Homeowners Insurance Quotes in Lakeland, FL

What You Should Know About Home Insurance in Lakeland

Lakeland is a city covering just over 75 square miles in Polk County, Florida. Its location on I-4 makes for easy travel to nearby Tampa and Orlando. The community includes 38 lakes, including Lake Morton, and is sometimes called “Swan City” due to its high number of these wild birds. Polk County was founded in 1861, shortly after Florida’s establishment as a state in 1845.

Early settlers came to the area to make use of the land, which provided citrus and cattle farming prospects. Along with its plentiful natural beauty, the city offers many higher education opportunities, including Southeastern University, Florida Polytechnic University, and the Lakeland branch of Polk State College. Downtown Lakeland, sometimes referred to as “Lakeland’s living room,” provides unique shopping experiences and a plethora of eateries, including pubs, craft breweries, and fine dining.

As a resident of one of Lakeland’s iconic neighborhoods, such as Lake Hollingsworth, you will need the best Florida homeowners insurance to protect your investment. The expert agents at InsureOne provide top-tier service to put together a personalized policy for you at the most competitive rates in Florida.

How Much Does a Homeowners Insurance Policy Typically Cost in Lakeland?

Lakeland residents pay about the same price for homeowners insurance as the national average for lower-priced homes. They pay slightly more than the national average for more expensive homes. You may pay a different price than your neighbor for various reasons, including your home’s square footage and construction materials.

Here are the average costs of coverage in Lakeland as compared to the national average:

Dwelling Insurance Total	Average Annual Cost in Lakeland	Average Annual Cost Nationwide
$300K	$2,517	$2,582
$600K	$4,794	$4,140
$1 million	$7,815	$7,380

We arrived at these numbers by using the cost of dwelling coverage, a $100,000 liability and a standard $1,000 deductible.

How Do Home Insurance Deductibles Change Insurance Rates in Lakeland?

When you purchase your insurance, you will need to select your deductible. This means you will decide on an amount to pay for a claim before your insurer pays out its portion. If you choose a deductible of $1,000 and your claim is for $5,000, your insurer will pay $4,000 of that claim. Deductibles vary according to the purchaser’s comfort level — they often fall within the $500 to $2,500 range, while some insurers offer the option to pay a percentage of your coverage.

Choosing a lower deductible gives you a higher policy rate. A higher deductible means you will pay less for your overall policy, but it excludes you from filing claims under that deductible amount. This means, for instance, if your deductible is $1,000 and you file a claim for tropical storm damage determined to cost $950 to repair, you will pay for those repairs out of your own pocket.

Some factors to consider when deciding on your deductible include your neighborhood’s risk of natural disaster, whether you have money in the bank to cover damage should you need to file a claim, and your risk of experiencing crime at your home as determined from reviewing crime rates in your zip code.

Some policies may have separate deductibles for different parts of your coverage, such as a hurricane, roof, sinkhole, or water deductible. Ask your expert agent for the specifics of your coverage.

Is Home Insurance Tax Deductible in Lakeland?

While you may be able to claim certain home expenses on your tax return as a Lakeland resident, homeowners insurance is generally excluded from this designation.

Here are some exceptions where you may be able to claim homeowners insurance or a portion of it on your taxes:

• Home office: You use a room in your house solely as an office space.
• Business storage: You store inventory for your business in a designated home space.
• Rental home: You own a property you rent out as a business.
• Casualty loss: You suffered property loss your insurance denied.

Please check with your tax professional about the specifics of your unique situation.

Does Lakeland Have the 80% Homeowners Insurance Rule?

How do you know your home is properly insured in Lakeland? Most area insurers follow the 80% rule, meaning your agent will confirm your property is covered for 80% of its replacement value.

This industry standard — not a law — protects you by ensuring you have enough home replacement coverage if you ever need to file a claim. The 80% rule means, for instance, your $400,000 home would require $320,000 worth of coverage.

If you increase your home’s value in North Lakeland — or anywhere else in Lakeland — by adding an in-ground swimming pool or sunroom, let your InsureOne agent know. They will provide white-glove service to adjust your policy, confirming you have the proper coverage.

Bundling Home and Auto Insurance in Lakeland

Need home and auto insurance? Ask your agent about bundling. Bundling means buying more than one policy from one insurer.

If you would rather be doing anything else, like hiking or kayaking at Colt Creek State Park, instead of leafing through a bunch of papers from multiple insurers, bundling may be the answer for you. Bundling your home and auto coverage means fewer papers to deal with and savings of up to 25% on your insurance.

Bundling applies to more than just home and auto coverage. You can also bundle coverage, such as for a boat, RV, or motorcycle. Ask your InsureOne agent about what other types of insurance you can bundle.

Think of InsureOne as a one-stop shop where your agent will do all the work to save you time and provide notable cost savings.

What Factors Do Insurance Companies Consider When Setting Rates?

Insurers review personal and property factors when coming up with your customized rate, which helps them determine their risk in insuring you. Some factors make you more likely to file a claim.

• Hurricane risk: Location is a major factor for insurers covering residents of the Sunshine State. Your agent will review whether you live in an area typically affected by hurricanes.
• Home age: Older homes are often more expensive to repair and replace, so your rates will typically be higher. However, newer homes with high-end features may also mean higher rates.
• Square footage: Residents who own smaller homes will typically pay lower rates.
• Construction materials: Your agent will look at whether your home is constructed of fire-resistant materials. If your roof includes hurricane straps and impact-resistant materials, this will work in your favor.
• Security system: If your home has a home alarm or porch camera, this may lower your rate.
• Claims history: If you have a history of filing claims, this may alert insurers that you have a higher risk of filing future claims, which may mean higher rates.

What Are the Different Types of Homeowners Coverage Offered in Lakeland?

The difference between your policy and another person in your city may be more than just a different deductible and rate. There are eight standard types of coverage, each designed to fit within certain guidelines and each designed to protect the place that matters most to you in Lakeland.

Here are four of these eight policy types:

• HO-1 policy: This is the most basic single-family home policy, covering damage from 10 perils, including vandalism, damage caused by vehicles, and windstorm damage.
• HO-4 policy: This policy is for people renting a house or apartment. It includes coverage for your belongings, along with basic liability and living expenses.
• HO-6 policy: This policy is for those who own and live in a condo or co-op. This “walls-in coverage” provides protection for your walls, floors, and ceilings. It includes damage from fire, theft of your personal belongings, and accidental injuries to others.
• H0-8 policy: This policy is for older homes, usually historic or landmark structures that are more expensive to repair or replace. It covers damage from 10 perils along with liability, medical expenses to others, and living expenses.

Your expert InsureOne agent can go over the specifics of these and the other four types of policies to find you the customized choices for top-tier coverage.

What Is the Most Common Type of Home Purchased in Lakeland?

There are around 45,000 homes in Lakeland, Florida, with 50% of those defined as single-family and about 22% of those as large apartment complexes. The remainder fall into the categories of mobile homes, duplexes, and homes converted into smaller apartments. With its high property appreciation rates, Lakeland is the ideal place to invest in a personal home or rental property.

Of the city’s approximately 122,000 residents, about 8% telecommute. Statistics show a rate of about 20 property crimes, including burglary, per one thousand residents — or a risk of being a victim of these crimes at about one in 50.

Whether you live in Cleveland Heights or Downtown Lakeland, having the best homeowners insurance coverage is a necessary part of protecting you and your home.

Which Common Natural Disasters Are Covered by Home Insurance in Lakeland?

Be sure to review your policy carefully to avoid unnecessary surprises should you ever need to file a claim. Many policies include coverage for these natural disasters:

• Hurricanes: Your policy likely covers windstorm damage from these storms. However, most policies exclude flood damage unless purchased as a policy amendment (a rider). Hurricane damage may carry a different deductible than your standard one.
• Sinkholes: Florida has more sinkholes than any other state. Insurers must include “catastrophic ground cover collapse” as part of your policy. This is different from sinkhole coverage, which may only be covered if you purchase a rider.
• Fire: Your policy likely includes damage from fires, including those from lightning strikes.
• Tornadoes: The standard Lakeland homeowners policy covers damage from the high winds of tornadoes.

Your agent can review your policy in detail to ensure you have the right coverage to protect your unique circumstances.