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32940, FL Home Insurance

In the zip code of 32940, the population size is around 44,869, which consists of 18,890 occupied homes in your area. We often hear homeowners ask us what the average home insurance premiums are for residence living in Melbourne, FL. A few years ago, a study was done and found that the average home insurance rates for Florida are around $1,657 per year for a standard homeowners policy. At, we help homeowners find cheaper rates and better coverage for an existing or new home purchase opportunity. We have partnered with 12 major home insurance companies that have the most competitive rates for homes in the 32940 zip code location. Our savings model helps you not only save up to 40% or more, but also includes enhanced coverage options to help protect your home and family while livings in Melbourne. If you enter your zip code for the home you would like to shop and compare rates for today, we can help you review the premiums and coverage online or over the phone. Give us a call now at 1-888-685-4704 so we can help you compare rates today!

If you would like to review more information on rates within your area, please click Melbourne, FL Homeowners Insurance Online Rates Today!

32940 Home Insurance Average Premiums

Local 32940 homeowners insurance quotes comparison

$1407 /yr.

Shows Zip Code: 32940 lowest rates with discounts applied on average.

For the 32940, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.

Coverage Amount:Annual Premium
1800 sq. ft. or below
(discounts applied)
$1407 /yr.
Average Coverage:$1657 /yr.
2600 sq. ft. or higher
(all discounts applied)
$1957 /yr.

What is the average home insurance cost for a home in 32940?

  • • The average homeowners insurance premium paid annually for a home in 32940 is around $1657 per year.

What does it cost on average per month for home insurance in 32940?

  • • Homeowners in 32940 pay a monthly average cost per month around $138.00.

What kind of discount could I get if I combine my home and auto insurance together in 32940?

  • • Autoowners in 32940 can receive a 20% to 25% discount if they own a home and would like to group or bundle their car and home insurance together with one insurance company.

For shopping home insurance rates within the Melbourne area, check out other zip codes nearby 32940.
Review average rates in another zip code:
32934 homeowners insurance rates
32901 homeowners insurance rates
32935 homeowners insurance rates
32940 homeowners insurance rates
32904 homeowners insurance rates

Home Replacement Cost Coverage in 32940

Average Building Cost Per Square Foot in 32940: $167

Location: Melbourne, Florida (Brevard County)

Average Square Footage in 32940: 2,008 Sq. Ft.

When building or updating a home, it's always good to review the average cost per square foot to build in 32940 before you start any project. Melbourne homeowners pay on average around $167 per square foot to build a home. Another great reason to know the average cost to build is for your homeowners insurance policy. A standard homeowners policy will help you cover the replacement cost of your home due a fire or any other named perils on your policy. Calculating your dwelling coverage for your home in 32940 is extremely helpful when estimating how much replacement cost coverage you need. We highly recommend that you have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.

Here is how you determine your replacement cost. If we take an average home in 32940 and want to estimated the dwelling coverage, than we will need the square footage of the home which is 2,008 sq. ft. and the average cost to rebuild the home in this area is around $167 per square foot would be considered a base estimate cost. These two numbers would allow us to generate the replacement cost needed for an average size home in the Melbourne area. If the home is new or has been upgraded, you will want to add $50 to $100 or more per square foot to equally cover the replacement cost to restore a home back to it's original condition.

Home Improvement StatusPrice per Sq. Ft.Square FeetDwelling Coverage
Basic Home Features$1672,008$335,400
Additional Upgrades & Added Features$2092,008$419,250
Major Home Updates or Advancements$2512,008$503,100

It's important to understand that when you estimate your replacement cost of your home in the 32940 zip code area, it will be the cost to replace the structure of your home, not the additional value of the property that is factored in when purchasing a new home.

Best Homeowners Insurance Agencies in 32940

Best Home & Auto Insurance Agencies in 32940

Allstate Insurance Companies

Address: 1300 Bedford Dr Melbourne, FL 32940

State Farm Insurance, Melbourne FL

Address: 4865 N Wickham Rd, Ste 102 Melbourne, FL 32940

Housing Demographics for 32940

Population Review for 32940 Zip Code

For the city of Melbourne, the population within 32940 has increased to over 55,323 residents in population size. The current population total is 44,869. We have broken down the population based on race below. In 32940, there are over 21388 in male population and 23481 females.

Total Population44,869
White Population35082
Black Population1714
Hispanic Population4631
Asian Population2200
Hawaiian Population29
Indian Population106
Other Population898
Male Population21388
Female Population23481
Population Estimate55323

Household Data for 32940

The average number of homes in 32940 is around 18,890, there are an average of 2.35 per household. The average house value according to local real estate values is around $335,400. Please review the following demographics below for average income and media age.

Housing / Income DataValues
Households Per Zipcode18,890
Persons Per Household2.35
Average House Value$335,400
Income Per Household$86347
Median Age50.7
Median Age Male49.3
Median Age Female52.1
32940 DetailsValues
State Full NameFlorida
City TypeP
City Alias Abbreviation
Area Code321/689
City Alias NameMELBOURNE
County FIPS009
State FIPS12
Time Zone5
Day Light SavingY
CBSA_NamePalm Bay-Melbourne-Titusville, FL
MSA_NameMelbourne-Titusville-Palm Bay, FL MSA
DivisionSouth Atlantic
Economic & Growth ReviewValues
Number Of Businesses1212
Number Of Employees15910
Business First Quarter Payroll175592
Business Annual Payroll749672
Business Employment Flag
Growth Rank0
Growth Housing Units 2003
Growth Housing Units 2004
Growth Increase Number0
Growth Increase Percentage0.0
Metropolitan DetailsValues
CBSA Population543376
CBSA Division Population0
Congressional District08
Congressional LandArea1752.06
Delivery Residential23542
Delivery Business1236
Delivery Total26150
Preferred Last Line KeyY22370
Classification Code
CSA Name
City State KeyY22370
Land Area57.297000
Water Area1.259000
City Alias Code
City Mixed CaseMelbourne
City Alias Mixed CaseMelbourne
Box Count0
State ANSI12
County ANSI009
ZIP Intro
Alias Intro
Facility CodeP
City Delivery IndicatorY
Carrier Route Rate SortationD
Finance Number115790
Unique ZIP Name
SSA State County Code10040
Medicare CBSA Code37340
Medicare CBSA NamePalm Bay-Melbourne-Titusville, FL
Medicare CBSA TypeMetro
Market Rating Area ID5
County Mixed CaseBrevard

Florida Homeowners Insurance News & Information

  • Florida has 7 New Home Insurance Companies Entering the Market Posted on Friday 1st March, 2024

    Recently, Florida has seen seven new insurance companies enter the market for homeowners coverage. Currently, the average premium for homeowners coverage is $6,000 a year in the Sunshine state compared to a nationwide average of just $1,700 a year, according to the Insurance Information Institute.  The Insurance Information Institute is hopeful that the new insurance […]

  • What exactly is a FAIR Plan? Posted on Tuesday 2nd January, 2024

    If you live in an area where severe weather is common, or wildfires pop up every summer you may have trouble finding affordable home insurance coverage. If homes in your area are repeatedly damaged or destroyed by a covered peril, insurers may pull out of the entire area, refusing to write policies in your neighborhood. […]

  • Florida Homeowners Advance From Citizens into Private Companies Posted on Tuesday 5th December, 2023

    Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]

  • 2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023

    The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies.  Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]

  • Fall 2023: Florida Homeowners Insurance Premium Update Posted on Tuesday 24th October, 2023

    Despite the fact that the Florida legislation finally passed a couple of bills to deal with the ever-increasing cost of homeowners insurance, it seems unlikely that premiums will start to fall anytime soon according to a report put out by Karen Clark & Company (KCC), a risk modelling firm. The recent report, titled “Managing Expectations: […]

  • Citizens Property Insurance Corporation Citizens Property Sends Out Letters Posted on Wednesday 27th September, 2023

    Soon, hundreds of thousands of Citizens Property Insurance Company policyholders will be getting a letter in their mailbox asking them to move their policy to a private insurance company and away from Citizens, the state-backed insurer of last resort. Citizens Property is using the letters as part of its “Depopulation” effort that was approved by […]

  • 5 New Homeowners Insurance Companies Step into the Florida Insurance Market Posted on Wednesday 27th September, 2023

    Florida’s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over hundreds of thousands from Citizens Property, Florida’s insurer of last resort. This could lead to more insurance options for residents of the Sunshine State soon. The five companies in the mix […]