Home Insurance in Tampa, Florida: What You Should Know
Tampa, Florida, is known for its vibrant culture and proximity to the Gulf of Mexico, but this also means exposure to tropical storms and hurricanes. Here’s what you need to know about home insurance in Tampa.
National vs. Tampa Home Insurance Costs
The national average cost for home insurance is $1,400 per year, while Tampa homeowners pay around $2,400 per year, largely due to the area’s vulnerability to hurricanes and floods.
Home Insurance Rates by Home Age in Tampa
Home Age
Average Annual Premium
0-10 years
$2,200
10-20 years
$2,300
20-30 years
$2,400
30+ years
$2,600
Home Insurance Rates by Credit Tier in Tampa
Here’s how credit scores affect home insurance rates in Tampa:
Excellent Credit (750+): $2,200/year
Good Credit (700-749): $2,400/year
Fair Credit (650-699): $2,600/year
Poor Credit (Below 650): $2,800/year
Cheapest Home Insurance Providers in Tampa
Below are the cheapest home insurance providers in Tampa, along with their average annual premiums:
State Farm: $2,300/year
Liberty Mutual: $2,350/year
Allstate: $2,400/year
Progressive: $2,450/year
USAA: $2,200/year
Home Insurance Rates by Deductible in Tampa
$500 Deductible: $2,600/year
$1,000 Deductible: $2,400/year
$2,000 Deductible: $2,300/year
$5,000 Deductible: $2,100/year
Types of Homeowners Insurance in Tampa
Tampa residents can choose from the following types of insurance policies:
HO-3 (Special Form): Standard policy for covering the home’s structure and personal belongings.
HO-5 (Comprehensive Form): More extensive coverage for high-value homes and personal property.
HO-6 (Condo Insurance): For condo owners, covering personal belongings and part of the condo’s structure.
HO-8 (Older Home Insurance): Best for historic homes or those with unique features.
Additional Coverage Options in Tampa
Tampa homeowners should consider the following coverage options:
Flood Insurance: Essential for homes near the coast or flood-prone areas.
Windstorm Insurance: Necessary for homes at risk of damage from hurricanes and tropical storms.
Sinkhole Insurance: Important in areas prone to sinkhole activity, which is a concern in certain parts of Tampa.
Frequently Asked Questions (FAQ) for Tampa Homeowners
Q: Does homeowners insurance cover flood damage in Tampa?
A: No, standard homeowners insurance does not cover flood damage. You will need a separate flood insurance policy.
Q: How can I lower my home insurance premium in Tampa?
A: You can lower your premium by installing hurricane shutters, impact-resistant windows, and wind-resistant roofing materials.
