besthome insuranceTampaThe Best Cheap Homeowners Insurance in Tampa, Florida for 2023: Quotes and Reviews
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besthome insuranceTampaThe Cheapest and Best Homeowners Insurance in Tampa
Cheapest homeowners insurance in Tampa - Travelers
Best homeowners insurance in Tampa - Nationwide
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 2022
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.
Home Insurance Calculator
State
Florida
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$50,000
Credit Score
Excellent
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
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 Review2
Travelers
Score:93
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 Review3
Allstate
Score:91
4
State Farm
Score:88
5
Chubb
Score:88
6
ASI
Score:87
7
Universal Property
Score:84
8
Heritage
Score:81
9
Universal North America
Score:76
10
Citizens Property Ins Corp
Score:73
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.
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 Mark Fitzpatrick
sources
- Florida Division of Consumer Services. "Homeowners Insurance Overview." Accessed April 23, 2021.
- Insurance Information Institute. "Background on: Credit Scoring." Accessed April 26, 2021.
- Insurance Information Institute. "Understanding Your Insurance Deductibles." Accessed April 26, 2021.