The Best Cheap Homeowners Insurance in Cape Coral, Florida for 2022: Quotes and Reviews
The average cost of homeowners insurance in Cape Coral, Florida, is $1,676 per year or $140 per month, but rates vary by company. In Cape Coral, Travelers offers the cheapest insurance at $836, and Citizens offers the most expensive insurance at $4,114. This means that you can save up to $3,278 annually by shopping around.
MoneyGeek scored and ranked homeowners insurance companies in Cape Coral to help you find an insurer that offers affordable options without compromising quality.
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The Cheapest and Best Homeowners Insurance in Cape Coral
The Cheapest Home Insurance Companies in Cape Coral
Insurance companies may offer the same basic coverages including backup for sewage or drainage systems and cyber events or identity theft. Therefore, when choosing a policy, cost is a top consideration, as cheap homeowners insurance with the same coverages can provide the best value for money.
For home insurance with a dwelling coverage of $250,000, the cheapest insurance companies in Cape Coral are the following:
- Travelers: $836 per year
- Chubb: $959 per year
For home insurance with a dwelling coverage of $2 million, the cheapest insurance companies in Cape Coral are the following:
- Allstate: $5,939 per year
- ASI: $6,893 per year
The Cheapest Home Insurance in Cape Coral, Ranked
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Policies with the baseline dwelling coverage have personal property limits of $100,000. Those with a dwelling coverage of $2 million have personal property limits of $800,000. All policies have a liability coverable of $100,000. If you’re living in another city, additional options are available for home insurance in Florida.
The Average Cost of Homeowners Insurance in Cape Coral for 2022
The average cost of home insurance in Cape Coral that includes a dwelling coverage of $250,000 is $1,676 annually, or $140 monthly. This is cheaper than both the state average of $2,359 and national average of $2,103.
Calculate the Cost of Home Insurance in Cape Coral
Location is one of the most important factors when looking for home insurance, as prices vary by city. However, your dwelling coverage, personal property coverage and credit score also significantly affect the price of your home insurance in Cape Coral.
MoneyGeek’s home insurance calculator helps you compare quotes in your state to know how these factors affect the price of your insurance.
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These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Cape Coral
Aside from the cost of home insurance, customer service and financial stability are also factors to consider when looking for the best homeowners insurance in Cape Coral. These factors may make the experience of filing a claim easier and more pleasant.
After comparing different insurers based on affordability, user satisfaction and financial stability, MoneyGeek found that the best home insurance companies in Cape Coral are:
- Best Overall: Travelers
- Runner-up: Chubb
In terms of affordability and stability, Travelers ranks first among other companies in Cape Coral and sixth in customer service. Policies cost around $836 per year and come with coverage for energy-efficient projects at home.
Other than the standard coverages, home insurance from Travelers offers coverage for environmentally friendly renovations and repairs in your home. If your house is a certified “green home” by the Leadership Energy and Environmental Design (LEED) organization, you can receive a 5% discount. These coverages are called add-ons, which are features that are not automatically included in your policy.Read MoneyGeek's Travelers home Insurance Review
Chubb ranks first for financial stability, second for affordability and seventh for customer service. A policy costs $959 per year on average. Chubb offers coverage for risk consulting when you add it to your policy.
As a homeowner, you want everything in your house to be fully protected. Chubb’s experts can assess your home for potential risks to ensure that they're covered in your policy. Chubb can also give you a discount if you live in a gated community. You will need to request that this coverage be added to your policy as it is an add-on and not automatically included.Read MoneyGeek's Chubb home Insurance Review
Cheapest Home Insurance Companies in Cape Coral for Newly Constructed Homes
Because new homes make use of modern materials, they are easier to repair and less prone to damage. This makes newly constructed homes cheaper to insure than older homes. The premium for a newly constructed home in Cape Coral is $1,153 per year, compared to the average of $1,676 per year for a home built in 2000.
These are the cheapest insurance companies in Cape Coral for newly constructed homes with a dwelling coverage of $250,000:
- ASI: $499 per year
- Travelers: $718 per year
The Cheapest Home Insurance in Cape Coral for New Homes, Ranked
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Cheapest Home Insurance Companies in Cape Coral if You Have a Lot of Personal Property
The personal property you have at home is also covered by your home insurance. However, the amount of personal property you own affects the cost of your insurance. A standard policy in Cape Coral with a personal property limit of $250,000 costs on average $1,905 per year. Meanwhile, the same policy for a personal property limit of $100,000 only costs on average $1,676 per year.
The insurance companies in Cape Coral with the cheapest personal property coverage are the following:
- Travelers: $933 per year
- ASI: $1,213 per year
Cheap Companies in Cape Coral for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Cape Coral for High Deductibles
A higher deductible may reduce the annual cost of your policy. For instance, the average policy for a $2,000 deductible costs $1,453 per year, while a $1,000-deductible policy costs more at $1,676 per year. Even though a policy with a higher deductible costs less upfront, you may spend more money out of pocket when you make a claim.
The cheapest insurance companies in Cape Coral for policies with $2,000 deductibles are the following:
- Travelers: $741 per year
- Chubb: $803 per year
The Cheapest Companies in Cape Coral for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Cape Coral if You Have Poor Credit
Insurance companies rate owners based on their credit scores. Homeowners with poor credit scores are more likely to have more expensive insurance premiums. For those with poor credit, home insurance costs on average $2,141 per year, in comparison to those with good credit who only spend approximately $1,676 per year.
In Cape Coral, the cheapest insurance companies for those with poor credit are the following:
- Travelers: $836 per year
- Nationwide: $1,271 per year
The Cheapest Companies in Cape Coral for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Cape Coral
You can get homeowners insurance quotes in Cape Coral online but you’ll have to provide the following information to receive an accurate quote::
- The replacement cost of your home: The replacement cost is the amount needed to repair or rebuild your home. A construction professional can estimate this for you and this amount will determine your dwelling coverage limits.
- The value of your personal property: Because personal property coverage limits affect the price of your policy, it’s important to know the value of the things in your home.
- Personal information: Insurers need your address, information of the people living in your home, details about your home, your insurance history and other relevant details to your home insurance.
- Information about your house: You will need to know the size and the year your house was built as well as safety devices and other significant features in your home. Insurers require this information to provide a quote.
Homeowners Insurance in Cape Coral Analysis: Methodology
MoneyGeek analyzed home insurance premiums from ten insurance companies in Cape Coral. Our partnership with Quadrant allowed us to gather data and quotes. Quotes include those for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores. Customer satisfaction ratings were obtained from J.D. Power surveys.
To calculate affordability scores, quotes from different coverage levels were evaluated. We used a base profile for a home with 2,500 square feet, built in the year 2000, with a dwelling coverage of $250,000. The base profile also includes a personal property coverage of $100,000, liability coverage of $100,000 and a deductible of $1,000.
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