Get Balm, FL Home Insurance Rates!

If you have watched your Balm home insurance rates increase year over year, you are not alone. Homeowners insurance in Florida has gotten more expensive over the last decade and Florida is now the #1 in country when it comes to the cost of homeowners coverage.

The average cost of homeowners insurance in Florida is currently $2165 which makes Florida the #1 most expensive state in the country for home insurance. Local residents of Balm need to be aware that the national average is $1311. The insurance coverages you need in Balm

The insurance coverages you need in Balm

Homeowners in Balm (or just about anywhere for that matter) should be aware of the different types of protection offered by a homeowners policy. Here is a quick overview:

Dwelling: This portion of your policy will help repair or rebuild your home’s structure if it is damaged or destroyed by a covered peril. Your dwelling coverage levels should be enough to cover the cost of rebuilding your home.

Liability: The liability portion of the policy will help cover any liability issues that come up at your home. It will help pay medical as well as legal bills for any injuries that happen to guests at your home. This can be the result of someone being injured at your home, falling down your stairs for example or if your pet bites someone the liability portion of your policy will step up.

A standard homeowners policy comes with $100,000 in liability coverage but most experts recommend carrying at least $300,000 in coverage. Medical and legal bills can quickly add up so make sure you are carrying enough liability protection.

Personal Property: This coverage will repair or replace your personal possessions if they are damaged or destroyed by a covered peril. The coverage amount for your personal property is 50 percent of your dwelling coverage which means that if you are carrying $300,000 in homeowners insurance on your home, your coverage level for your personal property is $150,000.

Other Structures: This covers other structures on your property such as outbuildings, sheds, barns, detached garages and other structures. This coverage is 10 percent of your coverage levels on most policies so if you are carrying $200,000 on your home, your other structures are protected by $20,000 in coverage. This is all structures combined.

Loss of Use: If your home is so damaged that you can’t live in it while it is being repaired the loss of use portion of your policy will step up. This coverage will help cover expenses you incur due to being out of your home. It will pay hotel bills, restaurant tabs as well as other expenses such as dry cleaning.

Tips for lowering your insurance costs in Florida

While the cost of homeowners insurance has gone up in recent years, there are ways to save a bit of money on your premium. Regardless of whether you live on the coast or inland, these tips can help put some money back in your pocket:

It's time to save some money

If you are ready to save a bit of coin on your insurance bill, we are here to help. We offer a quick and easy solution to shop and compare Balm home insurance rates online, with our quick online quoting application, we can help you review rates from up to 12 home insurance companies to find the best policy for your particular home.

If you are looking for a new policy that comes with great coverage and a low premium for your home in Balm, let us help you save up to 40% or more on your new home insurance policy. Start a quote online now or give us a call at 1-888-685-4704..

Compare Homeowners Insurance Rates in Balm, 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 Balm, 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 Balm

Are you looking for homeowners insurance in a city near Balm? 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 Balm, FL

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

33503,     

Balm, FL Home Insurance Average Premiums

$1350 /yr.

For the city of Balm, 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.

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

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

Balm, FL Coastal Wind, Hail & Flood Information

Balm 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 Balm is know for it's beautiful beaches and waterways. Because Hillsborough County (FIPS: 12057) 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 Balm, FL.

Coastal Balm, 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

Balm, FL - 2023 Housing Information

Homeowners insurance will help cover the cost to repair or replace your Balm 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:

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

Saving Money Tips on Balm Home Insurance

A great way to save money on Balm 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:

Are you shopping for the best rate near or wihin the Balm area? Check out what homeowners are paying on average for Florida homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

» 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 Balm, 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 Balm, 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 Hillsborough County.

Florida Homeowners Insurance News & Information

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 […]

Lawmakers in Florida are moving closer to allowing specific insurer types to make offers to policyholders currently with Citizen’s Property to insure their vacation or second home.  SB 1716 this week cleared the Senate’s Fiscal Policy Committee for the takeout offers after the Senate’s Banking and Insurance Committee approved the measure earlier this month.  This […]

Recently, Florida has seen seven new insurance companies enter the market for homeowners coverage. Currently, the average premium for homeowners coverage is $6,000 a year in the Sunshine state compared to a nationwide average of just $1,700 a year, according to the Insurance Information Institute.  The Insurance Information Institute is hopeful that the new insurance […]

If you live in an area where severe weather is common, or wildfires pop up every summer you may have trouble finding affordable home insurance coverage. If homes in your area are repeatedly damaged or destroyed by a covered peril, insurers may pull out of the entire area, refusing to write policies in your neighborhood. […]

Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]

Balm, FL Dwelling Coverage Estimate

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

- The average square footage in Balm is around 2,134 Sq. Ft. which would cost you around $356,300 to replace the home if you base the home on the price to build per square foot of $167.

Minimum Replacement Cost Total: $356,300

Location: Balm, Florida (Hillsborough County)

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

Average Square Footage in Balm: 2,134 Sq. Ft.

The dwelling coverage is calculated by the average cost per square foot ($167) in Balm, 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.

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