g., savings, investments, real estate, etc.) if you're sued after a covered incident, such as if a guest is injured on your property and you're at fault. 

• Medical payments coverage. Coverage limits typically range from $1,000 to $5,000 and can help pay for minor medical expenses if a guest is injured on your property, even if you're not at fault. 

These exclusions are standard in most policies:

• Damage from floods (unless you have a flood endorsement)

• Replacing or repairing components, systems, or materials compromised by normal wear and tear or homeowner neglect

• Damage from pests or rodents

• Earthquakes and sinkholes without endorsements

Fort Lauderdale’s residents may want to consider the following types of coverage, many of which are available as endorsements or separate policies: 

• Flood insurance (may be available as a policy endorsement)

• Windstorm coverage (if excluded from your policy)

• Sewer or water backup coverage

• Extended replacement cost protection

• Ordinance or law coverage

Home insurance is not legally required in Fort Lauderdale or anywhere in Florida. However, most mortgage lenders require homeowners to carry coverage for the duration of their loan term. Even if you don't need home insurance, foregoing it means paying out of pocket for costly damage caused by hurricanes, flooding, or fires.