Homeowners in Orlando, Florida, pay an average home insurance rate of $1,506. vHome Insurance analyzed the home insurance trends in Orlando and listed out the factors that homeowners should be aware of before choosing the cheapest Orlando home insurance company.
In order to determine insurance rates, home insurance companies consider different factors such as the coverage amount, home value, size of the home, locality, and deductibles the homeowners opt for. The quotes provided by home insurance companies differ from one company to another. Orlando homeowners should also make sure that their coverage value for the quoted home insurance rate should be enough to replace/repair the damages of their homes.
Deductibles Vs. Home Insurance Rates
The cost of home insurance varies widely depending on the deductible that homeowners opt to pay. Paying a high deductible lowers home insurance rates. On the other hand, opting for a low deductible increases home insurance rates. For example, Orlando residents pay an average home insurance rate of $1,488 on a deductible of $500. The average cost of home insurance for deductibles of $2,000 and $2,500 is $1,150 and $1,081, respectively. Orlando homeowners are advised to choose the company that offers the lowest home insurance quotes for the deductible they opt to pay.
Home insurance companies offer additional policies besides the standard home insurance policy. The add-on policies include flood insurance, earthquake insurance, pet insurance, and collectible insurance. Home insurance agents work with homeowners to understand their requirements and customize their policies accordingly. Orlando homeowners should go with the service provider that offers the cheapest quotes according to their coverage needs.
Home insurance companies offer multiple discounts to homeowners based on different criteria. Orlando homes constructed using sturdy materials receive considerable amounts of discounts on home insurance. Newly constructed Orlando homes can avail of discounts of up to $361 on home insurance rates. Furthermore, homes equipped with enhanced safety features also attract discounts from home insurance companies.
Claims History of Homeowners
Home insurance companies consider the claims history of homeowners to determine home insurance rates. Orlando homeowners with a claims-free history can avail of discounts of up to $211 on home insurance rates. On the other hand, home insurance costs can increase by up to $120 and $211 on filing one claim and two claims, respectively.