Insurance is one of the first questions buyers relocating to Boca Raton and Delray Beach ask, and one of the most important things for owners to keep current. For a luxury home the rules are different from the averages you read about in the news. This guide explains how coverage works for higher-value homes in Palm Beach County in 2026 and what to have in place before you close or renew.
Why Citizens usually isn't an option
Citizens Property Insurance Corporation is Florida's insurer of last resort. By law, Citizens can only write homes with a dwelling replacement cost under $700,000 in most of the state, including Palm Beach County (the limit is $1 million only in Miami-Dade and Monroe counties). A Boca Raton or Delray Beach estate will almost always exceed that, so coverage comes from private insurers, including carriers that specialize in high-value homes and, for some waterfront properties, surplus-lines insurers.
For homes Citizens does cover, rates came down in 2026: Citizens' homeowners multiperil rates fell by an average of 8.8% statewide, taking effect July 1 for new policies and at renewal for existing ones. Citizens also now requires its policyholders to carry separate flood insurance, phased in by location and dwelling value.
What drives the premium on a luxury home
| Factor | Why it matters |
|---|---|
| Replacement cost | Insured value is what it costs to rebuild at today's construction prices, not the market value or the purchase price. |
| Year built and construction | Homes built under the post-2002 Florida Building Code, especially with concrete block construction, generally price better than older homes. |
| Roof | Age, material and how the roof is attached to the walls. A newer roof is often the single biggest savings. |
| Openings | Impact-rated windows and doors, or approved shutters, on every opening, including the garage door. |
| Location | Distance to the ocean and the Intracoastal, and the flood zone. |
| Hurricane deductible | Florida policies offer hurricane deductibles of $500, 2%, 5% or 10% of the dwelling coverage. A higher deductible lowers the premium but raises what you pay after a storm. |
| Claims history | Prior claims on the home and on the owner can affect eligibility and price. |
Wind mitigation credits
Florida requires insurers to offer discounts for features that reduce hurricane damage. A licensed inspector documents them on the state's uniform wind mitigation form: roof covering, roof deck attachment, roof-to-wall connections (clips or straps), roof shape (hip roofs score well), secondary water resistance and opening protection. On a large home the credits can be significant. Ask the seller for a current wind mitigation report, or order one during your inspection period. It costs little and is often worth it.
Roof age
Since 2022, Florida law says an insurer can't refuse to write or renew a policy only because of the roof's age if the roof is less than 15 years old. For older roofs, the owner can request an inspection to show the roof still has useful life. Older homes are also usually asked for a four-point inspection (roof, electrical, plumbing and heating and air conditioning). Buyers should know the roof's permit date before they make an offer, not after.
Flood is a separate policy
Homeowners policies in Florida don't cover flood. Flood insurance comes from the National Flood Insurance Program (NFIP) or from a private flood insurer. NFIP building coverage tops out at $250,000 and contents at $100,000, which is far below the value of most luxury homes, so owners commonly add excess flood coverage or use a private flood policy with higher limits. NFIP policies generally have a 30-day waiting period before coverage starts, which matters if you're buying in or near hurricane season. Our flood zone guide explains how to check a home's zone.
Condos are different
In a condominium, the association insures the building and you insure the inside of your unit, your belongings, your liability and your share of a special assessment (loss assessment coverage). Ask the association for its master policy summary and its deductible. After a hurricane, owners can be assessed for part of that deductible.
A checklist for buyers
| Before or during the inspection period |
|---|
| Ask the seller for the current declarations page, the wind mitigation report, the four-point inspection if any, the roof permit and the elevation certificate. |
| Send them to an independent insurance agent who works with high-value homes and get a written quote. |
| Price flood insurance separately, including excess flood if needed. |
| Confirm coverage is bound before closing. Lenders require it, and cash buyers should never close without it. |
This article is general education, not insurance advice. Coverage, eligibility and pricing vary by carrier and property. Please consult a licensed insurance agent about your specific home.
