The Best Cheap Homeowners Insurance in Tampa, FL for 2021: Quotes and Reviews

On average, homeowners insurance In Tampa, Florida, costs $1,716 annually, or $143 per month. Actual rates vary depending on your carrier, and shopping around can help you save up to $2,653 per year. Travelers, the cheapest option, costs $1,052 per year, while Citizens, the most expensive carrier, charges $3,705, on average. MoneyGeek ranked the best homeowners insurance in Tampa to help you find a carrier that best fits your needs.

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The Cheapest and Best Homeowners Insurance in Tampa

The Cheapest Home Insurance Companies in Tampa

How much homeowners insurance is in Tampa is an important consideration when looking for the best policy, especially since most companies offer the same core coverages.

Based on MoneyGeek’s findings, the best cheap homeowners insurance companies in the city for the average homeowner whose policy has dwelling coverage worth $250,000 are from:

  • Travelers: $1,052 per year
  • Nationwide: $1,158 per year

Homeowners with expensive homes may need higher coverage limits. For those that have a policy with $2,000,000 dwelling coverage, the most affordable options are:

  • Allstate: $6,806 per year
  • Nationwide: $8,661 per year

The dwelling coverage limits of a policy, or the coverage that will pay to replace the structure of your home, also impact the cost of your homeowners insurance in Tampa. The table below shows how prices change depending on the dwelling coverage.

The Cheapest Home Insurance in Tampa, Ranked

Dwelling Coverage:

$250,000

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For this study, MoneyGeek used policies with initial baseline dwelling coverage of $250,000 and personal property limits worth $100,000. Insurance policies with dwelling coverage of $2,000,000 have $800,000 of personal property limits. The liability coverage for all policies, regardless of dwelling coverage limits, is $100,000.

Florida homeowners residing outside of Tampa can also compare the cost of homeowners insurance in Florida.

The Average Cost of Homeowners Insurance in Tampa for 2021

Tampa$1,716
Florida$2,359
U.S.$2,103

The annual cost of homeowners insurance in Tampa is $1,716, $143 per month. That rate is $653 less than the state average, which is $2,359 annually. The average rate in the city is also $387 cheaper than the $2,103 national rate.

Calculate the Cost of Home Insurance in Tampa

Many factors affect home insurance quotes in Tampa. One of these is location. Other important considerations include dwelling coverage limits, amount of personal property coverage, credit score and more. MoneyGeek’s home insurance calculator can help you compare quotes in Florida.

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Home Insurance Calculator

State

Florida

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
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low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

The Best Home Insurance Companies in Tampa

Aside from the price, customer service experience and financial stability are essential factors to consider when purchasing homeowners insurance in Tampa. Claims are often made during a stressful time, so it is crucial to find a company that processes claims quickly and fairly.

MoneyGeek ranked the best homeowners insurance carriers in Tampa. The highest-scoring companies in the city are:

  • Best Overall: Nationwide
  • Runner-up: Travelers

In calculating the scores, MoneyGeek used a unique rating system that factors affordability, user satisfaction and financial stability.


1
Nationwide
Score:93

4.9/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

Nationwide makes it easy to add flood insurance and water backup coverage to your policy, so you’re covered against a wide range of water-related perils. Additionally, Nationwide offers replacement cost coverage for personal items, which means you can replace protected items with products of similar type and quality in the event of a claim.

More About Nationwide

Nationwide is MoneyGeek’s top pick for homeowners insurance in Tampa. The company garnered high ratings across all categories, especially in affordability.

Read MoneyGeek's Nationwide home Insurance Review
2
Travelers
Score:93

5/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

Travelers offers unique features that other insurers don’t. For instance, you can add identity fraud expense coverage that providers up to $25,000 to cover costs to restore your identity. Eco-conscious homeowners can also get extra protection that will cover the costs to repair their home with green materials, should they choose to do so.

More About Travelers

Travelers comes in second place in Tampa. The company also got high scores in many categories, including a perfect score in affordability.

Read MoneyGeek's Travelers home Insurance Review
3
Allstate
Score:91

4.8/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

4
State Farm
Score:88

4.4/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

5
Chubb
Score:88

4.5/5

Affordability

3.8/5

User Satisfaction

5/5

Financial Stability

6
ASI
Score:87

4.7/5

Affordability

3.7/5

User Satisfaction

4.5/5

Financial Stability

7
Universal Property
Score:84

4.7/5

Affordability

3.5/5

User Satisfaction

4/5

Financial Stability

8
Heritage
Score:81

4.5/5

Affordability

4/5

User Satisfaction

3/5

Financial Stability

9
Universal North America
Score:76

4.5/5

Affordability

3/5

User Satisfaction

3.5/5

Financial Stability

10
Citizens
Score:73

3/5

Affordability

4.5/5

User Satisfaction

4/5

Financial Stability

Cheapest Home Insurance Companies in Tampa for Newly Constructed Homes

Generally, homeowners insurance in Tampa is cheaper for newly constructed homes. New homes tend to be built with modern materials more resistant to damage, which means fewer claims. Insurance carriers may also find it easier to replace newer materials. The average cost to insure newly constructed homes in Tampa is $1,229 per year, which is $487 cheaper than the average rate of $1,716 for a house built in 2000.

The most affordable options for Tampa homeowners with newly built homes with $250,000 dwelling coverage limits are:

  • ASI: $636 per year
  • Nationwide: $714 per year
The Cheapest Home Insurance in Tampa for New Homes, Ranked

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Cheapest Home Insurance Companies in Tampa if You Have a Lot of Personal Property

Home insurance policies also cover damages to the personal property you keep at home. Higher personal property coverage limits result in higher insurance premiums. A standard policy with $250,000 in personal property coverage costs $1,968 per year on average, compared to $1,716 for personal property coverage limits worth $100,000.

Based on average rates, the cheapest homeowners insurance providers in Tampa for policies with high personal property limits are:

  • Travelers: $1,170 per year
  • Nationwide: $1,402 per year
Cheap Companies in Tampa for Extra Personal Property Coverage

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Cheapest Home Insurance Companies in Tampa for High Deductibles

One factor that has a huge impact on homeowners insurance Tampa rates is your deductible. High deductibles result in cheaper annual premiums because you’ll pay more money out-of-pocket when you make a claim. For instance, a policy with a $2,000 deductible costs an average of $1,503 per year. In comparison, the average cost of a policy with a $1,000 deductible is $1,716.

Based on MoneyGeek’s study, the cheapest companies for a homeowner with a policy that has a high deductible are:

  • Travelers: $932 per year
  • Nationwide: $979 per year
The Cheapest Companies in Tampa for High Deductibles, Ranked

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Cheapest Home Insurance Companies in Tampa if You Have Poor Credit

Insurance carriers also consider credit score in determining home insurance quotes in Tampa. Homeowners with low credit scores tend to pay more for home insurance than those with good credit. The average insurance rate for a Tampa homeowner with bad credit is $2,627 per year, compared to $1,716 for those with good credit.

The most affordable home insurance providers in the city for homeowners with poor credit are:

  • Travelers: $1,052 per year
  • Nationwide: $1,158 per year
The Cheapest Companies in Tampa for Poor Credit, Ranked

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Getting Online Homeowners Insurance Quotes in Tampa

Getting home insurance quotes in Tampa is easy. However, you’ll need to prepare some pieces of information to get an accurate quote, including:

  • Home replacement cost – This refers to the cost to rebuild your home in case of damages due to a covered peril and determines your desired dwelling coverage limit. Consider reaching out to a building contractor or appraiser for an accurate home replacement cost.
  • Personal property value – The value of personal items inside your home will determine how much personal property coverage limits you’ll need.
  • Personal information – Insurance providers will need your address, the number of people who live in your home and your insurance history to give you an accurate quote.
  • Details about your house – Companies will ask for some information about your house, such as when it was built, how big it is, and any safety devices in place.
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Homeowners Insurance in Tampa Analysis: Methodology

MoneyGeek analyzed homeowners insurance Tampa rates from 10 companies. The data was provided in partnership with Quadrant. In calculating affordability scores, MoneyGeek used quotes for a home with varying coverage levels. Customer satisfaction ratings were based on J.D. Power surveys. The base profile for this study is a homeowner with a 2,500-square-foot home built in 2000 with dwelling coverage of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. All policies had a $1,000 deductible. MoneyGeek also collected quotes for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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