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The cost of Orlando homeowners insurance is on the rise. According to Bankrate’s analysis of average rate data, Orlando homeowners pay an average annual homeowners insurance premium of $1,432 for $250,000 in dwelling coverage in 2022, an increase of more than $200 compared to 2021 rates. However, the average rates may not reflect what you will pay for a homeowners insurance policy. Home insurance companies will typically determine rates based on many factors, including your home’s age, location and other factors.
Given the increasing cost of homeowners insurance in Orlando, you may be looking for the best cheap homeowners insurance options to protect your family. Well, the good news is that you don’t typically have to sacrifice coverage or quality for price. There are options for finding affordable coverage that will protect your finances from losses related to covered perils. To get you started, Bankrate has outlined the best cheap homeowners insurance companies in Orlando below based on average rate data provided by Quadrant Information Services.
Best cheap home insurance companies Orlando
To find the best homeowners insurance companies in Orlando, we considered factors like policy offerings, price, discounts, availability and third-party ratings and rankings, including the J.D. Power 2022 U.S. Home Insurance Study. Based on our analysis of these factors and average premium data from Quadrant Information Services, Bankrate found that ASI/Progressive, Southern Farm Bureau and Nationwide offer some of the best cheap homeowners insurance in Orlando. Please note, though, that while we have confirmed all insurance providers on this list do write home insurance policies in Florida, coverage may be limited to certain areas or homes with certain features. You may need to contact a local agent to discuss your options.
We also awarded each provider a Bankrate Score with a maximum score of 5.0. Bankrate Scores are awarded based on how each provider performs based on affordability, availability, claims handling, customer support, financial strength and price. By evaluating the providers using these factors, you may be able to narrow down the options to find the best homeowners coverage in Orlando for your needs at the most affordable price.
|Home insurance company||Bankrate Score||Average annual premium for $250K dwelling coverage||J.D. Power score|
|Southern Farm Bureau||4.0||$658||Not rated|
ASI/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. But while ASI/Progressive offers some of the most affordable home insurance for Orlando homeowners, it’s worth noting that the carrier ranked lower than many of the other providers in the 2022 J.D. Power Home Insurance Study.
Learn more: Progressive Insurance review
Southern Farm Bureau
Southern Farm Bureau sells home insurance in six states, including Florida. The carrier’s standard home insurance policies are packaged to help protect your property from damage to the structure and to the contents, and the average cost of a policy with $250,000 in dwelling coverage makes it one of the most affordable options. In addition, Southern Farm Bureau also sells flood insurance, which many homeowners may need. However, the provider only sells home insurance policies through four Orlando agents, which could make it a less than ideal option for some homeowners.
While Nationwide ranked 10th in the J.D. Power 2022 U.S. Home Insurance Study, it earned a below average overall customer satisfaction score. Still, Nationwide may be worth a look for some Orlando homeowners. The provider offers the third-lowest average home insurance rates on this list and earned a 4.1 Bankrate Score. Plus, Nationwide’s savings programs offer several ways to save on homeowners insurance, with claims-free, gated community, home renovation, multi-policy, new home purchase, roof rating and smart home discounts. In addition, the carrier’s standard home insurance policies include a few extras that most insurers only offer as an add-on.
Learn more: Nationwide 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 for those who need Airbnb insurance, which provides up to $10,000 in personal property protection for home-sharing. To help you save, there are discounts for Responsible and EasyPay payment discounts, plus savings when you are claims-free. Policyholders may also earn a discount by equipping their homes with fire protection and theft devices and by signing up for automatic payments. But while Allstate offers unique perks to homeowners, the insurer has some of the highest average rates of the carriers on our list.
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, you could consider opting for higher deductibles or looking into discounts the company offers for things like bundling policies or installing a home security system. You may also earn a discount if your home is equipped with safety and security devices, such as a burglar, fire or smoke alarms, or by installing an impact resistant roof. However, State Farm’s average homeowners insurance rates are some of the highest on this list, which is also worth considering.
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 automatic payment or on-time payment discount, are an easy way to save money on your insurance.
- Safety and security device discounts: Some providers offer homeowners insurance discounts for homes equipped with safety and security devices, such as burglar alarm systems, fire alarms and smoke alarms.
- New and renovated home discounts: If you purchase a newly constructed home or renovate your home, your insurer might offer a discount on your home insurance.
Bundling auto and home insurance policies is often the easiest way to reduce your premium, and depending on the insurance company, it could result in the most substantial savings via bundling discounts. You may also earn substantial savings with some insurers by purchasing a newly constructed home or equipping your current dwelling with safety and security devices.