Home Insurance in Key West, Florida
Homes in Key West carry a median value of $852,400 - 9% higher than the Monroe County median.
Because older housing stock often has aging wiring, roofing or plumbing, it can cost more to insure or rebuild. The typical home in Key West was built around 1968. About 39% of homes were built before 1960, about 24 points above Monroe County's 15%.
The housing stock in Key West is 54% single-family homes, 24% apartments in buildings with 5+ units and 2% mobile or manufactured homes. The rest are 2-4 unit or other housing types.
In Key West, about 50% of owner-occupied homes have a mortgage - lenders require hazard insurance on every mortgaged home.
Key West has an owner-occupancy rate of 49% and a vacancy rate of 26%; unoccupied homes typically need a different coverage form.
In Key West, 83% of homes are primarily heated with electricity.
What's the biggest home insurance risk near Key West? FEMA's National Risk Index points to coastal flooding (Very High) in Monroe County and Monroe County had 30,715 active NFIP flood policies as of September 2026. See the full Monroe County home insurance overview for all FEMA hazard ratings and flood coverage details. Flood damage is excluded from a standard homeowners policy.
In Florida, the statewide average premium for a standard HO-3 homeowners policy is $2,779 per year (NAIC, 2023 data).
Key figures
| Median home value | $852,400 |
|---|---|
| Median year built | 1968 |
| Owner-occupied share | 49% |
| Share of owner-occupied homes with a mortgage | 50% |
| Top county hazard | Coastal Flooding (Very High) |
| Active NFIP policies in Monroe County | 30,715 |
| Home insurance premium | $2,779 - statewide average (NAIC, 2023 data) |
Nearby towns
- Marathon
- Key Colony Beach
- Layton
- Islamorada, Village of Islands
- Everglades
- Marco Island
- Naples
- Bonita Springs
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)