Finding the Best Home Insurance in Melbourne, FL

Purchasing home insurance is an important step for every homeowner in Melbourne, FL. With the right home insurance policy, you can have peace of mind knowing you are protected financially in case of damage to your property. However, with so many insurance companies to choose from, how do you find the best home insurance for your needs in Melbourne? This guide will walk you through what to look for when choosing home insurance, provide an overview of the top companies in Melbourne, and give tips for getting the best rate.

What Does Home Insurance Cover in Melbourne, FL?

A standard home insurance policy will provide the following key coverages:

  • Dwelling coverage – Pays to repair or rebuild your home if it is damaged. Can also cover other structures on your property.

  • Personal property coverage – Replaces stolen or damaged personal belongings like furniture, clothes, and electronics.

  • Loss of use – Pays additional living expenses if you can’t live in your home due to damage.

  • Personal liability – Covers injuries that happen to others on your property.

  • Medical payments – Pays medical bills for others injured on your property.

Additional options like flood insurance or coverage for jewelry, art, and other valuables may also be available. Work with a local agent to customize your policy.

Top Home Insurance Companies in Melbourne

Here are some of the top home insurance providers servicing the Melbourne area:

State Farm

  • Largest home insurer in Florida
  • Bundling discounts available
  • Renowned claims service
  • Optional coverages like identity theft protection

Southern Oak Insurance

  • A+ rating from BBB
  • Policy discounts for new homes, security systems
  • Coverage includes hurricane, water/sewer backup
  • Highly rated for claims satisfaction

Universal Property & Casualty Insurance Company (UPC)

  • Florida-based mutual company
  • Wind mitigation discounts up to 49%
  • Roof shape discounts for hip roofs
  • Policy add-ons for jewelry, equipment breakdown, identity fraud

Homeowners Choice

  • Policy discounts for wind mitigation, new homes
  • Innovative app and online tools
  • A+ BBB rating, strong financial backing

Citizens Property Insurance Corporation

  • Not-for-profit, government sponsored insurer
  • Insures high-risk properties other companies won’t
  • Discounts for wind mitigation
  • Fast digital claims filing

Tips for Finding the Best Melbourne Home Insurance Rate

Follow these tips to make sure you get the most affordable home insurance in Melbourne:

  • Shop around – Get quotes from several insurers to compare rates for the same coverage. Local agents can help with this.

  • Raise your deductible – Choosing a higher deductible like $1000 or $2500 can lower your premium.

  • Ask about discounts – See if you qualify for any discounts like multi-policy, new home, or claims-free discounts.

  • Improve home security – Adding deadbolts, a security system, etc. can earn you a discount on premiums.

  • Seek wind mitigation discounts – Upgrading roof, windows, etc. to meet wind codes earns big discounts in Florida.

  • Maintain good credit – Insurers often check your credit when pricing home insurance. Keeping credit scores up helps.

  • Bundle policies – You can save up to 30% when you bundle home and auto insurance with the same provider.

Working with an independent insurance agent that has access to quotes from multiple A-rated insurers can help ensure you find the best balance of rate and coverage. They can guide you through all the cost-saving steps too.

Key Factors That Influence Home Insurance Costs

In addition to the tips above, insurers will consider the following factors when pricing your policy:

Location – Your risk of claims from theft, storms, floods and other perils based on where your home is located.

Home type – Detached single family homes are lowest risk. Condos, townhomes and mobile homes cost more to insure.

Age of home – Newer homes usually have lower premiums than older homes.

Construction material – Homes built from brick/concrete are lower risk than those using vinyl or wood siding.

Claims history – Frequent past claims will increase your premiums.

Credit score – Better credit means lower perceived risk to the insurer.

Amount of coverage – The more insurance protection you buy, the more you will pay.

Deductible – Higher deductibles lower your premiums.

Common Exclusions and Limitations

While home insurance provides valuable protection, there are losses that standard policies do not cover. Common exclusions include:

  • Flood damage
  • Earthquake damage
  • Regular home maintenance
  • Damage from war or nuclear accidents
  • Intentional property damage
  • Cash, coins and some collectibles
  • Landscaping and fences

Additionally, insurers will limit the amount they reimburse for certain valuables like jewelry and place caps on coverages like loss of use. Reading the policy details is crucial to avoiding surprises!

Top Melbourne Home Insurers Offer Convenient Claims Service

Suffering home damage can be stressful. Your insurer’s claims service plays a big role in making the process smooth. Here are some of the convenient claims services offered by top Melbourne home insurance companies:

  • 24/7 claims reporting – Immediately report your claim any time from your phone.

  • Online claims center – Upload photos, view details, track status in real time.

  • Claims specialists – Licensed adjusters guide you through the claims process.

  • Direct deposit – Fast claim payments deposited straight to your bank account.

  • Guaranteed repairs – Pre-approved contractors repair damage to get your home back to normal.

  • Emergency repairs – Upfront payments to cover immediate housing costs.

  • Inventory tools – Use mobile apps to catalog belongings and submit claims faster.

How Much Home Insurance Do I Need in Melbourne?

Choosing the right amount of insurance, also known as your dwelling coverage limit, is an important part of obtaining home insurance in Melbourne. Here are some guidelines on limits:

To fully replace your home – Set your limit equal to the full rebuild cost including demolition, contractor fees, and materials.

For your mortgage – Lenders often require coverage equal to the mortgage loan or appraised home value.

To protect your assets – Those with sizeable assets may want extended replacement cost coverage with an additional buffer.

For rental properties – Limit should cover structure replacement cost. Tenant possessions are not included.

An agent can help you calculate the rebuilding cost and choose appropriate limits. Remember to also consider the value of your personal property and liability coverages. Regularly reviewing limits as home values rise ensures adequate coverage.

Condo Insurance Provides Affordable Protection

In addition to detached homes, condos make up a significant portion of the Melbourne real estate market. Condo owners have specialized insurance needs best served by a condo policy vs. a homeowners policy.

Benefits of condo insurance include:

  • Covers your condo’s walls, floors, fixtures and additions like renovation.

  • The condo association insures the building’s shared elements.

  • Liability and personal property coverage like a homeowners policy.

  • Often more affordable than homeowners insurance.

Condo policy considerations:

  • Check if the condo association’s master policy affects your coverage.

  • You may still want additional coverage beyond the condo policy.

  • Assess if you need coverage for improvements you made.

An insurance agent familiar with condos will ensure you get properly insured. Condo policies provide an affordable way to protect your unit and possessions.

Protecting Yourself from Hurricane Damage

With Melbourne’s coastal location, having proper hurricane insurance coverage is a key consideration. Here are some ways Melbourne homeowners can brace for hurricane season:

  • Review your hurricane deductible – Make sure you could afford the out-of-pocket cost if you file a claim.

  • Inspect your roof and windows – Upgrade to hurricane resistant building materials for premium discounts.

  • Trim trees around your home – Prevent storm damage from falling limbs.

  • Clear rain gutters and drains – Prevent water damage if heavy rains arrive.

  • Purchase flood insurance – Standard policies don’t cover rising flood waters.

  • Create an emergency supply kit – Include a generator, plywood, batteries, canned food, water and other storm essentials.

  • Document your home contents – Make an inventory with photos/video in case you need to file an insurance claim.

Preparing your home and knowing your coverage are the best defenses against hurricane damage and disruption.

Key Takeaways

Protecting your home and belongings with insurance should be high priority as a Melbourne homeowner. Work with a reputable local agent to shop multiple insurers and find the right policy to fit your property. Look for an insurer that offers broad

Insurance Company Ratings – Homeowners Insurance Melbourne, Florida


How much is homeowners insurance in Melbourne Florida?

The average cost of homeowners insurance in Melbourne, FL is $1,272 annually for the dwelling coverage of $200,000 and the liability protection of $100,000. The amount you pay for home insurance each year depends on many different things.

What company insures the most homes in Florida?

Insurance Company
Policies in Force
Universal Property and Casualty Insurance Company
Citizens Property Insurance Corporation
Security First Insurance Company
Federated National Insurance Company

What is the average cost of homeowners insurance in Florida?

The average cost of homeowners insurance in Florida is $2,359 per year for a $250,000 baseline dwelling coverage. As you increase your coverage, your premiums will increase. In Florida, the baseline dwelling coverage amount is $250,000, and these policies cost an average of $2,359 per year.

Which homeowners insurance companies have the highest customer satisfaction?

Erie and Amica again took the top two spots, with Auto-Owners in third for overall home insurance satisfaction in J.D. Power’s 2023 study. Liberty Mutual and Homesite are the bottom two companies in the overall satisfaction survey.

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