Before being best known as President Donald Trump’s favorite place to call home, Palm Beach had long been famous for its gorgeous beaches.
But its reputation doesn’t end there: the region is also known for having one the highest homeowners insurance rates in the state of Florida. According to Value Penguin, Palm Beach County residents pay an average of $4,521 annually for home insurance – 57 percent more than the state mean.
For a home built after 2001 with a $300,000 current replacement value, insurance quotes would range from $2,698 to $5,493, according to the Florida Office of Insurance Regulation. This may sound like a huge difference, but that is because homeowners insurance rates depend on a variety of factors.
This means one Palm Beach resident might pay less than the county average, while another might be more. In short, it all comes down to your specific circumstances. You can find a quick and accurate quote here.
Below are a few risks every Palm Beach homeowner should know about.
West Palm Beach
Before the 1960s, the region to the west of the county was mostly vast areas of wetland. Due to its natural makeup, it might come as no surprise that many homes on the west side of Palm Beach are in a high-risk flood zone.
According to the Sun Sentinel, the Federal Emergency Management Agency (FEMA) finalized new flood hazard zone maps in 2017. The new maps show a majority of high-risk properties are in the western part of Palm Beach County, including Royal Palm Beach, Wellington, Greenacres, and Westgate.
While not everyone is required to purchase flood insurance, experts still urge homeowners to consider it as flooding can happen anywhere.
East Palm Beach
Further east, Palm Beach County homeowners also face flood risk due to their proximity to the Intracoastal Waterway.
Parts of Palm Beach Island, the easternmost town in Florida is located on an 18-mile long barrier island between Lake Worth and the Atlantic Ocean, is also considered a high-risk flood zone, with its total area being 62.5 percent water.
Hurricane risk is also persistent in this area, which is highly susceptible to storm surge. Residents here were ordered to evacuate during Hurricane Irma.
It is impossible to predict when the next hurricane will hit Palm Beach County, so it is important that homeowners have the necessary coverage in place. Unfortunately, many in the past have waited until it was too late.