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How Much Is Homeowners Insurance in Tampa, Florida?

By Jarrod Heil

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With beautiful white-sand beaches just a short drive from the city center, numerous professional sports teams making waves in their leagues and so much more, it’s easy to see why Tampa is the largest city on Florida’s Gulf Coast.

Like every other Florida city, Tampa faces the same destructive perils as every other city in the state, including hurricanes, tornadoes, water damage and countless other unexpected and unpredictable perils.

Those new residents flocking to the city in droves must invest in Tampa homeowners insurance to protect their biggest investments from all those perils and more to get their fair share of sunshine, palm trees and clear Bay waters.

Let’s take a look at what homeowners insurance in Tampa covers, how much it is and other important factors you’ll need to make a decision on your next insurer.

How Much Is Homeowners Insurance in Tampa, Florida?

For a $150,000 house, the average homeowners insurance cost in Tampa, Florida is $2,183 per year from the state’s top insurers. However, Tampa’s real estate market is toward the upper end of the spectrum, so the average homeowners insurance cost in Tampa, Florida for $300,000 homes is $4,366 per year.

Florida is known for having some of the most expensive homeowners insurance in the country. Tampa keeps with that trend, and even exceeds it a bit, with average costs tipping the scale well over the state’s average for $300,000 homes.

Let’s take a look at a breakdown of average costs of homeowners insurance in Tampa so you can get a better idea of which companies are providing the best rates in your area.

Average Homeowners Insurance Cost in Tampa for a $150,000 House


ASI$2,323
Citizens$1,610
FedNat$2,305
Florida Penn$2,248
Liberty Mutual$2,066
People’s Trust$2,382
State Farm$2,716
UPCIC$1,814
Average$2,183

☘ $150,000 Value – Pre-2001 Construction w/ Wind Mitigation: This risk is for a Florida masonry home with a current replacement value of $150,000, a $500 non-hurricane deductible, a 2% hurricane deductible, and no claims in the past three years. Premium examples are shown for maximum wind mitigation features.

☘ $150,000 Value – Pre-2001 Construction w/ No Wind Mitigation: This risk is for a Florida masonry home with a current replacement value of $150,000, a $500 non-hurricane deductible, a 2% hurricane deductible, and no claims in the past three years. Premium examples are shown for no wind mitigation features.

☘ $150,000 Value – 2001-Present Construction: This risk is for a Florida masonry home with a current replacement value of $150,000, a $500 non-hurricane deductible, a 2% hurricane deductible, no claims in the past three years, and minimum premium discounts for limited wind mitigation features and no hip roof.

*Wind Mitigation: A wind mitigation is any protection on your home that helps decrease the damage caused by strong winds like a hurricane. This can include certain roof attachments and coverings, extra water-resistant seals and impact-resistant doors and windows. Wind mitigations typically result in deep discounts on your home insurance premiums, so you’ll want to get one.

Homeowners
Insurance
Company

ASI
Citizens
FedNat
Florida Penn
Liberty Mutual
People’s Trust
State Farm
Universal Property
Average

$150,000 Value Pre-2001 Construction
W/ Wind Mitigation

$2,068
$1,300
$1,845
$2,184
$1,763
$1,826
$2,564
$1,488
$1,887

$150,000 Value Pre-2001 Construction
No Wind Mitigation

$3,180
$2,139
$3,136
$2,772
$2,615
$3,623
$3,387
$2,552
$2,826

$150,000 Value 2001-Present Construction

$1,722
$1,390
$1,934
$1,787
$1,821
$1,698
$2,198
$1,401
$1,744

*Insurers are required to send in their average annual homeowners insurance premiums once per year to the Florida Office of Insurance Regulation, so the rates shown above are the average rates you can expect in Tampa.

It’s Time to Switch Your Homeowners Insurance

We partner with Tampa’s top homeowners insurance companies so you can get a custom policy at an affordable price.

The average cost of home insurance in Tampa is a bit above the national average and so is the city’s housing market. But you may be hard-pressed to find a house inside the city limits for $150,000, so we’ve broken down the average costs for a $300,000 house, which is closer to the going rate in Tampa.

Average Homeowners Insurance Cost in Tampa for a $300,000 House


ASI$4,647
Citizens$3,219
FedNat$4,610
Florida Penn$4,495
Liberty Mutual$4,133
People’s Trust$4,764
State Farm$5,432
UPCIC$3,627
Average$4,366

Homeowners
Insurance
Company

ASI
Citizens
FedNat
Florida Penn
Liberty Mutual
People’s Trust
State Farm
Universal Property
Average

$300,000 Value Pre-2001 Construction
W/ Wind Mitigation

$4,136
$2,600
$3,690
$4,368
$3,526
$3,652
$5,128
$2,976
$3,775

$300,000 Value Pre-2001 Construction
No Wind Mitigation

$6,360
$4,278
$6,272
$5,544
$5,230
$7,246
$6,774
$5,104
$5,652

$300,000 Value 2001-Present Construction

$3,444
$2,780
$3,867
$3,574
$3,642
$3,395
$4,395
$2,801
$3,500

Home Insurance Factors in Tampa, Florida

Part of the reason for expensive homeowners insurance in Tampa is due to its location on the Gulf and the atmosphere that comes along with it. Not only is Tampa one of the most hurricane-prone areas in Florida, but it’s also widely known as the lightning capital of the world.

Lightning is the culprit of many house fires in the area, but there are a few ways you can protect your house against damage from lightning, including fires. But many other factors have a direct and indirect correlation to the cost of homeowners insurance in Tampa.


Even though the aforementioned items factor into your home insurance premiums, they have a relatively small impact compared to your policy’s maximum coverage limits and overall deductible amounts.

Since Tampa is prone to hurricanes, which are covered by homeowners insurance, homeowners in Tampa must have a hurricane deductible on their homeowners policy. Instead of a set dollar amounts like a normal deductible, a hurricane deductible is a set percentage of your policy’s dwelling coverage.

So homeowners with a $300,000 house and a 5% hurricane deductible must pay $15,000 toward damages for a hurricane claim before insurance steps in to pick up the policy’s maximum coverages. The lower your hurricane deductible, the less you must pay if your home sustains hurricane damage, but the more your monthly premiums will cost.

It’s Time to Switch Your Homeowners Insurance

We partner with Tampa’s top homeowners insurance companies so you can get a custom policy at an affordable price.

What Does Homeowners Insurance in Tampa Cover?

We’ve talked about hurricane deductibles, how they work and how they impact your homeowners premium, but let’s get to the exact coverages you have in your Tampa homeowners insurance policy.

Dwelling: Covers your home’s structure and the things that help create it, including the fireplace, windows, doors and flooring.

Other Structures: Covers structures on your property not attached to your house, such as a fence, detached garage, carport or shed.

Personal Property: Covers the personal belongings you keep inside or on your property, such as a TV, electronics, lawnmower and clothes.

Loss of Use: Reimburses you for additional living expenses if you’re forced to move from your home while it’s being rebuilt or repaired.

Liability: Helps to pay for injuries or other property damages that the policyholder is found liable for, such as a broken bone and legal fees.

Medical Payments: Utilized to pay for small medical bills if someone was injured on your property, whether you’re at fault or not.

It’s also worth noting that the coverage type you choose on your dwelling and personal property coverage will have an effect on your premiums.

For dwelling coverage, you can choose between market value coverage or replacement cost coverage. The former covers just your home’s value and the latter covers the cost to repair or rebuild your home if it were damaged by a covered peril.

Personal property coverage comes in the form of actual cash value or replacement cost coverage. The former takes depreciation into account and the latter reimburses you for the amount you initially paid. It’s always more expensive to replace items for the purchase cost, so replacement cost coverage will increase your premiums.

Best Home Insurance Companies in Tampa

The best home insurance companies in Tampa in terms of average premium costs are Citizens Property Insurance and Universal Property & Casualty, which average under $2,500 per year for homeowners insurance on a $150,000 house and less than $4,500 per year for $300,000 homes.

At Clovered, we partner with both Citizens and Universal Property insurance companies — plus various other insurers — so we can bring our customers the best homeowners insurance policies at the best prices in Tampa.

It’s Time to Switch Your Homeowners Insurance

We partner with Tampa’s top homeowners insurance companies so you can get a custom policy at an affordable price.

How to Get Tampa Home Insurance Quotes

With Clovered’s easy-to-use online quoting tool, getting a Tampa home insurance quote is easier than ever! Simply input a few details about your home, answer a couple of questions and let our intuitive platform do the rest.

Since we partner with multiple insurers in the Tampa area, we always have the best policies at the best prices, so you can find a policy that fits your needs — and your budget. Once you’re finished with the quoting process, which only takes a few minutes, our quoting tool will find a few policies that fit your needs and suggest them.