Homeowners Insurance in Panama City Beach, Florida (2024)

For those full-time dwellers in PCB, owning a house is a sound investment, and investing in homeowners insurance in Panama City Beach, Florida is a sound way to protect that investment. Let’s take a look at what it covers, how much it is and much more.

Annual homeowners insurance in Panama City Beach, Florida will set you back an average of $3,325 for a $150,000 house, $6,033 for a $300,000 house and $8,659 for a $450,000 house. That’s right on par with Florida’s average cost of homeowners insurance for each of the same valued homes. 

When you consider that Panama City Beach is located in the most hurricane-prone place in the United States and has been struck directly or indirectly with more than 65 hurricanes since stats began being counted in 1851, that’s really a fair bargain.

Let’s take a look at the average cost you can expect to pay for Panama City Beach homeowners insurance from the state’s top insurance companies for each of the aforementioned home prices.

The premiums displayed in this article were obtained by the Florida Office of Insurance Regulation. They represent the most recent rate filings from the state’s largest insurers and can be utilized as an average of what Floridians can expect to pay for homeowners insurance each year. The example premiums are based on a policy for a Florida masonry home with a $500 non-hurricane deductible, a 2% hurricane deductible and no claims in the past three years.

While those numbers reflect the average cost of homeowners insurance in Panama City Beach, they don’t take into account a few important factors of your policy. One of those factors is the year your home was built, due to new building codes implemented in 2001 that strengthened the foundation of homes and decreased the risk of substantial hurricane-related damage.

The other is a wind mitigation, which proves your home was built to withstand catastrophic hurricane winds by implementing a hip roof and impact-resistant windows and doors. Homeowners who own houses built prior to 2001 can save a substantial amount of money on homeowners insurance premiums if they get a wind mitigation inspection.

Let’s break down how insurers define premium considerations when factoring for wind mitigation.

Now that we’ve gone over how premiums can change based on wind mitigation features, let’s compare the difference in premiums on a $150,00 house with and without wind mitigation features. 

Although the cost of homeowners insurance in Panama City Beach is reasonable for a $150,000 house, you may have quite a bit of trouble finding a house for that price — especially if you want to be close to the beach.

Like most Florida cities, real estate prices in Panama City Beach have been steadily increasing in recent years. The city has been built up significantly since the early 2000s, so many homes in PCB already meet the standards for a new construction home from 2005 to the present.

Luckily, those homes meet the state’s new building codes so homeowners insurance is much more affordable in PCB than many other beachside cities in the state. Let’s take a deeper dive into what you can expect to pay for a $300,000 house in Panama City Beach.

While these numbers are certainly bearable, they still don’t accurately reflect what most homes are going for in this Florida city in 2024. In June 2024, the median home list price was about $450,000, as reported by the Panama City News Herald. So, let’s look at a breakdown of average premium costs that more accurately reflect this city’s housing market. 

From hurricanes and tornadoes to torrential rains and other water damage, homeowners insurance in Panama City Beach, Florida covers your house, personal belongings and financial future from a variety of unexpected events. It protects your property against burglaries, which aren’t too common in the city, and dog bites on and off your property in certain cases.

While the amount you pay for homeowners insurance varies due to a multitude of factors like coverage amounts, deductibles and your insurance score, let’s take a look at what coverages are included and some examples of each.

In terms of the most affordable coverage you can find in PCB, American Platinum is probably your best bet. You can expect to pay less than $1,500 per year for $150,000 worth of dwelling coverage — which is half what the rest of the state pays for the same policy.

Next in line are Tower Hill, Citizens, and Progressive, offering policies for less than $2,100 per year on a $150,000 house. Since Clovered is a trusted insurance agency in the state, we’ve partnered with some of those companies — and many more — so we can provide the great residents of the Sunshine State with affordable policies that provide all the coverage they need and none of it they don’t.

Simply answer a few questions in our quoting platform and we’ll do the rest so you can get a homeowners policy online in just a few minutes.

Given its location on the Gulf Coast and the many nearby bodies of water like ponds, Panama City experiences its fair share of flooding due to torrential rains and storm surge caused by hurricanes and tropical storms. Unfortunately, these isolated incidents aren’t covered by homeowners insurance.

Flood coverage stems from its own flood insurance policy, which is sold separately by companies like Clovered and protects your home and belongings against a number of flood-related incidents.

Since many parts of the city are in FEMA-designated moderate-risk flood zones and a few are in high-risk zones in the area, investing in flood insurance in Panama City, Florida should be a no-brainer. In fact, as of July 2024, county commissioners adopted federally mandated changes to the flood maps in Bay County, potentially affecting residents’ need for flood insurance. 

When you consider that your home could sustain $25,000 worth of damage if it receives just 1 inch of floodwater, getting a flood policy is all the more worth it. Flood insurance protects the structure of your home, any other structures on the property, your personal belongings and even additional living expenses if a flood damages your home and you’re temporarily forced to move out.

Since we partner with the state’s top insurance companies and have developed an intuitive online quoting tool, getting the Panama City Beach home insurance is as simple and fast as ever. Simply answer a few questions about your house, we’ll crunch the data and promptly return a quote within seconds.

If you have any questions or would like to talk to an agent, you can reach our friendly licensed in-house agents at 833-255-4117 Monday through Friday from 8:30 a.m. to 6 p.m. or send us an email anytime at [email protected].