Average Annual Rate of Homeowners Insurance in Lakeland Home insurance in Lakeland isn’t required by law, but you will need a policy if you have or seek a mortgage. Mortgage lenders require a home insurance policy as a condition of home loans to protect their investment in the property.
Key Takeaways:
- The average cost of homeowners insurance in Lakeland, Florida, is about $3,828 yearly.
- Southern Oak, American Integrity, and Edison had the cheapest home insurance in Lakeland, according to our data.
- The best way to save money on a home insurance policy is to shop around with the help of insurance agencies in Lakeland, Florida.
Average Cost of Homeowners Insurance in Lakeland, Florida
The average cost of homeowners insurance in Lakeland is about $3,828 annually, although the amount you pay is ultimately determined by a variety of factors, including your property details, chosen provider, and coverage desires.
While Florida is one of the priciest states in the country for home insurance, premiums in Lakeland are lower than in many of Florida’s coastal cities. Inland areas of Florida often offer the state’s more affordable premiums due to lower hurricane damage risk.
As an independent insurance agency, we can present real, average premiums of what our policyholders pay in and around Lakeland.
|
Company |
Average Premium |
|---|---|
|
Southern Oak |
$1,625 |
|
American Integrity |
$2,287 |
|
Edison |
$2,337 |
|
Olympus |
$3,483 |
|
Slide Insurance Company |
$3,603 |
|
Swyfft |
$3,633 |
|
American Platinum |
$3,914 |
|
Average |
$3,828 |
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 Cheapest Homeowners Insurance in Lakeland, Florida
Southern Oak, American Integrity, and Edison had the cheapest Lakeland insurance, based on our data. Notably not on our list is Citizens, which potentially signals a healthy home insurance marketplace in Lakeland.
It’s worth mentioning because Citizens is a state-run insurer of last resort that offers artificially subsidized premiums to policyholders who are unable to find affordable coverage on the private market. You can qualify for Citizens coverage if you get three quotes from standard carriers that are 20% higher than a Citizens quote. Our team at Clovered can bind you a Citizens policy if needed.
The Best Homeowners Insurance Companies in Lakeland, Florida
Average premiums are determined from our policyholder data. Financial strength is determined by each company’s ratings from Demotech, a leading insurance industry credit rating agency.
To gauge consumer satisfaction, we used the National Association of Insurance Commissioners’ complaint index, which compares a firm’s consumer complaint performance with other companies in the market. The default index number is 1.0, meaning a company with a complaint index of 2.0 has a complaint value twice as high as expected. So, for their scale, lower is better.
Southern Oak Insurance Company
Demotech Rating
A
NAIC Complaint Index
0.20
Average Premium
$1,625
Southern Oak Insurance Company is a private home insurer that has been providing coverage to state residents since 2004. Its policies are primarily available only in Florida through a statewide network of independent agents, such as Clovered.
American Integrity Insurance
Demotech Rating
A
NAIC Complaint Index
1.48
Average Premium
$2,287
Established in 2006, American Integrity Insurance has become one of the five largest home insurers in Florida with over 300,000 policyholders in the state. Since its founding, the company has expanded its coverage to Georgia and South Carolina and gone public, trading on the New York Stock Exchange.
Edison
Demotech Rating
A
NAIC Complaint Index
0.40
Average Premium
$2,337
Established in 2006, Edison Insurance Company offers home insurance primarily in Florida through independent agents, like our team at Clovered. It was acquired by Florida Peninsula Insurance Company in 2010, although it still has its own book of business.
Olympus
Demotech Rating
NR
NAIC Complaint Index
0.90
Average Premium
$3,483
Olympus Insurance Company has offered home insurance solely in Florida since its founding in 2007, with a general focus on higher-value homes and a count of over 70,000 policyholders.
Slide Insurance Company
Demotech Rating
A
NAIC Complaint Index
0.56
Average Premium
$3,603
Slide Insurance Company was founded in 2021 and began operations offering home insurance in 2022. Available in Florida and South Carolina, the company currently has over 300,000 policyholders in the Sunshine State, making it one of Florida’s largest.
Swyfft
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$3,633
Swyfft is an insurance managing general agency founded in 2014, offering insurance products in several coastal states around the country.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$3,914
American Platinum Insurance Company, founded in 2011, is a subsidiary of Universal Insurance Holdings, offering home insurance coverage in Florida and Georgia. Policies are available exclusively through independent agents at Clovered.
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.
What Does Homeowners Insurance in Lakeland Cover?
Your home insurance in Lakeland covers you from a multitude of perils, including hurricanes, tornadoes, house fires, torrential rains, other water damage, burglaries, dog bites and so much more. But it doesn’t just protect your house. Your policy also protects your personal belongings and your financial future if an accident were to occur on your property and you’re found liable.
Let’s take a look at the six different coverage types you’ll receive with a Lakeland, Florida, insurance plan and detail some examples of what’s covered.
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Coverage A, or dwelling coverage, safeguards the structure of your home from damage caused by a covered peril. This coverage may protect elements like your home’s roof, flooring, foundation, or walls. |
|
Other Structures Coverage |
Coverage B, or other structures coverage, protects the structures on your property that aren’t attached to your main home if they sustain damage from a covered peril. This may include structures like your garage, carport, shed, or fencing. |
|
Personal Property Coverage |
Coverage C, or personal property coverage, helps cover your personal belongings should they be damaged by a covered peril. This coverage may protect many things, like your lawnmower, stove, designer handbag, and much more. |
|
Loss of Use Coverage |
Coverage D, or loss of use coverage, may help you cover expenses for groceries, temporary housing, or other necessities should your home become unlivable due to damage from a covered peril. |
|
Personal Liability Coverage |
Coverage E, or personal liability coverage, may come to your rescue if you’re found liable for a guest’s injuries on your property or damage to someone else’s property. It may help you cover medical expenses or legal fees. |
|
Medical Payments Coverage |
Coverage F, or medical payments coverage, can help you cover the medical expenses a guest may incur from a minor injury on your property, like a broken ankle from an unfortunate ladder incident or a vegetable-chopping competition that resulted in a cut requiring stitches. |
How to Get Home Insurance Quotes in Lakeland, Florida
At Clovered, we’ve partnered with the state’s top insurance companies and developed an online quoting tool to provide every person with quality homeowners insurance at an affordable price. Our ability to quote multiple prices at the same time means you can get a quote in just a few minutes and get back to living your life.
Simply answer a few questions about your home, and we’ll quickly run the data and pair you with a policy that includes the coverage you need — and none that you don’t — at an affordable price.
You can also contact our licensed, in-house agents by phone Monday through Friday from 8:30 a.m. to 6 p.m. at 833-255-4117 or drop us an email anytime at agent@clovered.com.
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.
Lakeland Homeowners Insurance FAQs
Is homeowners insurance required in Lakeland, Florida?
What is wind mitigation in Lakeland?
As hurricanes are a concern throughout Florida, insurers are legally required to discount premiums for residents whose houses have wind mitigation. Wind mitigation features are components of your house’s construction that improve its ability to withstand high winds. You can find out what wind mitigation discounts you qualify for with a wind mitigation inspection.
What kind of insurance do renters need in Lakeland?
Since renters don’t own the property they live in, they don’t need homeowners insurance. Instead, they need renters insurance. Renters insurance in Lakeland, Florida, primarily covers renters’ personal property and liability and is much cheaper than a homeowners policy.
What affects the average cost of home insurance in Lakeland, Florida?
The cost of home insurance is influenced by many factors that will be weighed differently by different carriers, hence the differences you will find in home insurance rates in Lakeland, Florida, when quoting. Some of the most significant factors that affect home insurance costs include home age, size, wind mitigation, and claims history.
Does home insurance cover sinkholes in Lakeland, Florida?
Sinkholes are a concern in Lakeland. In Florida, home insurance policies contain limited coverage for sinkholes in the form of catastrophic ground cover collapse. However, you may be able to purchase additional Lakeland sinkhole coverage at an extra cost, if desired.
Do you need flood insurance in Lakeland?
Flood insurance in Lakeland is only required by lenders if you live in a high-risk flood zone as determined by the Federal Emergency Management Agency (FEMA). Homeowners insurance doesn’t cover flooding, so it’s not a bad idea to look into a policy regardless of your flood zone.
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?
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.
