Hey there readers! Marcus here, back again with some helpful info for my fellow Melbourne residents. Buying home insurance can be confusing with so many options out there. So I took a deep dive and ranked the top 10 home insurance companies we have available right here in Melbourne.

After lots of research and calling around for quotes, I’m breaking down exactly why I rated these companies the way I did My goal is to make your home insurance search as easy as possible!

Let’s dive right in with my personal top pick

1. State Farm

Out of all the home insurance companies in Melbourne, I found State Farm to have the winning combo of great coverage, good prices, and excellent service

Here’s why they took the #1 spot in my book:

• Affordable premiums – Their rates came in very competitive, even for upgraded coverage options.

• Strong financial ratings – An A++ from A.M. Best means State Farm has plenty of cash to pay claims.

• Bundle discounts – I saved by bundling my home and auto insurance with them.

• Awesome mobile app – Lets me manage my policy or file claims 24/7 from my phone. So convenient!

The only downside is they’re selective with higher risk homes. But for most properties, State Farm can’t be beat in my opinion.

2. Auto-Owners Insurance

For personalized service from local agents, Auto-Owners is a great pick in the Melbourne area.

• Local agencies – The agents get to know you and your property.

• A++ financial strength – They have the resources to pay out major claims.

• Competitive pricing – Their rates are affordable for the quality coverage received.

My only gripe is the claims process can be a bit slow if you don’t use one of their select repair shops. But the outstanding service outweighs that issue.

3. Allstate

With their famous slogan “You’re in good hands,” Allstate delivers solid coverage options at reasonable rates.

Some key perks:

• Enhanced replacement cost – They cover full costs to rebuild your home, not just market value.

• New roof coverage – Options to extend shingle roof coverage to 25 years. Nice for Florida weather!

• Bundling discount – You can save up to 25% when you bundle home and auto insurance.

While Allstate misses the top two for me, they’re still a sturdy choice for home coverage in Melbourne.

4. USAA

For military members and their families, USAA is hands down the best around.

Some unique benefits include:

• Military appreciation – Special discounts for active and former military.

• Worldwide coverage – Protects military members stationed overseas.

• Fantastic financial ratings – USAA is highly regarded for claims-paying ability.

Since I don’t personally qualify for USAA membership, I couldn’t rank them higher. But for eligible policyholders, they can’t be beat!

5. Travelers

With a long history dating back to 1864, Travelers is one of the most experienced insurers in the U.S.

Highlights include:

• Claims satisfaction – Travelers scored very high marks for the claims process.

• Competitive pricing – Their rates are affordable for great coverage.

• Water and roof coverage – Offer robust options like $10,000 in water backup protection.

I docked Travelers a few points for not having local agents in Melbourne. Their online service options make up for it though.

6. Progressive

Known for innovative offerings, Progressive provides appealing policies for high-risk homes.

Some advantages:

• Affordable rates – They really shine for cheaper coverage costs.

• Flexibility – Month-to-month payment options rather than annual payments.

• Online discounts – They offer savings for purchasing through their website.

Just be prepared for impersonal service. Claims are handled strictly online or over the phone.

7. Liberty Mutual

Backed by over 100 years of experience, Liberty Mutual offers comprehensive coverage options.

Benefits include:

• Replacement cost coverage – Options to replace belongings at current costs.

• Water and roof coverage – Robust backup protections available.

• New home discount – Savings for new home buyers and newly constructed homes.

The main drawback is pricing isn’t quite as competitive as other insurers. But Liberty Mutual is still a strong choice overall.

8. State Auto

Operating since 1921, State Auto stands out through local agency support and flexibility.

Some key advantages:

• Local agents – Melbourne has several independent State Auto agencies.

• A- financial strength – Demonstrates ability to pay substantial claims.

• Customization – Work with agents to tailor coverage to your needs.

Just prepare for limited online services. But for high-touch care, they deliver.

9. Farmers Insurance

Catering to higher value homes, Farmers Insurance provides quality coverage options.

Top features include:

• Rebuilding cost protection – Robust coverage to rebuild homes as-is.

• Personal property coverage – Generous limits for belongings and valuables.

• Group discounts – Savings through affiliations like alumni groups and employers.

The main limitation is pricing runs on the high side overall. But for elevated coverage limits, they are a fine choice.

10. Florida Peninsula

To finish off my top 10, Florida Peninsula is a local favorite for customer service.

Reasons I included them:

• A+ financial rating – Demonstrates strong fiscal health.

• Local offices – Agents provide personalized attention.

• New home discount – Savings for newly constructed residences.

The biggest drawback is limited discount opportunities compared to competitors. However, their excellent service still makes them a sound option for home coverage in the Melbourne area.

And There You Have It…

So there you have my complete breakdown of the top home insurance companies available to us here in Melbourne!

To recap, I would highly recommend getting quotes from State Farm, Auto-Owners Insurance, and Allstate since they came out on top in my evaluation. But make sure to shop around and compare rates from several providers.

Frequently Asked Questions about Melbourne Home Insurance

Here are answers to some common questions local homeowners have about insurance:

What factors determine my home insurance costs in Melbourne?

The main factors influencing your price are your home’s value, location, age, and claims history. Discounts like bundling policies can also lower your costs.

What level of dwelling coverage do I need?

Experts recommend a dwelling limit equal to at least 80% of your home’s replacement value. This ensures you could rebuild your house in a worst-case scenario.

Should I get hurricane coverage?

Absolutely – it’s crucial protection in Florida. Make sure your policy includes wind damage and has adequate dwelling and contents limits.

Do I need flood insurance?

Regular home insurance excludes flooding. But excess water can destroy a home, so flood coverage is vital in at-risk areas, even if not federally required.

What discounts should I ask about?

Key savings include multi-policy, multi-home, new home, renovated home, protective devices, and claims-free discounts. Ask your insurer what they offer!