Lake County is a centrally located county in peninsular Florida, and the county has a relatively large population compared to many of its neighboring counties; as of 2019, the county has close to 370,000 residents. As its name suggests, Lake County has numerous natural bodies of water within its borders, with over 250 lakes and 1,735 other bodies of water dispersed throughout the area.
Living in Lake
In Lake County, the median household income is a little under 20 percent less than the national median, at $51,884 as of 2018. The property values in Lake County are slightly high for this income level, with a median home value of close to $235,000 as of March 2020 according to Zillow.
The county represents part of the Orlando-Kissimmee-Sant Metro Area. The largest cities in Lake County include Clermont (36,700 residents), Eustis (21,100 residents), Leesburg (23,200 residents), and Taveres (17,500 residents). Compared to some of the neighboring counties, Lake County’s residents are much more compacted into its numerous small to mid-sized cities.
Home Insurance Premiums in Lake County
Compared to its cost-of-living, median income, and median home value, the average premiums for Lake County are moderately high, but thankfully, there are ways you can mitigate this cost. One method is by ensuring your property has wind mitigation.
As the table below indicates, pre-2001 homes valued at $150,000 without wind mitigation have an average premium of about $1,150, while similar homes with wind mitigation have average premiums that are close to $650 higher.
Average Homeowners Premiums in Lake County
Construction Type | Home Value | Average Premium |
---|---|---|
Pre-2001 (No Wind Mitigation) | $150,000 | $1,746.07 |
Pre-2001 (With Wind Mitigation) | $150,000 | $1,157.22 |
New Construction | $300,000 | $1,948.19 |
Overall Average | $1,617.16 |
The overall average for homeowners in this county is $1,617 based on the data by Florida’s Office of Insurance Regulation. Other methods to bring down the cost of your home insurance premium are to bundle your policy for discounts from your insurance (such as with auto insurance) and adding security systems, lights, or other features, among other incentives that insurance companies may offer.
An even better way to save on home insurance is to make sure you’re getting a high-value policy from the start. Insurance companies can vary greatly in the policy quotes that they offer customers and as the list below shows, comparison shopping for the best price that you can be offered has the potential to save you $550 to almost $900.
For $150,000 homes built before 2001 without wind mitigation, the average premium is $1,746.
Cheaper-than-average options below:
- First Community – $1,187
- Tower Hill Prime – $1,237
- Citizens – $1,246
- Stillwater – $1,285
List of Companies & Rates for Home Valued at $150,000, Pre-2001 Construction Without Wind Mitigation Rate in Lake County
Company | Annual Premium |
---|---|
First Protective | $1,187 |
Tower Hill Prime | $1,237 |
Citizens | $1,246 |
Stillwater | $1,285 |
Southern Fidelity | $1,387 |
Tower Hill Preferred | $1,429 |
Universal | $1,555 |
American Integrity | $1,558 |
Tower Hill Select | $1,569 |
Universal | $1,591 |
Florida Peninsula | $1,597 |
Family Security | $1,629 |
ASI | $1,662 |
Florida Family | $1,672 |
St. Johns | $1,714 |
Tower Hill Signature | $1,730 |
Liberty Mutual | $1,732 |
American Traditions | $1,784 |
People's Trust | $1,817 |
First Community | $1,825 |
FedNat | $1,846 |
Florida Farm | $1,850 |
Security First | $2,154 |
Castle Key | $2,365 |
Auto Club Florida | $2,371 |
Southern Oak | $2,500 |
State Farm Florida | $2,852 |
Average | $1,746.07 |
For $150,000 homes built before 2001 with wind mitigation, the average premium is $1,157.
Cheaper-than-average options below:
- First Protective – $654
- Stillwater – $763
- Citizens – $798
- Tower Hill Prime – $811
List of Companies & Rates for Home Valued at $150,000, Pre-2001 Construction With Wind Mitigation Rate in Lake County
Company | Annual Premium |
---|---|
First Protective | $654 |
Stillwater | $763 |
Citizens | $798 |
Tower Hill Prime | $811 |
Universal | $815 |
Florida Farm | $818 |
St. Johns | $891 |
Universal | $922 |
American Traditions | $952 |
Tower Hill Preferred | $972 |
American Integrity | $1,064 |
Southern Fidelity | $1,075 |
Tower Hill Select | $1,086 |
ASI | $1,094 |
People's Trust | $1,095 |
Tower Hill Signature | $1,154 |
Liberty Mutual | $1,180 |
Family Security | $1,202 |
Florida Peninsula | $1,232 |
Florida Family | $1,261 |
Southern Oak | $1,277 |
FedNat | $1,320 |
First Community | $1,496 |
Auto Club Florida | $1,641 |
Security First | $1,664 |
Castle Key | $1,712 |
State Farm Florida | $2,296 |
Average | $1,157.22 |
For $300,000 homes with new construction, the average premium is $1,948.
Cheaper-than-average options below:
- Stillwater – $1,078
- First Protective – $1,222
- Universal – $1,419
- St. Johns – $1,470
List of Companies & Rates for Home Valued at $300,000, New Construction in Lake County
Company | Annual Premium |
---|---|
Stillwater | $1,078 |
First Protective | $1,222 |
Universal | $1,419 |
St. Johns | $1,470 |
Southern Oak | $1,503 |
Florida Farm | $1,532 |
Tower Hill Prime | $1,565 |
American Traditions | $1,570 |
Citizens | $1,649 |
Universal | $1,723 |
Tower Hill Preferred | $1,730 |
Tower Hill Select | $1,732 |
American Integrity | $1,738 |
People's Trust | $1,827 |
Family Security | $1,858 |
ASI | $1,865 |
Florida Peninsula | $2,001 |
Southern Fidelity | $2,098 |
Tower Hill Signature | $2,170 |
Florida Family | $2,213 |
First Community | $2,318 |
FedNat | $2,344 |
Auto Club Florida | $2,385 |
Liberty Mutual | $2,459 |
Castle Key | $2,535 |
Security First | $2,700 |
State Farm Florida | $3,897 |
Average | $1,948.19 |
Flood Insurance in Lake
Despite the fact that Lake County is landlocked, its plethora of lakes and other bodies of water means that many properties in the county are likely at risk for flooding from being located within floodplains. As a result, homeowners in the county need to purchase separate flood insurance in addition to their FL home insurance policies.
If you have plans to buy a house in Lake County, an additional flood insurance policy will provide you much-needed financial protection for your home, as standard home insurance doesn’t cover water damage from flooding.
Regional insurance companies such as First Protective offer affordable, price-controlled plans as part of the federal National Flood Insurance Program, but keep in mind that these policies can only go up to $250,000, so you may need an additional private policy to make up for any coverage gaps.