Finding Homeowners Insurance in Fort Myers, Florida
Fort Myers, Florida, the city along the Caloosahatchee River, is where both Thomas Edison and Henry Ford built winter homes and boasts a small beach city feel. With over 600 miles of white sand beaches, living here is the perfect backdrop for both curiosity and discovery. In fact, U.S. News ranks it as the 35th best place to live in the United States and the number one place to retire.
However, the Southwestern Florida coast is a favorite destination for hurricanes and flooding as well. In addition to weather threats, the ground is constantly shifting, creating major sinkhole problems. These risks make finding Florida homeowners insurance a bit tricky. Many major carriers have pulled out of underwriting homes, leaving homeowners scrambling for proper coverage.
A small home with strong wind mitigation measures in Fort Myers may cost as little as $853 annually to insure, but the average Kin premium in this city is $1,027 a year. Rates can increase depending on the size of your home, the types of materials used in building your home, its proximity to the shoreline, and other factors.
Fort Myers Homeowners Insurance Costs
Home insurance rates vary depending on the size of your home, your home’s construction, your claims history, and your home’s location. Kin’s average annual price of homeowners insurance in Florida is $1,091. Fort Myers costs range widely depending on the carrier – from $853 (with Kin) to upwards of $4,000 a year.
Comparing the cost of homeowners insurance in Fort Myers (part of Lee County), you see the costs vary widely between Kin and other insurance companies.
| Average Fort Myers Home Insurance Premiums by Carrier x Home Value |
|Value of Home||Kin||Security First||Universal Property & Casualty Insurance Company||Tower Hill Preferred||State Farm|
|$150k, Pre-2001 Construction, No Wind Mit||$1,147||$3,275||$3,642||$2,528||$3,781|
|$150k, Pre-2001 Construction w/ Wind Mit||$853||$1,825||$1,658||$1,397||$2,342|
|$300k New Construction||$1,082||$3,439||$3,243||$2,436||$4,160|
As you can see above, the value of your home and its construction can have a substantial impact on how much you pay for coverage in Fort Myers. For example, laminate floors are less expensive to replace than hardwood floors. Custom crown molding is a higher-cost finish than a home without crown molding. All of these details affect the replacement cost of your dwelling and, ultimately, the premium.
While averages give you an idea of insurance costs in your area, getting a quote is the only way to know how much your homeowners insurance premium will be.
Basics of Homeowners Insurance, Fort Myers, Florida
When buying home insurance, you want to protect the structure, your belongings, and yourself against liability. Make sure you have the following homeowners insurance protection:
- Replacement cost coverage: Repairs or rebuilds your home to its pre-claim condition.
- Personal property coverage: Fixes or replaces personal items damaged, lost, or stolen in a covered claim.
- Loss of use coverage: Gives you a place to stay while your home is uninhabitable during a covered claim.
- Personal liability coverage: Protects you when people sue you over injuries or property damage you are responsible for (e.g., your dog bites someone on a walk).
Those are the very basics of what your policy should cover. Talk to a Kin representative about your home and risks to help you determine how much coverage makes sense for your home.
Covering Big Risks in Fort Myers, Florida
Fort Myers home insurance can cover standard perils such as fire, theft, and water damage caused by a burst pipe. Additionally, homeowners should know how insurance responds to natural disasters, such as hurricanes, floods, and sinkholes.
Fort Myers Hurricane Coverage
Sitting on the southwest coast of Florida, Fort Myers is a prime target for hurricanes coming through the Gulf Coast. Hurricane Irma made landfall in 2017, and her 150 mph winds led to more than $64 billion in damages. This is why every house in Fort Myers needs hurricane insurance.
Hurricane insurance specifically covers damages to your home caused by the extreme winds and flying debris during the storm. While your home’s replacement cost remains the same for the hurricane insurance, the deductible is set specifically for hurricane claims. The hurricane deductible is either a flat amount, such as $500, or a percentage of the home’s replacement cost (2 percent, 5 percent, or 10 percent) in the event of a claim.
Fort Myers Flood Insurance
According to FEMA, if you live in a low-to-moderate flood zone, you are five times more likely to experience flood damage than a house fire. Fort Myers sits on the Caloosahatchee River, which can overflow and lead to flooding during heavy rains. During a hurricane, the storm surge could be as high as nine feet, pushing miles inland as it did with Irma.
It’s important to understand that hurricane insurance will not cover storm surge; only flood insurance can. Even if you don’t live on the coast, check the flood maps to see your risk throughout Lee County and Fort Myers. Kin offers a flood endorsement so that you can conveniently add flood insurance coverage to your homeowners policy.
There are sinkholes throughout Florida because when water mixes with the limestone in the ground, it softens and caves. These are not as common in Fort Myers as they are in Northern or Central Florida, but they are still a concern. Kin Insurance policies offer a provision to cover catastrophic ground cover collapse; this is often enough protection for those in areas that experience sinkholes less often. Talk to your Kin representative to learn more about this coverage.
Tips for Keeping Fort Myers Insurance Costs Down
Even though Florida has the highest home insurance rates in the country, there are ways to keep your costs down.
One of the biggest discounts available is wind mitigation measures – homes that have impact-resistant doors and windows, as well as reinforced roofing, can save Fort Myers homeowners money. For example, a Lee County home with a replacement cost of $150,000 might have an annual premium of $1,147. With wind mitigation measures, that premium could drop to $853 each year.
Other discounts for homeowners include:
- Having protective devices installed, such as fire alarms and security systems.
- Living in a secured community.
- Having a newer home under six years of age.
- Managing policies online.
Of course, keeping a clean claims history can keep your costs down. But here at Kin, we understand you can’t control the weather in Florida. So if you need help determining what type of coverage your home needs and how to best save, give us a call at 855-717-0022. We’re here to help.
Start Saving on Your Home Insurance