Finding Homeowners Insurance in Naples, Florida
Naples, Florida is a great place to live and to raise a family. Located on the western coast of the state, it has low crime, wonderful outdoor activities, and amazing restaurants. Not only is there a lot to do in Naples, but it is one of the favorite places for celebrities such as Nicole Kidman and Chef Emeril Lagasse to holiday.
Local residents do pay the price for living in such a great place. While Naples has a lower-than-average crime rate, it faces hurricanes, floods, and sinkholes every year. These risks make finding Florida homeowners insurance challenging with many major carriers hiking up rates or pulling out of the region.
The cost of homeowners insurance for Naples, Florida, varies widely by carrier and by the type of home. But with Kin, a smaller home with wind mitigation may cost as little as $846 to insure. Kin’s average cost of Naples homeowners insurance is $1,076 a year.
Naples Home Insurance Costs
Florida is one of the most expensive states when it comes to insurance with a national average price of $1,951 a year (Oklahoma is the next highest with an average of $1,885). That said, what you pay for Florida coverage varies dramatically depending on the carrier. For example, Kin’s average home insurance premium in Florida is $1,091 a year.
What impacts the cost of coverage in Florida? In short, Florida takes the brunt of hurricanes and tropical storms incoming from the Southern shores. The lowlands make flooding during moderate rains rampant and loosen the ground, leading to sinkholes.
These perils are not unique to Florida, but their frequency certainly factors into the cost of Naples home insurance.
Your home insurance quote is based on several factors, such as your home’s size, age, type of construction, and geographic region (where its proximity to shorelines and other known hazard zones can impact price considerably).
Comparing the cost of homeowners insurance in Naples (part of Collier County), you can see the costs vary widely between Kin and other insurance companies.
| Average Naples 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||$1,279||$3,515||$4,447||$3,431||$4,533|
|$150k, Pre-2001 Construction w/ Wind Mit||$846||$1,899||$1,849||$1,618||$2,580|
|$300k New Construction||$1,103||$3,679||$3,701||$2,788||$4,801|
Notice that a home double in size doesn’t necessarily mean that you will pay double the insurance rate. The replacement cost of structure is a significant factor in how insurance policies are priced. In other words, because it takes more materials to rebuild a bigger home than a smaller home, bigger homes are also more expensive to insure in the same area.
Additionally, the home’s construction plays a role in its insurance cost. For example, laminate floors are less expensive to replace than maple hardwood floors. Cherrywood cabinets are more expensive to replace than pressed-wood cabinets. Any intricate, unique feature will also increase your home’s replacement cost, as will the grade of lumber.
That’s why getting a tailored quote is so important – you want your coverage to protect your Naples home and account for its unique traits.
Basics of Naples Home Insurance
When buying homeowners insurance in Naples, Florida, you want a policy that includes:
- Replacement cost dwelling coverage: The amount it costs to rebuild the structure of your home to it’s pre-claim condition.
- Personal property coverage: The total value of personal belongings, including clothing, electronics, appliances, and home goods.
- Loss of use coverage: A provision that pays for you to stay in a hotel or rent a place while your home undergoes repairs during a covered claim.
- Personal liability coverage: Covers you for third-party claims against you, such as your dog biting a neighbor or your tree falling and damaging a neighbor’s property.
While these are the most important coverages, they aren’t the only ones available. Talk to a Kin representative about your home to learn how much coverage you need and what endorsements might make sense for you.
Covering Specific Risks in Naples, Florida
Kin’s standard home insurance for Naples offers all-perils coverage for the home. In other words, it covers a lot of losses, including fire, theft, and water damage from burst pipes. It also includes coverage for hurricane winds, but flood coverage must be added on.
Let’s take a look at some of Naples’ biggest risks and how insurance addresses them.
Naples Hurricane Coverage
Naples is a coastal community sitting on the Gulf of Mexico in Florida. When Hurricane Irma hit the region in 2017, Naples considered itself “lucky,” despite suffering significant flooding and structural damage.
Without hurricane insurance during Irma, folks were left without a home and no means to rebuild. Hurricane insurance specifically covers any wind-related damage to your home that happens during the extreme winds of the powerful storm. When you make a hurricane-related claim, your separate hurricane deductible applies. This is often a flat amount ($500) or a percentage of the home’s replacement cost (2 percent, 5 percent, or 10 percent).
Naples Flood Insurance
Naples sits in a high-risk area for flood damage. But according to the city of Naples, the city has taken measures to reduce the impact of potential floods and is now rated a Class 5 city by FEMA. However, even with preventative measures, a city can still flood. Even an inch of water can cost thousands of dollars of damage to your home.
A standard home insurance policy won’t cover flooding (even due to a hurricane). Because Naples is flanked by the western coast and many inlets to the east of the city, it is susceptible to storm surge flooding. Flood insurance covers anything considered “rising water.”
So while the burst pipe in your house is covered by homeowners insurance, the storm surge from Hurricane Irma was covered only for those who had flood insurance. The Kin flood endorsement is designed to cover events such as these.
Sinkhole Coverage in Naples
Naples is not a high-risk Florida community for sinkholes, but the entire state sits on limestone deposits. As limestone gets wet, it softens, leading to massive sinkholes throughout the state. If you are concerned about sinkhole risks in your area, speak with a Kin representative about sinkhole and catastrophic ground collapse coverage.
Tips for Lowering Naples Homeowners Insurance Costs
Even the safest communities have risks that impact insurance costs. If you are concerned about high homeowners insurance premiums, ask about these discounts to help save money:
- Protective devices: Think smoke alarms, security systems, and water mitigation devices.
- Wind mitigation measures: Impact resistant doors and windows and reinforced roofing can help you save considerably.
- Secure communities: These are gated communities with or without guards.
- New construction: Homes built after 2001 have more wind-resistant construction.
- Electronic policy: Cut the paper and opt to manage your account digitally.
Once your home is properly insured, the best way to keep costs down is to have a positive claims history. The fewer claims you have, the less expensive your insurance will be.
Get a tailored quote from Kin, and our representatives will look for every discount and help you understand what affects the price of your policy.
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