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Best cheap home insurance in Orlando in 2024
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
The best 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 2024 U.S. Home Insurance Study. Based on our analysis of these factors and average premium data from Quadrant Information Services, Bankrate found that Allstate 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.
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why Allstate made our list: Allstate offers unique types of coverage, such as protection for sports equipment, yard and garden coverage and boat insurance options, which may be beneficial to Orlando homeowners due to Florida’s warm year-round climate. 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.
Why Allstate may be the best for home sharing: 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. Orlando is one of America’s vacation hot spots and home-sharing coverage in Florida is hard to come by, making Allstate a stand-out option.
Learn more: Allstate Insurance review
| Bankrate Score | 4.2 |
| J.D. Power | 631/1,000 |
| AM Best Rating | A+ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Why State Farm made our list: State Farm is the largest home insurer in Florida. While Floridan homeowners can not get a quote online, State Farm is still actively writing home insurance policies over the phone and in person. Along with standard coverage options, State Farm offers additional personal property coverage for specialty items like jewelry, furs and collectables. Some Orlando homeowners may qualify for an additional wind mitigation discount if their roof passes the Uniform Mitigation Verification Inspection.
Why State Farm may be the best for local agents: In a disaster-prone area like Florida, having a local agent nearby when it is time to file a claim can bring peace of mind to many homeowners. In addition to local claim agents, State Farm has mobile catastrophe response centers and trailers that can reach anywhere in the continental U.S. within 48 hours of a disaster striking.
Learn more: State Farm Insurance review
| Bankrate Score | 4.2 |
| J.D. Power | 643/1,000 |
| AM Best Rating | A++ |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
JD Power
Not rated
Why Tower Hill made our list: In Florida, Tower Hill insurance is written under the name Tower Hill Insurance Exchange (The Exchange). While the name is new, Tower Hill Insurance Group has been insuring homes in Florida for the past 51 years. This company offers several policy endorsements for customized coverage, agents with the experience of underwriting and service home insurance in Florida and private flood insurance policies. The Exchange has a solid financial outlook with an A Exceptional rating from Demotech and an A- financial stability rating from KBRA.
Why Tower Hill may be the best for reciprocal insurance: Another standout feature of The Exchange is that it is a reciprocal insurer, meaning that the policyholders insure each other and will share in company losses and profits. While The Exchange hasn’t reached underwriting profitability yet, when it does, policyholders will be enrolled into a Subscriber Savings Account (SSA) where they can monitor their dividends.
Learn more: Tower Hill Insurance review
| Bankrate Score | 3.9 |
| J.D. Power | |
| AM Best Rating |
Bankrate Score
Avg. annual premium
$300K dwelling coverage
Not available
JD Power
Not rated
Why Kin made our list: Kin is a newer insurance company that specializes in home insurance for states at high-risk from extreme weather damage. By parking a direct-to-consumer model with the latest innovation in technology and underwriting, Kin feels they are able to offer more accurate premiums and offer coverage in locations other carriers can’t. Currently, Kin is available in nine states, with Florida being one of them.
Why Kin may be the best for private flood insurance: Unlike most home insurers, Kin offers private flood insurance as an endorsement or as a stand alone policy. Unlike policies offered by the National Flood Insurance Program (NFIP), Kin’s flood insurance is available for seasonal homes, doesn’t have a universal maximum coverage limit and can go into effect immediately, without the standard 30-day waiting period.
Learn more: Kin Insurance review
| Bankrate Score | 3.2 |
| J.D. Power | |
| AM Best Rating |
Why you can trust Bankrate
Read our full methodologyThe Florida insurance market is constantly in flux and homeowners in Orlando need to know where to turn for the most accurate and up-to-date insurance information. Bankrate’s insurance editorial team analyzes rate data from every ZIP code provided by Quadrant Information Services. Our rates are updated monthly to help you make the best financial decisions for your insurance needs.
46
years of industry experience
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The cheapest home insurance companies in Orlando
Finding affordable rates for home insurance can be complicated in Florida, but Orlando tends to have lower rates and more availability than other cities in the state. When looking for cheap home insurance, keep in mind that flood insurance is not part of your standard home insurance coverage and will need to be purchased separately. Below are some of the cheapest home insurers in Orlando.
|
|
|
|
|---|---|---|
|
Security First
|
$152
|
$1,826
|
|
$183
|
$2,196
|
|
|
Florida Peninsula
|
$184
|
$2,212
|
|
American Integrity
|
$209
|
$2,505
|
|
|
|
|
|---|---|---|
|
Security First
|
$176
|
$1,826
|
|
$198
|
$2,196
|
|
|
Florida Peninsula
|
$214
|
$2,212
|
|
American Integrity
|
$245
|
$2,505
|
|
|
|
|
|---|---|---|
|
Security First
|
$214
|
$2,570
|
|
$226
|
$2,717
|
|
|
Florida Peninsula
|
$272
|
$3,267
|
|
$310
|
$3,720
|
|
|
|
|
|---|---|---|
|
$309
|
$3,711
|
|
|
Security First
|
$328
|
$3,935
|
|
Florida Peninsula
|
$455
|
$5,454
|
|
$501
|
$6,011
|
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare home insurance rates
Answer a few questions to see personalized rates from top carriers.
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
How much is home insurance in Orlando, Florida?
The average cost of home insurance in Florida for $300K in dwelling coverage is $5,527. This is 36 percent less than Orlando's average rate of $3,544. Depending on prior loss history, building materials and several other factors, your insurance cost could be higher or lower than the city average. Other considerations are whether your home has wind mitigation features or if you have bundled your auto and home insurance, which can help you lower the overall cost of coverage.
Orlando rates by credit tier
One surprising fact is that credit scores can make a significant impact on insurance rates. In Florida, and most other states, an insurance based credit score is used to determine premiums. One way to keep home insurance rates in Orlando down is by maintaining or working towards a good credits score. Below are the five cheapest carriers for $300,000 in dwelling coverage in Orlando.
|
|
|
|
|
|
|---|---|---|---|---|
|
Security First
|
$1,826
|
$1,826
|
$1,826
|
$1,826
|
|
$4,842
|
$2,478
|
$2,205
|
$1,735
|
|
|
Florida Peninsula
|
$2,212
|
$2,212
|
$2,212
|
$2,212
|
|
American Integrity
|
$2,791
|
$2,544
|
$2,505
|
$2,433
|
|
$3,914
|
$2,665
|
$2,551
|
$2,310
|
Orlando rates by home age
While Florida is one of the most hurricane prone states in the country, Orlando’s central location has historically isolated it from most of the damage other parts of Florida are susceptible to. That said, the age of a dwelling can be a strong rate factor in home insurance. The older the home, especially one that is not properly maintained, the more damage it may incur from an extreme weather event. And, even smaller storms can cause more damage to an older home than a newer one. Based on the age of the home, the following carriers offer the cheapest rates in Orlando for $300,000 in dwelling coverage.
|
|
|
|
|
|
|
|---|---|---|---|---|---|
|
Security First
|
$2,573
|
$2,533
|
$2,630
|
$2,086
|
$1,749
|
|
$5,566
|
$5,414
|
$4,803
|
$2,602
|
$1,903
|
|
|
Florida Peninsula
|
$3,167
|
$3,167
|
$3,065
|
$2,325
|
$2,061
|
|
American Integrity
|
$4,354
|
$4,417
|
$4,335
|
$2,709
|
$2,330
|
|
$3,764
|
$3,782
|
$3,810
|
$2,922
|
$2,368
|
Orlando rates by deductible amount
An insurance deductible allows homeowners to assume more or less financial risk in the event of a covered claim, depending on how high or low the limit they select. The higher the deductible, the more risk they assume and, in turn, the lower the insurance premium. Keep in mind that Florida homeowners may have a separate wind or hurricane deductible that is percentage-based in addition to a flat home insurance deductible. The following insurance carriers in Orlando offer the cheapest rates for $300,000 in dwelling coverage based on various insurance deductibles.
|
|
|
|
|
|---|---|---|---|
|
Security First
|
$1,826
|
$1,774
|
$1,730
|
|
$2,118
|
$2,146
|
$2,038
|
|
|
Florida Peninsula
|
$2,212
|
$1,941
|
$1,941
|
|
American Integrity
|
$2,463
|
$2,205
|
$2,143
|
|
$2,551
|
$2,439
|
$2,308
|
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze November 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000, $1,500, $2,000 or $5,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Credit: Rates were calculated based on the following insurance credit tiers assigned to our homeowners: “poor, average, good (base) and excellent.” Insurance credit tiers factor in your official credit scores but are not dependent on that variable alone. The following states do not allow credit to be a factor in determining home insurance rates: California, Maryland, Massachusetts.
Year built: Rates were calculated based on the following years built for homes and assigned to our homeowners: “1959, 1982, 1992, 2010, 2016 (base) and 2020.
Bankrate Scores
Our 2024 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.
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. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
-
Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average 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, Demotech 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.
