Best homeowners insurance in St. Petersburg for 2022
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 coverage, 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 for $250,000 dwelling coverage. Residents of St. Petersburg also pay less than the national average, which is $1,312 per year, for homeowners insurance.
You may be able to choose from dozens of St. Petersburg homeowners insurance companies, 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 this Pinellas County city located on the Gulf of Mexico.We analyzed their average premiums — obtained from Quadrant Information Services — as well as 2021 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 coverage 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 may be well-known for selling auto insurance, but the carrier also offers homeowners insurance through its St. Petersburg-based American Strategic Insurance subsidiary. If you want to shorten the time you spend searching for insurance, Progressive Home might be a good choice. Progressive allows you to compare rates from several carriers simultaneously 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. While Progressive scores just below the industry average for customer satisfaction in the J.D. Power study, it has a strong balance sheet and is rated A+ (Superior) by A.M. Best.
Learn more: Progressive Insurance review
Travelers received the lowest J.D. Power score on our list, ranking well below the industry average. However, the national insurer offers a slew of coverage options, including special personal property coverage, contents replacement cost, identity theft insurance and green home coverage, on top of a low average premium. There are 37 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 rating of A++ (Superior) for its financial stability, the highest level available.
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. However, Allstate’s premium is not the cheapest on our list, although it is below the city average. If budget is your primary concern, Allstate might not be the right fit.
Learn more: Allstate Insurance review
State Farm, the largest U.S. home insurer by market share, received above-average customer satisfaction scores from J.D. Power — the highest on our list, in fact. Although State Farm’s average premium is in line with the average home insurance premium in St. Petersburg and is the highest on our list, the provider 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. The company is rated A++ (Superior) by A.M. Best. for its financial strength.
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 or any other type of home loan, 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 coverage types:
- 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 as an endorsement to your home policy, from the federally-backed National Flood Insurance Program (NFIP) or dozens of private flood insurers who offer this important coverage in the state. Florida has more NFIP policies in force than any other state because of its high vulnerability to flooding.
- 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 based on the risk level in your area. According to the Insurance Information Institute (Triple-I), Florida home policies include a separate windstorm deductible for named tropical cyclones, which is typically 1% to 5% of your home’s insured value.
Every company has different coverage offerings, 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 and find cheaper rates. 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. All Florida insurers are required to offer discounts for adding or upgrading the wind-damage-mitigation features on your home, like hurricane roof straps, storm shutters and hurricane-rated garage doors.
- Roofing discounts: Some insurance companies offer discounts when you install 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 or agent if your property carrier also offers 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 your personal rating factors, such as your city and ZIP code, details about your home (construction materials and year built), your credit-based insurance score, your area’s crime rates, proximity to a fire station and fire hydrants, claims history 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, as local agents may be more familiar with the needs of St. Petersburg homeowners.
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 homeowners 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?
How much home insurance coverage you need depends on the size and features of your home, the risk of claims in your area and your personal level of risk tolerance. Home insurance is not required in St. Petersburg or any other city in the Sunshine State, 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. Florida is prone to hurricanes and other severe weather events that could be financially devastating if you do not have adequate insurance coverage to repair or replace your home following a loss.
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 and insurer comparison sites, or you may want to work with a local insurance agent for a more personal experience. Once you have several quotes, you can compare them and review coverage types, discounts, policy features and third-party rankings.
What are some common home insurance claims in St. Petersburg?
Because St. Petersburg is located along the Gulf Coast, the city is vulnerable to damage from hurricanes and tropical storms, which can include catastrophic wind damage and flooding. Other common claims might include theft or burglary, structure fire, damage caused by mold or mildew and liability claims for dog bites or other injuries. Understanding what claims are common in your area and what is typically covered by home insurance could help you choose appropriate types and levels of coverage.
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.