Home Insurance in Palm Bay, Florida
Homes in Palm Bay carry a median value of $283,200 - 17% lower than the Brevard County median.
Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. The typical home in Palm Bay was built around 1993. About 1% of homes were built before 1960, about 6 points below Brevard County's 8%.
The housing stock in Palm Bay is 85% single-family homes, 8% apartments in buildings with 5+ units and 3% mobile or manufactured homes. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.
About 65% of owner-occupied homes in Palm Bay have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Palm Bay has an owner-occupancy rate of 80% and a vacancy rate of 9%; unoccupied homes typically need a different coverage form.
94% of homes in Palm Bay are primarily heated with electricity.
Brevard County had 42,035 active NFIP flood policies as of September 2026. Its top FEMA-rated hazard is hurricane (Very High). See the full Brevard County home insurance overview for all FEMA hazard ratings and flood coverage details.
The statewide average premium for a standard HO-3 homeowners policy in Florida is $2,779 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $283,200 |
|---|---|
| Median year built | 1993 |
| Owner-occupied share | 80% |
| Share of owner-occupied homes with a mortgage | 65% |
| Top county hazard | Hurricane (Very High) |
| Active NFIP policies in Brevard County | 42,035 |
| Home insurance premium | $2,779 - statewide average (NAIC, 2023 data) |
Nearby towns
- Malabar
- Grant-Valkaria
- West Melbourne
- Melbourne Village
- Melbourne Beach
- Melbourne
- Indialantic
- Indian Harbour Beach
Sources
Data last updated: 2026-09-29
- U.S. Census Bureau Gazetteer Files (2024)
- U.S. Census Bureau, American Community Survey 2020-2024 5-Year Estimates (2024)
- FEMA National Risk Index (December 2025)
- FEMA OpenFEMA NFIP Redacted Policies v3 (2026)
- NAIC Dwelling Fire, Homeowners Owner-Occupied, and Homeowners Tenant and Condominium/Cooperative Unit Owners Insurance: Data for 2023 (published 2026) (2023)