Homeowners Insurance in Lake Mary, Florida

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  • Homeowners Insurance in Lake Mary, Florida

Homeowners insurance is a financial safeguard that millions of property owners rely on to protect their most significant investment — their homes. However, the cost of this essential coverage can vary greatly from one person to another, especially in Florida.

We created this in-depth guide to help residents find the best home insurance in Lake Mary without breaking the bank. Keep reading to learn average cost, common rate factors, and more.

How Much Is Homeowners Insurance in Lake Mary, Florida?

The average cost of homeowners insurance in Lake Mary is about $2,848 annually on a $150,000 house, $5,088 on a $300,000 house, and $7,330 on a $450,000 house.

Unfortunately, Florida has some of the most expensive insurance rates in the nation. But, the rates in Lake Mary are about 7% lower than the state average, likely because of the city’s inland location that shields it from the brunt of hurricane and tropical storm damage.

We included rates from some of the top carriers in Lake Mary in the table below, categorizing their average premiums for houses at three different price points.

Average Cost of Homeowners Insurance in Lake Mary
Company $150,000 House $300,000 House $450,000 House
Allstate $2,002 $3,575 $5,150
Citizens $1,232 $2,197 $3,164
Florida Penn $2,207 $3,940 $5,675
Liberty Mutual $1,824 $3,253 $4,684
People’s Trust $3,411 $6,091 $8,773
Southern Oak $3,250 $5,816 $8,385
State Farm $2,388 $4,268 $6,151
Stillwater $1,030 $1,842 $2,654
Universal Property $2,250 $4,020 $5,793
Average $2,848 $5,088 $7,330

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

As you can see, rates nearly double as home value doubles from $150,000 to $300,000. This is fairly typical, as insurance premiums always rise as home value increases. 

Determining a home’s value is a fundamental aspect of homeowners insurance, as it serves as the basis for calculating coverage limits and premiums. Insurers commonly use your home’s replacement cost, which estimates the cost of rebuilding the house from scratch based only on materials and labor costs.

Many factors affect premiums in addition to home value, and we further break down average home insurance rates in Lake Mary below, accounting for two other important considerations: home age and wind mitigation.

Cost of Homeowners Insurance on $150,000 House in Lake Mary
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $2,463 $1,926 $1,616
Citizens $1,560 $989 $1,146
Florida Penn $2,717 $2,036 $1,867
Liberty Mutual $2,118 $1,578 $1,777
People’s Trust $4,302 $3,055 $2,877
Southern Oak $4,760 $2,995 $1,996
State Farm $3,316 $2,084 $1,765
Stillwater $1,458 $916 $716
Universal Property $3,511 $1,502 $1,738
Average $3,858 $2,403 $2,284

The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the most recent rate filings from the state’s largest insurers and can be utilized as an average of what Floridians can expect to pay for homeowners insurance each year. The example premiums are based on a policy for a Florida masonry home with a $500 non-hurricane deductible, a 2% hurricane deductible and no claims in the past three years.

Florida Office of Insurance Regulation Premium Consideration Factors
Home Construction Coverage Definition
*Wind Mitigation Any protection on your home that helps decrease the damage caused by strong winds like a hurricane. This can include certain roof attachments and coverings, extra water-resistant seals and impact-resistant doors and windows.
Pre-2001 Construction w/ No Wind Mitigation These premiums represent homes built before 2001 with no wind mitigation features.
Pre-2001 Construction w/ Wind Mitigation These premiums represent homes built before 2001 with maximum wind mitigation features.
2001-Present Construction These premiums represent homes with limited wind mitigation features and no hip roof built from 2001, when Florida redesigned its building codes and mandated that new construction withstand hurricane-force winds better. 

As you can see in the table, older houses generally have higher insurance premiums because older homes may have outdated or aging electrical, plumbing, and heating systems that increase the odds of property damage. Also, older homes often use building materials and construction methods that are no longer up to current building codes or safety standards, which compromises their ability to withstand wind damage.

Wind mitigation is essential in Florida because of the yearly threat of hurricanes and tropical storms. Insurers want you to prepare your home for these storms, and companies are legally required to discount premiums on houses that pass a wind mitigation inspection.

Look at more numbers for average homeowners insurance in Lake Mary below for $300,000 houses.

Cost of Homeowners Insurance on $300,000 House in Lake Mary
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $4,433 $3,467 $2,825
Citizens $2,808 $1,780 $2,004
Florida Penn $4,891 $3,665 $3,264
Liberty Mutual $3,812 $2,840 $3,106
People’s Trust $7,744 $5,499 $5,029
Southern Oak $8,568 $5,391 $3,490
State Farm $5,969 $3,751 $3,085
Stillwater $2,624 $1,649 $1,252
Universal Property $6,320 $2,704 $3,038
Average $6,944 $4,325 $3,994

Wind mitigation continued to have a notable effect, decreasing premiums on older houses by about 38%, which equates to over $2,000 annually. New houses had the lowest premiums once again. 

The final table shows home insurance rates in Lake Mary on $450,000 homes.

Cost of Homeowners Insurance on $450,000 House in Lake Mary
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $6,404 $5,008 $4,040
Citizens $4,056 $2,571 $2,866
Florida Penn $7,064 $5,294 $4,668
Liberty Mutual $5,507 $4,103 $4,442
People’s Trust $11,185 $7,943 $7,191
Southern Oak $12,376 $7,787 $4,991
State Farm $8,622 $5,418 $4,412
Stillwater $3,791 $2,382 $1,790
Universal Property $9,129 $3,905 $4,344
Average $10,031 $6,248 $5,711

It’s Time to Switch Your Homeowners Insurance

We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.

Companies With the Cheapest Homeowners Insurance in Lake Mary

Stillwater had the cheapest homeowners insurance in Lake Mary in many cases, followed by Citizens. However, you won’t know which company is the most affordable for you in every scenario until you get a quote.

Something to note about Florida’s insurance companies is the prevalence of Citizens policies. Citizens isn’t a normal insurance company. It was created by the Florida state government in 2002 as an insurer of last resort for property owners who cannot secure coverage through private insurance companies due to high-risk locations or other factors. 

Unfortunately, Florida’s home insurance market has become difficult since 2020, forcing more people to turn to Citizens than ever imagined. It has become the largest insurer in Florida due to its artificially subsidized rates.

Due to the swell in customers, Citizens is actively trying to offload its policyholders onto other companies back in the private market. So, if you get Citizens now, you may be transferred in the near future, so keep this in mind when quoting.

Auto Club Insurance, commonly known as AAA, is another home insurance provider. It has its national office in Lake Mary. 

While their average rates were rather high, ranging from $7,030 to $18,057 annually, depending on your home value, you may want to consider them as an option due to their prevalence in the city.

Lake Mary Homeowners Insurance Coverages

While prices differ by company, the coverages you’ll receive in a home insurance policy largely remain the same. Plans are divided into coverage areas based on your property and liability.  

Lake Mary Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage protects the structure of your home, including the roof, walls, foundation, flooring, pipes, and more.
Other Structures Coverage Other structures coverage protects fixtures on your property that are separate from your main dwelling, like detached garages, sheds, fences, and pools.
Personal Property Coverage Personal property coverage safeguards your belongings within your home, including furniture, appliances, clothing, and electronics.
Loss of Use Coverage Loss of use coverage assists with temporary living expenses if your home becomes uninhabitable due to a covered loss. It can cover costs like hotel bills, meals, and more.
Liability Coverage Liability coverage protects you financially if you’re found responsible for injuring someone or causing property damage.  It can help cover legal expenses, medical bills, and more.
Medical Payments Coverage Medical payments coverage pays for medical expenses incurred by guests or individuals injured on your property, regardless of fault. 

How to Get the Best Home Insurance in Lake Mary

The best homeowners insurance in Lake Mary will vary by person. Everyone’s policy will have slight differences. Ensure that your policy covers your home, belongings, and liability sufficiently. You’ll have to find a balance between coverage and affordability.

Adjust Your Policy Details

Recognize how your policy covers your property. You may have the option to choose between actual cash value and replacement cost coverage.

Actual cash value provides coverage for the current market value of your property, taking into account depreciation, while replacement cost coverage covers the cost to repair or replace damaged or stolen items with new equivalents without considering depreciation.

Opting for replacement cost coverage in all scenarios would provide more comprehensive protection but may come with higher premiums, as it ensures you can replace your possessions at their full value, regardless of wear and tear.

You may also want to consider extra coverage not included by default. Consider endorsements or riders for specific needs, like valuable items if needed. Endorsements in home insurance are additional provisions to a standard insurance policy that can enhance or customize your coverage. You can add endorsements for high-value jewelry, home-based businesses, sewer backups, and more.

As your circumstances change, such as home improvements or increased property value, update your insurance coverage accordingly. Periodically review your policy to ensure it still meets your needs. You may be able to drop endorsements that are no longer needed. You also can adjust policy limits to save money or increase protection appropriately. 

Look For Savings

A primary consideration of the best home insurance is price. Everyone wants to save money on coverage. A couple of ways to reduce your insurance costs without sacrificing protection is to raise your deductible and shop around to compare rates.

You choose your deductible when you’re getting quotes. Your deductible is the amount of money you pay out of pocket when filing an insurance claim. Typically, deductibles range from $500 to $2,000.

Selecting a higher deductible decreases the amount of money your insurer pays in a claim, and it reduces the likelihood of you filing one in the first place. This reduces your financial risk to the provider and lowers your premiums.

The most surefire way to save money on home insurance in Lake Mary is to shop around. You can compare rates, endorsements, and discounts among different providers. Always ask what discounts you can qualify for. If you need additional help on your insurance search, consider working with some Lake Mary insurance agencies. 

Consider Flood Insurance in Lake Mary

Flooding is a notable threat in Lake Mary, known as the City of Lakes. Flash flooding from storms is an issue year-round, while excessive rainfall from hurricanes or tropical storms is possible seasonally. Property losses due to flooding of any kind aren’t covered under most standard homeowners insurance policies. 

Due to their frequency and severity, home insurers can’t afford to include flood damage in their home insurance plans. You need a separate flood insurance policy to be protected.

Some homes located in federally designated high-risk flood zones will likely be required to carry flood insurance by mortgage lenders. However, don’t write off the risk of flooding even if you’re in a low-risk area. The National Flood Insurance Program (NFIP) reports that about one in four flood insurance claims come from low-risk zones.

Consider getting flood insurance in Lake Mary to completely protect your home and belongings from Mother Nature.

Stay Above Water With Flood Insurance

Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?

Cost Factors of Home Insurance in Lake Mary

Insurance carriers examine various factors to determine home insurance premiums. They need to know the risk level of you and your property before giving a policy. Some aspects that affect rates include:

Location. Homes in damage-prone areas have higher premiums. Examples of risky areas include flood zones, high-crime neighborhoods, and waterfront properties. Properties on or near bodies of water are more likely to suffer wind and flood damage.

Home Age and Condition. Insurers will analyze the aspects of your home to assess its ability to withstand damage. They may ask about your roof, home age, HVAC, pipes, and wiring. Homes with older features usually have higher rates. Some insurers will want to inspect your property before offering coverage.

Claims History. Individuals or properties with a history of home insurance claims often have higher premiums than someone or somewhere with a clean claims record. Several claims in a short period can indicate a financial risk.

Policy Details. Raising your coverage limits and opting for endorsements will increase your insurance costs. Qualifying for discounts and raising your deductible will lower rates.

Market and Company Factors. Insurers can raise or lower their premiums depending on their financial situation. For example, a company may raise rates a year after incurring financial losses the previous year.

Is Home Insurance Required in Lake Mary?

Your mortgage lender is the only entity that can technically require home insurance in Lake Mary. No law mandates homeowners insurance.

Lenders require homeowners with mortgaged homes to keep an insurance policy for the life of the loan. This protects the lenders’ investment. If your house got destroyed by a hurricane or fire, you and your lender can recoup the equity in your home through the insurance plan.

If you don’t get your own home insurance policy, your lender will force place insurance on you. Force-placed coverage is often more expensive than regular homeowners insurance and provides limited coverage. We recommend maintaining your own coverage at all times to avoid the headache of force-placed insurance.

How to Get Home Insurance Quotes in Lake Mary

Having the right homeowners insurance is essential and often required. You can find coverage independently, but what’s wrong with asking for a little help? Our team at Clovered would be happy to assist you with your Lake Mary home insurance quotes.

As an independent insurance agency, we’re not tied to a single insurance carrier. Instead, we work with a variety of providers, allowing us to bring you a broader selection of home insurance policies to find one that fits your needs.

And, we’re based in South Florida, so you’ll be speaking to fellow Florida residents who are familiar and sympathetic with the difficulties of finding affordable home insurance in the state.

Call our licensed agents at 833-255-4117 during business hours for a quote. Or, you can get quotes entirely online through our proprietary quoting engine. You can also email us any time at agent@clovered.com with questions.

Homeowners
It's Time to Switch Your Homeowners Insurance

We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.

The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.

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