The Best Cheap Homeowners Insurance in Pensacola, Florida for 2024: Quotes and Reviews

Most insurance companies in Pensacola provide the same core homeowners insurance coverages, although the costs vary significantly. To get the most affordable homeowners insurance in the city, you may need to compare prices across the companies.

As per MoneyGeek’s study, the following companies offer the cheapest homeowners insurance in Pensacola with a $250,000 dwelling coverage limit:

• Travelers: 964 per year
• Allstate: $1,047 per year

Homeowners insurance rates may also vary greatly based on the dwelling coverage amount you choose.

The most affordable providers in Pensacola for a dwelling coverage limit of $2,000,000 are:

• Allstate: $4,507 per year
• ASI: $7,610 per year

The table below allows you to compare prices in the city across different dwelling coverage limits.

The sample policies used in this research have an initial dwelling coverage limit of $250,000 and a personal property coverage of $100,000.

Policies with a dwelling coverage limit of $2 million feature a personal property coverage limit of $800,000. All the policies used in this study have a liability coverage limit of $100,000.

Homeowners who stay outside Pensacola can still use MoneyGeek’s analysis to compare cheap homeowners insurance across Florida.

Home insurance costs an average of $1,556 per year in Pensacola. This cost is lower than the state average of $2,359 by $803 and the national average of $2,103 by $547.

When shopping around for homeowners insurance in Pensacola, your location may partly influence how much you pay for the policy. Other factors that influence your rates include the dwelling coverage amount, personal property coverage limit and your credit score.

Pensacola homeowners can find the best coverage for their needs by using the MoneyGeek homeowners insurance calculator to compare rates across various insurers.

The cost of coverage is one of the factors homeowners in Pensacola consider while choosing the best policy for their needs. However, financial stability and user satisfaction may also be key in determining the best coverage for your needs. An insurer with high scores on these scales is more likely to settle your bills quickly and objectively.

MoneyGeek rated the cheapest homeowners insurance companies in the city based on affordability, user satisfaction and financial stability. Based on the findings, the best homeowners insurance in Pensacola comes from:

• Best Overall: Travelers
• Runner-up: Nationwide

You are more likely to pay less for homeowners insurance in Pensacola if you purchase a newly constructed home as opposed to insuring an older home. That’s because newer homes use modern materials that are cheaper to replace and more resistant to damage, lowering the chance that you’ll file a claim.

The average cost of homeowners insurance in Pensacola for a newly constructed home is $1,071 per year. Meanwhile, homes constructed in 2000 cost $1,556 per year.

The cheapest homeowners insurance in Pensacola for newly constructed homes comes from:

• ASI: $550 per year
• Nationwide: $653 per year

Homeowners insurance policies also cover the belongings in your home, so the amount of personal property you own will affect your quoted rate.

If you have a lot of personal property, you will pay on average $1,769 per year for homeowners insurance, in comparison to those with less personal property who pay an average of $1,556 per year.

From MoneyGeek’s findings, the most affordable homeowners insurance providers in Pensacola for individuals with high personal property limits are:

• Travelers: $1,076 per year
• Allstate: $1,217 per year

The deductible amount on your policy can affect how much you will pay for homeowners insurance. The deductible refers to the amount you pay out of pocket after your insurer agrees to pay your claims.

If you choose a policy with a high deductible you will pay lower monthly premiums and higher out-of-pocket costs. For example, if your policy has a deductible of $2,000, you will pay an average of $1,349 per year. If it has a deductible of $1,000, you will pay $1,556.

As per MoneyGeek’s study, insurance companies in Pensacola that charge the lowest rates for high deductibles are:

• Travelers: $854 per year
• Nationwide: $901 per year

The cost of homeowners insurance in Pensacola varies across individuals with different credit scores. If you have a bad credit rating, you will pay higher premiums than homeowners with a good credit rating.

On average, homeowners in Pensacola with poor credit ratings pay $1,988 per year for homeowners insurance, in comparison to those with good credit ratings who pay $1,556 per year.

According to MoneyGeek, the best homeowners insurance in Pensacola for individuals with a poor credit score comes from:

• Travelers: $964 per year
• Allstate: $1,047 per year

While comparing homeowners insurance quotes in Pensacola, you may be required to provide a wide array of information about your home. This information includes:

• Cost of home replacement: This refers to the cost of rebuilding your damaged home. Your insurer will use this information to determine your dwelling coverage limits. This amount can be estimated by a building contractor or construction expert.
• Personal property value: This is the value of all the belongings in your home. Insurers use this value to determine your personal property limits.
• Personal information: You will need to provide personal details to the insurer to get your homeowners insurance quote. This information may include your name, contact, and the number of people who stay in your home.
• Property information: Insurers will also request information about your home, including the size, year of construction and whether it has safety devices installed.

MoneyGeek collected the data in partnership with Quadrant from ten different insurance providers in Pensacola. The scores represent a policy for a sample 2,500-square-foot home built in 2000, with a dwelling coverage limit of $250,000, a personal property limit of $100,000, a liability coverage limit of $100,000 and a deductible of $1,000.

MoneyGeek also analyzed rates for individuals with newly constructed homes and varying credit scores, as well as policies with increased dwelling coverage, personal property limits and deductibles.

We obtained the customer satisfaction scores from J.D. Power.