Homeowners Insurance in Winter Park, Florida

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  • Homeowners Insurance in Winter Park, Florida

Just north of Orlando, Winter Park is largely shielded from possible hurricanes threatening the rest of the state. But, that doesn’t mean your home can’t suffer property damage.

You need homeowners insurance to protect yourself and your home from whatever life can throw at you. Unfortunately, finding affordable coverage is easier said than done in Florida. 

We hope that with the help of this comprehensive guide, you can secure the best homeowners insurance in Winter Park.

How Much Is Homeowners Insurance in Winter Park, Florida?

The average cost of homeowners insurance in Winter Park is $2,956 annually on a $150,000 home, $5,280 on a $300,000 home, and $7,607 on a $450,000 home.

Florida has the country’s highest homeowners insurance rates, partly due to hurricane risk and high property values. Fortunately, premiums in Winter Park are slightly below the state average, likely because of the city’s inland location. Coastal cities in Florida, especially South Florida, are at greater risk of hurricane damage and thus have higher rates.

The following table depicts premiums in Winter Park from some common companies.

Average Cost of Homeowners Insurance in Winter Park
Company $150,000 House $300,000 House $450,000 House
Allstate $1,918 $3,426 $4,936
Citizens $1,452 $2,592 $3,733
Florida Penn $2,210 $3,945 $5,683
Liberty Mutual $1,868 $3,332 $4,798
People’s Trust $3,752 $6,699 $9,649
Southern Oak $3,385 $6,058 $8,733
State Farm $2,388 $4,268 $6,151
Stillwater $1,120 $2,002 $2,885
Universal Property $1,823 $3,256 $4,690
Average $2,956 $5,280 $7,607
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.

Home insurance companies determine the value of a home to establish appropriate coverage limits for policies. Larger, more expensive homes need more coverage, which is why premiums rise as home value increases.

Insurers typically determine home value by calculating your home’s replacement cost. Replacement cost is the cost to rebuild a house based on labor and construction only. It doesn’t take land value or location into account and thus isn’t the same as market value. It’s important to note that the values we use here for home value are the replacement costs of houses, not the selling price of homes.

The following table shows average home insurance rates in Winter Park for homes worth $150,000. It also further breaks down premiums for a more nuanced picture of the market by classifying homes based on age and wind mitigation. You’ll see that older houses generally have higher premiums than newer ones.

Cost of Homeowners Insurance on $150,000 House in Winter Park
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $2,421 $1,808 $1,525
Citizens $1,838 $1,220 $1,299
Florida Penn $2,661 $2,077 $1,892
Liberty Mutual $2,219 $1,586 $1,800
People’s Trust $4,766 $3,323 $3,167
Southern Oak $4,990 $3,107 $2,059
State Farm $3,316 $2,084 $1,765
Stillwater $1,577 $1,000 $782
Universal Property $2,637 $1,344 $1,488
Average $4,034 $2,467 $2,367

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. 

Older homes tend to have higher insurance premiums for a few reasons. Many of the components of older homes, such as roofs and plumbing, have a higher risk of failure due to age and wear and tear than new systems with better technology and less wear. 

Older houses can also have unique features and finishes that are difficult to replace or replicate. And, changes in building codes over the years in Florida mean that older homes normally aren’t up to the latest building and safety codes. These factors make older homes more prone to damage; insurance companies charge more money to cover them.

Another critical factor of home insurance in Winter Park is wind mitigation. Homes with wind mitigation features should hold up in hurricanes and tropical storms much better. Insurers like this and discount premiums on these houses. In Winter Park, wind mitigation reduced rates on older homes worth $150,000 by over 38% annually.

See how savings with wind mitigation continue on $300,000 homes below.

Cost of Homeowners Insurance on $300,000 House in Winter Park
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $4,358 $3,254 $2,666
Citizens $3,308 $2,196 $2,271
Florida Penn $4,790 $3,739 $3,307
Liberty Mutual $3,994 $2,855 $3,147
People’s Trust $8,579 $5,981 $5,536
Southern Oak $8,982 $5,593 $3,600
State Farm $5,969 $3,751 $3,085
Stillwater $2,839 $1,800 $1,367
Universal Property $4,747 $2,419 $2,602
Average $7,261 $4,441 $4,138

Wind mitigation continued to reduce premiums substantially, saving homeowners about $2,850 yearly on insurance on average. Wind mitigation makes rates on older homes competitive with new homes. The final table shows the average homeowners insurance in Winter Park on $450,000 homes with the same factors.

Cost of Homeowners Insurance on $450,000 House in Winter Park
Company Pre-2001 No Wind Pre-2001 w/Wind 2001-Present
Allstate $6,295 $4,701 $3,812
Citizens $4,779 $3,172 $3,248
Florida Penn $6,919 $5,400 $4,729
Liberty Mutual $5,769 $4,124 $4,500
People’s Trust $12,392 $8,640 $7,916
Southern Oak $12,974 $8,078 $5,148
State Farm $8,622 $5,418 $4,412
Stillwater $4,100 $2,600 $1,955
Universal Property $6,856 $3,494 $3,721
Average $10,488 $6,415 $5,918
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 Winter Park

In many cases, Stillwater had the cheapest homeowners insurance in Winter Park. While Stillwater generally has the cheapest on average, you won’t know which company is the most affordable for your specific circumstance until you get quotes.

Rates vary by company due to different underwriting guidelines and business strategies. Each carrier has slightly different criteria it uses to calculate premiums. And, some companies may choose to specialize in certain areas or products while withdrawing in others, changing rates by location, market competition, and more.

Due to the many factors that influence home insurance rates, you won’t know which carrier has the cheapest homeowners insurance in Winter Park without comparing your options. You need to get multiple quotes to find the best deal. You’ll find the same coverage costs differing amounts among carriers. If needed, you can enlist the help of a home insurance agency in Winter Park, Florida, to help you find the right policy.

Winter Park Homeowners Insurance Coverages

Regardless of the provider, home insurance plans typically consist of several coverages designed to protect homeowners from various risks, officially called perils. The common components of a policy are:

Winter Park Homeowners Insurance Coverages
Coverage Definition
Dwelling Coverage Dwelling coverage protects the structure of the home itself, including the foundation, walls, roof, patios, and built-in appliances.
Other Structures Coverage Other structures coverage extends protection to structures on the property that are not attached to the main house, such as carports, detached garages, fences, sheds, and pools.
Personal Property Coverage Personal property coverage insures belongings inside and around your home, such as furniture, clothing, electronics, bicycles, jewelry, art, tools, and more.
Loss of Use Coverage Loss of use coverage covers living expenses, such as temporary lodging, if your home becomes uninhabitable after damage from a peril, such as a fire or hurricane. 
Liability Coverage Liability coverage protects you if found legally responsible for injuries to others or damage to their property. Your insurer can cover legal fees, medical expenses, and more.
Medical Payments Coverage Medical payments coverage provides payment for more minor medical expenses if someone is injured on your property, regardless of fault.

How to Get the Best Homeowners Insurance in Winter Park

The best homeowners insurance in Winter Park covers your needs sufficiently while staying within your budget. The policy that achieves this protection will vary by person. So, you need to understand your needs so you can make sure you’re fully covered when getting a plan. Then, shop around to find discounts and save money.

Identify Coverage Needs

When quoting, determine your needed limits and optional coverage options so you can choose them appropriately. You can alter your insurer’s suggestions to better tailor the policy to your needs and potentially save money. 

We recommend making a home inventory to catalog and value your belongings. The total value of your possessions is the exact amount of personal property coverage you need. You should also adjust your liability limits. Most insurers require at least $100,000 in liability coverage, but you should increase your limits to fully guard your assets. We suggest $300,000 to $500,000 for most people, but you can go up to $1 million if needed.

Policies don’t include all potential risks and coverage needs by default. You may need to supplement your coverage with endorsements, which are optional policy add-ons. You may want an endorsement for high-value items, identity theft, inflation guards, or home-based business property. Ask your provider for more details and possible endorsements and their costs.

Look for Savings

Prices for home insurance in Winter Park vary among companies. Comparing quotes from multiple insurers allows you to identify the most competitive rates for the coverage you need. You should also compare discounts among providers. Discounts and their possible savings may differ by company. 

Many insurance providers offer discounts when you bundle multiple insurance policies, such as home and auto insurance, with the same company. You can get discounts based on your military status, home features, and much more.

Another way to save on premiums is by raising your deductible. Your deductible is the amount of money you must pay for property damage before your insurer picks up the rest of the bill. A higher deductible means you’ll be responsible for more out-of-pocket expenses before your insurance coverage kicks in. Providers prefer this and reward policyholders who choose this option with lower premiums.

What to Know About Flood Insurance in Winter Park

While homeowners insurance covers various perils from fire to theft to hurricanes, it excludes one of the most costly natural disasters you can encounter in Florida: flooding.

Due to their frequency and severity, floods are normally never covered under homeowners insurance. Floods are the most common natural disaster in the nation. Virtually every county in the U.S. has experienced a flooding event in the last 30 years. 

Properties in Winter Park are vulnerable to flash flooding. And, the chain of lakes running through the city can increase possible flood damage. Think about flood insurance in Winter Park to fully protect your home. It’s better to be safe than sorry.

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 the Cost of Home Insurance in Winter Park?

A variety of factors influence home insurance rates. Carriers determine your financial risk by assessing many aspects of your property and policy, such as:

Location: Homes in areas prone to damage have higher insurance rates. These can be flood zones, high-crime areas, or waterfront properties. Conversely, houses near fire stations can receive discounts.

Home Characteristics: Insurers will likely ask about the age, size, construction materials, and overall condition of your house. Older homes tend to have higher rates because they’re more prone to damage.

Claims History: People who have filed several claims in the past will likely have higher premiums than someone who has never filed a claim. Insurers believe repeat filers are higher financial risks.

Policy Details: Opting for higher coverage limits and endorsements will increase your insurance costs while qualifying for discounts and raising your deductible will reduce premiums.

Is Home Insurance Required in Winter Park?

While there’s no law mandating homeowners insurance in Winter Park, mortgage lenders may impose certain requirements and conditions for coverage.

Mortgage lenders mandate insurance policies for all borrowers. Lenders require you to keep a policy to protect their investment in your home. For example, if a fire or hurricane destroyed the house, you and your lender can recoup the money you’ve put in through the insurance policy.

If you don’t maintain coverage while you have a mortgage, your lender will force place insurance on you. Force-placed insurance is in the lender’s best interest, meaning it can be more expensive and offer less coverage than a policy you can find on your own. Secure and maintain your own policy by shopping around for the best deal and making timely payments.

How to Get Homeowners Insurance Quotes in Winter Park, Florida

If you want help finding homeowners insurance quotes in Winter Park and securing the best coverage for your home and family, we’d be happy to help. Clovered is an independent insurance agency founded with the sole purpose of simplifying the insurance process for everyday people.

We’re based in South Florida, so we’re acutely aware of the difficulty of finding coverage in the state. Use our online quoting platform to compare your options in Winter Park from our top providers.

Or, chat with one of our licensed agents for a quote at 833-255-4117 during business hours. You can also email us with questions at agent@clovered.com.

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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