Average Annual Cost of Homeowners Insurance in Lake Mary Your mortgage lender is the only entity that can technically require home insurance in Lake Mary. No law mandates homeowners insurance. Lenders require homeowners with mortgaged homes to keep an insurance policy for the life of their loans. This protects the lenders’ investment. If your house got destroyed by a hurricane or fire, you and your lender can recoup the equity in your home through the insurance plan.
Key Takeaways
- The average homeowners insurance cost in Lake Mary, Florida, is about $4,749 per year.
- Swyfft had the cheapest home insurance in Lake Mary, according to our data.
- You should always compare quotes from multiple companies before buying home insurance to guarantee you’re getting the best possible price.
How Much Is Homeowners Insurance in Lake Mary, Florida?
The average cost of homeowners insurance in Lake Mary, Florida, is about $4,749 yearly, which is 66% higher than the statewide average of $2,857.
Florida has some of the country’s highest home insurance rates. Unfortunately, Lake Mary comes in well above average despite the state’s typically expensive insurance locations being near the coast, where hurricane susceptibility and property values are higher.
However, rates vary by company, and, as an independent agency, we partner with several carriers so we can find savings for you by shopping around. We can present real, average premiums from our policyholders in Lake Mary to help you understand potential insurance costs.
|
Company |
Average Premium |
|---|---|
|
Swyfft |
$3,798 |
|
Olympus |
$4,627 |
|
American Platinum |
$4,847 |
|
Average |
$4,749 |
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 Lake Mary
Swyfft had the cheapest home insurance in Lake Mary for our policyholders. Swyfft is not an insurance carrier itself, but rather a managing general agency, which is like a firm in between an agency and a company that can place your policy with several underwriters it works with.
Olympus and American Platinum are both Florida-based and more traditional insurance companies that underwrite their own policies. Our team at Clovered partners with these companies and more, not listed above, in Lake Mary. We can compare your quotes from all our partners simultaneously and match you with the cheapest option. Our goal is to save you money while finding you the coverage you need.
The Best Homeowners Insurance Companies in Lake Mary, Florida
Finding the best home insurance company in Lake Mary will vary from person to person based on coverage needs, budgetary constraints, and personal preferences. The best insurer for you may not be the best for someone else. Our job as an independent agency is to help match you with the best fit.
Find more information on some of our partners below. 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.
Swyfft
Demotech Rating
NR
NAIC Complaint Index
NR
Average Premium
$3,798
Swyfft is an insurance managing general agency founded in 2014, offering insurance products in several coastal states around the country.
Olympus
Demotech Rating
NR
NAIC Complaint Index
0.90
Average Premium
$4,627
Olympus Insurance Company has offered home insurance solely in Florida since its founding in 2007, with a general focus on higher-value homes and a count of over 70,000 policyholders.
American Platinum
Demotech Rating
A
NAIC Complaint Index
1.95
Average Premium
$4,847
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.
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.
|
Coverage |
Definition |
|---|---|
|
Dwelling Coverage |
Dwelling coverage covers your home’s structure should it suffer damage from a covered peril, like fire. This may include the roof, foundation, pipes, walls, and more. It can also be called Coverage A. |
|
Other Structures Coverage |
Other structures coverage can protect fixtures on your property that are separate from your main dwelling if a covered peril damages them. It can cover things like detached garages, fences, sheds, and pools. It may also be referred to as Coverage B. |
|
Personal Property Coverage |
Personal property coverage safeguards your belongings on your property from covered perils on your policy, like theft. Things that may be covered by this coverage, also called Coverage C, may include furniture, appliances, clothing, and electronics. |
|
Loss of Use Coverage |
Loss of use coverage assists with temporary living expenses if your home becomes uninhabitable due to a covered loss. It can cover costs like hotel bills, meals, and more. It may also be called Coverage D. |
|
Liability Coverage |
Liability coverage protects you financially if you’re found responsible for injuring someone or causing property damage. It can help cover legal expenses, medical bills, and more. Liability coverage is also known as Coverage E. |
|
Medical Payments Coverage |
Medical payments coverage pays for medical expenses incurred by guests or individuals injured on your property, regardless of fault. It may also be referred to as Coverage F. |
How to Get Home Insurance Quotes in Lake Mary, Florida
Having the right homeowners insurance is essential and often required. You can find coverage independently, but what’s wrong with asking for a little help? Our team at Clovered would be happy to assist you with your Lake Mary home insurance quotes.
As an independent insurance agency, we’re not tied to a single insurance carrier. Instead, we work with a variety of providers, allowing us to bring you a broader selection of home insurance policies to find one that fits your needs.
And, we’re based in South Florida, so you’ll be speaking to fellow Florida residents who are familiar and sympathetic with the difficulties of finding affordable home insurance in the state.
Call our licensed agents at 833-255-4117 during business hours for a quote. Or, you can get quotes entirely online through our proprietary quoting engine. You can also email us any time at agent@clovered.com with questions.
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.
Lake Mary Home Insurance FAQs
Is homeowners insurance required in Lake Mary, Florida?
What influences Lake Mary home insurance rates?
Insurance carriers examine various factors to determine home insurance premiums. They need to know the risk level of you and your property before giving a policy. Some aspects that affect rates include location, home age, claims history, and policy details (like deductibles, coverage amounts, and endorsements).
Do you need flood insurance in Lake Mary, Florida?
Some homeowners located in federally designated high-risk flood zones will likely be required to carry flood insurance by mortgage lenders. The Federal Emergency Management Agency (FEMA) creates flood risk maps for the country. If your house is in a high-risk FEMA flood zone, mortgage lenders will require you to carry flood insurance in addition to home insurance.
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.
