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Edited by John Leach
Last Updated February 28, 2022
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Tampa, FL Homeowners Insurance
Tampa might just be one of the best Florida cities to live in. From the serene beaches to bustling city life and great schools for students of all ages, it’s no wonder you’ve decided to call the Big Guava home.
But life in the Sunshine State’s coastal city isn’t always sunny. For all the pros of living in Tampa, there are some serious perils, too. Sinkholes, hurricanes, and property crime can wreak havoc on homeowners. It can feel like finding cheap homeowners insurance for your Tampa home is easier said than done.
With Insurify, it’s just easy.
Use Insurify’s tools to compare home insurance quotes side by side. That way, you can compare companies, quotes, and coverage amounts to find the best homeowners insurance for you in just minutes.
Cheapest Home Insurance Companies in Tampa
For homeowners in Tampa, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Tampa. The following are the best insurance rates from carriers that offer homeowners insurance in Tampa.
How to Find Cheap Home Insurance in Tampa
Buying a home in Tampa is no easy task. With housing costs on the rise and an ever-shrinking market, house-hunting in the Big Guava isn’t just costly—it’s competitive.
Once you find your Florida home, it will likely be one of the largest financial investments of your lifetime. With investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investments.
The first step to protecting your property is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and belongings from natural disasters or theft. Different coverage levels are available for different property types, locations, and other factors.
Keep reading for a full guide on Tampa home insurance.
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Cheapest Home Insurance in Tampa by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in Tampa costs $2, 954 annually, and the median home value is $268,424.
You can secure cheaper homeowners insurance quotes depending on the insurance company. Each Florida homeowners insurance agency offers similar policies, but it’s important to keep your specific insurance needs and preferred amount of coverage in mind when comparing home insurance rates in the Sunshine State.
|Average Home Cost in Tampa||Average Annual Insurance Premium in Tampa|
Average Annual Home Insurance Premium in Tampa by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Tampa for Home Insurance
Tampa ’s coastal location means the city is a dream for beachgoers and a nightmare for home insurance companies. Depending on your home’s specific location, you may be more susceptible to perils like sinkholes or wind damage from tropical storms.
Because of this, home insurance varies in price from neighborhood to neighborhood. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on our annual premiums.
Rates in Tampa can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Tampa
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
Securing Sinkhole Protection
Florida ’s notorious sinkhole alley runs through Hillsborough County, leaving Tampa homeowners at high risk for sinkhole damage. The good news is that Florida home insurance policies include “catastrophic ground cover collapse” coverage. The bad news is that this coverage alone doesn’t always protect policyholders from the damage sinkholes can cause.
For you to file a catastrophic ground cover collapse claim, a sinkhole must cause all of the following:
- Abrupt ground collapse
- Depression in the ground that is clearly visible to the naked eye
- Structural damage to the insured building (including its foundation)
- Damage that leads a government agency to condemn the insured building
This means if a sinkhole causes damage to your house and property but your home is not condemned, your homeowners insurance company might not cover the damages.
The only way to ensure comprehensive sinkhole coverage is to purchase an additional sinkhole policy. These policies can be costly but are worth every penny.
Finding Flood Insurance for Your Tampa Home
Tampa is no stranger to tropical storms, so if you’re purchasing your first home insurance policy, you might assume that wind damage and water damage are included in your coverage.
Unfortunately, this is not the case. In fact, Florida insurance policies will often specifically exclude wind coverage, and even the best homeowners insurance policies typically don’t cover water damage.
To protect your home and property from water and hurricane damage, you’ll need to purchase a flood insurance policy. You should also check your homeowners policy to see if you have wind damage coverage. If your policy specifically excludes wind damage, you’ll want to purchase windstorm coverage as well.
Ask your insurance agent about purchasing flood insurance through the National Flood Insurance Program so you can make sure your home and personal property are protected from all the coastal perils Tampa faces.
How to Find the Cheapest Home Insurance in Tampa
Finding the best home insurance for your Tampa home is crucial, but it doesn’t have to cost an arm and a leg. Now that you understand your insurance needs, you can find savings without skimping on coverage. Comparing policies with Insurify will help you protect your property and get back to enjoying your Tampa home (and reminding the newcomers that it’s just “ Tampa,” not “ Tampa Bay”) in no time.
Use Insurify to find the best homeowners insurance for your property in Tampa.
Frequently Asked Questions
USAA has restricted the insurance services it offers in Florida due to the cost and risk associated with insuring homes in the state. You can still purchase a home insurance policy through USAA if your Tampa home is not your primary residence and you already have a USAA home insurance policy in another state.
Home insurance in Tampa, Florida, can get pretty expensive depending on where you live. Home insurance companies’ free quotes are meant to give you a general idea of your insurance cost and are based on factors like your age and the type of home you’re looking to insure. Some insurance agencies offer cheaper home insurance premiums than others, so you should compare each providers’ quotes with their coverage amounts.
Finding enough coverage for your Tampa home at a low cost is hard, but not impossible. Securing savings on your policy can be as easy as installing a home security system. If you have car insurance, bundling your home and auto insurance policies can also help you save upwards of 20 percent on your annual premiums.
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