The Cheapest and Best Homeowners Insurance in Tallahassee
The Cheapest Home Insurance Companies in Tallahassee
Cost is one of the most important factors to consider when purchasing homeowners insurance in Tallahassee. Most insurers provide the same core coverage at different costs, so you can save money by comparing companies’ rates.
Based on MoneyGeek’s research, the following are the cheapest homeowners insurance providers in Tallahassee for a dwelling coverage limit of $250,000:
- Travelers: $758 per year
- Universal North America: $798 per year
Rates in the city vary across different dwelling coverage amounts. For instance, if your policy has a dwelling coverage of $2,000,000, the following are the cheapest homeowners insurance providers in Tallahassee:
- Allstate: $5,717 per year
- Universal North America: $6,096 per year
You can compare companies’ rates for different dwelling coverage amounts using the table below.
The Cheapest Home Insurance in Tallahassee, Ranked
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For this research, MoneyGeek utilized a sample homeowners insurance policy with an initial dwelling coverage of $250,000 and a personal property coverage of $100,000. If you purchase a policy with a dwelling coverage limit of $2 million, it will have a property coverage limit of $800,000. All the policies used in this study feature a liability coverage limit of $100,000.
If your home is elsewhere in Florida, you can use MoneyGeek’s analysis to compare cheap homeowners insurance quotes within the state.
The Average Cost of Homeowners Insurance in Tallahassee for 2022
The average cost of homeowners insurance in Tallahassee is $1,273 per year, which is $1,086 less than the state average of $2,359. The city’s average is also lower than the national average of $2,103 by $830.
Calculate the Cost of Home Insurance in Tallahassee
The location of your home affects the cost of your homeowners insurance. Other factors, including your credit score and dwelling coverage limit, also play a key role in determining your home insurance rate.
You can use MoneyGeek’s home insurance calculator to compare rates across providers in the city.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Tallahassee
Cost may be the most important consideration when purchasing home insurance, but you should also evaluate insurance providers for customer satisfaction and financial stability, as these factors determine how quickly your claim is processed.
MoneyGeek’s rates for this research are based on customer satisfaction, affordability and financial stability scores. From these findings, the highest-ranking insurers in the city are:
- Best Overall: Travelers
- Runner-up: Nationwide
Travelers had the highest customer satisfaction and financial stability scores. The insurer has an average annual homeowners insurance rate of $758 and provides energy efficiency upgrade coverage to policyholders.
Apart from standard coverage options, Travelers also offers additional optional coverages. Policyholders can purchase cyber event or identity theft coverage. This provides policyholders with up to $25,000 to cover expenses associated with restoring their identity. The insurer also provides several unique discounts, such as the home buyer discount offered to individuals who have purchased their home within a year of applying for a Travelers policy.Read MoneyGeek's Travelers home Insurance Review
Nationwide was ranked highly for affordability, customer satisfaction and financial stability, making it an all-around excellent option for a home insurance provider. The insurer charges an average annual rate of $1,050. Policies also include extra protection for your home if it’s damaged by an earthquake.
Homeowners have the option to add replacement cost on contents coverage, meaning that Nationwide will reimburse you the cost of your items equivalent to their depreciated value. That means if you purchase replacement items or repair them, you will get reimbursed for the difference in cost. The insurer also offers several discounts, and policyholders can save on their premiums if their home is located in a gated community or purchased within one year of the policy’s effective date.Read MoneyGeek's Nationwide home Insurance Review
Cheapest Home Insurance Companies in Tallahassee for Newly Constructed Homes
Individuals with newly constructed homes in Tallahassee pay lower monthly premiums for homeowners insurance than those with older homes. Newer homes are built with modern materials that are easier to replace and resistant to damage, reducing the likelihood that owners will file a claim.
Homeowners insurance for a newly constructed home in Tallahassee costs an average of $876 per year, compared to $1,273 for homes built in 2000.
The cheapest homeowners insurance in Tallahassee for newly constructed homes with a $250,000 dwelling coverage limit are the following:
- Universal North America: $549 per year
- Universal Property: $569 per year
The Cheapest Home Insurance in Tallahassee for New Homes, Ranked
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Cheapest Home Insurance Companies in Tallahassee if You Have a Lot of Personal Property
Homeowners insurance coverage also extends to any belongings in your home. The cost of your premium may change based on the value of your personal property.
For a policy with a personal property coverage of $250,000, you will pay an average of $1,447 per year, compared to the $1,273 average for a policy with $100,000 in personal property coverage.
Based on MoneyGeek’s research, the following companies offer the cheapest homeowners insurance in Tallahassee for high personal property limits:
- Travelers: $846 per year
- Universal North America: $907 per year
Cheap Companies in Tallahassee for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Tallahassee for High Deductibles
While processing your claim, the insurer may require you to pay a certain amount out of pocket, known as the deductible. If you choose a policy with a high deductible, you will pay lower monthly premiums but higher out-of-pocket costs.
In Tallahassee, a policy with a $2,000 deductible costs an average of $1,103 per year, while a policy with a deductible of $1,000 costs $1,273 annually.
According to MoneyGeek, the following insurance companies offer the cheapest homeowners insurance in Tallahassee for high deductibles:
- Travelers: $672 per year
- UniversalNorth America: $671 per year
The Cheapest Companies in Tallahassee for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Tallahassee if You Have Poor Credit
The cost of homeowners insurance in Tallahassee also depends on your credit score. Having poor credit makes you riskier to insure since you are more likely to file claims with your insurer. That means you will pay more for homeowners insurance than individuals with good credit scores.
For instance, if you have a poor credit score, you will pay about $1,626 per year for homeowners insurance. With a good credit score, however, you will only pay $1,273.
The two cheapest insurers in Tallahassee for homeowners with a poor credit score are:
- Travelers: $758 per year
- Universal Property: $826 per year
The Cheapest Companies in Tallahassee for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Tallahassee
Most insurers have an online tool that allows you to get homeowners insurance from their website. You will need to have the following information ready:
- Home replacement cost: This refers to the amount of money you will need to rebuild your damaged home and is different from its market value. Insurers use this cost to calculate your dwelling coverage limits. You may need to work with a construction professional or building contractor to get this estimate.
- Personal property value: This is the value of all the personal belongings within your home. Insurers use this value to determine your personal property coverage limits.
- Personal information: This includes details such as your home address, previous insurance details and the number of people living in your home.
- Information about your house: You may also need to provide information about your home, including the size, year of construction and whether you have security devices installed.
Homeowners Insurance in Tallahassee Analysis: Methodology
In conjunction with Quadrant, MoneyGeek collected the information used in this research from ten insurers in Tallahassee, Florida. We calculated average rates across different policy categories including newly constructed homes, increased dwelling coverage, personal property coverage and deductible amounts, as well as poor credit ratings.
The base profile used was for a 2,500-square-foot home constructed in 2000, with a dwelling coverage limit of $250,000, personal property coverage limit of $100,000, liability limit of $100,000 and deductible of $1,000.
MoneyGeek estimated the affordability scores across different coverage levels and obtained customer satisfaction scores from J.D. Power.
About Mark Fitzpatrick