Many homeowners make it a top priority to find the best homeowners insurance in St. Petersburg. However, finding affordable coverage can also be crucial for their financial goals.According to Bankrate’s 2021 study on annual premiums, the average cost of homeowners insurance for St. Petersburg is $1,018 annually for a $250,000 dwelling policy.This is more than $300 per year than theAverage cost of Florida home insuranceFor $250,000 of dwelling coverage, the annual cost is $1,353
There are many St. Petersburg homeowners insurance providers that you can choose from. But how do they know which one is best for you? If you are one of the more than 265,000 residents that live in St. Petersburg, Florida, this is what you may want to know before you purchase or renew your next home insurance policy.
The best home insurance in St. Petersburg
There are several home insurance companies in Florida that provide coverage options for St. Petersburg residents. Bankrate reviewed the market share of the top St. Petersburg home insurance companies to find the best. We also analyzed their average premiums, which were compiled from Quadrant Information Services and 2020 J.D. We analyzed their power scores, AM financial strength scores and coverage options.
These companies may be a good fit if you are looking for St. Petersburg home insurer with solid coverages at competitive prices.
Progressive is well-known for its auto insurance but also offers homeowners insurance. Progressive may be the right choice if you are looking to reduce the amount of time spent searching for insurance. Progressive lets you compare rates from multiple carriers simultaneously to see how their prices compare to other providers. Progressive’s average premium may be the lowest on our list. However, you might be eligible to save more with an advanced quote discount or a bundle discount.
J.D. gave travelers a higher score. Although Power was higher than Progressive, it still ranks below the industry average. Travelers has a wide range of coverage options. They offer special personal property coverage, contents replacement cost insurance, identity theft insurance, and green home coverage. There are 41 local Travelers agencies in the St. Petersburg area, so if you prefer handling your insurance face-to-face, Travelers could be a good choice. Additionally, AM Best awarded Travelers with a top score of A++ (Superior) for financial stability.
Allstate is a good choice for homebuyers. They offer homeowner discounts and flexible payment plans. If you rent your home as a short-term rental, you might appreciate the additional option of Allstate’s HostAdvantage program, which offers protection for home-sharing. J.D. rated Allstate as having a higher than average customer satisfaction score. Power and an A+ (Superior) financial strength rating from AM Best. There are also discounts available for home insurance, including multi-policy, no-claims, loyalty, and safety device discounts.
J.D. rated State Farm as having higher than average customer satisfaction scores. Power, tied with Allstate. State Farm’s home insurance premium is approximately the same as that in St. Petersburg. However, there are some discounts available from State Farm that could help you save money. State Farm offers discounts for installing impact-resistant roofing and home security systems, as well as multiple insurance products. State Farm also offers mobile resources that can help you manage your policy.
St. Petersburg home insurance options
St. Petersburg residents insurance is not required by law. If you have a mortgage, however, your lender may require that you have home insurance. Even if you don’t have a mortgage or homeowners insurance, it can help provide financial assistance in the event that your home or possessions are destroyed or damaged.
You may be interested in the following coverages if you reside in Florida:
- Flood insuranceFlood damage is usually not covered by homeowner’s insurance. A homeowner’s policy may not cover flooding.Flood policyYou can get it through your home insurance company or from the National Flood Insurance Program (NFIP).
- Windstorm coverage:Florida is often impacted by hurricanes.windstorm coverageThis could be an important part your insurance portfolio. This is a standard feature on some policies. However, some providers may require you to purchase an endorsement or separate policy.
- Coverage of mold/mildewSt. Petersburg’s high temperatures can lead to mold and mildew damage to their homes. While not all insurance companies provide this coverage, it is possible to add an endorsement on your policy to protect against mold and mildew damage.
Each company has different coverage options, so it is worth speaking to a licensed agent to help you determine which options are best for you.
St. Petersburg home insurance discounts
Most insurance companies offer discounts that could help their policyholders lower their premiums. There are many ways St. Petersburg homeowners can save money on their home insurance policies. These include loyalty discounts and payment discounts as well as safety and claims-free savings.
- New homeowner discount:You may be eligible for a discount on your home insurance if you’re buying a new home. If you’re a homeowner, some companies offer similar discounts.First-time homebuyerNo matter how old your house is, it will still work.
- Home improvement discounts:Discounts may be available for certain home improvements, such as eco-friendly or energy-efficient upgrades.
- Roofing discounts:Insurance companies may offer discounts if you have a new roof or an impact-resistant roof.
Multi-policy discounts are a popular option. You may want to ask your home insurance provider if they have options for your Florida auto insurance. Bundling auto and home policies with the same company can save you significant money.
Questions frequently asked
Which is the best company for home insurance?
The best home insurance company will depend on you personal factors, such as your city and ZIP code, the details of your home, your credit score and what kind of coverage you need. You may find the right company for you by getting quotes from multiple insurance companies. It may also prove beneficial to work with an insurance professional.
What is the cost of home insurance in St. Petersburg?
For a $250,000 home, the average annual cost of home insurance is $1,018. Your specific rating factors and the type of insurance you choose will impact the cost of your policy.
What amount of home insurance do you need in St. Petersburg
Although home insurance is not mandatory in St. Petersburg, Florida by mortgage lenders, many require homeowners to have active policies to meet their loan terms. The lender may require you to have sufficient dwelling coverage to cover your loan in the event of a home fire. However, most agents will recommend that you insure your home up to its replacement value regardless of whether you have a loan. Your needs will vary depending on how big your home is, where you live and what risk your family is willing to take.
How can you shop for St. Petersburg home insurance?
It is easy to shop for home insurance. You may need to compare quotes from multiple companies in order to find the right coverage. Online quotes are available from many companies. You may also call an agent to speak with them over the phone, or visit a local agency to get a personal experience. After you receive several quotes, you can review them and compare their coverages, discounts, policies features, and third-party rankings.
What are the most common home insurance claims in St. Petersburg
The city’s location on the Gulf Coast makes it vulnerable to hurricane damage, including flooding and wind damage. Other common claims include theft, burglary, mold and mildew damage, liability claims for dog bites, or other injuries. Knowing what types of claims are common in your region could help you select the right insurance coverage.