Lake Wales, FL Home Insurance Quotes!

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Lake Wales is a great town to live with only 14,225 people living within the city limits. While the popluation size may be consider small, Lake Wales packs a big punch with roughly 5,416 households per zip code making this area very competitive for home insurance companies. The average number of residents living within the occupied homes is around 3, but that number can vary depending on the housing construction and property type.

Lake Wales really shines when it comes to the average household income, our median income recently hit the $42,941 mark, which puts it pretty close to the national average. This amount of income goes a long way in the Lake Wales housing market since the median house price is $126,525.

Lake Wales, FL Home Facts & Demographics

Lake Wales has grown to be the home of 14,225 residents in total population with 5790 occupied homes in the city limits, the city seems to be grown with new homes being built throughout the city. The average family household in Lake Wales is 3778.

DemographicValues
Population14,225
Total Occupied Households5790
Family Households (families)3778
Average Owner Occupied Household Size2.31
Average Family Size2.92
Total Housing Units6900

We Also Have Cheap Homeowners Insurance in Lake Wales

The residents of Lake Wales are very lucky when it comes to the cost of homeowners insurance. Recent data indicates that the average policy cost homeowners in Lake Wales, $2,165 per year. Did you know the national average is $1,311. At GetHomeInsuranceQuotes.com, we shop the best rates and coverage options, homeowners in Lake Wales pay a much cheaper rate as low as $1,398 per year. Average rates for homeowners living in a 1,850 square foot home or bigger usually pay around $1648 for a standard HO-3 policy. Large homes with much higher heated square footage pay around $1948 per year. Enter your zip code to start shopping quotes with us or give us a call now at 888-685-4704!

What are the insurance coverage types for homes in Lake Wales?

The thing about Lake Wales homeowners insurance that many people don't know is that it comes in a variety of different types, each one designed for the type of housing unit it protects.

Here is the information you need to know about the different homeowner insurance types in Lake Wales, FL:

HO-3: The majority of homeowners policies that are in force in Lake Wales, and most other places, are HO-3 type policies. The policies cover damage from any peril that is not specifically excluded in the policy details. HO-3 policies only protect your personal property from specific perils that are listed in the policy. As with most homeowner policies, flooding and earthquake damage are excluded.

Be sure to read your policy in full and understand any other exclusions that apply to your coverage.

HO-6: These policies are written especially for condos and co-op buildings. They provide protection for all of your personal property as well as the parts of the building that are your property, such as the walls and mechanicals of your particular unit.

HO-8: If you love older homes, this type of policy is for you. It protects older, historical homes where the cost to rebuild or replace the home exceeds the value of the house.

The fact that these policies will have a payout that is lower than the cost to replace the house makes them affordable. These policies are usually written because the home is too old to qualify for a traditional HO-3 policy. The main disadvantage is the fact that these policies only cover damage from 11 specific perils.

HO-4: If you are renting an apartment, you still need protection for your personal property and liability protection in the event that someone is injured in your apartment.

A HO-4 policy offers the protection that you need when living in an apartment. If your personal property is damaged or destroyed, you will be covered and it will also cover the medical bills and any legal bills if someone is injured while visiting you.

Compare Homeowners Insurance Rates in Lake Wales, FL!

Enter your Zip Code:    

Get up to 12 competitive Lake Wales, FL homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Lake Wales, FL rates all in one place!

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 Lake Wales, 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 Lake Wales

Are you looking for homeowners insurance in a city near Lake Wales? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!

Home Insurance Rates by Zipcode in Lake Wales, FL

Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Lake Wales.

33853,     33859,     33898,     

Lake Wales, FL Home Insurance Average Premiums

Local Lake Wales, FL home insurance quotes comparison

$1398 /yr.

Shows Lake Wales's lowest average rates with discounts applied.

For the city of Lake Wales, 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)		$1398 /yr.
Average Coverage:$1648 /yr.
2600 sq. ft. or higher
(all discounts applied)		$1948 /yr.

What is the average home insurance cost for a home in Lake Wales, FL?

  • • The average homeowners insurance premium paid annually for a home in Lake Wales is around $1648 per year.

What does it cost on average per month for home insurance in Lake Wales, FL?

  • • Homeowners in Lake Wales pay an average cost per month around $137.00 for insurance coverage.

Lake Wales, FL Coastal Wind, Hail & Flood Information

Lake Wales 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.

Coastal Lake Wales, 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

Lake Wales, FL - 2023 Housing Information

Month Current Home Value (2023) Last Year Home Value (2022)
January $243,620 $208,001
February $242,903 $214,019
March $242,752 $220,840
April $242,392 $227,321

Homeowners insurance will help cover the cost to repair or replace your Lake Wales 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 Lake Wales
  • 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.
Enter your Zip Code:    

Get up to 12 competitive Lake Wales, FL homeowners insurance rates all in one place!

Enter your Zip Code:    
Easily compare up to 12 competitive Lake Wales, FL rates all in one place!

Saving Money Tips on Lake Wales Home Insurance

A great way to save money on Lake Wales 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 Lake Wales 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
95 ft. This is the average home elevation in Lake Wales, 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 Lake Wales, 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.

Call Now for Flood Insurance Quotes: 888-620-1954!

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 Lake Wales, 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 Polk County.

Florida Homeowners Insurance News & Information

  • $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 […]

  • 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 […]

  • 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 […]

  • 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 […]

  • 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 […]

Lake Wales, FL Dwelling Coverage Estimate

It is important to calculate your dwelling coverage for your home in Lake Wales 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 Lake Wales, FL?

- The average square footage in Lake Wales is around 758 Sq. Ft. which would cost you around $126,525 to replace the home if you base the home on the price to build per square foot of $167.

Minimum Replacement Cost Total: $126,525

Location: Lake Wales, Florida (Polk County)

Average Building Cost Per Square Foot in Lake Wales: $167 (low end)

Average Square Footage in Lake Wales: 758 Sq. Ft.

Home Improvement StatusPrice per Sq. Ft.Dwelling Coverage
None or Very Minor Improvements$167$126,525
Some Additional Upgrades$209$158,156
Major Home Updates or Advancements$251$189,788

The dwelling coverage is calculated by the average cost per square foot ($167) in Lake Wales, 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 $521,875 (Media price to build of $209 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.