Finding the best homeowners insurance in St. Petersburg is a priority for many homeowners, but finding cheap coverage could also be important for your overall financial goals. The average cost of homeowners insurance in St. Petersburg, Florida, is $1,018 per year for a $250,000 dwelling, according to Bankrate’s 2021 study of quoted annual premiums. This is over $300 less each year than the average cost of home insurance in Florida, which is $1,353 per year.
Dozens of St. Petersburg homeowners insurance companies are available to choose from, but how do you know which offers the best coverage for your needs? If you are one of the more than 265,000 residents that live in St. Petersburg, Florida, this is what you may want to know before you purchase or renew your next home insurance policy.
Best cheap home insurance companies in St. Petersburg
There are several home insurance companies in Florida that provide coverage options for St. Petersburg residents. To find the best St. Petersburg homeowners insurance, Bankrate reviewed the largest home insurance companies by market share in the city. We analyzed their average premiums — obtained from Quadrant Information Services — as well as 2020 J.D. Power scores, AM best financial strength scores, coverage offerings and available discounts for each carrier.
If you need St. Petersburg home insurance with solid coverages and competitive prices, these companies might be a good fit:
|Home insurance company||Average annual premium for $250k dwelling coverage||J.D. Power score|
|Progressive||$567||797 / 1,000|
|Travelers||$830||803 / 1,000|
|Allstate||$864||829 / 1,000|
|Nationwide||$1,015||808 / 1,000|
|State Farm||$1,153||829 / 1,000|
Progressive may be well-known for selling auto insurance, but it also offers homeowners insurance. If you want to shorten the time you spend searching for insurance, Progressive might be a good choice. Progressive allows you to compare rates from several carriers at once to see how its prices compare to its competitors. Although Progressive’s average premium is the lowest on our list, you might be able to save even more money with an advanced quote discount, a bundling discount or a new home purchase discount.
Learn more: Progressive Insurance review
Travelers received a higher score from J.D. Power than Progressive, but still ranked below the industry average. However, despite its low average premium, Travelers offers a slew of coverage options, including special personal property coverage, contents replacement cost, identity theft insurance and green home coverage. There are 41 local Travelers agencies in the St. Petersburg area, so if you prefer handling your insurance face-to-face, Travelers could be a good choice. Additionally, AM Best awarded Travelers with a top score of A++ (Superior) for financial stability.
Learn more: Travelers Insurance review
Allstate may be a great pick for new homebuyers, with new homeowner discounts and convenient payment plans. If you rent your home as a short-term rental, you might appreciate the additional option of Allstate’s HostAdvantage program, which offers protection for home-sharing. Allstate received an above-average customer satisfaction score from J.D. Power and an A+ (Superior) financial strength rating from AM Best. The company also offers various home insurance discounts, which include multi-policy, claims-free, safety device and loyalty discounts.
Learn more: Allstate Insurance review
If you are interested in having numerous optional coverages, Nationwide might be a good fit. Nationwide offers endorsements for replacement cost on your belongings, credit card coverage, law and ordinance coverage and identity theft coverage, among others. Discount options include savings for your roof type, purchasing a new home, having prior insurance or living in one of St. Petersburg’s gated communities. Nationwide received below-average customer satisfaction scores from J.D. Power, but it received an A+ (Superior) financial strength score from AM Best, which may be an indication of its ability to pay out claims.
Learn more: Nationwide Insurance review
State Farm received above-average customer satisfaction scores from J.D. Power, tying with Allstate. Although State Farm’s average premium is in line with the average home insurance premium in St. Petersburg, State Farm offers a few discounts that might help you save money. There are discounts for having impact-resistant roofing, installing a home security system and insuring multiple insurance products with State Farm. Along with local agents, State Farm offers mobile resources that might help you manage your policy on your own.
Learn more: State Farm Insurance review
Home insurance coverage options in St. Petersburg
St. Petersburg homeowners insurance is not required by law. However, if you have a mortgage, your lender will likely require you to have home insurance coverage. Even if you do not have a mortgage, having homeowners insurance can provide financial assistance if your home or belongings are damaged or destroyed.
If you live in Florida, you may want to consider the following coverages:
- Flood insurance: Homeowners policies typically do not cover damage caused by flooding. You may be able to purchase a flood policy from your home insurance company, or you may have to purchase it from the National Flood Insurance Program (NFIP).
- Windstorm coverage: Since Florida is frequently impacted by hurricanes, windstorm coverage may be an important part of your insurance portfolio. While this comes standard with some policies, some providers may require that you purchase an endorsement or a separate policy.
- Mold/mildew coverage: With its high temperatures, St. Petersburg residents may encounter mold or mildew damage in their homes. Although not all companies offer this coverage, you may be able to add an endorsement to your policy to cover damage caused by mold or mildew.
Every company offers different coverages, so talking to a licensed agent may help you to determine what options are right for you.
Home insurance discounts in St. Petersburg
Most insurance companies offer discounts that could help their policyholders lower their premiums. From safety and claims-free savings to payment and loyalty discounts, there are several ways that St. Petersburg homeowners might be able to save on their home insurance policies:
- New homeowner discount: If you are purchasing a newly built home, you may qualify for a home insurance discount. Some companies offer a similar discount if you are a first-time homebuyer, regardless of the age of your home.
- Home improvement discounts: You might earn discounts for certain upgrades to your home, such as green or eco-friendly improvements or upgrades to make your home more energy-efficient.
- Roofing discounts: Some insurance companies offer discounts when you have a new roof, an impact-resistant roof, a roof with a certain wind-resistance level or a roof made of eco-friendly materials.
One of the biggest discounts that many companies offer is multi-policy. You may want to ask your home insurance provider if they have options for your Florida auto insurance. Bundling a home and auto policy with one company could save you a significant amount on each policy.
Frequently asked questions
What is the best home insurance company?
The best home insurance company will depend on you personal factors, such as your city and ZIP code, the details of your home, your credit score and what kind of coverage you need. Getting quotes from several insurance companies may help you find a company that fits your needs. Working with an insurance professional could also be helpful.
How much does home insurance in St. Petersburg cost?
The average cost of home insurance in St. Petersburg is $1,018 per year for a home with $250,000 in dwelling coverage. However, the cost of your insurance policy may be more or less, depending on the kind of policy that you need and your specific rating factors.
How much home insurance do I need in St. Petersburg?
Home insurance is not required in St. Petersburg, Florida, but many mortgage lenders require that homeowners maintain an active policy to satisfy the terms of their loans. Your lender will likely require that you have enough dwelling coverage to pay off your loan if your home is destroyed, but most insurance agents recommend that you insure your home to its full replacement value, regardless of whether or not you have a loan. Your specific needs will depend on the size of your home, the risk of claims in your area and your personal level of risk tolerance.
How do you shop for home insurance in St. Petersburg?
Shopping for home insurance is relatively easy. To shop for coverage, you may want to get quotes from several different companies. You can get quotes online from many companies, or you may want to call to work with an agent over the phone or visit a local agency for a more personal experience. Once you have several quotes, you can compare them and review coverages, discounts, policy features and third-party rankings.
What are some common home insurance claims in St. Petersburg?
Because the city is located along the Gulf Coast, it is vulnerable to damage from hurricanes, which can include wind damage and flooding. Other common claims might include theft or burglary, damage caused by mold or mildew and liability claims for dog bites or other injuries. Understanding what claims are common in your area could help you choose appropriate insurance coverages.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.