Tampa, FL Homeowners Insurance Rate 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!
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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.
Tampa, FL Home Insurance Average Premiums
For the city of Tampa, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
|Coverage Amount:||Annual Premium|
|1800 sq. ft. or below |
|Average Coverage:||$1622 /yr.|
|2600 sq. ft. or higher |
(all discounts applied)
What is the average home insurance cost for a home in Tampa, FL?
- • The average homeowners insurance premium paid annually for a home in Tampa is around $1622 per year.
What does it cost on average per month for home insurance in Tampa, FL?
- • Homeowners in Tampa pay an average cost per month around $135.00 for insurance coverage.
Tampa, FL Coastal Wind, Hail & Flood Information
Tampa is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Tampa is know for it's beautiful beaches and waterways. Because Hillsborough County (FIPS: 12057) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Tampa, FL.
Coastal Tampa, Florida Information: To obtain flood insurance coverage, the process usually takes more than 30 days to finalize, if you need flood insurance coverage now, please call us at 888-620-1954.
For more information about your area, please click Coastal Homeowners Insurance in Florida
Tampa, FL - 2023 Housing Information
|Month||Current Home Value (2023)||Last Year Home Value (2022)|
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.
Get up to 12 competitive Tampa, FL homeowners insurance rates all in one place!
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
|28 ft.||This is the average home elevation in Tampa, FL||
» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Tampa, Florida.
A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home.
Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy.
It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.
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.
Florida Homeowners Insurance News & Information
Florida Homeowners Advance From Citizens into Private Companies Posted on Tuesday 5th December, 2023
Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]
2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
Fall 2023: Florida Homeowners Insurance Premium Update Posted on Tuesday 24th October, 2023
Despite the fact that the Florida legislation finally passed a couple of bills to deal with the ever-increasing cost of homeowners insurance, it seems unlikely that premiums will start to fall anytime soon according to a report put out by Karen Clark & Company (KCC), a risk modelling firm. The recent report, titled “Managing Expectations: […]
Citizens Property Sends Out Letters Posted on Wednesday 27th September, 2023
Soon, hundreds of thousands of Citizens Property Insurance Company policyholders will be getting a letter in their mailbox asking them to move their policy to a private insurance company and away from Citizens, the state-backed insurer of last resort. Citizens Property is using the letters as part of its “Depopulation” effort that was approved by […]
5 New Homeowners Insurance Companies Step into the Florida Insurance Market Posted on Wednesday 27th September, 2023
Florida’s property insurance disaster may be taking baby steps in the right direction as five new insurers step into the Florida market, taking over hundreds of thousands from Citizens Property, Florida’s insurer of last resort. This could lead to more insurance options for residents of the Sunshine State soon. The five companies in the mix […]
Tampa, FL Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Tampa so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Tampa, FL?
- The average square footage in Tampa is around 1,272 Sq. Ft. which would cost you around $212,392 to replace the home if you base the home on the price to build per square foot of $167.
Minimum Replacement Cost Total: $212,392
Location: Tampa, Florida (Hillsborough County)
Average Building Cost Per Square Foot in Tampa: $167 (low end)
Average Square Footage in Tampa: 1,272 Sq. Ft.
|Home Improvement Status||Price per Sq. Ft.||Dwelling Coverage|
|None or Very Minor Improvements||$167||$212,392|
|Some Additional Upgrades||$209||$265,491|
|Major Home Updates or Advancements||$251||$318,589|
The dwelling coverage is calculated by the average cost per square foot ($167) in Tampa, Florida times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $521,875 (Media price to build of $209 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.