Best Cheap Homeowners Insurance in Melbourne, FL For April, 2024

Nationwide offers the cheapest homeowners insurance to homeowners in Melbourne, with an average annual quote of $1,657.

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Updated: 04 February 2024
Written by
Bob Phillips
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In our comprehensive review of homeowners insurance providers in Melbourne, FL, Nationwide emerges as the most budget-friendly option, with average annual rates of $1,657. However, keep in mind that the best insurer for you may vary based on your unique circumstances and requirements.

For instance, if your credit score has taken a hit, Heritage Insurance stands out as the most economical choice with an average annual premium of $3,562 for coverage up to $100,000.

If you’re the proud owner of a newly constructed home, State Farm offers the most cost-effective solution at $1,264 per year. And for those who’ve had a history of claims, Chubb provides an affordable and understanding solution at $3,112 per annum.

Our in-depth analysis at Insuranceopedia is designed to guide you toward the perfect fit for your homeowners insurance needs. By comparing customer ratings, analyzing personal experiences, and presenting comparison charts, we will provide you with all the information necessary to make an informed decision.

How much is homeowners insurance in Melbourne, FL?

Nationwide offers the most affordable rate for homeowners insurance in Melbourne at $1,657 annually.

As you can see below, rates in Melbourne are less expensive than the National average. They are also lower than the Florida State average.

Area Average Monthly Rate
National $1,820
Florida $2,348
Melbourne $1,798

It’s important to understand that rates are not a one-size-fits-all matter. They can fluctuate significantly based on a myriad of factors.

For instance, your personal driving history plays a pivotal role; a record filled with traffic violations or accidents will likely lead to higher premiums than a clean slate. The type and model of your vehicle also come into play, as high-performance or luxury cars typically cost more to insure.

Your geographical location can impact your rates, too, with densely populated urban areas generally facing higher rates due to increased risk of theft or accidents. Even your age and marital status can influence your car insurance premiums.

Cheapest Homeowners Insurance in Melbourne, FL 2024

Cheapest Homeowners Insurance, Melbourne FL 2024

Our Methodology

To find the cheapest home insurance rates in Melbourne, we analyzed findings from numerous home insurance review sites, some of which analyzed rates from public filings obtained by Quadrant Information Services. We’ve used an average of those rates for this review, but each company’s rates change frequently and will vary based on your situation. Also factored into the overall rating is my subjective opinion based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

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Quotes Analyzed

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Years Of Industry Experience

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Brands Reviewed

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Research Hours

Cheapest Overall Homeowners Insurance in Melbourne, FL

Nationwide emerges as the cheapest overall option for homeowners insurance in Melbourne, FL, with an average annual rate of $1,657.

Company Annual Premium
Nationwide $1,657
State Farm $2,904
Chubb $3,124
Heritage Insurance $3,542
Allstate $5,098

The cost of your policy is influenced by many factors, including location, home value, and your claims history. Nationwide offers a balanced blend of affordability and comprehensive coverage.

Cheapest Homeowners Insurance If You Have Poor Credit

If your credit score is poor, Heritage provides the most affordable solution, with an average annual rate of $3,562.

Insurance Company Average Annual Premium
Heritage $3,562
Chubb $4,117
State Farm $4,785
Allstate $6,107
Universal $6,121

Your credit score can significantly impact your insurance rates as it’s a key factor insurers consider when calculating risk. Heritage understands that everyone deserves fair coverage, regardless of their financial past.

Cheapest Homeowners Insurance for Newly Constructed Homes

If you’re the proud owner of a newly constructed home, State Farm offers the most cost-effective solution, with an average annual rate of $1,264.

Insurance Company Average Annual Premium
State Farm $1,264
Allstate $2,013
Heritage $1,829
Chubb $2,075
Universal $3,158

New constructions often require different coverage compared to older homes, and State Farm excels in providing affordable policies tailored to these specific needs.

Cheapest Home Insurance In Melbourne for a History of Claims

For homeowners with a history of claims, Chubb provides an affordable solution, with an average annual rate of $3,112.

Insurance Company Average Annual Premium
Chubb $3,112
State Farm $3,134
Florida Peninsula $3,272
Heritage $3,546
Allstate $5,481

A history of claims can raise red flags for insurers, often leading to higher premiums. However, Chubb believes in second chances and offers reasonable rates for those with past claims.

Best Homeowners Insurance Companies in Melbourne, FL

Choosing the right homeowners insurance is not just a necessity; it’s a strategic decision. With a rich history, Melbourne’s homes are as unique as its residents. Therefore, finding an insurance provider that offers comprehensive coverage at competitive rates becomes paramount.

To make your decision-making process easier, we’ve compiled a list of the top homeowners insurance companies in Melbourne, FL. These companies have been assessed based on their annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Take a look at our comparison chart below and find the perfect fit for your home insurance needs.

Company Annual Premium
Nationwide $1,657
Chubb $1,772
Progressive $2,013
State Farm $2,124
Allstate $2,673

Average Home Insurance Rates by Zip Codes

The cost of homeowners insurance in Melbourne, FL can vary significantly based on the zip code. Below are tables showcasing rates for different zip codes in Melbourne, along with the cheapest and most expensive zip codes in the area for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
32940 $1,795
32904 $1,823
32934 $1,815
32935 $1,827
32901 $1,831
32951 $1,831

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
32940 $1,795
32934 $1,815
32904 $1,823

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
32935 $1,827
32901 $1,831
32951 $1,831

Average Home Insurance Rates in Melbourne, FL by Deductible Amount

The deductible amount chosen for a homeowners insurance policy significantly affects the premium rates in Melbourne, FL. Here’s how the average home insurance rates fluctuate with insurers for different deductible amounts:

Insurer Annual Rate for $500 Deductible Annual Rate for $1,000 Deductible Annual Rate for $1,500 Deductible
State Farm $3,036 $2,945 $2,836
Nationwide $1,710 $1,584 $1,570
Chubb $3,507 $3,116 $3,110
Heritage $3,917 $3,553 $3,557
Allstate $5,568 $5,102 $5,098

Average Home Insurance Rates in Melbourne, FL By Coverage Amount

One of the key components that influences your premium is the dwelling coverage amount. This is the maximum amount your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.

Let’s take a closer look at a comparison chart that outlines the average annual homeowners insurance premiums for different dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$200,000 $1,770
$300,000 $2,356
$400,000 $2,947
$500,000 $3,717
$600,000 $4,463

Average Home Insurance Rates in Melbourne, FL by Company

Here’s a comparison table showcasing annual premiums from some of the top providers in Melbourne:

Company Annual Premium
Nationwide $1,657
Chubb $1,772
Progressive $2,013
State Farm $2,124
Allstate $2,673

How Much is Homeowners Insurance for Other Cities in Florida?

The following is a  detailed comparison chart that showcases the cheapest companies and their annual premiums across various cities in Florida.

City Annual Premium
Coral Springs $1,547
Fort Lauderdale $2,895
Miami $2,694
Orlando $1,164
Tampa $1,197

Getting Online Homeowners Insurance Quotes in Melbourne

With informative sites like Insuranceopedia, finding the best coverage for your unique needs is just a few clicks away. By providing quick online quotes from a variety of top-rated insurers, Insuranceopedia helps you to compare rates at a glance.

Just input your details and let us do the hard work, presenting you with a range of options tailored to your requirements. This way, you can confidently choose a policy that offers the highest value, balancing cost with comprehensive coverage.

FAQs

Who has the cheapest home insurance in Melbourne, FL?

The cheapest home insurance in Melbourne, Florida, is provided by Nationwide, with an annual premium of $1,657.

What is the average cost of home insurance in Melbourne, FL?

The average cost of homeowners insurance in Melbourne, Florida, is approximately $1,798 per year.

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