Orlando, Florida, beloved home of Disney World, Universal Studios, and SeaWorld, is unsurprisingly a great place to live. From the natural attractions in Audubon Park Garden to the exceptional dining of Mills 50 District, the city has something for everyone. That might explain why over 310,000 people call Orlando home.
Let’s take a look at how much home insurance costs in Orlando and how you may be able to save money on your annual premiums by working with Kin.
How much is homeowners insurance in Orlando?
Based on data from the Florida Office of Insurance Regulation, the average cost of homeowners insurance from admitted carreirs in the state of Florida is $3,600 per year. This is considerably higher than the national annual average of just $1,311.
That high cost is partly due in part to the increased risk for property damage most of Florida faces of property damage because of hurricanes and other perils. And while home insurance premiums have been high in Florida for years, rising reinsurance rates, excessive litigation, and the effects of climate change have caused rates to increase lately.
Owning a home in Orlando likely means you pay at least the state’s average, if not more. Read on to learn more about the factors that go into your home insurance premium.
Factors impacting home insurance costs in Orlando
Your location has a major impact on your home insurance costs because of the weather risks you face. In Orlando, you have extreme wind risk, so it costs more to insure your home.
Weather risks aren’t your only concern. Orlando has a fairly high property crime rate, which also adds to the cost of insuring your home.
However, these aren’t the only factors that impact your home insurance rates. Others include your home’s:
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Size.
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Construction materials.
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Condition.
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Age.
Your coverage limits and deductibles also play a role. That’s why it’s so important to work with an insurance provider that understands all the unique features of your home.
How to save money with Kin
Using insurance data, we’re able to find premiums that most accurately reflect your home's unique needs. This doesn’t always mean you’ll save money when you join Kin, but our customers report saving an average of more than $950 when they switch.*
Additionally, you may qualify for several discounts on your home insurance. These include discounts for:
You can also save money by choosing a higher deductible. In Florida, the standard deductibles options are:
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$500.
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$1000.
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$2,500.
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$5,000.
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$10,000.
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$25,000.
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$50,000.
Hurricane deductible options are $500 or 1%,2%, 3%, 5%,10% of your Coverage A.
Please note: Your deductible is the amount you’re responsible for in a claim, so you want to pick an amount you’re comfortable covering should you experience damage.
Want to see if we can help you save? Get a quote for homeowners insurance in Orlando now.
What other coverage do I need in Orlando?
In addition to a standard homeowners insurance policy, if you live in Orlando you want these other types of coverage.
Flood insurance
Even though Orlando isn’t along the coast, it is surrounded by lakes, swamps, and other bodies of water that might cause flooding. Flood maps show several areas designated as Flood Zone AE, making flood insurance a requirement for homes with federally backed mortgages.
What’s more, even one inch of standing water can cause $25,000 worth of damage. If that’s not a price you can comfortably afford out of pocket, you may want to talk to a Kin representative about purchasing flood insurance.
Orlando sinkhole insurance
Orlando, like other parts of Florida, is susceptible to sinkholes, which form in conditions where aquifer levels change drastically. High volumes of water dissolve the limestone underneath the surface, but when the water disappears, it leaves unsupported caverns that can cause a sinkhole.
The Florida Senate Committee on Banking and Insurance reported insurers received more than 24,000 sinkhole damage claims between 2006 and 2010, an average of 17 per day.
Florida law requires insurers to provide catastrophic ground cover collapse coverage, which can cover losses resulting from certain types of geological activity:
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There's an “abrupt” collapse of ground cover
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The depression in the ground cover is clearly visible
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The home and its foundation sustain structural damage
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A government entity condemns the structure and orders it to be vacated
However, you can also get additional sinkhole insurance by purchasing an endorsement that covers a broader range of circumstances.
Frequently asked questions about home insurance
By now, you probably feel much more confident in understanding the types of home insurance coverage you should get and what it might cost. If you want to learn even more about home insurance and how it works, check out some of these guides:
Home insurance guides for other Florida cities
How to get home insurance in Orlando
To get a quote for home insurance in Orlando, call one of our experts at 855-717-0022 or enter your address to get started now.
*Customers who switched to Kin report annual savings of $967 on average. Based on Kin Customer Savings Survey conducted December 2022 – December 2023. Potential savings may vary.
