The Cheapest and Best Homeowners Insurance in Pensacola
The Cheapest Home Insurance Companies in Pensacola
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 Cheapest Home Insurance in Pensacola, Ranked
Scroll for more
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.
The Average Cost of Homeowners Insurance in Pensacola for 2022
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.
Calculate the Cost of Home Insurance in Pensacola
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.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Pensacola
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
Travelers has the best overall ranking in Pensacola, with the highest scores across financial stability and affordability categories. The insurer offers energy efficiency upgrade coverage that covers the cost to replace, repair or rebuild your home using green materials. Customers pay an average of $964 per year.
Travelers provides various standard coverage options. Policyholders can get a backup of sewer or drain coverage which helps cover the loss of water overflow from a sewer or drain within their home. You can also save up to 5% of your premium if your home is certified as a “green home” by the Leadership Energy and Environmental Design organization.Read MoneyGeek's Travelers home Insurance Review
Nationwide is the second-best insurance provider in Pensacola, with good financial stability and user satisfaction scores. The insurer charges an average of $1,069 per year. The provider offers an optional better roof replacement coverage that replaces your roof with stronger roofing materials after damage.
Nationwide features an extended reimbursement coverage that pays up to 20% extra of your property coverage limit in case you need to rebuild your home after damage. The insurer provides various discounts to help you save on your premiums, including the roofing material discount offered based on your roof age and surface type.
Nationwide also has a discount for those who live in a gated community. There's also a home buyer discount for those who have purchased their homes in the past year.Read MoneyGeek's Nationwide home Insurance Review
Cheapest Home Insurance Companies in Pensacola for Newly Constructed Homes
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
The Cheapest Home Insurance in Pensacola for New Homes, Ranked
Scroll for more
Cheapest Home Insurance Companies in Pensacola if You Have a Lot of Personal Property
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
Cheap Companies in Pensacola for Extra Personal Property Coverage
Scroll for more
Cheapest Home Insurance Companies in Pensacola for High Deductibles
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 Cheapest Companies in Pensacola for High Deductibles, Ranked
Scroll for more
Cheapest Home Insurance Companies in Pensacola if You Have Poor Credit
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
The Cheapest Companies in Pensacola for Poor Credit, Ranked
Scroll for more
Getting Online Homeowners Insurance Quotes in Pensacola
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.
Homeowners Insurance in Pensacola Analysis: Methodology
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.
About Mark Fitzpatrick