Tampa, FL Home Insurance Quotes!

Tampa is a wonderful place to call home, we have everything you need to lead the good life in the Sunshine State. Tampa has a lovely waterfront, world class restaurants as well as plenty of shopping that draws in both locals and tourists.

However, Tampa also comes with severe weather as well as hurricanes that can damage your home as well as push up the cost of homeowners insurance. Florida has some of the most expensive homeowner insurance premiums in the country but there are things you can do to keep your rates affordable.

Keep reading to learn everything you need to know about homeowners insurance in Tampa.

Is Homeowners Insurance Required in Tampa?

If you have a mortgage on your home, your lender will require that you carry homeowners insurance in order to protect their investment in your (technically their home until you pay it off) home. All lenders require homeowners to carry coverage.

If you own your home outright you can drop your homeowners coverage but this is almost always a bad idea. In the event your home is severely damaged or destroyed you will be on the hook to cover all repair or rebuilding costs. Unless you can easily afford to rebuild your home and replace all of your possessions, you should carry homeowners coverage.

It should be noted that waiting until a storm is on the way to purchase coverage is not an option in most markets, including Tampa. Once a storm has formed and within a certain distance of Florida or a hurricane is named, insurance companies will no longer sell or modify policies. It is always best to have coverage in place well before a storm is headed your way.

Coverages You Should Be Carrying in Tampa

While coverages will vary depending on your personal risk factors, most homeowners should be carrying these coverages to protect their home:

• Dwelling coverage: This protects the structure of your home up to coverage limits. It will pay to repair or rebuild your home if it is damaged or destroyed by a covered peril.
• Other Structures: This coverage is part of your dwelling coverage and protects other structures on your property such as barns, outbuildings and even sheds.
• Personal Property: This will protect your personal property. It pays to replace your personal property that is damaged or destroyed by a covered peril. This can include things such as your clothing, jewelry, electronics, and even your furniture.
• Loss of Use: If your home is damaged so badly that you cannot safely stay in it while repairs are being done, loss of use coverage will help cover expenses such as hotel and restaurant bills as well as other normal expenses you incur.
• Personal Liability and Property Damage: This will help cover medical bills and legal expenses if someone is injured in your home. It covers a variety of injuries, including slip and falls inside or outside of your home. Property damage liability will pay to repair other people’s property if you or a member of your household cause the damage.

Flood and Sinkhole Insurance

Florida’s weather can leave residents at risk for flood damage which can eventually lead to sinkhole issues as well. In addition to severe storms causing flooding, Tampa has issues with tidal flooding. In 2017, areas of Tampa were under as much as four feet of water because of tidal flooding.

A standard homeowners policy excludes flood and sinkhole damage so if your home is at risk for either, you may need to carry additional coverages. Flood insurance can be purchased via the National Flood Insurance Program or through private insurers.

While flood insurance can be pricey, it can be a financial lifesaver if your home is damaged by flooding.

Sinkholes can also be an issue. Limestone is common in Florida, and it soaks up water that wears down the bedrock leaving an empty pocket that collapses as the weather dries up the water, leading to a sinkhole.

When it comes to sinkholes in Florida, insurers are required to offer sinkhole coverage but if your property is already experiencing sinkhole activity, your insurer may decline to offer coverage.

All Florida homeowners policies are required to offer Catastrophic Ground Cover Collapse coverage but this is not the same as sinkhole coverage which is sold as an additional coverage. In order for damage to be covered by catastrophic ground cover collapse it must mee these four specific conditions:

• Sinking of the top layer of soil must occur abruptly
• A depression in the ground cover must be clearly visible without the aid of instruments
• There must be structural damage to the home, including the foundation itself
• A government agency must condemn and evacuate the structure

If all of these conditions are not met, the damage will not be covered, and you will be on the hook to cover repair or rebuilding costs if you are not carrying sinkhole coverage.

Wind and Hurricane Damage Deductibles

In many parts of Florida (including Tampa) your homeowners insurance may require a separate wind and hurricane policy or you may simply have a different deductible for wind or hurricane damage.

A wind or hurricane deductible is often a percentage deductible. This means that your deductible for severe wind or hurricane damage is a percentage of your total dwelling coverage. As an example, if you are carrying $400,000 in coverage and have a 5 percent deductible, you will need to pay $20,000 as a deductible. Percentage deductibles typically range from 2 to 10 percent.

The year your home was built will also impact your premium. In Florida, stronger building codes went into effect in 2002 which requires builders to use stronger roofing materials as well as impact resistant windows. These improvements often lead to wind mitigation credits on your policy which can lower your insurance costs.

If your home was built prior to 2001 you may want to consider upgrading your home with wind mitigation materials to help lower your premium.

Cost of Homeowners Insurance in Tampa

While the cost of insurance can vary dramatically depending on where your home is located and your personal risk factors, the median cost of homeowners coverage in Tampa is roughly $2,100. While insurance can be expensive, if your home is severely damaged or destroyed you will be on the hook for all costs if you are not carrying insurance coverage. Unless you are independently wealthy, it is never a good idea to drop your homeowners coverage.

When determining how much coverage you need to carry your agent will look at the replacement cost of your home, any additional structures on your property as well as the value of your personal possessions.

Remember, the value of your home (purchase price) is not the amount of coverage you need to carry because the price of your home includes the land that it sits on. The rebuilding cost is what needs to be insured and this is usually less than the price of your home.

How to Choose an Insurance Company

When choosing an insurance company you should look for a reputable nationwide insurer that gets good reviews for both customer service and claim handling. Check with friends and family to see what insurer they use and always do your due diligence to make sure any insurance company you are considering is financially sound.

Compare Homeowners Insurance Rates in Tampa, FL!

Our Service in Florida

You can feel confident that our experience, integrity and service will help you find the best insurance policy at a price you can afford. We work with a wide variety of insurers in Tampa, Florida and all of them are top rated "A+" by A.M. Best Rating and have been in business for several decades.

Just a few of the insurers we work include American Integrity Insurance Group, Anchor Insurance, ASI, Bankers Insurance Group, Centauri Insurance, Chubb, Edison Insurance Company, Florida Peninsula Insurance Company, Heritage Insurance, Lexington Insurance, Olympus Insurance, People's Trust Insurance Company, St. Johns Insurance Company and many more.

Average Rates Nearby Tampa

Are you looking for homeowners insurance in a city near Tampa? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!

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Home Insurance Rates by Zipcode in Tampa, FL

Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Tampa.

33602,     33603,     33604,     33605,     33606,     33607,     33609,     33610,     33611,     33612,     33613,     33614,     33615,     33616,     33617,     33618,     33619,     33620,     33621,     33624,     33625,     33626,     33629,     33634,     33635,     33637,     33647,     

Homeowners insurance will help cover the cost to repair or replace your Tampa home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:

• Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Tampa
• Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
• Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
• Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
• Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.

Saving Money Tips on Tampa Home Insurance

A great way to save money on Tampa homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:

• Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
• Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
• Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
• Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.

Are you shopping for the best rate near or wihin the Tampa area? Check out what homeowners are paying on average for Florida homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

To get online quotes on your home and compare rates on home insurance premiums in Tampa, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Hillsborough County.

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