If you're looking at homes in Margate, Florida, you've probably already discovered one of South Florida's better-kept secrets: a diverse, affordable community with everything from waterfront condos to quiet single-family neighborhoods. What you might not have prepared for? The sticker shock when you get your first home insurance quote. Margate sits squarely in Broward County's hurricane zone, and insurers price their policies accordingly. But understanding what drives those costs—and how to manage them—can save you thousands.
Why Margate Home Insurance Costs More
The average Florida homeowner pays around $6,000 annually for home insurance—roughly three times the national average. In Margate specifically, you're looking at similar or higher rates depending on your home's age, construction, and proximity to water. The primary culprit? Hurricane risk. Margate is just a few miles inland from the Atlantic, putting it directly in the path of potential storm surges and wind damage.
Insurers also factor in the age and construction quality of Margate's housing stock. Much of the city was developed between the 1960s and 1990s, which means many homes predate Florida's stricter building codes implemented after Hurricane Andrew in 1992. Older roofs, outdated electrical systems, and lack of hurricane-resistant features all push premiums higher. If you're buying a condo or townhouse—common in Margate—you'll need to coordinate between your personal HO-6 policy and the condo association's master policy, adding another layer of complexity.
Hurricane and Wind Coverage: What You Need to Know
Here's what catches many new Margate homeowners off guard: hurricane coverage isn't automatically bundled into your standard policy. In Florida, wind damage from hurricanes is often covered through a separate windstorm policy or comes with a substantial separate deductible—typically 2% to 5% of your home's insured value. On a $400,000 home, that's an $8,000 to $20,000 deductible you'd pay out-of-pocket before insurance kicks in.
Citizens Property Insurance, Florida's state-backed insurer of last resort, has become increasingly common in Broward County as private insurers have pulled back from the market. While Citizens offers coverage when you can't find it elsewhere, rates have been climbing steadily, and the company is explicitly designed as a temporary solution, not a long-term carrier. If you're assigned to Citizens, keep shopping—private market options may open up, especially if you invest in mitigation upgrades.
Flood Insurance: A Separate Must-Have
Margate's geography presents unique flood risks. The city sits on low-lying land with numerous canals and water features, and parts of the area are near the western edge of the Everglades. Standard homeowners insurance doesn't cover flood damage—not from hurricanes, not from heavy rain, not ever. You need a separate flood policy, typically through the National Flood Insurance Program (NFIP) or, increasingly, through private flood insurers entering the Florida market.
Even if you're not in a designated high-risk flood zone, consider buying flood coverage anyway. Over 20% of flood insurance claims come from properties outside high-risk zones, and premiums for lower-risk areas are often surprisingly affordable—sometimes just a few hundred dollars annually. There's also a 30-day waiting period before NFIP policies take effect, so don't wait until a storm is approaching to purchase coverage.
Smart Ways to Lower Your Premiums
The good news: Florida offers some of the most generous insurance discounts in the country if you fortify your home against hurricanes. Installing hurricane shutters or impact-resistant windows can cut your premium by 20% or more. A roof that's less than 10 years old—especially one built to current Florida Building Code standards—earns significant discounts. Some insurers offer additional savings for secondary water resistance (a sealed roof deck) or opening protection on all doors and windows.
Get a formal wind mitigation inspection—it typically costs $75 to $150 and provides documentation of your home's hurricane-resistant features. Similarly, a four-point inspection (covering roof, electrical, plumbing, and HVAC) can help you qualify for better rates, especially on older homes. These inspections pay for themselves quickly in premium savings. You should also ask about discounts for bundling home and auto insurance, installing monitored security systems, or being claims-free for several years.
Special Considerations for Margate's Housing
Margate has a significant condo and townhome population, and insuring these properties requires understanding the relationship between your HO-6 policy and the master policy held by your homeowners association. The master policy typically covers the building's exterior and common areas, while your HO-6 policy covers your personal belongings, interior improvements, and liability. Pay close attention to where one policy ends and the other begins—gaps in coverage are common and can leave you exposed.
If you've renovated your unit with upgraded kitchens, bathrooms, or flooring, make sure your coverage limits reflect those improvements. Many condo owners underinsure because they assume the master policy covers more than it actually does. Request a copy of the association's master policy and review it with your insurance agent to identify any coverage gaps. Also verify that the association's policy includes adequate loss assessment coverage—if the building suffers major damage and the master policy doesn't cover everything, unit owners may be assessed thousands of dollars each.
How to Get Started
Shopping for home insurance in Margate requires patience and comparison work. Start by getting quotes from at least three to five insurers—rates can vary dramatically. Work with an independent insurance agent familiar with Broward County who can access multiple carriers and explain the trade-offs between different policies. Don't just compare premiums; look at coverage limits, deductibles, exclusions, and the insurer's financial strength and claims reputation.
Document your home's features and upgrades before you shop—knowing your roof's age, whether you have impact windows, and your home's square footage will speed up the quoting process. If you're buying a home, try to get insurance quotes before you close so you understand your total monthly housing costs. And remember, the cheapest policy isn't always the best value. In Florida's volatile insurance market, financial stability and reliable claims service matter as much as premium cost. You want an insurer that will still be there—and paying claims—after the next big storm.
