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Edited by John Leach
Last Updated February 28, 2022
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Orlando, FL Homeowners Insurance
Orlando, Florida, is a magical place to visit and reside. This central Florida city is home to the two most internationally known theme parks, Walt Disney World and Universal Studios Florida. Each year, Orlando brings in tens of millions of tourists. But beyond tourism is a metropolitan population of over two million residents. Residents of the City Beautiful get to live in a subtropical climate with mild warm winters. And at one to two hours’ drive away, the Atlantic Ocean and Gulf are practically at their feet. Though owning a home in a subtropical climate often comes with a high price. In the state of Florida, hurricanes are far too common. And the rainy season is drawn out from May to September. On top of the tricky weather comes Orlando ’s high crime rate and high cost of living.
With all the things that could go wrong in Orlando, how can a property owner in the city protect their home? The answer is homeowners insurance. With so many costs to keep up with, here are some ways homeowners can save.
Start by checking out Insurify’s home insurance comparison tool. You’ll know you’re getting the best homeowners insurance at the best rates for your home in Orlando, FL.
Cheapest Home Insurance Companies in Orlando
For homeowners in Orlando, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Orlando. The following are the best insurance rates from carriers that offer homeowners insurance in Orlando.
How to Find Cheap Home Insurance in Orlando
Orlando, Florida, is currently a seller’s market, with home prices increasing by almost 10 percent year over year. If you’ve managed to purchase a home in Orlando, you know that homeownership can be costly. And there are certain risks like natural disasters, theft, and vandalism that can damage your home. Having a home insurance policy that doesn’t drain your bank account is the best option for homeowners in the Sunshine State.
Florida home insurance is not required by law, but your lender may require you to purchase a policy. But don’t worry; there are different property insurance coverage options available. Coverage options are dependent on the property type, location, and other factors of your home. Insurance costs can come at a high price, but there are still ways to get the cheapest and best Orlando, Florida homeowners insurance.
Keep reading for a full guide on Orlando home insurance.
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Cheapest Home Insurance in Orlando by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.
As of 2021, the average home insurance premium in the Orlando area costs $2,312 annually, and the median home value is $269,743.
Orlando, Florida, has higher home insurance premiums and increased living expenses to go along with it. That means property owners should save where they can. Homeowners insurance is no exception. Did you know that there are insurance options for everyone? And based on your insurance options, you could score a better deal on your home insurance premium. When it comes to pricing, no two home insurance companies are alike. So you’ll see that average rates vary when you compare homeowners insurance companies like Allstate and State Farm. To get the lowest price on home insurance, start by comparing insurance carriers in Orlando by company.
Below, you’ll find the average cost of homeowners insurance in Orlando, FL.
|Average Home Cost in Orlando||Average Annual Insurance Premium in Orlando|
Average Annual Home Insurance Premium in Orlando by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Orlando for Home Insurance
Floridians are no strangers to the high costs associated with living expenses. But don’t worry, there are considerations you can make for your home in Orlando, Florida.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on our annual premiums.
Rates in Orlando can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Orlando
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
Natural Disasters and Flood Insurance In Orlando
Have you recently moved to Orlando, Florida? Or have you lived in the Sunshine State for years? You’ve probably heard that Orlando gets a lot of crazy storms. Hurricanes and tropical storms make landfall in Florida and cause property damage to homes of all shapes and sizes. The standard home insurance policy in Orlando covers wind damage. But what policyholders usually miss is that home insurance and condo insurance does not include water damage.
You will likely have to purchase separate flood insurance. Flood insurance is available through the National Flood Insurance Program. This program provides low-cost flood protection. Talk to your insurance agent about adding a separate flood insurance policy. You can add it to your existing homeowners insurance policy.
Best Home Insurance Companies in Orlando
By now, you know that the cost of home insurance in Orlando can run you higher than other areas in Florida. To get the best home insurance quote from insurance agencies, you need to think of the different ways you can save. You can try a higher deductible to lower your home insurance premium. Remember that the deductible should not be so high that you can not afford the cost if you have to file a claim.
Next, you can try bundling insurance products. Bundling works by combining multiple policies like auto insurance and life insurance with home insurance into one policy. Insurance companies love when their customers bundle products. It means the company is getting more business from each customer. Usually, you can get a good discount or deal with bundling products under one insurer. Bundling is often available on most insurers ’ websites. You can also talk to your insurance agent about available bundling deals.
Finally, you should always get a quote by comparing insurance companies. Insurify makes it easy to compare the best insurance companies and insurance options available. It only takes a few minutes to fill in, and then you get quotes delivered straight to your email in seconds. You should try it now to see how much you can save!
How to Find the Cheapest Home Insurance in Orlando
Orlando, Florida, is one of the most famous cities in the Sunshine State. But the high living expenses don’t have to get you down. Homeowners can relax and enjoy their property when they have the best cheap home insurance rates .
Use Insurify to compare home insurance premiums for your property in Orlando .
Frequently Asked Questions
Flood damage is not covered on a standard Orlando home insurance policy. You’ll have to contact your local agent and add a flood insurance policy for flood damage to be covered.
Many insurance providers like Nationwide offer business insurance in Orlando. Talk to your insurance agent to find out if you can add business insurance to an existing policy.
Bundling can give you a discount on home insurance rates when you add home insurance to an existing policy like car insurance. Insurance companies want their customers to buy more insurance products, so it never hurts to find out!
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