Average Cost of Homeowners Insurance 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. 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.
Key Takeaways
- The average homeowners insurance cost in Leesburg, Florida, is about $3,143 per year.
- People’s Trust and Slide had the cheapest home insurance in Leesburg, based on our agency’s data.
- The best way to save money when buying homeowners insurance is to work with an independent agent who can help you compare quotes from several companies before buying.
How Much Is the Average Homeowners Insurance in Leesburg, Florida?
The average cost of homeowners insurance in Leesburg is about $3,143 yearly, although your exact rate will depend on your property’s age, location, and construction, in addition to some personal factors.
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 high premiums in Florida for some time.
Average home insurance rates in Leesburg are just above the state average of $2,857 annually. While above average, these premiums are still more affordable than in most coastal locations in the state because Leesburg is less prone to hurricanes and tropical storms that can directly hit the coast and increase insurance costs.
As an independent agency in Florida, we have helped several people in Leesburg find insurance coverage. Their average premiums from our partner companies are below.
|
Company |
Average Premium |
|---|---|
|
People’s Trust |
$1,804 |
|
Slide Insurance Company |
$3,100 |
|
American Platinum |
$3,129 |
|
Edison |
$3,470 |
|
Florida Peninsula |
$3,728 |
|
Average |
$3,143 |
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.
Cheapest Homeowners Insurance in Leesburg, Florida
People’s Trust and Slide had the cheapest homeowners insurance in Leesburg, which is useful to know when looking for coverage. However, know that you may find differently when you quote, as rates vary by location and policyholder.
People’s Trust and slide are headquartered and primarily operate in Florida only. Smaller regional insurers may have better customer service and be more selective in their coverage, leading to cost and quality benefits. However, large, multi-state companies may benefit from spreading their risk among their policyholders, thus lowering premiums for Florida residents.
You won’t know which company is most sensible for you until you start quoting. You must shop around to find the best rates, and Clovered partners with a range of carriers to help you find the best coverage at the best price.
Best Homeowners Insurance Companies in Leesburg, Florida
Determining the best home insurance company in Leesburg isn’t a cut-and-dry decision, as consumers will weigh cost, coverage needs, and personal preferences differently. As an independent agency, we like to present you with information so you can make an informed decision.
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.
People’s Trust
Demotech Rating
A
NAIC Complaint Index
1.44
Average Premium
$1,804
People’s Trust Insurance Company was established in 2008 and offers home insurance exclusively in Florida. The company prides itself on its business model, which differs from most carriers in that it retains a network of preferred contractors for claims.
Slide Insurance Company
Demotech Rating
A
NAIC Complaint Index
0.56
Average Premium
$3,100
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.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$3,129
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.
Edison
Demotech Rating
A
NAIC Complaint Index
0.40
Average Premium
$3,470
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.
Florida Peninsula
Demotech Rating
A
NAIC Complaint Index
0.10
Average Premium
$3,728
Florida Peninsula Insurance Company was founded in 2005 and focuses on offering coverage in its namesake state. With over 150,000 policies in force in Florida, it just cracks the top ten list of Florida’s largest home insurers.
Homeowners Insurance in Leesburg, Florida
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 standard coverages, regardless of provider, that safeguard your property and financial liability.
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage protects the elements of your home, such as its flooring, walls, roof, and foundation. In short, it protects the elements that make up your home’s structure. |
|
Other Structures Coverage |
Other structures coverage covers features on your property like the shed, detached garage, fencing, or pool. It covers all sorts of features on your property that aren’t attached to your main home. |
|
Personal Property Coverage |
Personal property coverage provides protection for the belongings you store on your property. These may include clothing, electronics, appliances, bicycles, your lawnmower, and more. |
|
Loss of Use Coverage |
Loss of use coverage can be a lifesaver if your home becomes uninhabitable from damage caused by a covered peril. It may help you and your family cover expenses for lodging, food, and other necessities. |
|
Liability Coverage |
Liability coverage can help you cover medical expenses or legal fees if you’re found liable for someone’s injuries or damage to someone’s property. |
|
Medical Payments Coverage |
Medical payments coverage can help you cover medical expenses for minor injuries a guest on your property may suffer. |
Home insurance protects these areas from damage sources called perils. Common perils include fires, hurricanes, theft, vandalism, and water damage.
How to Get Home Insurance Quotes in Leesburg, Florida
Make sure you review all your options when quoting so you can make the right choice for your house and your wallet. 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 who can help you navigate the complexities of the market for a quote at 833-255-4117 during business hours. 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.
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.
Leesburg Home Insurance FAQs
Is homeowners insurance required in Leesburg, Florida?
What is wind mitigation in Leesburg, Florida?
Wind mitigation is outfitting your home with components that help it withstand strong winds, like those from hurricanes. These features can include roof straps and hurricane windows. A wind mitigation inspection’s 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.
What factors influence home insurance rates in Leesburg, Florida?
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, home size, construction and materials, and property features. Claims history, policy coverages, and deductibles also vary on a personal level and will impact premiums.
Do you need flood insurance in Leesburg, Florida?
You would only be required to buy flood insurance, a separate policy, in Leesburg if your house is in a federally designated high-risk flood zone according to the Federal Emeregency Management Agency (FEMA). Lenders require homes in such areas to have flood insurance in addition to homeowners coverage.
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.
