With over 60% of the residents being homeowners and the median home value at more than $205,000, over $20,000 more than the state average, you may assume home insurance in Orange County, Florida is expensive. This is not the case at all. You can get your home insured for a price as low as less than 1% of the value of your home. Even if you don’t own a residence and are only renting, it makes sense for you to get insurance. Natural disasters or other untoward occurrences can take place at any time so it is best to be prepared to deal with them.
- Winter Garden
- Winter Park
- Belle Isle
- Bay Lake
- Lake Buena Vista
As seen in some recent calamities, flooding caused by hurricanes can cause severe damage to a property, sometimes even wiping it off the surface. In that case, absence of adequate coverage can make a hole in your pocket. Therefore, getting home insurance is prudent for you. As mentioned above, homeowners’ insurance in Orange County is not expensive.
One thing you need to keep in mind is that most insurance companies in Orange County (around the Orlando area) offer coverage based on the replacement cost of your home and not the purchase price or current market value. This means that the company will take into consideration the estimated cost of rebuilding your home rather than its value at that moment.
In some cases, this can severely reduce the amount of coverage you are able to get. For instance, if you have a mortgage of $500,000 but the replacement value is only $250,000, you will be insured for $250,000 only. This is why it is a good idea to contact an insurance agent or expert to advise you on the best course of action.
The coverage you will get from a standard policy includes fire, theft, vandalism, lighting & other weather hazards, etc.
by Morgan Moran