With over 600 miles of white sand beaches, living in Fort Myers is the perfect backdrop for both curiosity and discovery. Just imagine – both Thomas Edison and Henry Ford built winter homes here.
However, the Southwestern Florida coast is also a favorite destination for hurricanes. In addition to weather threats, the ground is constantly shifting, creating the potential for major sinkhole problems. Put together, these risks make finding affordable homeowners insurance a bit tricky.
How much does home insurance cost in Fort Myers?
Home insurance rates vary depending on several factors, such as the size of your home, your home’s construction, and your claims history. Location, however, has a major impact. Unfortunately, Florida has some of the most expensive coverage in the US, averaging $3,600 per year.
As a homeowner in Fort Myers, you likely pay at least the state’s average simply because you live so close to the coast. But weather risks aren’t the only issue. The city also has an above-average property crime rate that can also drive up insurance costs.
Homeowners insurance basics
When buying home insurance, you want to protect the structure, your belongings, and yourself against liability. Make sure you have the following coverage in your homeowners insurance:
- 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.
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 Florida hurricane deductibles options in the policies we offer are $500 or 1%, 2%, 3%, 5%, or 10% of your Coverage A limits.
Check out our Florida hurricane insurance guide for more information.
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. We offer a flood endorsement so that you can conveniently add flood insurance coverage to your homeowners policy.
Sinkhole coverage
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. The policies we sell 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 home 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.
- 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 or get a quick quote online. We’re here to help.
