How much is homeowners insurance in Melbourne, FL

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In Melbourne, homeowners pay an average annual rate of $5,317 (for the coverage level of $300,000 for dwelling, $100,000 for liability protection, and $1,000 deductible), according to Insure.com’s rate analysis. It’s $2,813 more than the national average of $2,504.

Homeowners insurance rates change from one home to another. The home insurance premium in Melbourne depends on various factors, such as:

• Size of your home
• Age of your home
• Amount of coverage you need
• Location
• Your credit score

To ensure you secure the best homeowners insurance policy, compare quotes from multiple insurers, enabling you to find the right coverage that aligns with your specific requirements.

Read this guide to learn how much homeowners insurance costs monthly in Melbourne, what home insurance costs for different dwelling coverage, and which companies offer cheap home insurance in Melbourne.

How much is homeowners insurance in Melbourne per month

Residents of Melbourne pay an average of $443 a month for homeowners insurance, as per Insure.com’s rate analysis. It’s $62 more than the state average of $381 and $234 more than the national average for home insurance across the United States.

The cost of your homeowners insurance policy in Melbourne may change based on location, property value, and selected coverage options.

How much is homeowners insurance for a $200,000 house in Melbourne

In Melbourne, FL, homeowners pay an average of $4,410 annually for a $200,000 home. The annual cost of home insurance is influenced by factors such as the risk of natural disasters in your area.

Regions more susceptible to natural disasters, such as floods, hurricanes, or tornadoes, typically face higher rebuilding costs, leading to increased insurance premiums. It is important to understand that standard insurance policies might not cover damages caused by floods or hurricanes. If you live in a flood-prone area, it is advisable to purchase flood insurance.

How much is homeowners insurance for a $300,000 house in Melbourne

According to Insure.com’s rate analysis, homeowners in Melbourne typically pay an average of $5,317 annually for a home insurance policy with $300,000 in dwelling coverage, $100,000 in liability protection, and a $1,000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, your home insurance rates will rise by $907. It is advisable to purchase enough insurance to cover the entire cost of rebuilding your home. The required amount of dwelling coverage can vary based on factors such as the size of your home, its features, and the cost of living in your area.

How much is homeowners insurance in Melbourne by company

Among the carriers analyzed, Travelers is the cheapest homeowners insurance company in Melbourne. It’s average annual rate for Melbourne homeowners is $1,466, while FedNat Holding ranks second.

Before choosing a homeowners insurance policy, it is important to do some research on the company. Our experts have analyzed all the insurance companies across Melbourne and prepared a list of the cheapest home insurance providers. You can find below the Melbourne home insurance companies and their average annual premium.

Common natural disasters in Florida that may affect home insurance

Living in Florida comes with its unique challenges, particularly when it comes to the risk of natural disasters. These events can cause significant damage to homes and property, leading to potential insurance claims. Understanding which natural disasters are common in your area can help you make an informed decision when choosing your home insurance policy.

Hurricane and Lightning are some of the common natural disasters in Florida that may affect your home insurance rates.

How home insurance protects you against natural disasters

Home insurance plays an important role in safeguarding your property and belongings from the financial burden caused by natural disasters. While standard policies usually cover damages from events like windstorms, hail and lightning, certain disasters, such as floods, earthquakes and wildfires, require additional coverage.

These types of damage are generally not included in a standard home insurance policy, so homeowners must purchase separate flood or earthquake insurance to be fully protected.

Home insurance can cover repair costs for structural damage, replace lost or damaged belongings and provide funds for temporary living arrangements if your home is rendered uninhabitable. This coverage offers financial support, helping homeowners recover more quickly from the impacts of natural disasters.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Melbourne for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.

Shivani Gite

Contributing Writer

 

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Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.

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