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Getting the best home insurance is a priority for many homeowners in St. Petersburg, Florida, and finding affordable coverage may also be an important part of meeting your overall financial goals. The average cost of homeowners insurance in St. Petersburg, Florida, is $1,122 per year for $250,000 in dwelling coverage, according to Bankrate’s 2022 study. That is about $500 less than the average cost of Florida home insurance, which is $1,648 per year for the same amount of coverage. Nationwide, homeowners pay an average of $1,383 per year for this amount of coverage.
If you’re a resident of this Florida city, you can have the option of choosing from numerous St. Petersburg homeowners insurance companies. That said, which ones offer the best homeowners insurance in St. Petersburg? To help you narrow down the options, Bankrate’s insurance experts reviewed dozens of companies to find the homeowners insurance companies that offer the best coverage at affordable rates.
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 2022 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 is well known for its auto insurance, but the carrier also offers homeowners policies through a number of independent insurance agencies. Aside from the standard home insurance coverage options, ASI/Progressive also offers personal injury, water back-up and sump discharge or overflow coverage options. Progressive’s HomeQuote Explorer tool enables you to compare rates from several insurers simultaneously to see how its prices stack up against its competitors. Plus, you might be able to save even more money with an advanced quote, a bundling or a new home purchase discount. While Progressive scored below the industry average for customer satisfaction in the J.D. Power 2022 U.S. Home Insurance Study, it was rated A+ (Superior) for financial strength by AM Best.
Learn more: Progressive Insurance review
Allstate may be worth a look 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. The company also offers various home insurance discounts, which include multi-policy, claims-free, safety device and loyalty discounts. Allstate also received an A+ (Superior) financial strength rating from AM Best. 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
Nationwide offers the standard homeowners coverage options you’d expect, as well as optional coverage, like credit card coverage and ordinance or law insurance. For example, Nationwide’s brand new belongings feature pays the depreciated value of a damaged or stolen personal item, and then pays the difference after you replace it. Nationwide also offers policyholders numerous ways to save on their premiums, including claims-free, gated community, home renovation, multi-policy and safety and security device discounts. The provider’s mobile app enables you to adjust coverage options, file claims, make premium payments and manage auto, life and homeowners policies. Nationwide also earned an A+ (Superior) financial strength rating from AM Best, but this provider’s average costs are some of the highest on this list, so if you’re looking for the most affordable option, this may not be it.
Learn more: Nationwide 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 talk to a licensed agent to find out 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
Bankrate utilizes Quadrant Information Services to analyze 2022 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.