Tampa, Florida is the most populous city in Florida. However, the homeownership ratio of 48.6% well-belows the national average of 65.6%. It is possible to get affordable homeowners insurance in Tampa, despite being near some of the country’s most beautiful beaches. A homeowner policy costs $1,270 annually for $250,000 of dwelling coverage. This is lower than the national average of $13,312.
Bankrate has compared the coverage options and customer service ratings of several insurance companies to determine which Tampa company offers the best homeowners insurance.
Tampa’s best home insurance company
There are many options for Florida homeowners insurance providers, and Tampa is not an exception. Here are some top-rated carriers that offer a $250,000 home insurance policy. Bankrate’s information was compiled not only from competitive rates, discounts, but also from customer satisfaction ratings from the 2020 JD Power Home Insurance Study.
Progressive, which was founded in 1937 is the third-largest U.S. insurance provider. Progressive offers homeowners many savings options and discounts that help keep their rates as affordable as possible. These include discounts on new home construction as well as paperless statements. You may also be eligible for additional savings if you hire a contractor to fix your home through Progressive’s provider network. Progressive auto insurance policies include a one-time deductible.
Travelers’ quoted premiums were in the middle of Tampa’s least-expensive rates. However, this industry giant has a variety of coverage options that homeowners may find appealing. Travelers offers a variety of non-standard coverages in addition to standard coverages like dwelling and liability. You may need personal items coverage for high-value items or water backup and coverage.
State Farm’s 2020 J.D. rating is above average for the industry. The State Farm offers comprehensive policy options and policy management, as well as customer satisfaction studies. You can manage your policy from anywhere, whether you use the website, 19,000 agents nationwide or the mobile app. You can purchase a policy online, start a quote or file a claim. State Farm’s strong qualities of accessibility, availability, and affordability may be important to homeowners who are looking for affordable homeowners insurance.
Although the Illinois-based insurance provider has the highest rates, homeowners can still get maximum savings by taking advantage of the discounts offered. According to Allstate’s website, discounts are plentiful and include 25% off premiums when bundling and 20% off if you remain a claims-free client. Access to the Allstate app allows for claims filing as well as a digital locker that allows you to store your valuables in case of a claim.
Options for Tampa home insurance
Homeowners insurance is not required by law, unlike auto insurance. A good homeowner policy will protect your most important investments and other assets. Most lenders require homeowners insurance to finance your home. Based on the most common losses in Tampa, here are some homeowner insurance options.
- Wind: Although Florida requires homeowners to cover hurricane damage, wind may not be covered under your policy if the hurricane is not the cause. Discuss with an insurance agent how optional wind insurance can protect you.
- Flood insurance: This coverage is not available in standard homeowners policies. You will need to add flood insurance as an endorsement to your policy.
- Scheduled personal property coverage : For high-value items, such as jewelry or art, scheduled personal insurance provides protection against fire and theft. Examples include jewelry, art, and antiques.
Tampa home insurance discounts
One of the best ways to get affordable homeowners insurance in Tampa is to take advantage of policy discount. There are several discounts that homeowners in Tampa can take advantage of.
- Bundling/Multi-policy: If you purchase more than one policy from the same carrier, most will reward you with additional discounts on your homeowners policy. You also have the benefit of working with an existing carrier.
- Claim-free: Most carriers consider your claim history when determining rates. If you have had very few claims in a given time frame, you might be eligible for additional premium savings.
- Security system: Many insurance companies will offer a discount if you have an alarm system installed. Installed security systems can not only save money but also prevent thefts from ever happening.
These are just a few of the discounts that you might be eligible for, as many carriers offer several ways to reduce your premiums. A licensed agent can help you discover additional savings by reviewing all your discounts.
Questions frequently asked
Which is the best company for home insurance?
You should choose the best home insurer based on your priorities as a homeowner. This includes customer service ratings, financial stability and coverage options. Based on these criteria, Bankrate reviewed many and found that AAA, Lemonade and Travelers are the best choices for homeowners insurance in Tampa.
What is the cost of Tampa home insurance?
For $250,000 of dwelling coverage, the average homeowners insurance rate in Tampa is $1270 per annum. Insurance rates are determined by a variety of factors including your zip code, claims history, credit score, and credit score (in most cases). Your personal situation may impact the amount of your quote.