Orlando is a thriving metropolis in Florida and an affordable one, too, with the average cost of homeowners insurance for a $250K dwelling costing about $1,230 per year. There are 60,969 owner-occupied Orlando properties, accounting for 55% of all properties. There’s more than just Disney World to see, and home prices are on the rise, contributing to inventory shortages with a 12% increase from 2020 to 2021 for an average home price of $285,000. By April 2021, that value increased to $295,000.
Whether you are buying a new home or happy in your existing property, you will still need to find the cheapest home insurance in Orlando to protect your family. These are the best cheap homeowners insurance companies in Orlando for 2021 based on average rates.
Best cheap home insurance companies Orlando
To find the best home insurance companies in Orlando, we consider factors like policy offerings, price, discounts, availability and customer service.
|Home insurance company||Average annual premium for $250K liability||J.D. Power customer satisfaction score|
In addition to the standard home insurance coverage, Travelers policies include loss of use coverage. Additional coverage options include special personal property, contents replacement, additional replacement protection, water backup and sump pump, identity fraud and green home coverage. There is also coverage for high-value items, like jewelry and valuables, with an optional personal article floater. Discounts offer possible extra savings when you have multiple policies, are a new homebuyer, have a green home or home security devices or are loss-free for a certain period of time.
Learn more: Travelers Insurance review
Progressive offers homeowners the basic home insurance protections they need, including loss of use coverage with the option for water back-up and personal injury protection. Discounts may apply when you bundle home and auto insurance, opt for paperless statements, pay in full, or receive an advance quote. There are also discounts for new home construction and alarm systems. Progressive also has its own network of contractors that may be able to offer discounted pricing if you use their services.
Learn more: Progressive Insurance review
Allstate offers unique types of coverage, such as protection for your sports equipment, green improvement reimbursement, yard and garden and electronic data recovery. It can even cover your business property if you bring your work home with you. In addition to manufactured and mobile home insurance, Allstate also offers its HostAdvantage® program when you need Airbnb insurance. To help you save, there are discounts for Responsible and EasyPay payment discounts, plus savings when you are claims-free. It also rewards its customers with savings like welcome and loyalty discounts, plus extra savings when you renew your policy early.
Learn more: Allstate Insurance review
Standard State Farm home insurance includes coverage for jewelry and collectibles, in addition to home and garden coverage. There is also protection from random acts and acts of nature, making for well-rounded homeowners insurance for Orlando properties. For more specialized coverage, State Farm offers insurance for manufactured homes, in addition to farm and ranch insurance. To help you save money, there is the option for higher deductibles with bundle, home security and roofing discounts.
Learn more: State Farm Insurance review
Orlando home insurance options
Homeowners insurance is not required by law, but experts still recommend it for every homeowner. Few people are able to afford the cost of replacement should a complete loss occur. There are several types of homeowners insurance that Orlando homeowners tend to choose:
- Flood insurance: Flood insurance is not typically covered in the standard home insurance policy. It may be available directly through your insurance provider, or you can purchase coverage through the National Flood Insurance Program.
- Hurricane insurance: Windstorm coverage is important when you live in Florida, sandwiched between the Gulf of Mexico and the Atlantic Ocean. Orlando is susceptible to high winds and hurricanes that can necessitate extra Florida windstorm insurance.
- Fire: Home fires can prove devastating to your home’s structure and belongings, but wildfires are not always covered without an add-on policy.
Home insurance discounts in Orlando
Many home insurance companies offer special discounts and savings programs to help you save on your home insurance in Orlando. Before you purchase a new home insurance policy, ask your provider if there are any discounts available, such as these.
- Individual discounts: Many companies will offer special discounts for seniors, active military and veterans, and members of certain organizations.
- Loyalty discounts: Often, insurance companies will reward long-time members with loyalty discounts.
- Bundle discounts: You may also receive extra savings if you have multiple policies with the same provider, such as your car insurance or life insurance.
- Payment discounts: Payment discounts, like an advance quote or payment discounts, are an easy way to save money on your insurance.
New construction is alive and well in the Sunshine State, with new residents moving to Florida each day. If you choose to buy a newly constructed home, many insurance companies will offer extra discounts since the risk of a claim is low. Some companies also offer home-sharing insurance that can come in handy if you decide to turn your home into a seasonal rental.
Frequently asked questions
What is the best home insurance company?
The best home insurance company for you depends on the type of home you have and your personal needs for your home.
How much does home insurance in Orlando cost?
The average cost of home insurance in Orlando is $1,230 per year for $250K dwelling coverage. The cost of your home insurance will depend on several rate factors, such as where you live, what kind of home you have, the coverage you choose and your credit score.
How much home insurance do I need in Orlando?
Home insurance is not required in Orlando, although your lender may require that you purchase a minimum amount of coverage to satisfy the terms of your mortgage. Regardless, home insurance is always a good investment, as it protects your home and all of your belongings if the unthinkable happens.
Bankrate utilizes Quadrant Information Services to analyze rates for all ZIP codes and homes in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes may be different.
Rates are determined based on 2021 Quadrant Information Services data.