Key West, FL Homeowners Insurance Rate Quotes!
There are currently 24,649 people live in the city of Key West and the average family size is around 3 people per home. The total number of housing units in need of an affordable homeowners insurance policy is around 14107 and the number of occupied households is roughly 10929. Homeowners of Key West want to easily compare rates and coverage options with affordable prices and outstanding coverage. At GetHomeInsuranceQuotes.com, we shop up to 12 rates and coverages to help you review which insurance carrier and home insurance policy is best fit for you and your family.
Within the city of Key West, the median household income is $69,702 it is above the national average of $68,703. Buying a new home in Key West, you might be inclined to know that the average home costs around $557,100.
| Demographic | Values |
|---|---|
| Population | 24,649 |
| Total Occupied Households | 10929 |
| Family Households (families) | 5142 |
| Average Owner Occupied Household Size | 2.19 |
| Average Family Size | 2.80 |
| Total Housing Units | 14107 |
Average Home Insurance Rates in Key West
Homeowners insurance is affordable in the city of Key West costing homeowners around $1,501 per year, that's only $125 a month for great coverage you can depend on. Most Key West homeowners pay around $1,251 per year on the lower-end on up to $1,801 per year for larger homes that cost more to replace in value. This also depends on your dwelling coverage, deductible and discounts that we can help apply to save you more on your home insurance premium. Let us help you shop the best rates and coverages today!
| Location | Premium | Per Month | Shop Rates |
|---|---|---|---|
| Key West | $1,501 /yr. | $125 /mo. |
Different Types of Key West Homeowners Insurance Coverages
Homeowners insurance is seperated into several different types and each one is specifically designed for a certain type of housing. Here is a brief overview of a few of the more common homeowner insurance types that consumers can purchase in Key West.
- HO-3 Policy: For most home buyers, they will get an HO-3 policy for a single family home. This is the most common homeowners insurance policy available. It will cover all perils, except for the ones mentioned, like flooding or earthquake damage. The exclusions will be listed in your policy. You will need to purchase a seperate policy to cover your home from flooding or an earthquake.
- HO-2 Policy: An HO-2 policy is every basic, it covers damages from certain perlis that are listed in the policy. If the peril is not listed, it will not be covered. Your personal property is also covered. Most experts don't recommend these policies except for the most basic coverage needs.
- HO-4 Policy: The HO-4 policy covers residents who are renting a home or apartment. It will protect all of the personal property in your apartment, up to your policy limits, as well as offering liability coverage. The liability portion of the policy will protect your financial assets if someone is injured in your apartment. It will pay for any medical costs as well as defend you in a lawsuit if you happen to be sued. These polices are very affordable and should definitely be considered if you currently live in an apartment.
Compare Homeowners Insurance Rates in Key West, FL!
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Our Service in Florida
You can feel confident that our experience, integrity and service will help you find the best insurance policy at a price you can afford. We work with a wide variety of insurers in Key West, Florida and all of them are top rated "A+" by A.M. Best Rating and have been in business for several decades.
Just a few of the insurers we work include American Integrity Insurance Group, Anchor Insurance, ASI, Bankers Insurance Group, Centauri Insurance, Chubb, Edison Insurance Company, Florida Peninsula Insurance Company, Heritage Insurance, Lexington Insurance, Olympus Insurance, People's Trust Insurance Company, St. Johns Insurance Company and many more.
Average Rates Nearby Key West
Are you looking for homeowners insurance in a city near Key West? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
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Home Insurance Rates by Zipcode in Key West, FL
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Key West.
Key West, FL Home Insurance Average Premiums
$1251 /yr.
For the city of Key West, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $1251 /yr. |
| Average Coverage: | $1501 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1801 /yr. |
What is the average home insurance cost for a home in Key West, FL?
- • The average homeowners insurance premium paid annually for a home in Key West is around $1501 per year.
What does it cost on average per month for home insurance in Key West, FL?
- • Homeowners in Key West pay an average cost per month around $125.00 for insurance coverage.
Key West, FL Coastal Wind, Hail & Flood Information
Key West is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Key West is know for it's beautiful beaches and waterways. Because Monroe County (FIPS: 12087) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Key West, FL.
Coastal Key West, Florida Information: To obtain flood insurance coverage, the process usually takes more than 30 days to finalize, if you need flood insurance coverage now, please call us at 888-620-1954.
For more information about your area, please click Coastal Homeowners Insurance in Florida
Key West, FL - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $1,021,724 | $853,529 |
| February | $1,017,604 | $883,239 |
| March | $1,017,974 | $917,607 |
| April | $1,023,604 | $952,101 |
Homeowners insurance will help cover the cost to repair or replace your Key West home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Key West
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
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Saving Money Tips on Key West Home Insurance
A great way to save money on Key West homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Key West area? Check out what homeowners are paying on average for Florida homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 0 ft. | This is the average home elevation in Key West, FL | » Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Key West, Florida. A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy. It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas. |
To get online quotes on your home and compare rates on home insurance premiums in Key West, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Monroe County.
Florida Homeowners Insurance News & Information
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$4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024
According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]
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I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024
According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]
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Why Are Homeowners Insurance Premiums Rising in 2024? Posted on Tuesday 9th July, 2024
As insurance rates rise at unprecedented rates, homeowners are cutting back on groceries, travel, dining out, and even medication to afford the cost of their insurance premiums. In even more shocking news, 1 in 10 homeowners are even consider moving to an area with lower premiums, according to a recent survey by Claimguide. According to […]
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Coastal Homeowners Insurance in Florida Posted on Monday 8th July, 2024
Florida has it all, constant sunshine, beaches,plenty of restaurants and entertainment. It also has some of the highest homeowner insurance premiums in the country. According to Value Penguin, the Sunshine State has the 14th most expensive homeowner insurance rates in the country with the average premium coming in at $1,727. While insurance premiums are high all […]
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Florida’s Broward Commissioner is Asking Congress to Lower Insurance Rates Posted on Monday 1st April, 2024
A bill in the U.S. House called the Natural Disaster Reinsurance Plan, hopes to lower insurance costs for policyholders in states that opt-in to the program which will scale back the requirements regarding the amount of reinsurance that insurance companies need to purchase. Currently, a Broward commissioner is asking Congress to pass legislation he claims […]
Key West, FL Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Key West so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Key West, FL?
- The average square footage in Key West is around 1,518 Sq. Ft. which would cost you around $557,100 to replace the home if you base the home on the price to build per square foot of $367.
Minimum Replacement Cost Total: $557,100
Location: Key West, Florida (Monroe County)
Average Building Cost Per Square Foot in Key West: $367 (low end)
Average Square Footage in Key West: 1,518 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $367 | $557,100 |
| Some Additional Upgrades | $459 | $696,375 |
| Major Home Updates or Advancements | $551 | $835,650 |
The dwelling coverage is calculated by the average cost per square foot ($367) in Key West, Florida times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $1,146,875 (Media price to build of $459 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.