Tampa, Florida is one of the most populated cities in Florida, but the homeownership rate of 48.6% is well-below the national average of 65.6%. Despite being located near some of the most beautiful beaches in the country, it is still possible to find affordable homeowners insurance in Tampa. The average cost for a homeowners policy is $1,270 per year for $250,000 in dwelling coverage, which is also below the national average of $1,312 annually.
Bankrate has reviewed several carriers based on coverage options, discounts and customer service ratings to find which company has the best homeowners insurance in Tampa.
Best cheap home insurance companies Tampa
There are numerous choices for homeowners insurance carriers in Florida, and Tampa is no exception. Below are the picks for some of the top-rated carriers for a $250,000 dwelling policy. Bankrate compiled this information not only from competitive rates and discounts, but also overall customer satisfaction ratings from the 2020 JD Power Home Insurance Study.
|Home insurance company||Average annual premium for $250K dwelling||J.D. Power score|
Nationwide has written insurance policies since 1926 and comes in with the lowest rates among the carriers Bankrate reviewed. Nationwide not only has a wide variety of policy options for homeowners, but the number of discounts are plentiful too. You can save on your policy if you live in a gated community or have updated your home’s systems (heating and air, electrical, plumbing, etc.) or bundle with your auto insurance policy.
Founded in 1937, Progressive is the third largest insurance provider in the U.S. It gives homeowners a wide variety of savings options and discounts to keep rates affordable as much as possible. Some of these include discounts for new home construction and paperless statements. If you book a contractor to repair home damage through Progressive’s provider network, then you may receive additional savings, as well. You also have access to a single deductible if you have an auto insurance policy with Progressive.
Travelers quoted premiums landed in the middle of least-expensive rates in Tampa, but this industry giant offers a wide range of coverage options for homeowners that may be worth considering. In addition to the standard coverages, such as dwelling and liability coverage, Travelers offers several non-standard options, as well. Whether you need personal items floater for your high-value items, or water backup and overflow coverage, Travelers coverages may allow you to tailor the policy to your exact needs.
State Farm has above-average industry ratings from the 2020 J.D. Power customer satisfaction studies and offers comprehensive policy options, including policy management. Whether you use one of the 19,000 agents available nationwide, the website or the mobile app, you can easily manage your policy whenever you need to. You can start a quote, purchase a policy, file a claim or make changes to a policy via any of these methods, or by calling the customer service team. Accessibility, availability and affordability are strong State Farm qualities that may be a priority for many homeowners looking for the best cheap homeowners insurance.
The Illinois-based insurance provider may have the most expensive rates in the list above, but the amount of discounts available help homeowners receive maximum savings on their policy. Discounts are abundant and include up to 25% off premiums for bundling and up to 20% off for remaining a claims-free customer, according to Allstate’s website. The Allstate app gives you access to claims filing and a handy digital locker, which allows you to list your valuables in case you need to file a claim later on.
Home insurance coverage options in Tampa
Unlike auto insurance, homeowners insurance is not a legally required protection. However, a good homeowners policy is designed to financially protect one of your most valuable investments, plus your other financial assets. If you finance your home, most lenders do require the purchase of a homeowners insurance policy. Here are some homeowners insurance coverages residents in Tampa may want to consider, based on common causes of loss in this area.
- Wind: While Florida does require hurricane damage to be covered in a homeowners policy, high winds not the result of a hurricane may not be included in your policy. Be sure to review with a licensed insurance agent on how you are protected with optional wind insurance.
- Flood: Like wind insurance, flood insurance is not included in a standard homeowners policy and needs to be added as a separate endorsement for your policy if you prefer to have this protection.
- Scheduled personal property coverage: If you have any collectible or valuables in your home, scheduled personal property coverage offers protection against common perils — such as fire or theft — for your high value items. Common examples include jewelry, art and antiques.
Home insurance discounts in Tampa
Taking advantage of policy discounts is one of the most effective ways to potentially get cheap homeowners insurance in Tampa. Homeowners in Tampa have access to several easy-to-qualify-for discounts, including:
- Bundling/Multi-policy: If you purchase more than one policy from the same carrier, most will reward you with additional discounts on your homeowners policy. Not to mention you have the added benefit of working with a carrier you are already familiar with.
- Claims-free: Many carriers look at your past claim filing history to determine rates, and if you have little to no claims within a certain time period, then you may be eligible to receive additional savings on premiums.
- Security system: If you install an alarm system, carriers will often give you a discount on your premiums. Not only does an installed security system save you money, it may even prevent burglaries from occuring in the first place.
These are only a handful of discounts you may have access too, as most carriers offer a variety of ways to save on your premiums. Reviewing all of your available discounts with a licensed insurance agent may help you find additional savings in unexpected ways.
Frequently asked questions
What is the best home insurance company?
The best home insurance company should be chosen based on what is most important to you as a homeowner, such as customer service ratings, financial stability, digital assets and coverage options. Bankrate has reviewed several based on this criteria and found carriers like USAA, Lemonade, Travelers and AAA are among the top choices for homeowners insurance in Tampa.
How much does home insurance in Tampa cost?
The average rate for homeowners insurance in Tampa is $1,270 per year for $250,000 in dwelling coverage. However, insurance rates are based on a number of personal factors, including your ZIP code, claims history and credit score (in most states). Your exact quote may be more or less depending on your personal circumstances.
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 may be different.