Best cheap homeowners insurance in Jacksonville
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Although the average cost of homeowners insurance in Florida is more than 17 percent higher than the national average of $1,383, Jacksonville homeowners actually pay less than the statewide average. The average cost of a home insurance policy with $250,000 in dwelling coverage in Jacksonville is $1,063 per year. Bankrate’s survey of cheap home insurance companies in Jacksonville found that the cheapest carriers include Security First and Southern Farm Bureau.
Best cheap home insurance companies Jacksonville
To find the cheapest homeowners insurance companies in Jacksonville, Bankrate compared average rates based on data provided by Quadrant Information Services. To narrow the list down to a handful of carriers, we selected insurance providers with low average rates, high customer ratings from the 2022 J.D. Power Home Insurance Study and strong financial strength ratings from AM Best. We also looked for providers with a variety of insurance coverage options and discounts. Using these factors, we evaluated and rated each company based on a 5-point scale to assign each carrier a Bankrate Score.
Based on our research, Security First, Southern Farm Bureau and Chubb offer some of the cheapest average home insurance rates in Jacksonville. The providers listed in the table below offer competitive average rates for Jacksonville homeowners and earn high Bankrate Scores.
| Home insurance company | Bankrate Score | Average annual premium for $250K dwelling coverage | J.D. Power score |
|---|---|---|---|
| Security First | Not rated | $456 | Not scored |
| Southern Farm Bureau | 5.0 | $541 | Not scored |
| Chubb | 4.2 | $1,125 | 809/1,000 |
| Allstate | 4.2 | $1,248 | 815/1,000 |
| State Farm | 4.8 | $1,261 | 829/1,000 |
Security First
Among our best cheap home insurance picks, Security First offers some of the lowest average premiums in Jacksonville for $250,000 in dwelling coverage. Security First exclusively serves Florida homeowners with a breadth of coverage packages ranging from bare-bones dwelling-only coverage to an extensive HO-5 policy. Potential endorsements include flood insurance, equipment breakdown coverage, identity theft coverage and more. Although they offer affordable rates, the National Association of Insurance Commissioners (NAIC) reports an above-average complaint index for the company’s home insurance product.
Southern Farm Bureau
Southern Farm Bureau has fairly limited coverage option information on its website, but for homeowners looking to work with a local agent, the carrier sells home insurance through five Jacksonville agencies. The company may not be the best choice for homeowners looking for digital policy management as its mobile app is poorly rated by some users.
Chubb
Chubb primarily writes insurance policies for high-value homes. Although the carrier’s average home insurance premium is higher than the Jacksonville city average, its standard home insurance policies include features not typically offered by other insurers. For instance, Chubb homeowners insurance policies include extended replacement cost dwelling coverage, electronic data recovery coverage and cash settlement options up to your policy limit after a covered total loss. Despite these extras, Chubb did score below average in the 2022 J.D. Power Home Insurance Study.
Learn more: Chubb Insurance review
Allstate
Allstate may be a good homeowners insurance company for customers looking to customize their home insurance policy. The carrier offers potential add-ons for water backup coverage, electronic data recovery and even sports equipment coverage. Although it doesn’t have the lowest average premium on our list, policyholders may be able to save with discounts and deductible reductions for remaining claims-free. For homeowners who rent out their property, Allstate’s HostAdvantage program could offer additional protection for items stolen or damaged by renters.
Learn more: Allstate Insurance review
State Farm
Although State Farm has one of the highest average annual premiums on our list, the provider also earned a high J.D. Power score for customer satisfaction, likely due to its strong digital tools and local agent availability. Policyholders may have the opportunity to lower their premium by taking advantage of State Farm’s discounts for installing protective devices, upgrading their roof, and bundling car and home insurance.
Learn more: State Farm Insurance review
Home insurance coverage options in Jacksonville
As of 2022, homeowners pay an average of $1,648 per year for homeowners insurance in Florida, while Jacksonville residents pay an average of just $1,063. Although home insurance is not legally required, Jacksonville is vulnerable to hurricanes, tropical storms, tornadoes and flooding. In November 2022, Hurricane Nicole became the first hurricane since 1985 to make landfall in Florida and caused an estimated $1 billion in damages. During the late-season storm, Jacksonville homes experienced winds up to 55 mph.
Standard home insurance policies do not cover some perils that may affect Jacksonville homeowners, including flooding. For maximum protection, you may want to consider these optional coverage types available from many insurers:
- Flood insurance: If the carrier you insure your home with does not offer flood insurance, you may consider the National Flood Insurance Protection Program (NFIP).
- Replacement cost coverage: While a standard homeowners insurance policy offers financial protection for your personal belongings, it may only be up to their actual cash value — which factors in depreciation. Adding replacement cost coverage might help lower your out-of-pocket expenses following a covered loss.
- Water backup coverage: If your home sustains damage caused by a sewer backup, a standard homeowners policy may not cover the losses. Adding a water backup endorsement to your policy may help cover the costs.
Home insurance discounts in Jacksonville
You may be able to save on your home insurance premium if you’re eligible for discounts offered by your provider. Insurance companies may offer different discounts and typically list these on their website. Some of the more popular ones include:
- Multi-policy discounts: You may save on your premium by bundling your home insurance policy with additional policies, such as auto insurance, from the same insurer.
- Safety discounts: Some insurers offer discounts on homeowners insurance for homes equipped with safety features like a sprinkler system. Carriers may also offer discounts when you equip your home with a burglar alarm and deadbolt locks.
- Payment discounts: Setting up auto payments or prepaying your premiums for six months to one year in advance typically earns you a discount. It may also ensure that you do not miss a payment and risk a home insurance lapse.
- Roof improvement discounts: Your home insurance carrier may offer you a discount if your roof is newer or made of impact-resistant materials. Although roof replacements are expensive, your insurance provider might reward you for them with a hefty discount.
Discount types and amounts may vary by insurance company. While you might not qualify for a discount now, you might down the road. For example, if you sign up for a policy and remain claims-free for a period of time (typically three to five years), you might qualify for a claims-free discount.
Frequently asked questions
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The best homeowners insurance company for you may vary based on your location, home details, budget and coverage needs. While Security First and Southern Farm Bureau offer some of the cheapest average home insurance in Jacksonville, State Farm received a higher customer satisfaction score from J.D. Power in 2022. The best home insurance company for you will likely depend on your own personal rating factors, as well as the company’s available coverage types, discounts and ratings.
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Jacksonville residents pay an average of $1,063 per year for a homeowners insurance policy with $250,000 in dwelling coverage. However, this average rate may not reflect the price you will pay for home insurance. To get the lowest rate for your personal circumstances, most insurance professionals recommend you compare quotes from several insurance companies.
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The average annual cost of home insurance in Florida is higher than the national average because many parts of Florida are at risk for severe natural disasters, including hurricanes. Florida also has a high rate of home insurance lawsuits. These factors drive up costs for insurance companies, which typically charge higher premiums as a result.
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Local and state laws do not require tenants to purchase renters insurance, but some property owners do. Renters insurance covers your personal belongings and provides personal liability coverage that may pay for legal expenses if someone sustains an injury in your rental home. Renters insurance is usually very affordable, and buying it may be a smart way to protect your assets.
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Bankrate utilizes Quadrant Information Services to analyze 2022 current rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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 will differ.
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Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
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