Best cheap homeowners insurance in Jacksonville

The latest Census Bureau results indicate that 56.4 percent of Jacksonville residents own the home they live in. The average cost of homeowners insurance in Florida is more than 17 percent higher than the national average of $1,383, so many homeowners are likely looking for ways to save on their premium.

Jacksonville homeowners pay less than the statewide and national average for home insurance with an annual average of $1,063 for $250,000 in dwelling coverage, but some companies offer average rates below this figure. Bankrate’s survey of cheap home insurance companies in Jacksonville found that the cheapest carriers include Southern Farm Bureau and Nationwide.

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 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.

Bankrate evaluated and rated each company based on a 5-point scale to assign each carrier a Bankrate Score. To further evaluate customer service, we also analyzed each provider’s claims handling, policy management tools and online and mobile resources.

Southern Farm Bureau

Among our best cheap home insurance picks, Southern Farm Bureau offers the lowest average  premiums in Jacksonville for $250,000 in dwelling coverage. The carrier’s standard homeowners policies include dwelling, personal property, loss of use, medical payments, other structures and personal liability coverages. For homeowners looking to work with a local agent, Southern Farm Bureau 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.

Nationwide

Nationwide may be the best carrier for buyers of newer homes in Jacksonville. The company offers a discount to new policyholders who purchased a home in the last 12 months. Policyholders may also earn a discount for bundling their home and auto insurance, renovating their home and remaining claims-free. For homeowners looking for additional coverage, Nationwide offers endorsements for identity theft coverage, high-value items coverage and flood insurance. Potential customers should note that the insurer scored below average in J.D. Power’s 2022 Home Insurance Study.

Learn more: Nationwide Insurance review

Chubb

Although Chubb’s average home insurance premium is higher than the average for Jacksonville, 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. Chubb home insurance policies also cover tree removal following covered storm damage and lock replacement for lost or stolen keys. Despite these extras, Chubb did score below average in the 2022 J.D. Power Home Insurance Study.

Learn more: Chubb Insurance review

Allstate

Allstate could 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 the highest average annual premium on our list, the provider also earned the highest J.D. Power score and Bankrate Score. Additionally, customers 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. Homeowners looking for digital policy management may be satisfied with State Farm’s user-friendly website and mobile app.

Learn more: State Farm Insurance review

Home insurance coverage options in Jacksonville

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. For instance, on June 8, 2020, a severe storm dropped 5 to 10 inches of rain on Jacksonville during a six-hour period. Subsequent tornadoes downed trees and powerlines and damaged roofs.  While standard homeowners policies cover wind damage, they do not cover losses caused by flooding.

For maximum protection, you may want to consider these optional coverages:

• Flood insurance: If the carrier you insure your home with does not offer flood insurance, you may consider the National Flood Insurance Program (NFIP) which provides homeowners with affordable flood insurance.
• Business coverage: Home-based businesses and commercial activities may not be covered by a standard HO-3 insurance policy. Business coverage steps in to provide financial protection if your work-related computers, equipment or inventory are damaged or stolen in a covered peril.
• 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 could 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 up to a 15 percent discount on homeowners insurance for homes equipped with safety features like a sophisticated 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.

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 replace your home’s roof in the future, your provider might give you a discount. When it is time to renew your policy, it could be a good idea to talk to your insurance agent to find out if you qualify for discounts.

Frequently asked questions

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    What is the best home insurance company?

    The best homeowners insurance company for you may vary based on your location, home details, budget and coverage needs. While Southern Farm Bureau and Nationwide offer some of the cheapest home insurance in Jacksonville, State Farm received a higher customer satisfaction score from J.D. Power. The best home insurance company for you will likely depend on your own personal rating factors, as well as the company’s available coverages, discounts and ratings.
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    What is the average cost of home insurance in Jacksonville, Florida?

    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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    Do I need renters insurance in Jacksonville?

    Local and state laws do not require renters to purchase renters insurance, but some property owners do. Renters insurance covers your personal belongings and provides personal liability protection that can pay medical and 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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    Methodology

    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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    Bankrate Score

    Bankrate Scores are calculated on a five-point scale and primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support.To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from J.D. Power, AM Best, S&P, NAIC, and Moody’s had the most impact on the companies’ Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider.While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer’s online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores.