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The average annual cost of homeowners insurance in Orlando is $1,432 for $250K in dwelling coverage — just a few dollars more than the national average of $1,428. Bankrate’s insurance editorial team, which includes licensed agents, took a deep dive into cheap home insurance in Orlando, Florida, to help policyholders find ways to save money. Based on our research, Allstate and State Farm are offering some of the most affordable Orlando homeowners insurance.
Best cheap home insurance companies Orlando
To find the best homeowners insurance companies in Orlando, we considered factors like available coverage types, average rates, discount opportunities and third-party ratings, including the results of 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 Nationwide and State Farm offer some of the best cheap home insurance in Orlando.
Bankrate awarded each provider a Bankrate Score with a maximum of 5.0 points. Bankrate Scores are based on affordability, availability, claims handling, customer support and financial strength. The intent of our evaluation is to help Orlando policyholders make informed homeowners insurance decisions.
Note that due to the complex state of home insurance in Florida, coverage may be limited to certain areas or homes with certain features. Contacting a local agent is likely the best way to learn more about your options.
|Home insurance company
|Average annual premium for $250K dwelling coverage
|J.D. Power score
Allstate offers unique types of coverage, such as protection for your sports equipment, green improvement reimbursement, yard and garden coverage 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. Policyholders may earn a discount by equipping their homes with fire protection and theft devices, being claims-free for a specific time period and signing up for automatic payments. However, the insurer’s average premiums are higher than some other companies.
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, plus farm and ranch insurance. Customers can potentially save on their premiums by looking into discounts for things like bundling policies. You may also get a discount if your home is equipped with safety and security devices, such as burglar, fire or smoke alarms, or an impact-resistant roof. However, State Farm does not provide online quotes to Florida homeowners.
Learn more: State Farm Insurance review
Home insurance coverage options in Orlando
Several types of coverage are included in standard Orlando home insurance. An example is dwelling coverage, which (as the name suggests) pays for damage to your home resulting from a named peril, such as a fire. Other types of coverage are optional. Sometimes called endorsements, optional coverages may provide more robust financial protection in case of an event that’s not covered by a basic policy.
Orlando homeowners may want to consider the following optional coverage types when purchasing a home insurance policy in Florida:
- Flood insurance: Flood insurance is not typically covered in a standard home insurance policy. This type of coverage may be available directly through your insurance provider, or you can purchase it through the National Flood Insurance Program.
- Hurricane insurance: Windstorm insurance in Florida is important, given the state’s location. In 2022, Hurricane Ian alone caused $109 billion in damage, with thousands of homes damaged and destroyed.
- Sump pump and sewer backup insurance: Sewer backup insurance covers damage from standing sewage anywhere in your home. This can occur due to flooding or extreme weather but is just as likely to be the result of clogged pipes or tree roots growing into your pipes.
Home insurance discounts in Orlando
Many home insurance companies offer opportunities to save on home insurance in Orlando. One of the best ways to find out which discounts you may qualify for is to ask an agent. Here are a few common discounts you may want to inquire about.
- Affiliation discounts: Many insurers offer special discounts for seniors, active military and veterans and members of certain organizations.
- Loyalty discounts: Some insurance companies reward long-time members with loyalty discounts.
- Bundle discounts: Several insurers extend discounts to customers who purchase multiple policies, such as home and auto insurance.
- Payment discounts: Select providers offer discounts for automatic payments or on-time payments.
- Safety and security device discounts: Some insurers provide discounts for homes equipped with safety and security devices, such as burglar alarm systems, fire alarms and smoke alarms.
- New and renovated home discounts: Other companies discount home insurance rates for newly constructed homes or renovated homes.
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 hefty savings. You may also earn substantial savings by purchasing new construction or equipping your house with safety and security devices.
Frequently asked questions
The best home insurance company for you will depend on your personal preferences, exact location and home’s characteristics. For example, if you live in a flood-prone area, you might want an insurer that also sells flood insurance. If you own valuable belongings, you might want a company that offers scheduled personal property coverage. Other factors that may be beneficial to weigh include good financial strength ratings, discount programs or affordable average rates. Experts recommend shopping around before choosing a provider.
Home insurance is not required in Orlando, although your lender may require that you purchase coverage to satisfy the terms of your mortgage. Regardless, home insurance is usually recommended by financial experts, as it protects your home and your belongings should the unthinkable happen.
Strictly speaking, no, you cannot negotiate home insurance premiums. In fact, rates are generally set by each state’s Department of Insurance. That does not, however, mean that you can’t save money on your policy. Shop around, gather quotes from a range of carriers and make sure you’re getting all the discounts you’re qualified for in order to find the best cheap home insurance in Orlando.
Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for ZIP codes and carriers 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 will differ.
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 an auto 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.