Diamond Insurance Partners
3706 N Roosevelt Blvd, #H, Key West, FL 33040
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Key West households and business owners trust local agents to navigate carrier appetite shifts, underwriting requirements, and the claims process.
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3706 N Roosevelt Blvd, #H, Key West, FL 33040
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713 Caroline Street, Upstairs - Room C, Key West, FL 33040
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3229 Flagler Ave, #112, Key West, FL 33040
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Learn about insurance coverage options specific to Key West residents.
Key West home insurance costs $7,162-$20,000+ annually. Learn about flood insurance requirements, historic home coverage, and how to save on premiums.
General Insurance EducationNavigate Key West's unique insurance landscape. Learn about flood zones, hurricane coverage, costs averaging $15K-$25K/year, and new 2026-2027 requirements.
Car InsuranceFlorida's auto insurance law changes July 1, 2026. Learn what Key West drivers need to know about new 25/50/10 requirements, rates, and island-specific risks.
Home insurance in Key West averages between $7,162 and over $20,000 annually, depending on your property's value, age, and coverage levels. Monroe County has the highest home insurance premiums in Florida. For a $300,000 home with a $1,000 deductible, expect to pay around $1,681 per month ($20,172 annually). Secondary or vacation homes face even higher costs, with some policies seeing increases of 50% or more.
Yes, flood insurance is required for most Key West properties. If you have a federally backed mortgage and your home is in a Special Flood Hazard Area (FEMA A or V zones), flood insurance is mandatory. Florida now requires flood insurance for all properties statewide regardless of flood zone. Additionally, Citizens Property Insurance requires flood coverage for any dwelling with a replacement cost of $600,000 or more. Since almost all of Key West is in a flood zone, nearly every property owner needs flood insurance.
Key West's exceptionally high insurance costs reflect the island's extreme risk profile. Almost all of Key West sits in FEMA flood zones, the area faces direct hurricane exposure every season, property values are very high, and the island has limited evacuation routes. Insurance companies face enormous potential losses from storm surge, wind damage, and flooding, and they price policies accordingly. Monroe County consistently has the highest average home insurance premiums in all of Florida.
Historic conch houses often face higher insurance costs due to their age, wooden construction, and older systems. However, well-documented storm mitigation can help significantly. Impact-resistant windows, updated roofing, reinforced connections, and elevated utilities all qualify for discounts. Get a wind mitigation inspection to document protective features. While conch houses were designed for tropical storms with their elevated construction and metal roofs, insurance companies need proof that these older homes meet modern safety standards.
"Affordable" is relative in Key West—this is the most expensive area in Florida for home insurance. However, you can minimize costs by shopping with an independent agent who represents multiple carriers, documenting all storm mitigation features, getting wind mitigation and elevation certificates, raising your deductibles if you can afford the out-of-pocket cost, and comparing quotes annually. The market stabilized somewhat in late 2025, giving homeowners more carrier options than in previous years.
Citizens Property Insurance Corporation is Florida's state-run insurer of last resort, covering properties that can't find coverage in the private market. Over 18,000 Monroe County homeowners currently have Citizens policies. While Citizens typically costs less than private market rates, it still averages around $5,000 annually in Monroe County and approved a 16.6% rate increase for 2025. Citizens should be your last option after shopping the private market—work with an independent agent to explore all available carriers first.
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