Homeowners Insurance in Leesburg, Florida

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  • Homeowners Insurance in Leesburg, Florida

Due to its inland location, Leesburg home insurance rates are relatively affordable compared to the rest of Florida. However, this doesn’t mean finding a cheap policy is always easy. You also don’t want to save money by cutting corners on your coverage and leaving your home exposed to certain risks.

To help residents strike the perfect balance of price and protection, we created this guide about homeowners insurance in Leesburg, where we break down average rates, cost factors, money-saving tips, and much more.

How Much Is the Average Homeowners Insurance in Leesburg, Florida?

The average cost of homeowners insurance is about $2,441 on a $150,000 home, $4,360 on a $300,000 home, and $6,281 on a $450,000 home.

Overall, Florida continually ranks as one of the most expensive states nationwide for home insurance. The risk of hurricanes and soaring property values, among other factors, have caused rate hikes to hit Florida especially hard.

Fortunately, average home insurance rates in Leesburg remain below the state average by about 20%. This can largely be attributed to the city’s inland location, which makes it less prone to hurricanes and tropical storms that plague coastal areas and increase insurance costs.

For more details, we depicted average premiums from nine common home insurance companies in Leesburg below, classifying them by home value.

Average Cost of Homeowners Insurance in Leesburg
Company $150,000 House $300,000 House $450,000 House
Allstate $1,842 $3,291 $4,742
Citizens $1,110 $1,980 $2,852
Florida Penn $2,324 $4,149 $5,976
Liberty Mutual $1,494 $2,664 $3,835
People’s Trust $2,662 $4,752 $6,845
Southern Oak $2,594 $4,644 $6,696
State Farm $2,517 $4,497 $6,480
Stillwater $888 $1,588 $2,289
Universal Property $1,990 $3,555 $5,122
Average $2,441 $4,360 $6,281
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.

While rates vary by company, they always increase as home value rises. This happens because larger homes always cost more to insure due to their greater replacement costs. The replacement cost of a house is the cost to rebuild it based on construction and labor expenses. 

This replacement cost doesn’t reflect the market value of a home, which is usually inflated by land value, location, and other market factors. Insurers generally stick to replacement costs for valuation, and that is what we refer to with our home values here.

Many factors affect rates. In Leesburg, providers account for two more considerations: home age and wind mitigation. We break down the effects of these factors on houses at every price level, starting with the $150,000 ones below.

Cost of Homeowners Insurance on $150,000 House in Leesburg
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $2,365 $1,712 $1,450
Citizens $1,417 $867 $1,047
Florida Penn $2,813 $2,165 $1,994
Liberty Mutual $1,704 $1,291 $1,487
People’s Trust $3,332 $2,371 $2,282
Southern Oak $4,038 $2,298 $1,445
State Farm $3,405 $2,254 $1,891
Stillwater $1,285 $763 $617
Universal Property $3,104 $1,330 $1,535
Average $3,371 $2,005 $1,946

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. 

Wind mitigation reduced premiums by over $1,300 annually on $150,000 houses. Wind mitigation is so impactful in Florida because of the annual threat of hurricane-force winds. You should get an inspection if your home has no wind mitigation features.

The inspection results will tell you how to improve your property, and you can weigh the cost of these improvements against the savings you can experience over time. It may be well worth it.

Look at more Leesburg homeowners insurance rates in the table below for $300,000 houses.

Cost of Homeowners Insurance on $300,000 House in Leesburg
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $4,257 $3,082 $2,535
Citizens $2,551 $1,561 $1,830
Florida Penn $5,063 $3,897 $3,486
Liberty Mutual $3,067 $2,324 $2,600
People’s Trust $5,998 $4,268 $3,990
Southern Oak $7,268 $4,136 $2,527
State Farm $6,129 $4,057 $3,306
Stillwater $2,313 $1,373 $1,078
Universal Property $5,587 $2,394 $2,684
Average $6,067 $3,609 $3,402

Wind mitigation on $300,000 homes in Leesburg resulted in savings of $2,4558 yearly, on average. Newly constructed rates are the cheapest to insure because they have some wind mitigation features built-in by default.

Also, newer homes don’t have any components with wear and tear or poor upkeep history for insurers to worry about. Certain structural elements, like roofs, pipes, and siding, become compromised with age and are more likely to fail or suffer damage. These old features raise rates on older homes.

The final table shows average home insurance rates in Leesburg on $450,000 houses.

Cost of Homeowners Insurance on $450,000 House in Leesburg
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $6,149 $4,451 $3,625
Citizens $3,684 $2,254 $2,617
Florida Penn $7,314 $5,629 $4,985
Liberty Mutual $4,430 $3,357 $3,718
People’s Trust $8,663 $6,165 $5,706
Southern Oak $10,499 $5,975 $3,614
State Farm $8,853 $5,860 $4,728
Stillwater $3,341 $1,984 $1,542
Universal Property $8,070 $3,458 $3,838
Average $8,764 $5,214 $4,866
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 Cheap Homeowners Insurance in Leesburg, Florida

Stillwater and Citizens had the cheapest homeowners insurance in Leesburg of the companies we analyzed. At times, their rates were thousands cheaper than competitors, but you may find differently when quoting. Rates vary by location and policyholder.

It’s helpful to know which companies are the cheapest on average, but you might find a different affordable carrier for your circumstances. You won’t know which company is most sensible for you until you start quoting. You must shop around to find the best rates.

Large companies like Allstate and State Farm may benefit from spreading their risk among their policyholders, thus lowering premiums for Florida residents. On the other hand, small regional insurers, like Southern Oak, may have better customer service and be more selective in their coverage, leading to cost and quality benefits.

Citizens and Universal Property & Casualty are the largest insurers in Florida, but the two companies are very different. Citizens is a public option backed by the Florida state government that offers artificially limited coverage at artificially lower rates. 

Originally intended to be a last resort option for people who can’t find coverage in the standard market, Citizens has become oversaturated. The company is trying to shed policyholders off to private carriers, so keep this in mind when quoting.

Leesburg Homeowners Insurance Coverages

The most common type of homeowners insurance (and the one we’ve been discussing here) is the HO3 policy form. Every HO3 home insurance plan contains the following coverages:

Leesburg Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage financially protects your home’s physical structure, including the roof, walls, floor, foundation, pipes, HVAC, and more.
Other Structures Coverage Other structures coverage protects fixtures on your property not attached to your main house, such as fences, sheds, pools, and detached garages.
Personal Property Coverage Personal property coverage safeguards your belongings, including your electronics, furniture, clothing, jewelry, tools, and more.
Loss of Use Coverage Loss of use coverage covers many living expenses if you’re forced to move from your house after it suffers covered damage. Your insurer can reimburse you for lodging, groceries, and gas while you’re displaced.
Liability Coverage Liability coverage helps pay for medical bills and legal fees if you’ve been found legally responsible for someone else’s injuries.
Medical Payments Coverage Medical payments coverage covers minor medical expenses if someone is hurt around your property, regardless of fault.

Home insurance protects these areas from damage sources called perils. Common perils include fires, hurricanes, theft, vandalism, and water damage.

How to Get the Best Homeowners Insurance in Leesburg

To get the best homeowners insurance in Leesburg, you need to identify your coverage needs and budget. You can take several steps to shape your policy to suit your property and financial constraints. No one-size-fits-all plan is the best for everyone, as all policyholders differ.

Know Coverage Details

The best coverage is available in an HO3 policy, the most common type of homeowners insurance. You can purchase more limited plans at cheaper rates, such as HO1 and HO2 policies, but these don’t cover nearly as much and often don’t satisfy lender requirements. 

You can also adjust your policy’s limits to protect your belongings and property appropriately. Make a home inventory to determine exactly how much personal property coverage you need. Raise or lower your liability limits to cover all your financial assets. For most people, limits between $300,000 to $500,000 suffice. 

To maintain the best home insurance in Leesburg, you can’t quite set and forget your coverage. Review your plan every so often to adjust for certain areas. You may be able to save money by dropping some endorsements, or you may need to increase coverage limits to reflect renovations or major purchases.

Find Savings

Once you have your coverage needs in mind, you can take some steps to save money. You should always shop around to compare prices and discounts at different companies.

Don’t settle for the first quote you get. Compare rates, endorsements, and discounts from several carriers to see if you can find a better deal. You can also switch carriers at any time, so if you experience a rate hike when your policy renews, don’t hesitate to shop around again. You can even consult a home insurance agency in Leesburg, Florida.

You can also adjust your deductible to lower your premiums. Your home insurance deductible is the amount that damage must exceed before you can file a claim. You pay this amount out of pocket before your insurer picks up the rest of the tab.

In the insurance company’s eyes, raising your deductible lowers your financial risk since you’re taking more financial responsibility for property damage. They reward you for this by lowering your premiums.

What to Know About Flood Insurance in Leesburg

Homeowners insurance covers your property from various perils, from fires to hurricanes to theft. However, your policy will never protect against flooding.

Flooding is more common than you may think, especially in Florida, where it rains heavily year-round, with most terrain close to sea level. The Federal Emergency Management Agency (FEMA) reports that 98% of all U.S. counties have experienced a flooding event.

Low-lying areas in Lake County can flood after heavy rains brought by hurricanes, tropical storms, or even a large thunderstorm. Also, homes on one of the many lakes around Leesburg have a heightened risk of flooding damage.

Most people don’t realize their home insurance doesn’t cover flooding until it’s too late. Consider proactively protecting your property with flood insurance in Leesburg.

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?

What Affects Home Insurance Rates in Leesburg, Florida?

The average homeowners insurance in Leesburg, Florida, ranges from $2,441 to $6,281 annually. Insurance companies examine many variables to assess your home’s risk of damage and determine premiums. Anything that can increase your financial risk will raise your rates. 

Some important factors of home insurance in Leesburg are:

Location: Homes on or near canals and lakes tend to have higher rates because they’re more prone to wind and flood damage. Homes in high-crime areas may also have lower premiums. Conversely, houses close to fire stations can receive discounts.

Home Construction: The materials your home was built with influence rates. Brick and concrete homes better withstand wind and fire damage and often have lower rates than wooden frame houses.

Additionally, the age and size of your home are crucial. Larger homes need more insurance, which costs more. And, older homes often cost more to cover because of their increased chances of suffering damage due to their older systems.

Home Features: Having high-end fixtures or installations increases your replacement cost and policy limits, which raises rates. Attractive nuisances, such as pools or trampolines, are liability risks and cause your property insurance in Leesburg to go up.

Claims History: You’ll likely have higher premiums if you have filed several claims in the recent past or if your property has spawned many claims throughout its history. 

Policy Deductible: Your deductible is the monetary amount damage must exceed before you can file a claim. If you opt for a higher deductible, you’re lowering the chances of invoking your insurer’s help. This also lowers your premiums.

Is Home Insurance Required in Leesburg?

Homeowners insurance isn’t required by any law in Leesburg, although lenders can mandate it. Mortgage lenders require borrowers to carry home insurance as a condition of their loans.

Lenders require borrowers to maintain home insurance to protect their investment in your property. If the house got destroyed by a fire or hurricane, you and your lender can recoup your money through the insurance policy.

If you let your coverage lapse during your mortgage, your lender will force place insurance on you. Since force-placed coverage is your financier’s choice, it isn’t in your best interest. It offers limited coverage at costly rates.

You’re much better off finding your own policy that you can adjust how you please. Avoid force-placed insurance by getting the right coverage and making your payments on time.

How to Get Home Insurance Quotes in Leesburg, Florida

Make sure you’re reviewing all your options when quoting so you can make the right choice for your home’s safety. Our team at Clovered can help you get your homeowners insurance quotes in Leesburg with the top providers in the state. 

Chat with one of our licensed agents for a quote at 833-255-4117 during business hours. An insurance agent in Leesburg, Florida, can help you navigate the complexities of the market.

Or, use our online quoting engine to check your options and buy a policy on your own time. You can also email us at agent@clovered.com.

Our agents live and work in South Florida, so they know how difficult and stressful it is to find the right coverage in the state. Our goal is to simplify your insurance buying process, removing the stress and leaving you with the best protection you can find.

Getting Mobile Home Insurance in Leesburg, Florida

Mobile homes are a fairly popular form of housing in Leesburg. Mobile home insurance coverage is likely cheaper than traditional homeowners insurance, although you still must take home age and location into account. 

Standard homeowners insurance is the HO3 form. Mobile and manufactured homes technically require a different type of plan called the HO7. Despite the different policy forms, mobile home insurance contains many of the same coverages as standard homeowners insurance. 

The main difference between the two policies is price. Mobile and manufactured homes are often smaller than normal homes with lower replacement costs, so HO7 insurance is often cheaper. You should still compare your options for mobile home insurance in Leesburg by shopping around.

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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